STUDIO BELUGUE: 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 BELUGUE
Largest movements
- Receivables within one year +€944,317
up €944,317 (+1,054%), from €89,616 to €1.0m
of which Other amounts receivable: +€989,820
- Financial fixed assets -€790,000
down €790,000 (-100%), from €790,000 to €0
- Cash +€492,766
up €492,766 (+288%), from €170,860 to €663,626
mainly Net result for the year (+€840,854) and Investment in fixed assets (net) (+€785,143)
- Stocks and contracts +€151,523
new in 2024: €151,523
- Tangible fixed assets -€86,975
down €86,975 (-6.7%), from €1.3m to €1.2m
of which Land and buildings: -€50,321
- Reserves +€840,854
up €840,854 (+82.6%), from €1.0m to €1.9m
of which Distributable reserves: +€840,854
- Debts after one year -€141,900
down €141,900 (-13.5%), from €1.1m to €908,811
- Financial income +€816,392
up €816,392 (+278%), from €294,192 to €1.1m
of which Non-recurring financial income: +€910,000
- Gross operating margin -€184,547
down €184,547, from €21,311 to -€163,236
- Financial charges -€4,526
down €4,526 (-28.0%), from €16,175 to €11,649
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,355,181 | €3,068,477 | +€713,297 | +30.3% |
| Fixed assets | 21/28 | €2,094,705 | €1,217,730 | -€876,975 | -41.9% |
| Tangible fixed assets | 22/27 | €1,304,705 | €1,217,730 | -€86,975 | -6.7% |
| Land and buildings | 22 | €1,073,069 | €1,022,748 | -€50,321 | -4.7% |
| Plant, machinery and equipment | 23 | €109,351 | €75,365 | -€33,986 | -31.1% |
| Furniture and vehicles | 24 | €122,285 | €109,882 | -€12,403 | -10.1% |
| Other tangible fixed assets | 26 | - | €9,734 | +€9,734 | |
| Financial fixed assets | 28 | €790,000 | €0 | -€790,000 | -100% |
| Current assets | 29/58 | €260,475 | €1,850,748 | +€1.6m | +611% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | - | €151,523 | +€151,523 | |
| Stocks | 30/36 | - | €151,523 | +€151,523 | |
| Amounts receivable within one year | 40/41 | €89,616 | €1,033,933 | +€944,317 | +1,054% |
| Trade receivables | 40 | €78,974 | €33,471 | -€45,503 | -57.6% |
| Other amounts receivable | 41 | €10,641 | €1,000,461 | +€989,820 | +9,302% |
| Cash at bank and in hand | 54/58 | €170,860 | €663,626 | +€492,766 | +288% |
| Deferred charges and accrued income | 490/1 | €0 | €1,666 | +€1,666 | |
| Total equity and liabilities | 10/49 | €2,355,181 | €3,068,477 | +€713,297 | +30.3% |
| Equity | 10/15 | €1,036,087 | €1,876,941 | +€840,854 | +81.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,017,487 | €1,858,341 | +€840,854 | +82.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,017,487 | €1,858,341 | +€840,854 | +82.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,319,094 | €1,191,537 | -€127,557 | -9.7% |
| Amounts payable after more than one year | 17 | €1,050,711 | €908,811 | -€141,900 | -13.5% |
| Financial debts | 170/4 | €1,050,711 | €908,811 | -€141,900 | -13.5% |
| Amounts payable within one year | 42/48 | €264,073 | €282,726 | +€18,652 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €140,826 | €141,900 | +€1,074 | +0.8% |
| Trade debts | 44 | €74,965 | €105,055 | +€30,090 | +40.1% |
| Suppliers | 440/4 | €74,965 | €105,055 | +€30,090 | +40.1% |
| Advances received on contracts in progress | 46 | - | €2,730 | +€2,730 | |
| Taxes, remuneration and social security | 45 | €48,283 | €32,818 | -€15,465 | -32.0% |
| Taxes | 450/3 | €17,083 | €32,818 | +€15,735 | +92.1% |
| Remuneration and social security | 454/9 | €31,200 | €0 | -€31,200 | -100% |
| Other amounts payable | 47/48 | €0 | €223 | +€223 | |
| Accrued charges and deferred income | 492/3 | €4,309 | €0 | -€4,309 | -100% |
| Non-recurring operating income | 76A | €6,075 | €0 | -€6,075 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,746 | €91,832 | -€914 | -1.0% |
| Other operating charges | 640/8 | €4,288 | €2,943 | -€1,345 | -31.4% |
| Gross operating margin | 9900 | €21,311 | -€163,236 | -€184,547 | |
| Operating profit (loss) | 9901 | -€75,723 | -€258,011 | -€182,288 | -241% |
| Financial income | 75/76B | €294,192 | €1,110,584 | +€816,392 | +278% |
| Recurring financial income | 75 | €294,192 | €200,584 | -€93,608 | -31.8% |
| Non-recurring financial income | 76B | - | €910,000 | +€910,000 | |
| Financial charges | 65/66B | €16,175 | €11,649 | -€4,526 | -28.0% |
| Recurring financial charges | 65 | €16,175 | €11,649 | -€4,526 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €202,294 | €840,924 | +€638,630 | +316% |
| Income taxes | 67/77 | €1,143 | €70 | -€1,073 | -93.9% |
| Profit (loss) for the period | 9904 | €201,151 | €840,854 | +€639,703 | +318% |
| Profit (loss) for the period to be appropriated | 9905 | €201,151 | €840,854 | +€639,703 | +318% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.