Studio 2: what changed
Two financial 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.
Studio 2
Largest movements
- Tangible fixed assets +€96,097
up €96,097 (+111%), from €86,699 to €182,796
of which Plant, machinery and equipment: +€61,439
- Cash -€13,222
down €13,222 (-70.4%), from €18,777 to €5,554
mainly Investment in fixed assets (net) (-€132,252) and Trade debts (-€13,631)
- Receivables within one year +€5,942
up €5,942 (+35.8%), from €16,617 to €22,559
of which Other amounts receivable: +€8,047
- Debts after one year +€72,455
up €72,455 (+126%), from €57,283 to €129,737
of which Financial debts: +€73,825
- Current portion of long-term debt +€26,221
up €26,221 (+154%), from €17,021 to €43,241
- Trade debts -€13,631
down €13,631 (-87.3%), from €15,615 to €1,983
- Profit (loss) carried forward +€6,728
up €6,728 (+15.0%), from €44,732 to €51,461
- Short-term financial debts -€4,518
down €4,518 (-85.3%), from €5,298 to €780
of which Other loans: -€5,298
- Depreciation +€20,513
up €20,513 (+116%), from €17,697 to €38,210
- Gross operating margin +€14,198
up €14,198 (+37.4%), from €37,940 to €52,139
- Financial charges +€1,890
up €1,890 (+72.6%), from €2,605 to €4,495
- Taxes -€1,889
down €1,889 (-45.3%), from €4,167 to €2,278
- Financial income +€1,164
new in 2025: €1,164
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.
Derived cash bridge
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,270 | €231,202 | +€86,932 | +60.3% |
| Formation expenses | 20 | €871 | €762 | -€109 | -12.5% |
| Fixed assets | 21/28 | €102,752 | €196,903 | +€94,152 | +91.6% |
| Intangible fixed assets | 21 | €16,053 | €14,107 | -€1,946 | -12.1% |
| Tangible fixed assets | 22/27 | €86,699 | €182,796 | +€96,097 | +111% |
| Plant, machinery and equipment | 23 | €38,919 | €100,358 | +€61,439 | +158% |
| Furniture and vehicles | 24 | €4,162 | €49,542 | +€45,380 | +1,090% |
| Leasing and similar rights | 25 | €40,222 | €30,571 | -€9,651 | -24.0% |
| Other tangible fixed assets | 26 | €3,396 | €2,326 | -€1,070 | -31.5% |
| Current assets | 29/58 | €40,648 | €33,537 | -€7,111 | -17.5% |
| Amounts receivable within one year | 40/41 | €16,617 | €22,559 | +€5,942 | +35.8% |
| Trade receivables | 40 | €10,406 | €8,300 | -€2,105 | -20.2% |
| Other amounts receivable | 41 | €6,211 | €14,259 | +€8,047 | +130% |
| Cash at bank and in hand | 54/58 | €18,777 | €5,554 | -€13,222 | -70.4% |
| Deferred charges and accrued income | 490/1 | €5,254 | €5,424 | +€170 | +3.2% |
| Total equity and liabilities | 10/49 | €144,270 | €231,202 | +€86,932 | +60.3% |
| Equity | 10/15 | €48,732 | €55,461 | +€6,728 | +13.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,732 | €51,461 | +€6,728 | +15.0% |
| Amounts payable | 17/49 | €95,538 | €175,742 | +€80,203 | +83.9% |
| Amounts payable after more than one year | 17 | €57,283 | €129,737 | +€72,455 | +126% |
| Financial debts | 170/4 | €36,643 | €110,468 | +€73,825 | +201% |
| Other amounts payable | 178/9 | €20,639 | €19,269 | -€1,370 | -6.6% |
| Amounts payable within one year | 42/48 | €38,256 | €46,004 | +€7,749 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €17,021 | €43,241 | +€26,221 | +154% |
| Financial debts | 43 | €5,298 | €780 | -€4,518 | -85.3% |
| Credit institutions | 430/8 | - | €780 | +€780 | |
| Other loans | 439 | €5,298 | - | -€5,298 | |
| Trade debts | 44 | €15,615 | €1,983 | -€13,631 | -87.3% |
| Suppliers | 440/4 | €15,615 | €1,983 | -€13,631 | -87.3% |
| Taxes, remuneration and social security | 45 | €322 | - | -€322 | |
| Taxes | 450/3 | €9 | - | -€9 | |
| Remuneration and social security | 454/9 | €313 | - | -€313 | |
| Non-recurring operating income | 76A | €6,867 | €2,584 | -€4,283 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,697 | €38,210 | +€20,513 | +116% |
| Other operating charges | 640/8 | €1,237 | €1,591 | +€354 | +28.6% |
| Gross operating margin | 9900 | €37,940 | €52,139 | +€14,198 | +37.4% |
| Operating profit (loss) | 9901 | €19,006 | €12,337 | -€6,669 | -35.1% |
| Financial income | 75/76B | - | €1,164 | +€1,164 | |
| Recurring financial income | 75 | - | €1,164 | +€1,164 | |
| Financial charges | 65/66B | €2,605 | €4,495 | +€1,890 | +72.6% |
| Recurring financial charges | 65 | €2,605 | €4,495 | +€1,890 | +72.6% |
| Profit (loss) for the period before taxes | 9903 | €16,402 | €9,007 | -€7,395 | -45.1% |
| Income taxes | 67/77 | €4,167 | €2,278 | -€1,889 | -45.3% |
| Profit (loss) for the period | 9904 | €12,234 | €6,728 | -€5,506 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,234 | €6,728 | -€5,506 | -45.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.