Studio Ellen Hugo: 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 Ellen Hugo
Largest movements
- Cash -€1,359
down €1,359 (-93.7%), from €1,450 to €91
mainly Net result for the year (-€2,824) and Debts after one year (-€1,183)
- Tangible fixed assets -€907
down €907 (-13.7%), from €6,613 to €5,706
of which Plant, machinery and equipment: -€715
- Receivables within one year -€264
no longer reported in 2025 (was €264)
- Formation expenses -€255
down €255 (-35.8%), from €712 to €457
- Profit (loss) carried forward -€2,824
down €2,824 (-33.0%), from -€8,561 to -€11,385
- Debts after one year -€1,183
down €1,183 (-8.3%), from €14,254 to €13,071
- Other debts +€1,054
up €1,054 (+35.4%), from €2,981 to €4,035
- Current portion of long-term debt +€698
up €698 (+44.8%), from €1,558 to €2,256
- Trade debts -€530
down €530 (-99.8%), from €531 to €1
- Purchases and services -€7,339
down €7,339 (-86.6%), from €8,477 to €1,138
- Turnover -€5,238
down €5,238 (-100%), from €5,238 to €0
- Gross operating margin +€2,101
up €2,101 (+64.9%), from -€3,239 to -€1,138
- Other operating charges +€473
up €473 (+2,150%), from €22 to €495
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 | €13,763 | €10,978 | -€2,785 | -20.2% |
| Formation expenses | 20 | €712 | €457 | -€255 | -35.8% |
| Fixed assets | 21/28 | €6,613 | €5,706 | -€907 | -13.7% |
| Tangible fixed assets | 22/27 | €6,613 | €5,706 | -€907 | -13.7% |
| Plant, machinery and equipment | 23 | €5,895 | €5,180 | -€715 | -12.1% |
| Furniture and vehicles | 24 | €718 | €526 | -€192 | -26.7% |
| Current assets | 29/58 | €6,438 | €4,815 | -€1,623 | -25.2% |
| Stocks and contracts in progress | 3 | €4,724 | €4,724 | = | 0.0% |
| Stocks | 30/36 | €4,724 | €4,724 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €264 | - | -€264 | |
| Other amounts receivable | 41 | €264 | - | -€264 | |
| Cash at bank and in hand | 54/58 | €1,450 | €91 | -€1,359 | -93.7% |
| Total equity and liabilities | 10/49 | €13,763 | €10,978 | -€2,785 | -20.2% |
| Equity | 10/15 | -€5,561 | -€8,385 | -€2,824 | -50.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,561 | -€11,385 | -€2,824 | -33.0% |
| Amounts payable | 17/49 | €19,324 | €19,363 | +€39 | +0.2% |
| Amounts payable after more than one year | 17 | €14,254 | €13,071 | -€1,183 | -8.3% |
| Financial debts | 170/4 | €14,254 | €13,071 | -€1,183 | -8.3% |
| Amounts payable within one year | 42/48 | €5,070 | €6,292 | +€1,222 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €1,558 | €2,256 | +€698 | +44.8% |
| Trade debts | 44 | €531 | €1 | -€530 | -99.8% |
| Suppliers | 440/4 | €531 | €1 | -€530 | -99.8% |
| Other amounts payable | 47/48 | €2,981 | €4,035 | +€1,054 | +35.4% |
| Turnover | 70 | €5,238 | €0 | -€5,238 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €8,477 | €1,138 | -€7,339 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €1,162 | = | 0.0% |
| Other operating charges | 640/8 | €22 | €495 | +€473 | +2,150% |
| Gross operating margin | 9900 | -€3,239 | -€1,138 | +€2,101 | +64.9% |
| Operating profit (loss) | 9901 | -€4,423 | -€2,795 | +€1,628 | +36.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €61 | €29 | -€32 | -52.5% |
| Recurring financial charges | 65 | €61 | €29 | -€32 | -52.5% |
| Non-recurring financial charges | 66B | - | €29 | +€29 | |
| Profit (loss) for the period before taxes | 9903 | -€4,483 | -€2,824 | +€1,659 | +37.0% |
| Profit (loss) for the period | 9904 | -€4,483 | -€2,824 | +€1,659 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,483 | -€2,824 | +€1,659 | +37.0% |
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.