STUDIO 100: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
STUDIO 100
NACE 93.299, Other amusement and recreation activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€29.9m
2024 · €22.2m+€7.7m
Equity
€87.0m
2024 · €66.3m+€20.6m
Cash
€9.1m
2024 · €12.6m-€3.5m
Balance sheet total
€317.1m
2024 · €286.3m+€30.8m
Largest movements
Assets
- Receivables within one year -€39.8m
down €39.8m (-63.2%), from €63.0m to €23.2m
of which Other amounts receivable: -€30.8m
- Financial fixed assets +€39.0m
up €39.0m (+20.4%), from €190.9m to €230.0m
of which Affiliated companies: +€39.0m
- Current investments +€34.8m
up €34.8m (+760.9%), from €4.6m to €39.3m
- Cash -€3.5m
down €3.5m (-28.0%), from €12.6m to €9.1m
mainly Investment in fixed assets (net) (-€44.5m) and Current investments (-€34.8m)
Equity and liabilities
- Profit (loss) carried forward +€20.6m
up €20.6m (+61.8%), from €33.3m to €54.0m
- Advances received +€19.3m
up €19.3m (+147.7%), from €13.0m to €32.3m
- Trade debts -€3.9m
down €3.9m (-14.1%), from €27.8m to €23.8m
Income statement
- Goods and materials -€11.3m
down €11.3m (-17.0%), from €66.4m to €55.1m
of which Purchases: -€10.8m
- Financial income -€5.9m
down €5.9m (-29.0%), from €20.4m to €14.5m
of which Financial income: -€6.6m
- Services and other goods +€1.9m
up €1.9m (+16.4%), from €11.8m to €13.8m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€22.2m
Turnover
-€196,439
Other operating income
+€674,323
Goods and materials
+€11.3m
Services and other goods
-€1.9m
Staff costs
-€193,226
Depreciation
-€208,275
Write-downs
+€254,502
Provisions
+€647,573
Other operating charges
+€138,513
Other operating items
+€4.3m
Financial income
-€5.9m
Financial charges
-€850,662
Taxes
-€292,543
Result 2025
€29.9m
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€85.1m
Investment
-€79.3m
Financing
-€9.4m
Cash 2024
€12.6m
From operations (derived)
+€85.1m
Net result for the year
+€29.9m
Depreciation
+€5.2m
Smaller working-capital items
-€99,428
Receivables within one year
+€39.8m
Provisions
-€589,201
Trade debts
-€3.9m
Tax, wage and social debts
-€1.4m
Advances received
+€19.3m
Other debts
-€2.3m
Accrued charges and deferred income
-€741,208
Investment (derived)
-€79.3m
Investment in fixed assets (net)
-€44.5m
Current investments
-€34.8m
Financing
-€9.4m
Debts after one year
-€100,000
Contributions, distributions and other
-€9.3m
Cash 2025
€9.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,326,533 | €317,091,033 | +€30.8m | +10.7% |
| Formation expenses | 20 | €246,133 | - | -€246,133 | |
| Fixed assets | 21/28 | €202,077,443 | €241,577,905 | +€39.5m | +19.5% |
| Intangible fixed assets | 21 | €3,909,802 | €4,770,265 | +€860,463 | +22.0% |
| Tangible fixed assets | 22/27 | €7,241,432 | €6,848,022 | -€393,410 | -5.4% |
| Plant, machinery and equipment | 23 | €239,238 | €135,351 | -€103,887 | -43.4% |
| Furniture and vehicles | 24 | €1,853,774 | €2,473,986 | +€620,212 | +33.5% |
| Other tangible fixed assets | 26 | €5,101,736 | €4,042,362 | -€1.1m | -20.8% |
| Assets under construction and advance payments | 27 | €46,683 | €196,323 | +€149,640 | +320.5% |
| Financial fixed assets | 28 | €190,926,209 | €229,959,618 | +€39.0m | +20.4% |
| Affiliated companies | 280/1 | €190,923,293 | €229,956,702 | +€39.0m | +20.4% |
| Participating interests | 280 | €65,575,559 | €65,325,559 | -€250,000 | -0.4% |
| Amounts receivable | 281 | €125,347,734 | €164,631,143 | +€39.3m | +31.3% |
| Other financial fixed assets | 284/8 | €2,916 | €2,916 | -€0 | 0.0% |
| Shares | 284 | €1,467 | €1,467 | -€0 | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,449 | €1,449 | +€0 | 0.0% |
| Current assets | 29/58 | €84,002,956 | €75,513,128 | -€8.5m | -10.1% |
| Stocks and contracts in progress | 3 | €3,400,491 | €3,476,713 | +€76,222 | +2.2% |
| Stocks | 30/36 | €3,260,191 | €3,294,185 | +€33,994 | +1.0% |
| Goods purchased for resale | 34 | €3,260,191 | €3,294,185 | +€33,994 | +1.0% |
| Contracts in progress | 37 | €140,300 | €182,528 | +€42,228 | +30.1% |
| Amounts receivable within one year | 40/41 | €62,966,202 | €23,157,261 | -€39.8m | -63.2% |
| Trade receivables | 40 | €26,641,952 | €17,674,636 | -€9.0m | -33.7% |
| Other amounts receivable | 41 | €36,324,250 | €5,482,625 | -€30.8m | -84.9% |
| Current investments | 50/53 | €4,568,120 | €39,329,081 | +€34.8m | +760.9% |
| Other investments | 51/53 | €4,568,120 | €39,329,081 | +€34.8m | +760.9% |
| Cash at bank and in hand | 54/58 | €12,639,919 | €9,098,643 | -€3.5m | -28.0% |
| Deferred charges and accrued income | 490/1 | €428,224 | €451,430 | +€23,206 | +5.4% |
| Total equity and liabilities | 10/49 | €286,326,533 | €317,091,033 | +€30.8m | +10.7% |
| Equity | 10/15 | €66,342,245 | €86,963,983 | +€20.6m | +31.1% |
| Contributions | 10/11 | €30,000,000 | €30,000,000 | = | 0.0% |
| Capital | 10 | €30,000,000 | €30,000,000 | = | 0.0% |
| Issued capital | 100 | €30,000,000 | €30,000,000 | = | 0.0% |
| Reserves | 13 | €3,000,000 | €3,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000,000 | €3,000,000 | = | 0.0% |
| Legal reserve | 130 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,342,245 | €53,963,983 | +€20.6m | +61.8% |
| Provisions and deferred taxes | 16 | €685,361 | €96,160 | -€589,201 | -86.0% |
| Provisions for liabilities and charges | 160/5 | €685,361 | €96,160 | -€589,201 | -86.0% |
| Pensions and similar obligations | 160 | €120,361 | €96,160 | -€24,201 | -20.1% |
| Other liabilities and charges | 164/5 | €565,000 | - | -€565,000 | |
| Amounts payable | 17/49 | €219,298,927 | €230,030,890 | +€10.7m | +4.9% |
| Amounts payable after more than one year | 17 | €154,615,000 | €154,515,000 | -€100,000 | -0.1% |
| Financial debts | 170/4 | €154,390,000 | €154,390,000 | = | 0.0% |
| Credit institutions | 173 | €154,390,000 | €154,390,000 | = | 0.0% |
| Other amounts payable | 178/9 | €225,000 | €125,000 | -€100,000 | -44.4% |
| Amounts payable within one year | 42/48 | €63,565,758 | €75,138,930 | +€11.6m | +18.2% |
| Trade debts | 44 | €27,765,339 | €23,837,873 | -€3.9m | -14.1% |
| Suppliers | 440/4 | €27,765,339 | €23,837,873 | -€3.9m | -14.1% |
| Advances received on contracts in progress | 46 | €13,031,046 | €32,283,719 | +€19.3m | +147.7% |
| Taxes, remuneration and social security | 45 | €3,891,275 | €2,472,402 | -€1.4m | -36.5% |
| Taxes | 450/3 | €1,069,983 | €147,653 | -€922,330 | -86.2% |
| Remuneration and social security | 454/9 | €2,821,292 | €2,324,749 | -€496,543 | -17.6% |
| Other amounts payable | 47/48 | €18,878,099 | €16,544,936 | -€2.3m | -12.4% |
| Accrued charges and deferred income | 492/3 | €1,118,168 | €376,960 | -€741,208 | -66.3% |
| Operating income | 70/76A | €105,783,615 | €109,471,689 | +€3.7m | +3.5% |
| Turnover | 70 | €107,198,969 | €107,002,530 | -€196,439 | -0.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€4,472,604 | -€1,018,652 | +€3.5m | +77.2% |
| Own construction capitalised | 72 | €933,232 | €911,045 | -€22,187 | -2.4% |
| Other operating income | 74 | €1,850,722 | €2,525,045 | +€674,323 | +36.4% |
| Non-recurring operating income | 76A | €273,295 | €51,721 | -€221,574 | -81.1% |
| Operating charges | 60/66A | €99,403,816 | €88,343,882 | -€11.1m | -11.1% |
| Goods for resale, raw materials and consumables | 60 | €66,421,260 | €55,119,380 | -€11.3m | -17.0% |
| Purchases | 600/8 | €66,279,720 | €55,457,868 | -€10.8m | -16.3% |
| Change in stocks: decrease (increase) | 609 | €141,540 | -€338,488 | -€480,028 | |
| Services and other goods | 61 | €11,827,218 | €13,763,897 | +€1.9m | +16.4% |
| Remuneration, social security and pensions | 62 | €14,099,796 | €14,293,022 | +€193,226 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,037,104 | €5,245,378 | +€208,275 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €578,079 | €323,577 | -€254,502 | -44.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €58,373 | -€589,200 | -€647,573 | |
| Other operating charges | 640/8 | €268,233 | €129,720 | -€138,513 | -51.6% |
| Non-recurring operating charges | 66A | €1,113,755 | €58,108 | -€1.1m | -94.8% |
| Operating profit (loss) | 9901 | €6,379,799 | €21,127,807 | +€14.7m | +231.2% |
| Financial income | 75/76B | €20,414,562 | €14,494,806 | -€5.9m | -29.0% |
| Recurring financial income | 75 | €20,218,678 | €13,614,728 | -€6.6m | -32.7% |
| Income from financial fixed assets | 750 | €19,710,857 | €12,888,559 | -€6.8m | -34.6% |
| Income from current assets | 751 | €409,637 | €556,705 | +€147,068 | +35.9% |
| Other financial income | 752/9 | €98,184 | €169,464 | +€71,280 | +72.6% |
| Non-recurring financial income | 76B | €195,884 | €880,078 | +€684,194 | +349.3% |
| Financial charges | 65/66B | €3,824,357 | €4,675,019 | +€850,662 | +22.2% |
| Recurring financial charges | 65 | €3,753,899 | €4,424,950 | +€671,051 | +17.9% |
| Debt charges | 650 | €3,624,174 | €4,005,200 | +€381,026 | +10.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€62,471 | -€16,899 | +€45,572 | +72.9% |
| Other financial charges | 652/9 | €192,197 | €436,649 | +€244,452 | +127.2% |
| Non-recurring financial charges | 66B | €70,458 | €250,069 | +€179,611 | +254.9% |
| Profit (loss) for the period before taxes | 9903 | €22,970,004 | €30,947,594 | +€8.0m | +34.7% |
| Income taxes | 67/77 | €733,313 | €1,025,856 | +€292,543 | +39.9% |
| Taxes | 670/3 | €968,519 | €1,025,856 | +€57,337 | +5.9% |
| Tax adjustments and reversals of tax provisions | 77 | €235,206 | - | -€235,206 | |
| Profit (loss) for the period | 9904 | €22,236,691 | €29,921,738 | +€7.7m | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,236,691 | €29,921,738 | +€7.7m | +34.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.