STUDIO M: 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 M
Largest movements
- Receivables after one year +€100,000
new in 2025: €100,000
- Cash -€49,329
down €49,329 (-33.3%), from €148,117 to €98,788
mainly Receivables after one year (-€100,000) and Tax, wage and social debts (-€1,623)
- Receivables within one year -€10,046
down €10,046 (-96.1%), from €10,448 to €402
of which Other amounts receivable: -€9,082
- Reserves +€43,145
up €43,145 (+36.7%), from €117,698 to €160,843
of which Distributable reserves: +€43,145
- Gross operating margin -€18,869
down €18,869 (-11.0%), from €171,829 to €152,959
- Staff costs -€4,207
down €4,207 (-4.5%), from €93,595 to €89,387
- Taxes -€3,404
down €3,404 (-16.2%), from €20,969 to €17,565
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 | €172,806 | €212,998 | +€40,192 | +23.3% |
| Fixed assets | 21/28 | €6,887 | €5,682 | -€1,205 | -17.5% |
| Tangible fixed assets | 22/27 | €6,887 | €5,682 | -€1,205 | -17.5% |
| Land and buildings | 22 | €6,453 | €5,682 | -€771 | -12.0% |
| Plant, machinery and equipment | 23 | €257 | - | -€257 | |
| Furniture and vehicles | 24 | €177 | - | -€177 | |
| Current assets | 29/58 | €165,919 | €207,316 | +€41,397 | +24.9% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Stocks and contracts in progress | 3 | €6,653 | €7,367 | +€714 | +10.7% |
| Stocks | 30/36 | €6,653 | €7,367 | +€714 | +10.7% |
| Amounts receivable within one year | 40/41 | €10,448 | €402 | -€10,046 | -96.1% |
| Trade receivables | 40 | €964 | - | -€964 | |
| Other amounts receivable | 41 | €9,484 | €402 | -€9,082 | -95.8% |
| Cash at bank and in hand | 54/58 | €148,117 | €98,788 | -€49,329 | -33.3% |
| Deferred charges and accrued income | 490/1 | €702 | €759 | +€57 | +8.2% |
| Total equity and liabilities | 10/49 | €172,806 | €212,998 | +€40,192 | +23.3% |
| Equity | 10/15 | €136,298 | €179,443 | +€43,145 | +31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,698 | €160,843 | +€43,145 | +36.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,838 | €158,983 | +€43,145 | +37.2% |
| Amounts payable | 17/49 | €36,508 | €33,555 | -€2,953 | -8.1% |
| Amounts payable within one year | 42/48 | €36,508 | €33,555 | -€2,953 | -8.1% |
| Trade debts | 44 | €3,824 | €2,854 | -€971 | -25.4% |
| Suppliers | 440/4 | €3,824 | €2,854 | -€971 | -25.4% |
| Taxes, remuneration and social security | 45 | €31,614 | €29,991 | -€1,623 | -5.1% |
| Taxes | 450/3 | €20,476 | €21,782 | +€1,306 | +6.4% |
| Remuneration and social security | 454/9 | €11,137 | €8,209 | -€2,929 | -26.3% |
| Other amounts payable | 47/48 | €1,070 | €710 | -€360 | -33.6% |
| Remuneration, social security and pensions | 62 | €93,595 | €89,387 | -€4,207 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,285 | €1,205 | -€1,080 | -47.3% |
| Other operating charges | 640/8 | €853 | €879 | +€26 | +3.1% |
| Gross operating margin | 9900 | €171,829 | €152,959 | -€18,869 | -11.0% |
| Operating profit (loss) | 9901 | €75,096 | €61,488 | -€13,609 | -18.1% |
| Financial income | 75/76B | €521 | €733 | +€211 | +40.5% |
| Recurring financial income | 75 | €521 | €733 | +€211 | +40.5% |
| Financial charges | 65/66B | €1,524 | €1,510 | -€14 | -0.9% |
| Recurring financial charges | 65 | €1,524 | €1,510 | -€14 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €74,094 | €60,710 | -€13,383 | -18.1% |
| Income taxes | 67/77 | €20,969 | €17,565 | -€3,404 | -16.2% |
| Profit (loss) for the period | 9904 | €53,125 | €43,145 | -€9,980 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,125 | €43,145 | -€9,980 | -18.8% |
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 6 October 2026 via checked.be.