Studio-Penale: 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-Penale
Largest movements
- Intangible fixed assets -€42,857
down €42,857 (-28.6%), from €149,824 to €106,967
- Receivables within one year -€26,296
down €26,296 (-46.2%), from €56,873 to €30,577
of which Trade receivables: -€29,571
- Cash +€12,072
up €12,072 (+36.7%), from €32,904 to €44,976
mainly Depreciation (+€47,527) and Receivables within one year (+€26,296)
- Tangible fixed assets -€4,670
down €4,670 (-26.8%), from €17,452 to €12,782
of which Other tangible fixed assets: -€3,066
- Deferred charges and accrued income -€3,614
down €3,614 (-71.0%), from €5,090 to €1,476
- Other debts -€43,834
down €43,834 (-100.0%), from €43,834 to €0
- Debts after one year -€27,852
down €27,852 (-100.0%), from €27,852 to €0
- Reserves +€13,803
up €13,803 (+14.3%), from €96,520 to €110,322
- Current portion of long-term debt -€13,227
down €13,227 (-32.2%), from €41,078 to €27,852
- Short-term financial debts +€8,026
new in 2025: €8,026
- Gross operating margin -€16,805
down €16,805 (-15.9%), from €105,464 to €88,660
- Staff costs -€7,611
down €7,611 (-41.3%), from €18,432 to €10,821
- Taxes -€1,373
down €1,373 (-13.4%), from €10,258 to €8,885
- Other operating charges +€1,202
up €1,202 (+42.3%), from €2,844 to €4,046
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 | €262,142 | €196,778 | -€65,364 | -24.9% |
| Fixed assets | 21/28 | €167,276 | €119,749 | -€47,527 | -28.4% |
| Intangible fixed assets | 21 | €149,824 | €106,967 | -€42,857 | -28.6% |
| Tangible fixed assets | 22/27 | €17,452 | €12,782 | -€4,670 | -26.8% |
| Plant, machinery and equipment | 23 | €3,816 | €2,497 | -€1,319 | -34.6% |
| Furniture and vehicles | 24 | €284 | €0 | -€284 | -100.0% |
| Other tangible fixed assets | 26 | €13,351 | €10,285 | -€3,066 | -23.0% |
| Current assets | 29/58 | €94,866 | €77,029 | -€17,838 | -18.8% |
| Amounts receivable within one year | 40/41 | €56,873 | €30,577 | -€26,296 | -46.2% |
| Trade receivables | 40 | €56,350 | €26,780 | -€29,571 | -52.5% |
| Other amounts receivable | 41 | €523 | €3,798 | +€3,275 | +626.7% |
| Cash at bank and in hand | 54/58 | €32,904 | €44,976 | +€12,072 | +36.7% |
| Deferred charges and accrued income | 490/1 | €5,090 | €1,476 | -€3,614 | -71.0% |
| Total equity and liabilities | 10/49 | €262,142 | €196,778 | -€65,364 | -24.9% |
| Equity | 10/15 | €101,520 | €115,322 | +€13,803 | +13.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €96,520 | €110,322 | +€13,803 | +14.3% |
| Distributable reserves | 133 | €96,520 | €110,322 | +€13,803 | +14.3% |
| Amounts payable | 17/49 | €160,623 | €81,456 | -€79,167 | -49.3% |
| Amounts payable after more than one year | 17 | €27,852 | €0 | -€27,852 | -100.0% |
| Financial debts | 170/4 | €27,852 | €0 | -€27,852 | -100.0% |
| Amounts payable within one year | 42/48 | €132,771 | €81,456 | -€51,315 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €41,078 | €27,852 | -€13,227 | -32.2% |
| Financial debts | 43 | - | €8,026 | +€8,026 | |
| Credit institutions | 430/8 | - | €8,026 | +€8,026 | |
| Trade debts | 44 | €22,050 | €17,171 | -€4,878 | -22.1% |
| Suppliers | 440/4 | €22,050 | €17,171 | -€4,878 | -22.1% |
| Taxes, remuneration and social security | 45 | €25,809 | €28,407 | +€2,598 | +10.1% |
| Taxes | 450/3 | €19,337 | €25,857 | +€6,520 | +33.7% |
| Remuneration and social security | 454/9 | €6,472 | €2,550 | -€3,922 | -60.6% |
| Other amounts payable | 47/48 | €43,834 | €0 | -€43,834 | -100.0% |
| Remuneration, social security and pensions | 62 | €18,432 | €10,821 | -€7,611 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,813 | €47,527 | -€286 | -0.6% |
| Other operating charges | 640/8 | €2,844 | €4,046 | +€1,202 | +42.3% |
| Gross operating margin | 9900 | €105,464 | €88,660 | -€16,805 | -15.9% |
| Operating profit (loss) | 9901 | €36,375 | €26,266 | -€10,109 | -27.8% |
| Financial income | 75/76B | €318 | €199 | -€119 | -37.5% |
| Recurring financial income | 75 | €318 | €199 | -€119 | -37.5% |
| Financial charges | 65/66B | €3,182 | €3,777 | +€596 | +18.7% |
| Recurring financial charges | 65 | €3,182 | €3,777 | +€596 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €33,511 | €22,687 | -€10,824 | -32.3% |
| Income taxes | 67/77 | €10,258 | €8,885 | -€1,373 | -13.4% |
| Profit (loss) for the period | 9904 | €23,253 | €13,803 | -€9,450 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,253 | €13,803 | -€9,450 | -40.6% |
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.