STUDIO 4: 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.
STUDIO 4
Largest movements
- Cash -€42,552
down €42,552 (-40.2%), from €105,926 to €63,374
mainly Net result for the year (-€24,500) and Receivables within one year (-€19,469)
- Receivables within one year +€19,469
up €19,469 (+91.9%), from €21,180 to €40,648
- Tangible fixed assets -€2,700
down €2,700 (-14.3%), from €18,897 to €16,197
- Reserves -€24,500
down €24,500 (-19.4%), from €126,413 to €101,913
- Gross operating margin -€2,266
down €2,266 (-12.5%), from -€18,172 to -€20,438
- Financial income +€1,231
up €1,231 (+132.1%), from €932 to €2,163
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,372 | €120,596 | -€25,776 | -17.6% |
| Fixed assets | 21/28 | €18,897 | €16,197 | -€2,700 | -14.3% |
| Tangible fixed assets | 22/27 | €18,897 | €16,197 | -€2,700 | -14.3% |
| Land and buildings | 22 | €18,897 | €16,197 | -€2,700 | -14.3% |
| Current assets | 29/58 | €127,475 | €104,399 | -€23,076 | -18.1% |
| Amounts receivable within one year | 40/41 | €21,180 | €40,648 | +€19,469 | +91.9% |
| Other amounts receivable | 41 | €21,180 | €40,648 | +€19,469 | +91.9% |
| Cash at bank and in hand | 54/58 | €105,926 | €63,374 | -€42,552 | -40.2% |
| Deferred charges and accrued income | 490/1 | €369 | €377 | +€8 | +2.2% |
| Total equity and liabilities | 10/49 | €146,372 | €120,596 | -€25,776 | -17.6% |
| Equity | 10/15 | €145,013 | €120,513 | -€24,500 | -16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,413 | €101,913 | -€24,500 | -19.4% |
| Distributable reserves | 133 | €126,413 | €101,913 | -€24,500 | -19.4% |
| Amounts payable | 17/49 | €1,359 | €84 | -€1,275 | -93.8% |
| Amounts payable within one year | 42/48 | €1,359 | €84 | -€1,275 | -93.8% |
| Trade debts | 44 | €306 | €84 | -€222 | -72.7% |
| Suppliers | 440/4 | €306 | €84 | -€222 | -72.7% |
| Taxes, remuneration and social security | 45 | €1,053 | - | -€1,053 | |
| Taxes | 450/3 | €1,053 | - | -€1,053 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,700 | €2,700 | = | 0.0% |
| Other operating charges | 640/8 | €3,301 | €3,197 | -€104 | -3.1% |
| Gross operating margin | 9900 | -€18,172 | -€20,438 | -€2,266 | -12.5% |
| Operating profit (loss) | 9901 | -€24,173 | -€26,335 | -€2,162 | -8.9% |
| Financial income | 75/76B | €932 | €2,163 | +€1,231 | +132.1% |
| Recurring financial income | 75 | €932 | €2,163 | +€1,231 | +132.1% |
| Financial charges | 65/66B | €332 | €328 | -€4 | -1.3% |
| Recurring financial charges | 65 | €332 | €328 | -€4 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,573 | -€24,500 | -€927 | -3.9% |
| Profit (loss) for the period | 9904 | -€23,573 | -€24,500 | -€927 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,573 | -€24,500 | -€927 | -3.9% |
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 28 September 2026 via checked.be.