STUDIO-LM: 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-LM
Largest movements
- Financial fixed assets +€212,483
up €212,483 (+177.1%), from €120,000 to €332,483
- Cash -€36,318
down €36,318 (-51.0%), from €71,269 to €34,950
mainly Investment in fixed assets (net) (-€218,973) and Tax, wage and social debts (-€11,406)
- Receivables within one year -€19,172
down €19,172 (-96.0%), from €19,979 to €807
of which Trade receivables: -€19,172
- Tangible fixed assets +€3,916
up €3,916 (+43.5%), from €8,996 to €12,912
of which Furniture and vehicles: +€4,968
- Debts after one year +€116,590
up €116,590 (+2600.9%), from €4,483 to €121,073
- Reserves +€35,375
up €35,375 (+19.5%), from €181,250 to €216,625
- Current portion of long-term debt +€20,832
up €20,832 (+353.0%), from €5,901 to €26,733
- Tax, wage and social debts -€11,406
down €11,406 (-62.0%), from €18,411 to €7,005
of which Taxes: -€11,406
- Gross operating margin -€4,431
down €4,431 (-7.2%), from €61,543 to €57,113
- Taxes -€3,055
down €3,055 (-19.0%), from €16,063 to €13,007
- Financial charges +€2,768
up €2,768 (+151.1%), from €1,831 to €4,599
- Depreciation +€933
up €933 (+56.8%), from €1,641 to €2,574
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €221,692 | €382,996 | +€161,304 | +72.8% |
| Fixed assets | 21/28 | €128,996 | €345,395 | +€216,399 | +167.8% |
| Tangible fixed assets | 22/27 | €8,996 | €12,912 | +€3,916 | +43.5% |
| Plant, machinery and equipment | 23 | €2,815 | €2,328 | -€487 | -17.3% |
| Furniture and vehicles | 24 | €1,807 | €6,775 | +€4,968 | +274.9% |
| Other tangible fixed assets | 26 | €4,373 | €3,809 | -€564 | -12.9% |
| Financial fixed assets | 28 | €120,000 | €332,483 | +€212,483 | +177.1% |
| Current assets | 29/58 | €92,696 | €37,601 | -€55,095 | -59.4% |
| Amounts receivable within one year | 40/41 | €19,979 | €807 | -€19,172 | -96.0% |
| Trade receivables | 40 | €19,979 | €807 | -€19,172 | -96.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €71,269 | €34,950 | -€36,318 | -51.0% |
| Deferred charges and accrued income | 490/1 | €1,448 | €1,844 | +€396 | +27.3% |
| Total equity and liabilities | 10/49 | €221,692 | €382,996 | +€161,304 | +72.8% |
| Equity | 10/15 | €187,824 | €223,141 | +€35,316 | +18.8% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €181,250 | €216,625 | +€35,375 | +19.5% |
| Distributable reserves | 133 | €181,250 | €216,625 | +€35,375 | +19.5% |
| Profit (loss) carried forward | 14 | €74 | €16 | -€59 | -78.9% |
| Amounts payable | 17/49 | €33,868 | €159,855 | +€125,987 | +372.0% |
| Amounts payable after more than one year | 17 | €4,483 | €121,073 | +€116,590 | +2600.9% |
| Financial debts | 170/4 | €4,483 | €121,073 | +€116,590 | +2600.9% |
| Amounts payable within one year | 42/48 | €29,385 | €38,782 | +€9,397 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €5,901 | €26,733 | +€20,832 | +353.0% |
| Trade debts | 44 | €2,145 | €3,494 | +€1,349 | +62.9% |
| Suppliers | 440/4 | €2,145 | €3,494 | +€1,349 | +62.9% |
| Taxes, remuneration and social security | 45 | €18,411 | €7,005 | -€11,406 | -62.0% |
| Taxes | 450/3 | €18,411 | €7,005 | -€11,406 | -62.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,929 | €1,550 | -€1,378 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,641 | €2,574 | +€933 | +56.8% |
| Other operating charges | 640/8 | €1,091 | €1,676 | +€585 | +53.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €61,543 | €57,113 | -€4,431 | -7.2% |
| Operating profit (loss) | 9901 | €58,811 | €52,863 | -€5,948 | -10.1% |
| Financial income | 75/76B | €0 | €60 | +€59 | +19171.0% |
| Recurring financial income | 75 | €0 | €60 | +€59 | +19171.0% |
| Financial charges | 65/66B | €1,831 | €4,599 | +€2,768 | +151.1% |
| Recurring financial charges | 65 | €1,831 | €4,599 | +€2,768 | +151.1% |
| Profit (loss) for the period before taxes | 9903 | €56,980 | €48,324 | -€8,656 | -15.2% |
| Income taxes | 67/77 | €16,063 | €13,007 | -€3,055 | -19.0% |
| Profit (loss) for the period | 9904 | €40,917 | €35,316 | -€5,601 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,917 | €35,316 | -€5,601 | -13.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.