STUDIO 43: 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 43
Largest movements
- Cash +€87,850
up €87,850 (+42.1%), from €208,514 to €296,363
mainly Receivables within one year (+€42,414) and Trade debts (+€27,701)
- Receivables within one year -€42,414
down €42,414 (-23.6%), from €179,942 to €137,528
of which Other amounts receivable: -€28,871
- Deferred charges and accrued income -€7,515
down €7,515 (-100%), from €7,515 to €0
- Trade debts +€27,701
up €27,701 (+65.3%), from €42,420 to €70,121
- Profit (loss) carried forward +€17,285
up €17,285 (+7.0%), from €247,905 to €265,190
- Tax, wage and social debts -€9,544
down €9,544 (-43.2%), from €22,090 to €12,546
of which Remuneration and social security: -€9,725
- Gross operating margin +€98,014
up €98,014, from -€1,105 to €96,909
- Staff costs -€64,944
down €64,944 (-48.1%), from €134,922 to €69,978
- Financial income -€1,366
down €1,366 (-81.6%), from €1,675 to €308
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 | €496,963 | €532,405 | +€35,442 | +7.1% |
| Fixed assets | 21/28 | €100,993 | €98,514 | -€2,479 | -2.5% |
| Tangible fixed assets | 22/27 | €96,738 | €94,259 | -€2,479 | -2.6% |
| Land and buildings | 22 | €93,558 | €92,742 | -€816 | -0.9% |
| Plant, machinery and equipment | 23 | €3,100 | €1,274 | -€1,826 | -58.9% |
| Furniture and vehicles | 24 | €79 | €0 | -€79 | -100% |
| Other tangible fixed assets | 26 | - | €242 | +€242 | |
| Financial fixed assets | 28 | €4,255 | €4,255 | = | 0.0% |
| Current assets | 29/58 | €395,970 | €433,891 | +€37,921 | +9.6% |
| Amounts receivable within one year | 40/41 | €179,942 | €137,528 | -€42,414 | -23.6% |
| Trade receivables | 40 | €141,202 | €127,659 | -€13,543 | -9.6% |
| Other amounts receivable | 41 | €38,740 | €9,869 | -€28,871 | -74.5% |
| Cash at bank and in hand | 54/58 | €208,514 | €296,363 | +€87,850 | +42.1% |
| Deferred charges and accrued income | 490/1 | €7,515 | €0 | -€7,515 | -100% |
| Total equity and liabilities | 10/49 | €496,963 | €532,405 | +€35,442 | +7.1% |
| Equity | 10/15 | €432,453 | €449,739 | +€17,285 | +4.0% |
| Contributions | 10/11 | €181,425 | €181,425 | = | 0.0% |
| Reserves | 13 | €3,123 | €3,123 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,123 | €3,123 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,123 | €3,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,905 | €265,190 | +€17,285 | +7.0% |
| Amounts payable | 17/49 | €64,510 | €82,666 | +€18,157 | +28.1% |
| Amounts payable within one year | 42/48 | €64,510 | €82,666 | +€18,157 | +28.1% |
| Trade debts | 44 | €42,420 | €70,121 | +€27,701 | +65.3% |
| Suppliers | 440/4 | €42,420 | €70,121 | +€27,701 | +65.3% |
| Taxes, remuneration and social security | 45 | €22,090 | €12,546 | -€9,544 | -43.2% |
| Taxes | 450/3 | €1,673 | €1,854 | +€181 | +10.8% |
| Remuneration and social security | 454/9 | €20,417 | €10,692 | -€9,725 | -47.6% |
| Remuneration, social security and pensions | 62 | €134,922 | €69,978 | -€64,944 | -48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,075 | €2,721 | -€354 | -11.5% |
| Other operating charges | 640/8 | €6,717 | €6,760 | +€43 | +0.6% |
| Gross operating margin | 9900 | -€1,105 | €96,909 | +€98,014 | |
| Operating profit (loss) | 9901 | -€145,819 | €17,450 | +€163,268 | |
| Financial income | 75/76B | €1,675 | €308 | -€1,366 | -81.6% |
| Recurring financial income | 75 | €1,675 | €308 | -€1,366 | -81.6% |
| Financial charges | 65/66B | €805 | €296 | -€509 | -63.2% |
| Recurring financial charges | 65 | €805 | €296 | -€509 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | -€144,949 | €17,462 | +€162,411 | |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.1% |
| Profit (loss) for the period | 9904 | -€145,124 | €17,285 | +€162,409 | |
| Profit (loss) for the period to be appropriated | 9905 | -€145,124 | €17,285 | +€162,409 |
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 24 October 2026 via checked.be.