STUDIO MARZO 15: what changed
Two financial 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 MARZO 15
Largest movements
- Cash +€34,547
up €34,547 (+51.8%), from €66,752 to €101,298
mainly Net result for the year (+€19,557) and Receivables within one year (+€16,394)
- Receivables within one year -€16,394
down €16,394 (-36.1%), from €45,429 to €29,034
of which Other amounts receivable: -€11,928
- Tangible fixed assets -€11,462
down €11,462 (-29.2%), from €39,303 to €27,840
of which Furniture and vehicles: -€10,221
- Deferred charges and accrued income +€1,816
new in 2025: €1,816
- Reserves +€18,724
up €18,724 (+18.8%), from €99,721 to €118,445
- Debts after one year -€11,018
down €11,018 (-48.9%), from €22,534 to €11,516
- Trade debts +€1,883
up €1,883 (+44.2%), from €4,259 to €6,142
- Gross operating margin -€13,269
down €13,269 (-23.0%), from €57,574 to €44,305
- Taxes +€1,275
up €1,275 (+18.6%), from €6,843 to €8,118
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.
Derived cash bridge
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 | €151,533 | €160,039 | +€8,506 | +5.6% |
| Fixed assets | 21/28 | €39,353 | €27,890 | -€11,462 | -29.1% |
| Tangible fixed assets | 22/27 | €39,303 | €27,840 | -€11,462 | -29.2% |
| Plant, machinery and equipment | 23 | €3,864 | €2,623 | -€1,241 | -32.1% |
| Furniture and vehicles | 24 | €35,438 | €25,217 | -€10,221 | -28.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €112,181 | €132,149 | +€19,968 | +17.8% |
| Amounts receivable within one year | 40/41 | €45,429 | €29,034 | -€16,394 | -36.1% |
| Trade receivables | 40 | €24,136 | €19,669 | -€4,466 | -18.5% |
| Other amounts receivable | 41 | €21,293 | €9,365 | -€11,928 | -56.0% |
| Cash at bank and in hand | 54/58 | €66,752 | €101,298 | +€34,547 | +51.8% |
| Deferred charges and accrued income | 490/1 | - | €1,816 | +€1,816 | |
| Total equity and liabilities | 10/49 | €151,533 | €160,039 | +€8,506 | +5.6% |
| Equity | 10/15 | €105,921 | €124,645 | +€18,724 | +17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €99,721 | €118,445 | +€18,724 | +18.8% |
| Distributable reserves | 133 | €99,721 | €118,445 | +€18,724 | +18.8% |
| Amounts payable | 17/49 | €45,612 | €35,395 | -€10,218 | -22.4% |
| Amounts payable after more than one year | 17 | €22,534 | €11,516 | -€11,018 | -48.9% |
| Financial debts | 170/4 | €22,534 | €11,516 | -€11,018 | -48.9% |
| Amounts payable within one year | 42/48 | €23,016 | €23,879 | +€862 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €10,541 | €11,018 | +€477 | +4.5% |
| Trade debts | 44 | €4,259 | €6,142 | +€1,883 | +44.2% |
| Suppliers | 440/4 | €4,259 | €6,142 | +€1,883 | +44.2% |
| Taxes, remuneration and social security | 45 | €4,423 | €2,843 | -€1,581 | -35.7% |
| Taxes | 450/3 | €4,423 | €2,843 | -€1,581 | -35.7% |
| Other amounts payable | 47/48 | €3,793 | €3,876 | +€83 | +2.2% |
| Accrued charges and deferred income | 492/3 | €62 | - | -€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,267 | €14,401 | +€134 | +0.9% |
| Other operating charges | 640/8 | €1,371 | €1,087 | -€283 | -20.7% |
| Gross operating margin | 9900 | €57,574 | €44,305 | -€13,269 | -23.0% |
| Operating profit (loss) | 9901 | €41,936 | €28,817 | -€13,120 | -31.3% |
| Financial income | 75/76B | €0 | €411 | +€411 | +186,650% |
| Recurring financial income | 75 | €0 | €411 | +€411 | +186,650% |
| Financial charges | 65/66B | €2,044 | €1,553 | -€491 | -24.0% |
| Recurring financial charges | 65 | €2,044 | €1,553 | -€491 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €39,893 | €27,675 | -€12,218 | -30.6% |
| Income taxes | 67/77 | €6,843 | €8,118 | +€1,275 | +18.6% |
| Profit (loss) for the period | 9904 | €33,050 | €19,557 | -€13,494 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,050 | €19,557 | -€13,494 | -40.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.