Studio Frank: what changed
Two fiscal 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 Frank
Largest movements
- Receivables within one year -€255,626
down €255,626 (-67.2%), from €380,172 to €124,545
of which Trade receivables: -€266,446
- Current investments +€100,654
up €100,654 (+1813.6%), from €5,550 to €106,204
- Cash -€51,258
down €51,258 (-44.2%), from €115,867 to €64,609
mainly Advances received (-€195,575) and Current investments (-€100,654)
- Tangible fixed assets -€21,564
down €21,564 (-12.7%), from €170,274 to €148,711
of which Furniture and vehicles: -€15,055
- Stocks and contracts -€13,432
down €13,432 (-29.9%), from €44,859 to €31,427
- Advances received -€195,575
down €195,575 (-65.0%), from €300,745 to €105,170
- Reserves +€59,031
up €59,031 (+26.0%), from €226,648 to €285,680
- Other debts -€31,447
down €31,447 (-79.5%), from €39,558 to €8,110
- Tax, wage and social debts -€28,508
down €28,508 (-62.4%), from €45,672 to €17,164
of which Taxes: -€30,171
- Trade debts -€19,587
down €19,587 (-38.1%), from €51,422 to €31,835
- Depreciation +€20,222
up €20,222 (+65.6%), from €30,825 to €51,047
- Staff costs +€19,111
up €19,111 (+19.5%), from €98,025 to €117,136
- Financial income +€10,669
up €10,669 (+67.9%), from €15,705 to €26,374
- Gross operating margin +€6,382
up €6,382 (+2.4%), from €267,715 to €274,097
- Taxes -€3,272
down €3,272 (-7.6%), from €42,805 to €39,534
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 | €744,675 | €509,066 | -€235,610 | -31.6% |
| Fixed assets | 21/28 | €182,651 | €161,285 | -€21,366 | -11.7% |
| Tangible fixed assets | 22/27 | €170,274 | €148,711 | -€21,564 | -12.7% |
| Plant, machinery and equipment | 23 | €57,124 | €50,615 | -€6,509 | -11.4% |
| Furniture and vehicles | 24 | €113,150 | €98,096 | -€15,055 | -13.3% |
| Financial fixed assets | 28 | €12,376 | €12,574 | +€198 | +1.6% |
| Current assets | 29/58 | €562,025 | €347,781 | -€214,244 | -38.1% |
| Amounts receivable after more than one year | 29 | €2,565 | €2,565 | = | 0.0% |
| Trade receivables | 290 | €2,565 | €2,565 | = | 0.0% |
| Stocks and contracts in progress | 3 | €44,859 | €31,427 | -€13,432 | -29.9% |
| Stocks | 30/36 | €44,859 | €31,427 | -€13,432 | -29.9% |
| Amounts receivable within one year | 40/41 | €380,172 | €124,545 | -€255,626 | -67.2% |
| Trade receivables | 40 | €379,122 | €112,675 | -€266,446 | -70.3% |
| Other amounts receivable | 41 | €1,050 | €11,870 | +€10,820 | +1030.6% |
| Current investments | 50/53 | €5,550 | €106,204 | +€100,654 | +1813.6% |
| Cash at bank and in hand | 54/58 | €115,867 | €64,609 | -€51,258 | -44.2% |
| Deferred charges and accrued income | 490/1 | €13,012 | €18,430 | +€5,419 | +41.6% |
| Total equity and liabilities | 10/49 | €744,675 | €509,066 | -€235,610 | -31.6% |
| Equity | 10/15 | €227,648 | €286,680 | +€59,031 | +25.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €226,648 | €285,680 | +€59,031 | +26.0% |
| Distributable reserves | 133 | €226,648 | €285,680 | +€59,031 | +26.0% |
| Amounts payable | 17/49 | €517,027 | €222,386 | -€294,641 | -57.0% |
| Amounts payable after more than one year | 17 | €58,597 | €40,160 | -€18,437 | -31.5% |
| Financial debts | 170/4 | €58,597 | €40,160 | -€18,437 | -31.5% |
| Amounts payable within one year | 42/48 | €457,627 | €181,220 | -€276,407 | -60.4% |
| Current portion of amounts payable after more than one year | 42 | €19,230 | €18,437 | -€793 | -4.1% |
| Financial debts | 43 | €1,000 | €504 | -€496 | -49.6% |
| Credit institutions | 430/8 | €1,000 | €504 | -€496 | -49.6% |
| Trade debts | 44 | €51,422 | €31,835 | -€19,587 | -38.1% |
| Suppliers | 440/4 | €51,422 | €31,835 | -€19,587 | -38.1% |
| Advances received on contracts in progress | 46 | €300,745 | €105,170 | -€195,575 | -65.0% |
| Taxes, remuneration and social security | 45 | €45,672 | €17,164 | -€28,508 | -62.4% |
| Taxes | 450/3 | €33,365 | €3,194 | -€30,171 | -90.4% |
| Remuneration and social security | 454/9 | €12,307 | €13,969 | +€1,662 | +13.5% |
| Other amounts payable | 47/48 | €39,558 | €8,110 | -€31,447 | -79.5% |
| Accrued charges and deferred income | 492/3 | €802 | €1,006 | +€203 | +25.3% |
| Remuneration, social security and pensions | 62 | €98,025 | €117,136 | +€19,111 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,825 | €51,047 | +€20,222 | +65.6% |
| Other operating charges | 640/8 | €3,679 | €3,797 | +€117 | +3.2% |
| Non-recurring operating charges | 66A | - | €3,806 | +€3,806 | |
| Gross operating margin | 9900 | €267,715 | €274,097 | +€6,382 | +2.4% |
| Operating profit (loss) | 9901 | €135,185 | €98,310 | -€36,875 | -27.3% |
| Financial income | 75/76B | €15,705 | €26,374 | +€10,669 | +67.9% |
| Recurring financial income | 75 | €15,705 | €26,374 | +€10,669 | +67.9% |
| Financial charges | 65/66B | €2,509 | €4,318 | +€1,809 | +72.1% |
| Recurring financial charges | 65 | €2,509 | €4,318 | +€1,809 | +72.1% |
| Profit (loss) for the period before taxes | 9903 | €148,381 | €120,367 | -€28,015 | -18.9% |
| Income taxes | 67/77 | €42,805 | €39,534 | -€3,272 | -7.6% |
| Profit (loss) for the period | 9904 | €105,576 | €80,833 | -€24,743 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €105,576 | €80,833 | -€24,743 | -23.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.