STUDIO ARSÈNE: 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 ARSÈNE
Largest movements
- Tangible fixed assets -€56,697
down €56,697 (-100%), from €56,697 to €0
of which Plant, machinery and equipment: -€56,232
- Cash -€19,043
down €19,043 (-59.1%), from €32,243 to €13,200
mainly Short-term financial debts (-€115,764) and Trade debts (-€61,283)
- Receivables within one year -€7,880
down €7,880 (-16.4%), from €48,179 to €40,298
of which Trade receivables: -€46,845
- Intangible fixed assets -€7,473
down €7,473 (-100%), from €7,473 to €0
- Deferred charges and accrued income -€3,677
down €3,677 (-100%), from €3,677 to €0
- Profit (loss) carried forward +€179,505
up €179,505 (+74.1%), from -€242,140 to -€62,635
- Short-term financial debts -€115,764
down €115,764 (-69.8%), from €165,764 to €50,000
of which Credit institutions: -€90,331
- Trade debts -€61,283
down €61,283 (-97.8%), from €62,637 to €1,354
- Tax, wage and social debts -€42,776
down €42,776 (-99.0%), from €43,219 to €443
of which Remuneration and social security: -€28,741
- Other debts -€39,987
down €39,987 (-100%), from €39,987 to €0
- Staff costs -€188,525
down €188,525 (-91.1%), from €206,885 to €18,359
- Gross operating margin +€85,389
up €85,389 (+46.1%), from €185,194 to €270,583
- Depreciation -€14,985
down €14,985 (-83.9%), from €17,865 to €2,880
- Other operating charges +€12,736
up €12,736, from €0 to €12,736
- Financial charges -€5,543
down €5,543 (-50.2%), from €11,044 to €5,501
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 | €148,269 | €53,498 | -€94,770 | -63.9% |
| Fixed assets | 21/28 | €64,169 | €0 | -€64,169 | -100% |
| Intangible fixed assets | 21 | €7,473 | €0 | -€7,473 | -100% |
| Tangible fixed assets | 22/27 | €56,697 | €0 | -€56,697 | -100% |
| Plant, machinery and equipment | 23 | €56,232 | €0 | -€56,232 | -100% |
| Furniture and vehicles | 24 | €465 | €0 | -€465 | -100% |
| Current assets | 29/58 | €84,099 | €53,498 | -€30,601 | -36.4% |
| Amounts receivable within one year | 40/41 | €48,179 | €40,298 | -€7,880 | -16.4% |
| Trade receivables | 40 | €48,179 | €1,334 | -€46,845 | -97.2% |
| Other amounts receivable | 41 | - | €38,965 | +€38,965 | |
| Cash at bank and in hand | 54/58 | €32,243 | €13,200 | -€19,043 | -59.1% |
| Deferred charges and accrued income | 490/1 | €3,677 | €0 | -€3,677 | -100% |
| Total equity and liabilities | 10/49 | €148,269 | €53,498 | -€94,770 | -63.9% |
| Equity | 10/15 | -€204,739 | -€25,234 | +€179,505 | +87.7% |
| Contributions | 10/11 | €25,500 | €25,500 | = | 0.0% |
| Reserves | 13 | €11,900 | €11,900 | = | 0.0% |
| Distributable reserves | 133 | €11,900 | €11,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€242,140 | -€62,635 | +€179,505 | +74.1% |
| Amounts payable | 17/49 | €353,008 | €78,732 | -€274,276 | -77.7% |
| Amounts payable after more than one year | 17 | €26,935 | €12,310 | -€14,625 | -54.3% |
| Financial debts | 170/4 | €26,935 | €12,310 | -€14,625 | -54.3% |
| Amounts payable within one year | 42/48 | €326,073 | €66,422 | -€259,651 | -79.6% |
| Current portion of amounts payable after more than one year | 42 | €14,466 | €14,625 | +€159 | +1.1% |
| Financial debts | 43 | €165,764 | €50,000 | -€115,764 | -69.8% |
| Credit institutions | 430/8 | €140,331 | €50,000 | -€90,331 | -64.4% |
| Other loans | 439 | €25,433 | €0 | -€25,433 | -100% |
| Trade debts | 44 | €62,637 | €1,354 | -€61,283 | -97.8% |
| Suppliers | 440/4 | €62,637 | €1,354 | -€61,283 | -97.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €43,219 | €443 | -€42,776 | -99.0% |
| Taxes | 450/3 | €14,478 | €443 | -€14,036 | -96.9% |
| Remuneration and social security | 454/9 | €28,741 | €0 | -€28,741 | -100% |
| Other amounts payable | 47/48 | €39,987 | €0 | -€39,987 | -100% |
| Non-recurring operating income | 76A | - | €30,000 | +€30,000 | |
| Remuneration, social security and pensions | 62 | €206,885 | €18,359 | -€188,525 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,865 | €2,880 | -€14,985 | -83.9% |
| Other operating charges | 640/8 | €0 | €12,736 | +€12,736 | |
| Non-recurring operating charges | 66A | - | €51,685 | +€51,685 | |
| Gross operating margin | 9900 | €185,194 | €270,583 | +€85,389 | +46.1% |
| Operating profit (loss) | 9901 | -€39,555 | €184,923 | +€224,478 | |
| Financial income | 75/76B | €0 | €127 | +€127 | |
| Recurring financial income | 75 | €0 | €127 | +€127 | |
| Financial charges | 65/66B | €11,044 | €5,501 | -€5,543 | -50.2% |
| Recurring financial charges | 65 | €11,044 | €5,501 | -€5,543 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | -€50,600 | €179,549 | +€230,148 | |
| Income taxes | 67/77 | €349 | €43 | -€305 | -87.5% |
| Profit (loss) for the period | 9904 | -€50,948 | €179,505 | +€230,454 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,948 | €179,505 | +€230,454 |
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 17 October 2026 via checked.be.