STUDIO LUNGARNO: 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 LUNGARNO
Largest movements
- Tangible fixed assets -€56,664
down €56,664 (-8.1%), from €698,947 to €642,283
of which Land and buildings: -€41,780
- Cash +€25,918
up €25,918 (+521.1%), from €4,973 to €30,892
mainly Depreciation (+€61,945) and Other debts (+€34,973)
- Current investments +€11,500
up €11,500 (+34.8%), from €33,000 to €44,500
- Profit (loss) carried forward +€39,717
up €39,717 (+68.9%), from -€57,606 to -€17,889
- Reserves -€35,285
down €35,285 (-16.8%), from €210,004 to €174,719
of which Distributable reserves: -€29,151
- Other debts +€34,973
up €34,973 (+46.5%), from €75,182 to €110,155
- Debts after one year -€29,503
down €29,503 (-10.5%), from €280,573 to €251,070
of which Financial debts: -€29,503
- Accrued charges and deferred income -€16,268
no longer reported in 2025 (was €16,268)
- Financial charges -€21,413
down €21,413 (-58.1%), from €36,847 to €15,433
of which Financial charges: -€21,413
- Gross operating margin +€6,398
up €6,398 (+7.9%), from €81,112 to €87,510
- Depreciation -€1,780
down €1,780 (-2.8%), from €63,725 to €61,945
- Other operating charges +€1,286
up €1,286 (+19.0%), from €6,778 to €8,063
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 | €1,100,241 | €1,082,403 | -€17,837 | -1.6% |
| Fixed assets | 21/28 | €1,028,266 | €971,602 | -€56,664 | -5.5% |
| Tangible fixed assets | 22/27 | €698,947 | €642,283 | -€56,664 | -8.1% |
| Land and buildings | 22 | €670,022 | €628,242 | -€41,780 | -6.2% |
| Plant, machinery and equipment | 23 | €14,776 | €12,445 | -€2,331 | -15.8% |
| Furniture and vehicles | 24 | €14,149 | €1,596 | -€12,553 | -88.7% |
| Financial fixed assets | 28 | €329,319 | €329,319 | = | 0.0% |
| Current assets | 29/58 | €71,975 | €110,801 | +€38,827 | +53.9% |
| Amounts receivable within one year | 40/41 | €30,185 | €33,344 | +€3,159 | +10.5% |
| Trade receivables | 40 | €30,174 | €33,195 | +€3,021 | +10.0% |
| Other amounts receivable | 41 | €10 | €149 | +€138 | +1321.0% |
| Current investments | 50/53 | €33,000 | €44,500 | +€11,500 | +34.8% |
| Cash at bank and in hand | 54/58 | €4,973 | €30,892 | +€25,918 | +521.1% |
| Deferred charges and accrued income | 490/1 | €3,817 | €2,066 | -€1,751 | -45.9% |
| Total equity and liabilities | 10/49 | €1,100,241 | €1,082,403 | -€17,837 | -1.6% |
| Equity | 10/15 | €633,368 | €637,800 | +€4,431 | +0.7% |
| Contributions | 10/11 | €480,970 | €480,970 | = | 0.0% |
| Reserves | 13 | €210,004 | €174,719 | -€35,285 | -16.8% |
| Tax-exempt reserves | 132 | €100,100 | €93,966 | -€6,135 | -6.1% |
| Distributable reserves | 133 | €109,904 | €80,753 | -€29,151 | -26.5% |
| Profit (loss) carried forward | 14 | -€57,606 | -€17,889 | +€39,717 | +68.9% |
| Provisions and deferred taxes | 16 | €34,417 | €32,372 | -€2,045 | -5.9% |
| Deferred taxes | 168 | €34,417 | €32,372 | -€2,045 | -5.9% |
| Amounts payable | 17/49 | €432,455 | €412,231 | -€20,224 | -4.7% |
| Amounts payable after more than one year | 17 | €280,573 | €251,070 | -€29,503 | -10.5% |
| Financial debts | 170/4 | €114,573 | €85,070 | -€29,503 | -25.8% |
| Other amounts payable | 178/9 | €166,000 | €166,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €135,614 | €161,161 | +€25,547 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €38,125 | €31,928 | -€6,197 | -16.3% |
| Financial debts | 43 | €4 | - | -€4 | |
| Credit institutions | 430/8 | €4 | - | -€4 | |
| Trade debts | 44 | €1,675 | €5,496 | +€3,820 | +228.0% |
| Suppliers | 440/4 | €1,675 | €5,496 | +€3,820 | +228.0% |
| Taxes, remuneration and social security | 45 | €20,628 | €13,582 | -€7,046 | -34.2% |
| Taxes | 450/3 | €13,831 | €6,641 | -€7,190 | -52.0% |
| Remuneration and social security | 454/9 | €6,797 | €6,941 | +€144 | +2.1% |
| Other amounts payable | 47/48 | €75,182 | €110,155 | +€34,973 | +46.5% |
| Accrued charges and deferred income | 492/3 | €16,268 | - | -€16,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,725 | €61,945 | -€1,780 | -2.8% |
| Other operating charges | 640/8 | €6,778 | €8,063 | +€1,286 | +19.0% |
| Gross operating margin | 9900 | €81,112 | €87,510 | +€6,398 | +7.9% |
| Operating profit (loss) | 9901 | €10,609 | €17,502 | +€6,892 | +65.0% |
| Financial income | 75/76B | €430 | €185 | -€245 | -57.0% |
| Recurring financial income | 75 | €430 | €185 | -€245 | -57.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €36,847 | €15,433 | -€21,413 | -58.1% |
| Recurring financial charges | 65 | €36,847 | €15,433 | -€21,413 | -58.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€25,807 | €2,253 | +€28,060 | |
| Transfer from deferred taxes | 780 | €1,636 | €2,045 | +€409 | +25.0% |
| Income taxes | 67/77 | €503 | -€133 | -€636 | |
| Profit (loss) for the period | 9904 | -€24,674 | €4,431 | +€29,106 | |
| Transfer from tax-exempt reserves | 789 | €6,544 | €6,135 | -€409 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,131 | €10,566 | +€28,697 |
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 2 October 2026 via checked.be.