STUDIO STIELS: what changed
STUDIO STIELS
Largest movements
- Receivables within one year +€20,383
up €20,383 (+45.7%), from €44,631 to €65,014
of which Trade receivables: +€19,575
- Cash -€10,146
down €10,146 (-71.6%), from €14,175 to €4,028
mainly Contributions, distributions and other (-€45,000) and Receivables within one year (-€20,383)
- Tangible fixed assets -€7,782
down €7,782 (-20.6%), from €37,755 to €29,973
of which Furniture and vehicles: -€7,501
- Other debts +€41,200
up €41,200 (+372%), from €11,079 to €52,279
- Reserves -€27,130
down €27,130 (-56.7%), from €47,854 to €20,724
- Current portion of long-term debt -€10,000
no longer reported in 2025 (was €10,000)
- Trade debts -€2,224
down €2,224 (-23.8%), from €9,348 to €7,125
- Gross operating margin -€4,001
down €4,001 (-9.6%), from €41,824 to €37,823
- Depreciation +€1,480
up €1,480 (+13.8%), from €10,720 to €12,200
- Taxes -€679
down €679 (-10.0%), from €6,780 to €6,101
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,778 | €101,146 | +€1,368 | +1.4% |
| Fixed assets | 21/28 | €40,344 | €31,651 | -€8,693 | -21.5% |
| Intangible fixed assets | 21 | €2,589 | €1,678 | -€911 | -35.2% |
| Tangible fixed assets | 22/27 | €37,755 | €29,973 | -€7,782 | -20.6% |
| Plant, machinery and equipment | 23 | €2,599 | €2,317 | -€281 | -10.8% |
| Furniture and vehicles | 24 | €35,157 | €27,656 | -€7,501 | -21.3% |
| Current assets | 29/58 | €59,434 | €69,496 | +€10,062 | +16.9% |
| Amounts receivable within one year | 40/41 | €44,631 | €65,014 | +€20,383 | +45.7% |
| Trade receivables | 40 | €44,319 | €63,894 | +€19,575 | +44.2% |
| Other amounts receivable | 41 | €312 | €1,120 | +€808 | +259% |
| Cash at bank and in hand | 54/58 | €14,175 | €4,028 | -€10,146 | -71.6% |
| Deferred charges and accrued income | 490/1 | €628 | €454 | -€175 | -27.8% |
| Total equity and liabilities | 10/49 | €99,778 | €101,146 | +€1,368 | +1.4% |
| Equity | 10/15 | €52,854 | €25,724 | -€27,130 | -51.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €47,854 | €20,724 | -€27,130 | -56.7% |
| Distributable reserves | 133 | €47,854 | €20,724 | -€27,130 | -56.7% |
| Amounts payable | 17/49 | €46,924 | €75,422 | +€28,498 | +60.7% |
| Amounts payable after more than one year | 17 | €5,000 | €5,000 | = | 0.0% |
| Financial debts | 170/4 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,924 | €70,422 | +€28,498 | +68.0% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €9,348 | €7,125 | -€2,224 | -23.8% |
| Suppliers | 440/4 | €9,348 | €7,125 | -€2,224 | -23.8% |
| Taxes, remuneration and social security | 45 | €11,497 | €11,019 | -€478 | -4.2% |
| Taxes | 450/3 | €11,497 | €11,019 | -€478 | -4.2% |
| Other amounts payable | 47/48 | €11,079 | €52,279 | +€41,200 | +372% |
| Non-recurring operating income | 76A | €2,656 | - | -€2,656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,720 | €12,200 | +€1,480 | +13.8% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €41,824 | €37,823 | -€4,001 | -9.6% |
| Operating profit (loss) | 9901 | €30,577 | €25,080 | -€5,497 | -18.0% |
| Financial charges | 65/66B | €1,441 | €1,109 | -€332 | -23.0% |
| Recurring financial charges | 65 | €1,441 | €1,109 | -€332 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €29,136 | €23,971 | -€5,165 | -17.7% |
| Income taxes | 67/77 | €6,780 | €6,101 | -€679 | -10.0% |
| Profit (loss) for the period | 9904 | €22,356 | €17,870 | -€4,486 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,356 | €17,870 | -€4,486 | -20.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.