STUDIO SEGERS: 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 SEGERS
Largest movements
- Current investments -€53,784
down €53,784 (-23.3%), from €230,424 to €176,640
- Tangible fixed assets -€43,372
down €43,372 (-4.2%), from €1.0m to €987,604
of which Land and buildings: -€47,556
- Receivables within one year +€39,137
up €39,137 (+18.3%), from €213,396 to €252,533
of which Trade receivables: +€60,768
- Cash +€16,241
up €16,241 (+13.9%), from €116,563 to €132,804
mainly Depreciation (+€88,420) and Current investments (+€53,784)
- Other debts +€46,452
up €46,452 (+124.8%), from €37,229 to €83,681
- Trade debts -€44,356
down €44,356 (-30.0%), from €147,942 to €103,586
- Reserves -€37,873
down €37,873 (-6.1%), from €624,627 to €586,754
of which Distributable reserves: -€35,247
- Gross operating margin +€88,090
up €88,090 (+58.4%), from €150,857 to €238,948
- Taxes +€24,526
up €24,526 (+799.0%), from €3,069 to €27,595
- Other operating charges +€7,798
up €7,798 (+89.3%), from €8,735 to €16,533
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 | €1,597,156 | €1,556,226 | -€40,930 | -2.6% |
| Fixed assets | 21/28 | €1,030,976 | €987,604 | -€43,372 | -4.2% |
| Tangible fixed assets | 22/27 | €1,030,976 | €987,604 | -€43,372 | -4.2% |
| Land and buildings | 22 | €988,755 | €941,199 | -€47,556 | -4.8% |
| Plant, machinery and equipment | 23 | €353 | €79 | -€274 | -77.7% |
| Furniture and vehicles | 24 | €41,868 | €29,701 | -€12,167 | -29.1% |
| Other tangible fixed assets | 26 | - | €16,625 | +€16,625 | |
| Current assets | 29/58 | €566,180 | €568,622 | +€2,442 | +0.4% |
| Amounts receivable within one year | 40/41 | €213,396 | €252,533 | +€39,137 | +18.3% |
| Trade receivables | 40 | €191,166 | €251,934 | +€60,768 | +31.8% |
| Other amounts receivable | 41 | €22,231 | €599 | -€21,632 | -97.3% |
| Current investments | 50/53 | €230,424 | €176,640 | -€53,784 | -23.3% |
| Cash at bank and in hand | 54/58 | €116,563 | €132,804 | +€16,241 | +13.9% |
| Deferred charges and accrued income | 490/1 | €5,796 | €6,645 | +€849 | +14.7% |
| Total equity and liabilities | 10/49 | €1,597,156 | €1,556,226 | -€40,930 | -2.6% |
| Equity | 10/15 | €1,374,938 | €1,343,801 | -€31,137 | -2.3% |
| Contributions | 10/11 | €757,047 | €757,047 | = | 0.0% |
| Reserves | 13 | €624,627 | €586,754 | -€37,873 | -6.1% |
| Tax-exempt reserves | 132 | €15,759 | €13,133 | -€2,627 | -16.7% |
| Distributable reserves | 133 | €608,868 | €573,621 | -€35,247 | -5.8% |
| Profit (loss) carried forward | 14 | -€6,736 | €0 | +€6,736 | |
| Provisions and deferred taxes | 16 | €10,506 | €8,755 | -€1,751 | -16.7% |
| Deferred taxes | 168 | €10,506 | €8,755 | -€1,751 | -16.7% |
| Amounts payable | 17/49 | €211,712 | €203,670 | -€8,042 | -3.8% |
| Amounts payable after more than one year | 17 | €450 | €450 | = | 0.0% |
| Other amounts payable | 178/9 | €450 | €450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €211,262 | €203,220 | -€8,042 | -3.8% |
| Financial debts | 43 | €3,470 | €2,175 | -€1,295 | -37.3% |
| Credit institutions | 430/8 | €3,470 | €2,175 | -€1,295 | -37.3% |
| Trade debts | 44 | €147,942 | €103,586 | -€44,356 | -30.0% |
| Suppliers | 440/4 | €147,942 | €103,586 | -€44,356 | -30.0% |
| Taxes, remuneration and social security | 45 | €22,621 | €13,779 | -€8,843 | -39.1% |
| Taxes | 450/3 | €12,136 | €6,355 | -€5,781 | -47.6% |
| Remuneration and social security | 454/9 | €10,485 | €7,424 | -€3,062 | -29.2% |
| Other amounts payable | 47/48 | €37,229 | €83,681 | +€46,452 | +124.8% |
| Remuneration, social security and pensions | 62 | €59,212 | €61,491 | +€2,279 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,462 | €88,420 | +€958 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,702 | -€1,702 | |
| Other operating charges | 640/8 | €8,735 | €16,533 | +€7,798 | +89.3% |
| Non-recurring operating charges | 66A | €245 | €0 | -€245 | -100.0% |
| Gross operating margin | 9900 | €150,857 | €238,948 | +€88,090 | +58.4% |
| Operating profit (loss) | 9901 | -€4,796 | €74,205 | +€79,001 | |
| Financial income | 75/76B | €638 | €1,737 | +€1,099 | +172.1% |
| Recurring financial income | 75 | €638 | €1,737 | +€1,099 | +172.1% |
| Financial charges | 65/66B | €792 | €928 | +€136 | +17.2% |
| Recurring financial charges | 65 | €792 | €928 | +€136 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,950 | €75,014 | +€79,964 | |
| Transfer from deferred taxes | 780 | €1,751 | €1,751 | = | 0.0% |
| Income taxes | 67/77 | €3,069 | €27,595 | +€24,526 | +799.0% |
| Profit (loss) for the period | 9904 | -€6,268 | €49,170 | +€55,438 | |
| Transfer from tax-exempt reserves | 789 | €2,627 | €2,627 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,641 | €51,796 | +€55,438 |
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 8 October 2026 via checked.be.