Studio Vandersteen: 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 Vandersteen
Largest movements
- Current investments +€102,112
up €102,112 (+20.4%), from €501,081 to €603,193
- Cash -€76,052
down €76,052 (-20.2%), from €376,531 to €300,479
mainly Contributions, distributions and other (-€427,043) and Investment in fixed assets (net) (-€112,720)
- Receivables within one year -€74,053
down €74,053 (-26.6%), from €278,007 to €203,953
of which Trade receivables: -€73,332
- Intangible fixed assets -€26,864
down €26,864 (-4.3%), from €620,428 to €593,565
- Reserves -€264,258
down €264,258 (-25.6%), from €1.0m to €769,585
of which Distributable reserves: -€264,258
- Other debts +€261,708
up €261,708 (+47.8%), from €547,518 to €809,226
- Trade debts -€86,669
down €86,669 (-78.7%), from €110,189 to €23,521
- Staff costs -€89,242
down €89,242 (-99.5%), from €89,646 to €405
- Taxes +€36,191
up €36,191 (+91.0%), from €39,764 to €75,954
- Depreciation -€14,532
down €14,532 (-9.4%), from €154,655 to €140,124
- Gross operating margin +€9,361
up €9,361 (+2.4%), from €383,900 to €393,261
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 | €1,811,975 | €1,735,424 | -€76,551 | -4.2% |
| Fixed assets | 21/28 | €654,507 | €627,104 | -€27,403 | -4.2% |
| Intangible fixed assets | 21 | €620,428 | €593,565 | -€26,864 | -4.3% |
| Tangible fixed assets | 22/27 | €25,529 | €24,989 | -€540 | -2.1% |
| Furniture and vehicles | 24 | €25,529 | €24,989 | -€540 | -2.1% |
| Financial fixed assets | 28 | €8,550 | €8,550 | = | 0.0% |
| Current assets | 29/58 | €1,157,468 | €1,108,320 | -€49,148 | -4.2% |
| Amounts receivable within one year | 40/41 | €278,007 | €203,953 | -€74,053 | -26.6% |
| Trade receivables | 40 | €277,286 | €203,953 | -€73,332 | -26.4% |
| Other amounts receivable | 41 | €721 | - | -€721 | |
| Current investments | 50/53 | €501,081 | €603,193 | +€102,112 | +20.4% |
| Cash at bank and in hand | 54/58 | €376,531 | €300,479 | -€76,052 | -20.2% |
| Deferred charges and accrued income | 490/1 | €1,849 | €694 | -€1,155 | -62.4% |
| Total equity and liabilities | 10/49 | €1,811,975 | €1,735,424 | -€76,551 | -4.2% |
| Equity | 10/15 | €1,095,842 | €831,105 | -€264,738 | -24.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,033,842 | €769,585 | -€264,258 | -25.6% |
| Non-distributable reserves | 130/1 | €34,191 | €34,191 | = | 0.0% |
| Legal reserve | 130 | €34,191 | €34,191 | = | 0.0% |
| Distributable reserves | 133 | €999,652 | €735,394 | -€264,258 | -26.4% |
| Profit (loss) carried forward | 14 | - | -€480 | -€480 | |
| Amounts payable | 17/49 | €716,133 | €904,319 | +€188,187 | +26.3% |
| Amounts payable within one year | 42/48 | €699,481 | €887,991 | +€188,510 | +26.9% |
| Financial debts | 43 | €700 | - | -€700 | |
| Credit institutions | 430/8 | €700 | - | -€700 | |
| Trade debts | 44 | €110,189 | €23,521 | -€86,669 | -78.7% |
| Suppliers | 440/4 | €110,189 | €23,521 | -€86,669 | -78.7% |
| Taxes, remuneration and social security | 45 | €41,074 | €55,244 | +€14,170 | +34.5% |
| Taxes | 450/3 | €25,447 | €55,244 | +€29,797 | +117.1% |
| Remuneration and social security | 454/9 | €15,627 | - | -€15,627 | |
| Other amounts payable | 47/48 | €547,518 | €809,226 | +€261,708 | +47.8% |
| Accrued charges and deferred income | 492/3 | €16,651 | €16,328 | -€323 | -1.9% |
| Remuneration, social security and pensions | 62 | €89,646 | €405 | -€89,242 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,655 | €140,124 | -€14,532 | -9.4% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Non-recurring operating charges | 66A | €4,659 | - | -€4,659 | |
| Gross operating margin | 9900 | €383,900 | €393,261 | +€9,361 | +2.4% |
| Operating profit (loss) | 9901 | €133,854 | €251,614 | +€117,760 | +88.0% |
| Financial income | 75/76B | €1,544 | €3,135 | +€1,591 | +103.0% |
| Recurring financial income | 75 | €1,544 | €3,135 | +€1,591 | +103.0% |
| Financial charges | 65/66B | €16,793 | €16,489 | -€304 | -1.8% |
| Recurring financial charges | 65 | €16,793 | €16,489 | -€304 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €118,605 | €238,260 | +€119,655 | +100.9% |
| Income taxes | 67/77 | €39,764 | €75,954 | +€36,191 | +91.0% |
| Profit (loss) for the period | 9904 | €78,842 | €162,306 | +€83,464 | +105.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,842 | €162,306 | +€83,464 | +105.9% |
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 3 October 2026 via checked.be.