STUDIO SKOV: 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 SKOV
Largest movements
- Financial fixed assets +€192,300
up €192,300 (+113%), from €169,720 to €362,020
- Receivables within one year +€62,037
up €62,037 (+365%), from €16,974 to €79,011
of which Trade receivables: +€64,699
- Cash -€25,586
down €25,586 (-43.4%), from €58,947 to €33,361
mainly Investment in fixed assets (net) (-€196,775) and Contributions, distributions and other (-€143,000)
- Other debts +€144,017
up €144,017 (+1,621%), from €8,883 to €152,900
- Debts after one year +€74,084
new in 2025: €74,084
- Current portion of long-term debt +€13,890
new in 2025: €13,890
- Accrued charges and deferred income +€5,622
up €5,622 (+305%), from €1,846 to €7,468
- Gross operating margin +€105,950
up €105,950 (+135%), from €78,554 to €184,503
- Taxes +€33,134
up €33,134 (+209%), from €15,852 to €48,986
- Financial income +€9,414
up €9,414 (+127%), from €7,429 to €16,843
- Financial charges +€5,037
up €5,037 (+303%), from €1,664 to €6,701
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 | €254,155 | €485,241 | +€231,086 | +90.9% |
| Fixed assets | 21/28 | €177,688 | €372,020 | +€194,332 | +109% |
| Tangible fixed assets | 22/27 | €7,968 | €10,000 | +€2,032 | +25.5% |
| Plant, machinery and equipment | 23 | €989 | - | -€989 | |
| Furniture and vehicles | 24 | €1,749 | €1,295 | -€453 | -25.9% |
| Other tangible fixed assets | 26 | €5,231 | €8,705 | +€3,474 | +66.4% |
| Financial fixed assets | 28 | €169,720 | €362,020 | +€192,300 | +113% |
| Current assets | 29/58 | €76,467 | €113,221 | +€36,754 | +48.1% |
| Amounts receivable within one year | 40/41 | €16,974 | €79,011 | +€62,037 | +365% |
| Trade receivables | 40 | €12,826 | €77,525 | +€64,699 | +504% |
| Other amounts receivable | 41 | €4,148 | €1,487 | -€2,661 | -64.2% |
| Cash at bank and in hand | 54/58 | €58,947 | €33,361 | -€25,586 | -43.4% |
| Deferred charges and accrued income | 490/1 | €546 | €848 | +€302 | +55.4% |
| Total equity and liabilities | 10/49 | €254,155 | €485,241 | +€231,086 | +90.9% |
| Equity | 10/15 | €226,167 | €225,412 | -€755 | -0.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €195,000 | €195,000 | = | 0.0% |
| Distributable reserves | 133 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,167 | €412 | -€755 | -64.7% |
| Amounts payable | 17/49 | €27,988 | €259,829 | +€231,841 | +828% |
| Amounts payable after more than one year | 17 | - | €74,084 | +€74,084 | |
| Financial debts | 170/4 | - | €74,084 | +€74,084 | |
| Amounts payable within one year | 42/48 | €26,142 | €178,277 | +€152,134 | +582% |
| Current portion of amounts payable after more than one year | 42 | - | €13,890 | +€13,890 | |
| Financial debts | 43 | €7,928 | €7,928 | = | 0.0% |
| Other loans | 439 | €7,928 | €7,928 | = | 0.0% |
| Trade debts | 44 | €4,272 | €686 | -€3,587 | -83.9% |
| Suppliers | 440/4 | €4,272 | €686 | -€3,587 | -83.9% |
| Taxes, remuneration and social security | 45 | €5,059 | €2,873 | -€2,186 | -43.2% |
| Taxes | 450/3 | €5,059 | €2,873 | -€2,186 | -43.2% |
| Other amounts payable | 47/48 | €8,883 | €152,900 | +€144,017 | +1,621% |
| Accrued charges and deferred income | 492/3 | €1,846 | €7,468 | +€5,622 | +305% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,980 | €2,443 | +€463 | +23.4% |
| Other operating charges | 640/8 | €903 | €972 | +€68 | +7.6% |
| Gross operating margin | 9900 | €78,554 | €184,503 | +€105,950 | +135% |
| Operating profit (loss) | 9901 | €75,671 | €181,089 | +€105,418 | +139% |
| Financial income | 75/76B | €7,429 | €16,843 | +€9,414 | +127% |
| Recurring financial income | 75 | €7,429 | €16,843 | +€9,414 | +127% |
| Financial charges | 65/66B | €1,664 | €6,701 | +€5,037 | +303% |
| Recurring financial charges | 65 | €1,664 | €6,701 | +€5,037 | +303% |
| Profit (loss) for the period before taxes | 9903 | €81,436 | €191,231 | +€109,796 | +135% |
| Income taxes | 67/77 | €15,852 | €48,986 | +€33,134 | +209% |
| Profit (loss) for the period | 9904 | €65,583 | €142,245 | +€76,662 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €65,583 | €142,245 | +€76,662 | +117% |
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 31 October 2026 via checked.be.