STUDIO PLOPSA: 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.
What changed
STUDIO PLOPSA
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€8.0m
2024 · €11.1m-€3.1m
Equity
€47.8m
2024 · €44.8m+€3.0m
Cash
€6.3m
2024 · €3.7m+€2.6m
Balance sheet total
€156.7m
2024 · €171.5m-€14.8m
Largest movements
Assets
- Financial fixed assets -€19.0m
down €19.0m (-11.9%), from €159.8m to €140.8m
- Cash +€2.6m
up €2.6m (+69.3%), from €3.7m to €6.3m
mainly Investment in fixed assets (net) (+€17.3m) and Net result for the year (+€8.0m)
Equity and liabilities
- Debts after one year -€17.1m
down €17.1m (-14.9%), from €114.7m to €97.7m
of which Other amounts payable: -€30.3m
- Reserves +€12.3m
up €12.3m (+152.4%), from €8.1m to €20.3m
of which Distributable reserves: +€12.8m
- Profit (loss) carried forward -€9.3m
down €9.3m (-75.6%), from €12.3m to €3.0m
- Other debts -€2.0m
down €2.0m (-28.6%), from €7.0m to €5.0m
Income statement
- Financial charges +€6.0m
up €6.0m (+120.7%), from €5.0m to €11.0m
of which Non-recurring financial charges: +€5.2m
- Turnover +€2.4m
up €2.4m (+18.7%), from €12.6m to €15.0m
- Financial income +€1.8m
up €1.8m (+11.6%), from €15.5m to €17.3m
of which Financial income: +€1.8m
- Services and other goods +€1.7m
up €1.7m (+28.7%), from €6.0m to €7.8m
- Other operating income +€1.6m
up €1.6m (+46.2%), from €3.5m to €5.1m
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.
Result 2024
€11.1m
Turnover
+€2.4m
Other operating income
+€1.6m
Services and other goods
-€1.7m
Staff costs
-€1.3m
Depreciation
-€300,351
Other operating charges
-€3,168
Other operating items
-€86,810
Financial income
+€1.8m
Financial charges
-€6.0m
Taxes
+€541,940
Result 2025
€8.0m
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.
From operations
+€7.3m
Investment
+€17.3m
Financing
-€22.1m
Cash 2024
€3.7m
From operations (derived)
+€7.3m
Net result for the year
+€8.0m
Depreciation
+€1.1m
Receivables within one year
-€853,719
Deferred charges and accrued income
-€108,431
Trade debts
+€708,394
Tax, wage and social debts
+€366,853
Other debts
-€2.0m
Accrued charges and deferred income
+€156,440
Investment (derived)
+€17.3m
Investment in fixed assets (net)
+€17.3m
Financing
-€22.1m
Debts after one year
-€17.1m
Contributions, distributions and other
-€5.0m
Cash 2025
€6.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,514,901 | €156,665,166 | -€14.8m | -8.7% |
| Fixed assets | 21/28 | €163,255,347 | €144,863,424 | -€18.4m | -11.3% |
| Intangible fixed assets | 21 | €868,356 | €1,797,802 | +€929,447 | +107.0% |
| Tangible fixed assets | 22/27 | €2,571,750 | €2,296,802 | -€274,948 | -10.7% |
| Plant, machinery and equipment | 23 | €688,235 | €525,312 | -€162,924 | -23.7% |
| Furniture and vehicles | 24 | €1,562,785 | €1,103,867 | -€458,917 | -29.4% |
| Assets under construction and advance payments | 27 | €320,730 | €667,623 | +€346,893 | +108.2% |
| Financial fixed assets | 28 | €159,815,242 | €140,768,820 | -€19.0m | -11.9% |
| Affiliated companies | 280/1 | €159,815,242 | €140,768,820 | -€19.0m | -11.9% |
| Participating interests | 280 | €71,122,574 | €63,969,479 | -€7.2m | -10.1% |
| Amounts receivable | 281 | €88,692,669 | €76,799,342 | -€11.9m | -13.4% |
| Current assets | 29/58 | €8,259,553 | €11,801,742 | +€3.5m | +42.9% |
| Amounts receivable within one year | 40/41 | €4,272,862 | €5,126,581 | +€853,719 | +20.0% |
| Trade receivables | 40 | €3,742,188 | €4,476,062 | +€733,875 | +19.6% |
| Other amounts receivable | 41 | €530,675 | €650,519 | +€119,844 | +22.6% |
| Cash at bank and in hand | 54/58 | €3,720,370 | €6,300,409 | +€2.6m | +69.3% |
| Deferred charges and accrued income | 490/1 | €266,321 | €374,752 | +€108,431 | +40.7% |
| Total equity and liabilities | 10/49 | €171,514,901 | €156,665,166 | -€14.8m | -8.7% |
| Equity | 10/15 | €44,841,452 | €47,838,660 | +€3.0m | +6.7% |
| Contributions | 10/11 | €24,500,000 | €24,500,000 | = | 0.0% |
| Capital | 10 | €24,500,000 | €24,500,000 | = | 0.0% |
| Issued capital | 100 | €24,500,000 | €24,500,000 | = | 0.0% |
| Reserves | 13 | €8,059,233 | €20,341,452 | +€12.3m | +152.4% |
| Non-distributable reserves | 130/1 | €2,450,000 | €2,450,000 | = | 0.0% |
| Legal reserve | 130 | €2,450,000 | €2,450,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,320,003 | €808,751 | -€511,252 | -38.7% |
| Distributable reserves | 133 | €4,289,230 | €17,082,700 | +€12.8m | +298.3% |
| Profit (loss) carried forward | 14 | €12,282,218 | €2,997,209 | -€9.3m | -75.6% |
| Amounts payable | 17/49 | €126,673,449 | €108,826,505 | -€17.8m | -14.1% |
| Amounts payable after more than one year | 17 | €114,738,012 | €97,659,380 | -€17.1m | -14.9% |
| Financial debts | 170/4 | €63,300,000 | €76,491,446 | +€13.2m | +20.8% |
| Other loans | 174 | €63,300,000 | €76,491,446 | +€13.2m | +20.8% |
| Other amounts payable | 178/9 | €51,438,012 | €21,167,934 | -€30.3m | -58.8% |
| Amounts payable within one year | 42/48 | €11,564,505 | €10,639,752 | -€924,753 | -8.0% |
| Trade debts | 44 | €2,874,679 | €3,583,073 | +€708,394 | +24.6% |
| Suppliers | 440/4 | €2,874,679 | €3,583,073 | +€708,394 | +24.6% |
| Taxes, remuneration and social security | 45 | €1,689,826 | €2,056,679 | +€366,853 | +21.7% |
| Taxes | 450/3 | €199,349 | €248,803 | +€49,454 | +24.8% |
| Remuneration and social security | 454/9 | €1,490,477 | €1,807,876 | +€317,400 | +21.3% |
| Other amounts payable | 47/48 | €7,000,000 | €5,000,000 | -€2.0m | -28.6% |
| Accrued charges and deferred income | 492/3 | €370,933 | €527,373 | +€156,440 | +42.2% |
| Operating income | 70/76A | €16,171,981 | €20,160,338 | +€4.0m | +24.7% |
| Turnover | 70 | €12,649,310 | €15,009,302 | +€2.4m | +18.7% |
| Other operating income | 74 | €3,516,545 | €5,140,536 | +€1.6m | +46.2% |
| Non-recurring operating income | 76A | €6,126 | €10,500 | +€4,374 | +71.4% |
| Operating charges | 60/66A | €14,093,126 | €17,520,873 | +€3.4m | +24.3% |
| Services and other goods | 61 | €6,047,719 | €7,784,732 | +€1.7m | +28.7% |
| Remuneration, social security and pensions | 62 | €7,019,828 | €8,315,860 | +€1.3m | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €772,959 | €1,073,309 | +€300,351 | +38.9% |
| Other operating charges | 640/8 | €67,448 | €70,616 | +€3,168 | +4.7% |
| Non-recurring operating charges | 66A | €185,172 | €276,356 | +€91,184 | +49.2% |
| Operating profit (loss) | 9901 | €2,078,855 | €2,639,465 | +€560,610 | +27.0% |
| Financial income | 75/76B | €15,523,281 | €17,326,815 | +€1.8m | +11.6% |
| Recurring financial income | 75 | €15,508,629 | €17,326,531 | +€1.8m | +11.7% |
| Income from financial fixed assets | 750 | €13,000,000 | €15,000,000 | +€2.0m | +15.4% |
| Income from current assets | 751 | €2,380,002 | €2,325,908 | -€54,094 | -2.3% |
| Other financial income | 752/9 | €128,627 | €623 | -€128,004 | -99.5% |
| Non-recurring financial income | 76B | €14,652 | €284 | -€14,368 | -98.1% |
| Financial charges | 65/66B | €4,995,363 | €11,026,518 | +€6.0m | +120.7% |
| Recurring financial charges | 65 | €2,999,363 | €3,873,423 | +€874,060 | +29.1% |
| Debt charges | 650 | €2,993,772 | €3,868,569 | +€874,797 | +29.2% |
| Other financial charges | 652/9 | €5,591 | €4,854 | -€737 | -13.2% |
| Non-recurring financial charges | 66B | €1,996,000 | €7,153,095 | +€5.2m | +258.4% |
| Profit (loss) for the period before taxes | 9903 | €12,606,773 | €8,939,762 | -€3.7m | -29.1% |
| Income taxes | 67/77 | €1,484,493 | €942,553 | -€541,940 | -36.5% |
| Taxes | 670/3 | €1,484,493 | €942,553 | -€541,940 | -36.5% |
| Profit (loss) for the period | 9904 | €11,122,280 | €7,997,209 | -€3.1m | -28.1% |
| Transfer from tax-exempt reserves | 789 | - | €511,252 | +€511,252 | |
| Transfer to tax-exempt reserves | 689 | €997,770 | - | -€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,124,510 | €8,508,461 | -€1.6m | -16.0% |
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 9 October 2026 via checked.be.