STUDIO 22: 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 22
Largest movements
- Cash -€32,552
down €32,552 (-55.9%), from €58,264 to €25,712
mainly Net result for the year (-€53,977) and Stocks and contracts (-€13,842)
- Receivables within one year -€15,030
down €15,030 (-72.2%), from €20,807 to €5,777
of which Trade receivables: -€13,166
- Stocks and contracts +€13,842
up €13,842 (+7.8%), from €176,497 to €190,339
- Reserves -€53,977
down €53,977 (-83.9%), from €64,306 to €10,329
- Debts after one year +€29,887
up €29,887 (+35.3%), from €84,669 to €114,555
- Trade debts -€12,697
down €12,697 (-65.0%), from €19,545 to €6,848
- Other debts -€12,538
down €12,538 (-35.3%), from €35,471 to €22,932
- Accrued charges and deferred income +€11,108
new in 2025: €11,108
- Gross operating margin -€13,715
down €13,715 (-44.7%), from -€30,710 to -€44,425
- Financial charges +€2,166
up €2,166 (+54.7%), from €3,964 to €6,130
- Financial income -€2,088
down €2,088 (-100%), from €2,088 to €0
- Taxes +€603
up €603 (+432%), from €140 to €742
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 | €263,543 | €228,456 | -€35,087 | -13.3% |
| Fixed assets | 21/28 | €4,719 | €3,091 | -€1,628 | -34.5% |
| Tangible fixed assets | 22/27 | €4,479 | €2,851 | -€1,628 | -36.4% |
| Furniture and vehicles | 24 | €4,479 | €2,851 | -€1,628 | -36.4% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €258,824 | €225,365 | -€33,459 | -12.9% |
| Stocks and contracts in progress | 3 | €176,497 | €190,339 | +€13,842 | +7.8% |
| Stocks | 30/36 | €176,497 | €190,339 | +€13,842 | +7.8% |
| Amounts receivable within one year | 40/41 | €20,807 | €5,777 | -€15,030 | -72.2% |
| Trade receivables | 40 | €18,845 | €5,680 | -€13,166 | -69.9% |
| Other amounts receivable | 41 | €1,962 | €97 | -€1,865 | -95.1% |
| Cash at bank and in hand | 54/58 | €58,264 | €25,712 | -€32,552 | -55.9% |
| Deferred charges and accrued income | 490/1 | €3,257 | €3,538 | +€281 | +8.6% |
| Total equity and liabilities | 10/49 | €263,543 | €228,456 | -€35,087 | -13.3% |
| Equity | 10/15 | €82,906 | €28,929 | -€53,977 | -65.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,306 | €10,329 | -€53,977 | -83.9% |
| Distributable reserves | 133 | €64,306 | €10,329 | -€53,977 | -83.9% |
| Amounts payable | 17/49 | €180,637 | €199,527 | +€18,889 | +10.5% |
| Amounts payable after more than one year | 17 | €84,669 | €114,555 | +€29,887 | +35.3% |
| Financial debts | 170/4 | €84,669 | €114,555 | +€29,887 | +35.3% |
| Amounts payable within one year | 42/48 | €95,969 | €73,864 | -€22,105 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €26,882 | €25,823 | -€1,060 | -3.9% |
| Financial debts | 43 | - | €4,525 | +€4,525 | |
| Credit institutions | 430/8 | - | €4,525 | +€4,525 | |
| Trade debts | 44 | €19,545 | €6,848 | -€12,697 | -65.0% |
| Suppliers | 440/4 | €19,545 | €6,848 | -€12,697 | -65.0% |
| Taxes, remuneration and social security | 45 | €14,071 | €13,736 | -€335 | -2.4% |
| Taxes | 450/3 | €14,071 | €13,736 | -€335 | -2.4% |
| Other amounts payable | 47/48 | €35,471 | €22,932 | -€12,538 | -35.3% |
| Accrued charges and deferred income | 492/3 | - | €11,108 | +€11,108 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,628 | €1,628 | = | 0.0% |
| Other operating charges | 640/8 | €1,320 | €1,051 | -€269 | -20.4% |
| Gross operating margin | 9900 | -€30,710 | -€44,425 | -€13,715 | -44.7% |
| Operating profit (loss) | 9901 | -€33,658 | -€47,104 | -€13,446 | -39.9% |
| Financial income | 75/76B | €2,088 | €0 | -€2,088 | -100% |
| Recurring financial income | 75 | €2,088 | €0 | -€2,088 | -100% |
| Financial charges | 65/66B | €3,964 | €6,130 | +€2,166 | +54.7% |
| Recurring financial charges | 65 | €3,964 | €6,130 | +€2,166 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | -€35,534 | -€53,234 | -€17,700 | -49.8% |
| Income taxes | 67/77 | €140 | €742 | +€603 | +432% |
| Profit (loss) for the period | 9904 | -€35,674 | -€53,977 | -€18,303 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,674 | -€53,977 | -€18,303 | -51.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.