STUDIO THE FLOW: 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 THE FLOW
Largest movements
- Cash +€46,865
up €46,865 (+83.5%), from €56,155 to €103,019
mainly Depreciation (+€89,005) and Net result for the year (+€59,705)
- Tangible fixed assets -€30,742
down €30,742 (-3.4%), from €902,515 to €871,773
of which Land and buildings: -€23,100
- Debts after one year -€54,384
down €54,384 (-6.6%), from €826,915 to €772,531
of which Financial debts: -€46,458
- Reserves +€52,705
up €52,705 (+95.0%), from €55,494 to €108,199
- Depreciation -€55,462
down €55,462 (-38.4%), from €144,467 to €89,005
- Gross operating margin +€46,172
up €46,172 (+28.8%), from €160,516 to €206,687
- Financial charges +€16,057
up €16,057 (+191.6%), from €8,381 to €24,438
of which Financial charges: +€15,962
- Taxes +€15,484
up €15,484 (+4852.8%), from €319 to €15,803
- Other operating charges +€2,889
up €2,889 (+84.7%), from €3,410 to €6,299
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 | €971,422 | €984,253 | +€12,830 | +1.3% |
| Fixed assets | 21/28 | €904,965 | €872,898 | -€32,067 | -3.5% |
| Intangible fixed assets | 21 | €2,450 | €1,125 | -€1,325 | -54.1% |
| Tangible fixed assets | 22/27 | €902,515 | €871,773 | -€30,742 | -3.4% |
| Land and buildings | 22 | €654,367 | €631,267 | -€23,100 | -3.5% |
| Plant, machinery and equipment | 23 | €206,310 | €205,121 | -€1,189 | -0.6% |
| Furniture and vehicles | 24 | €10,222 | €6,960 | -€3,262 | -31.9% |
| Other tangible fixed assets | 26 | €31,616 | €28,425 | -€3,191 | -10.1% |
| Current assets | 29/58 | €66,457 | €111,355 | +€44,898 | +67.6% |
| Stocks and contracts in progress | 3 | €3,386 | €2,481 | -€905 | -26.7% |
| Stocks | 30/36 | €3,386 | €2,481 | -€905 | -26.7% |
| Amounts receivable within one year | 40/41 | €6,335 | €4,819 | -€1,516 | -23.9% |
| Trade receivables | 40 | €839 | €2,138 | +€1,299 | +154.7% |
| Other amounts receivable | 41 | €5,496 | €2,681 | -€2,815 | -51.2% |
| Cash at bank and in hand | 54/58 | €56,155 | €103,019 | +€46,865 | +83.5% |
| Deferred charges and accrued income | 490/1 | €581 | €1,035 | +€455 | +78.3% |
| Total equity and liabilities | 10/49 | €971,422 | €984,253 | +€12,830 | +1.3% |
| Equity | 10/15 | €67,894 | €120,599 | +€52,705 | +77.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €55,494 | €108,199 | +€52,705 | +95.0% |
| Distributable reserves | 133 | €55,494 | €108,199 | +€52,705 | +95.0% |
| Amounts payable | 17/49 | €903,529 | €863,654 | -€39,875 | -4.4% |
| Amounts payable after more than one year | 17 | €826,915 | €772,531 | -€54,384 | -6.6% |
| Financial debts | 170/4 | €614,634 | €568,176 | -€46,458 | -7.6% |
| Other amounts payable | 178/9 | €212,282 | €204,355 | -€7,927 | -3.7% |
| Amounts payable within one year | 42/48 | €74,329 | €83,967 | +€9,639 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €44,704 | €46,458 | +€1,754 | +3.9% |
| Trade debts | 44 | €25,062 | €16,568 | -€8,494 | -33.9% |
| Suppliers | 440/4 | €25,062 | €16,568 | -€8,494 | -33.9% |
| Taxes, remuneration and social security | 45 | €4,563 | €13,942 | +€9,379 | +205.5% |
| Taxes | 450/3 | - | €11,007 | +€11,007 | |
| Remuneration and social security | 454/9 | €4,563 | €2,935 | -€1,628 | -35.7% |
| Other amounts payable | 47/48 | - | €7,000 | +€7,000 | |
| Accrued charges and deferred income | 492/3 | €2,285 | €7,156 | +€4,871 | +213.2% |
| Remuneration, social security and pensions | 62 | €13,960 | €12,246 | -€1,714 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,467 | €89,005 | -€55,462 | -38.4% |
| Other operating charges | 640/8 | €3,410 | €6,299 | +€2,889 | +84.7% |
| Non-recurring operating charges | 66A | €293 | €737 | +€445 | +152.0% |
| Gross operating margin | 9900 | €160,516 | €206,687 | +€46,172 | +28.8% |
| Operating profit (loss) | 9901 | -€1,614 | €98,399 | +€100,013 | |
| Financial income | 75/76B | €0 | €1,547 | +€1,547 | +3094300.0% |
| Recurring financial income | 75 | €0 | €61 | +€61 | +121940.0% |
| Non-recurring financial income | 76B | - | €1,486 | +€1,486 | |
| Financial charges | 65/66B | €8,381 | €24,438 | +€16,057 | +191.6% |
| Recurring financial charges | 65 | €8,343 | €24,305 | +€15,962 | +191.3% |
| Non-recurring financial charges | 66B | €39 | €134 | +€95 | +244.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,995 | €75,508 | +€85,503 | |
| Income taxes | 67/77 | €319 | €15,803 | +€15,484 | +4852.8% |
| Profit (loss) for the period | 9904 | -€10,314 | €59,705 | +€70,019 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,314 | €59,705 | +€70,019 |
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 11 October 2026 via checked.be.