STUDIO F: 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 F
Largest movements
- Cash +€496,820
up €496,820 (+199.0%), from €249,602 to €746,422
mainly Net result for the year (+€592,470) and Current investments (+€206,762)
- Current investments -€206,762
no longer reported in 2025 (was €206,762)
- Receivables within one year +€133,575
up €133,575 (+260.7%), from €51,246 to €184,821
of which Trade receivables: +€131,400
- Tangible fixed assets -€30,703
down €30,703 (-15.0%), from €204,749 to €174,046
of which Furniture and vehicles: -€16,895
- Reserves +€592,470
up €592,470 (+27.3%), from €2.2m to €2.8m
- Other debts -€193,148
down €193,148 (-93.0%), from €207,617 to €14,468
- Gross operating margin +€137,045
up €137,045 (+59.1%), from €231,732 to €368,777
- Financial income +€99,918
up €99,918 (+33.2%), from €301,126 to €401,044
of which Non-recurring financial income: +€99,333
- Taxes +€56,952
up €56,952 (+70.6%), from €80,673 to €137,625
- Financial charges -€11,419
down €11,419 (-73.1%), from €15,624 to €4,205
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.
Cash bridge derived
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 | €2,525,527 | €2,918,487 | +€392,961 | +15.6% |
| Fixed assets | 21/28 | €2,008,141 | €1,977,437 | -€30,703 | -1.5% |
| Tangible fixed assets | 22/27 | €204,749 | €174,046 | -€30,703 | -15.0% |
| Land and buildings | 22 | €158,289 | €144,480 | -€13,809 | -8.7% |
| Furniture and vehicles | 24 | €46,460 | €29,566 | -€16,895 | -36.4% |
| Financial fixed assets | 28 | €1,803,392 | €1,803,392 | = | 0.0% |
| Current assets | 29/58 | €517,386 | €941,050 | +€423,664 | +81.9% |
| Amounts receivable within one year | 40/41 | €51,246 | €184,821 | +€133,575 | +260.7% |
| Trade receivables | 40 | €51,246 | €182,646 | +€131,400 | +256.4% |
| Other amounts receivable | 41 | - | €2,175 | +€2,175 | |
| Current investments | 50/53 | €206,762 | - | -€206,762 | |
| Cash at bank and in hand | 54/58 | €249,602 | €746,422 | +€496,820 | +199.0% |
| Deferred charges and accrued income | 490/1 | €9,776 | €9,807 | +€31 | +0.3% |
| Total equity and liabilities | 10/49 | €2,525,527 | €2,918,487 | +€392,961 | +15.6% |
| Equity | 10/15 | €2,199,906 | €2,792,376 | +€592,470 | +26.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,169,906 | €2,762,376 | +€592,470 | +27.3% |
| Distributable reserves | 133 | €2,169,906 | €2,762,376 | +€592,470 | +27.3% |
| Amounts payable | 17/49 | €325,621 | €126,111 | -€199,509 | -61.3% |
| Amounts payable after more than one year | 17 | €37,794 | €11,248 | -€26,546 | -70.2% |
| Financial debts | 170/4 | €37,794 | €11,248 | -€26,546 | -70.2% |
| Amounts payable within one year | 42/48 | €273,081 | €107,882 | -€165,200 | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €25,926 | €26,546 | +€621 | +2.4% |
| Trade debts | 44 | €2,747 | €2,071 | -€676 | -24.6% |
| Suppliers | 440/4 | €2,747 | €2,071 | -€676 | -24.6% |
| Taxes, remuneration and social security | 45 | €36,792 | €64,796 | +€28,004 | +76.1% |
| Taxes | 450/3 | €36,792 | €64,796 | +€28,004 | +76.1% |
| Other amounts payable | 47/48 | €207,617 | €14,468 | -€193,148 | -93.0% |
| Accrued charges and deferred income | 492/3 | €14,745 | €6,982 | -€7,763 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,257 | €30,703 | -€553 | -1.8% |
| Other operating charges | 640/8 | €4,910 | €4,818 | -€92 | -1.9% |
| Gross operating margin | 9900 | €231,732 | €368,777 | +€137,045 | +59.1% |
| Operating profit (loss) | 9901 | €195,566 | €333,256 | +€137,690 | +70.4% |
| Financial income | 75/76B | €301,126 | €401,044 | +€99,918 | +33.2% |
| Recurring financial income | 75 | €1,126 | €1,710 | +€584 | +51.9% |
| Non-recurring financial income | 76B | €300,000 | €399,333 | +€99,333 | +33.1% |
| Financial charges | 65/66B | €15,624 | €4,205 | -€11,419 | -73.1% |
| Recurring financial charges | 65 | €15,624 | €4,205 | -€11,419 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | €481,068 | €730,094 | +€249,026 | +51.8% |
| Income taxes | 67/77 | €80,673 | €137,625 | +€56,952 | +70.6% |
| Profit (loss) for the period | 9904 | €400,395 | €592,470 | +€192,075 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €400,395 | €592,470 | +€192,075 | +48.0% |
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 12 October 2026 via checked.be.