STUDIO KEFI: 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 KEFI
Largest movements
- Cash -€28,670
down €28,670 (-65.9%), from €43,530 to €14,860
mainly Contributions, distributions and other (-€23,000) and Trade debts (-€13,572)
- Receivables within one year -€10,187
down €10,187 (-48.1%), from €21,193 to €11,006
of which Trade receivables: -€14,128
- Tangible fixed assets -€1,990
down €1,990 (-19.6%), from €10,165 to €8,175
of which Furniture and vehicles: -€2,258
- Profit (loss) carried forward -€21,035
down €21,035 (-63.5%), from €33,115 to €12,080
- Trade debts -€13,572
down €13,572 (-63.5%), from €21,389 to €7,817
- Other debts -€7,285
no longer reported in 2025 (was €7,285)
- Tax, wage and social debts +€1,043
up €1,043 (+10.3%), from €10,100 to €11,144
- Depreciation +€1,297
up €1,297 (+91.0%), from €1,425 to €2,722
- Gross operating margin -€1,238
down €1,238 (-13.3%), from €9,309 to €8,070
- Financial charges +€418
up €418 (+978.7%), from €43 to €461
- Other operating charges -€144
down €144 (-18.1%), from €791 to €648
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 | €74,889 | €34,041 | -€40,848 | -54.5% |
| Fixed assets | 21/28 | €10,165 | €8,175 | -€1,990 | -19.6% |
| Tangible fixed assets | 22/27 | €10,165 | €8,175 | -€1,990 | -19.6% |
| Furniture and vehicles | 24 | €5,931 | €3,673 | -€2,258 | -38.1% |
| Other tangible fixed assets | 26 | €4,235 | €4,502 | +€268 | +6.3% |
| Current assets | 29/58 | €64,723 | €25,866 | -€38,857 | -60.0% |
| Amounts receivable within one year | 40/41 | €21,193 | €11,006 | -€10,187 | -48.1% |
| Trade receivables | 40 | €18,451 | €4,323 | -€14,128 | -76.6% |
| Other amounts receivable | 41 | €2,741 | €6,682 | +€3,941 | +143.8% |
| Cash at bank and in hand | 54/58 | €43,530 | €14,860 | -€28,670 | -65.9% |
| Total equity and liabilities | 10/49 | €74,889 | €34,041 | -€40,848 | -54.5% |
| Equity | 10/15 | €36,115 | €15,080 | -€21,035 | -58.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,115 | €12,080 | -€21,035 | -63.5% |
| Amounts payable | 17/49 | €38,774 | €18,961 | -€19,813 | -51.1% |
| Amounts payable within one year | 42/48 | €38,774 | €18,961 | -€19,813 | -51.1% |
| Trade debts | 44 | €21,389 | €7,817 | -€13,572 | -63.5% |
| Suppliers | 440/4 | €21,389 | €7,817 | -€13,572 | -63.5% |
| Taxes, remuneration and social security | 45 | €10,100 | €11,144 | +€1,043 | +10.3% |
| Taxes | 450/3 | €10,100 | €11,144 | +€1,043 | +10.3% |
| Other amounts payable | 47/48 | €7,285 | - | -€7,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,425 | €2,722 | +€1,297 | +91.0% |
| Other operating charges | 640/8 | €791 | €648 | -€144 | -18.1% |
| Gross operating margin | 9900 | €9,309 | €8,070 | -€1,238 | -13.3% |
| Operating profit (loss) | 9901 | €7,093 | €4,701 | -€2,392 | -33.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €43 | €461 | +€418 | +978.7% |
| Recurring financial charges | 65 | €43 | €461 | +€418 | +978.7% |
| Profit (loss) for the period before taxes | 9903 | €7,050 | €4,240 | -€2,810 | -39.9% |
| Income taxes | 67/77 | €2,259 | €2,275 | +€16 | +0.7% |
| Profit (loss) for the period | 9904 | €4,792 | €1,965 | -€2,826 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,792 | €1,965 | -€2,826 | -59.0% |
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 3 October 2026 via checked.be.