STUDIO DUCK: 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 DUCK
Largest movements
- Cash +€73,115
up €73,115 (+211%), from €34,724 to €107,840
mainly Net result for the year (+€84,751) and Depreciation (+€16,104)
- Tangible fixed assets -€16,104
down €16,104 (-10.5%), from €152,805 to €136,702
of which Land and buildings: -€16,104
- Receivables within one year +€10,221
up €10,221 (+28.7%), from €35,639 to €45,860
of which Trade receivables: +€18,971
- Reserves +€84,751
up €84,751 (+67.9%), from €124,869 to €209,620
- Other debts -€9,939
down €9,939 (-41.8%), from €23,778 to €13,839
- Debts after one year -€6,447
down €6,447 (-8.2%), from €79,006 to €72,559
- Gross operating margin +€20,109
up €20,109 (+18.3%), from €109,662 to €129,771
- Depreciation +€13,966
up €13,966 (+653%), from €2,137 to €16,104
- Financial charges +€6,004
up €6,004 (+10,264%), from €59 to €6,063
- Taxes +€2,964
up €2,964 (+15.0%), from €19,742 to €22,706
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 | €278,169 | €345,402 | +€67,233 | +24.2% |
| Fixed assets | 21/28 | €187,805 | €171,702 | -€16,104 | -8.6% |
| Tangible fixed assets | 22/27 | €152,805 | €136,702 | -€16,104 | -10.5% |
| Land and buildings | 22 | €152,007 | €135,903 | -€16,104 | -10.6% |
| Other tangible fixed assets | 26 | €798 | €798 | = | 0.0% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €90,364 | €173,700 | +€83,337 | +92.2% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,639 | €45,860 | +€10,221 | +28.7% |
| Trade receivables | 40 | €16,948 | €35,920 | +€18,971 | +112% |
| Other amounts receivable | 41 | €18,691 | €9,940 | -€8,750 | -46.8% |
| Cash at bank and in hand | 54/58 | €34,724 | €107,840 | +€73,115 | +211% |
| Total equity and liabilities | 10/49 | €278,169 | €345,402 | +€67,233 | +24.2% |
| Equity | 10/15 | €127,369 | €212,120 | +€84,751 | +66.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €124,869 | €209,620 | +€84,751 | +67.9% |
| Distributable reserves | 133 | €124,869 | €209,620 | +€84,751 | +67.9% |
| Amounts payable | 17/49 | €150,800 | €133,282 | -€17,518 | -11.6% |
| Amounts payable after more than one year | 17 | €79,006 | €72,559 | -€6,447 | -8.2% |
| Other amounts payable | 178/9 | €79,006 | €72,559 | -€6,447 | -8.2% |
| Amounts payable within one year | 42/48 | €71,626 | €60,723 | -€10,903 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €5,994 | €6,447 | +€453 | +7.5% |
| Trade debts | 44 | €296 | €1,580 | +€1,284 | +433% |
| Suppliers | 440/4 | €296 | €1,580 | +€1,284 | +433% |
| Taxes, remuneration and social security | 45 | €41,557 | €38,857 | -€2,700 | -6.5% |
| Taxes | 450/3 | €41,557 | €38,857 | -€2,700 | -6.5% |
| Other amounts payable | 47/48 | €23,778 | €13,839 | -€9,939 | -41.8% |
| Accrued charges and deferred income | 492/3 | €168 | €0 | -€168 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,137 | €16,104 | +€13,966 | +653% |
| Other operating charges | 640/8 | €164 | €147 | -€17 | -10.4% |
| Gross operating margin | 9900 | €109,662 | €129,771 | +€20,109 | +18.3% |
| Operating profit (loss) | 9901 | €107,361 | €113,520 | +€6,159 | +5.7% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €59 | €6,063 | +€6,004 | +10,264% |
| Recurring financial charges | 65 | €59 | €6,063 | +€6,004 | +10,264% |
| Profit (loss) for the period before taxes | 9903 | €107,303 | €107,457 | +€155 | +0.1% |
| Income taxes | 67/77 | €19,742 | €22,706 | +€2,964 | +15.0% |
| Profit (loss) for the period | 9904 | €87,560 | €84,751 | -€2,810 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,560 | €84,751 | -€2,810 | -3.2% |
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 26 October 2026 via checked.be.