Studio Wauters: 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 Wauters
Largest movements
- Cash +€182,595
up €182,595 (+61.3%), from €297,745 to €480,340
mainly Depreciation (+€141,674) and Net result for the year (+€115,102)
- Receivables within one year -€105,602
down €105,602 (-44.1%), from €239,592 to €133,990
of which Trade receivables: -€120,224
- Tangible fixed assets -€59,611
down €59,611 (-9.2%), from €644,645 to €585,034
of which Plant, machinery and equipment: -€34,171
- Current investments +€20,650
new in 2025: €20,650
- Reserves +€115,102
up €115,102 (+15.4%), from €746,597 to €861,699
- Debts after one year -€40,000
down €40,000 (-11.4%), from €350,000 to €310,000
- Trade debts -€24,525
down €24,525 (-30.0%), from €81,804 to €57,279
- Tax, wage and social debts -€24,113
down €24,113 (-23.0%), from €104,891 to €80,778
of which Taxes: -€21,084
- Accrued charges and deferred income +€22,168
up €22,168 (+34.6%), from €64,095 to €86,263
- Gross operating margin -€75,336
down €75,336 (-19.4%), from €389,187 to €313,851
- Taxes -€27,060
down €27,060 (-36.4%), from €74,271 to €47,211
- Depreciation +€10,340
up €10,340 (+7.9%), from €131,334 to €141,674
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 | €1,408,064 | €1,456,696 | +€48,632 | +3.5% |
| Fixed assets | 21/28 | €870,727 | €821,716 | -€49,011 | -5.6% |
| Intangible fixed assets | 21 | €226,082 | €236,682 | +€10,600 | +4.7% |
| Tangible fixed assets | 22/27 | €644,645 | €585,034 | -€59,611 | -9.2% |
| Land and buildings | 22 | €491,525 | €470,396 | -€21,129 | -4.3% |
| Plant, machinery and equipment | 23 | €140,402 | €106,231 | -€34,171 | -24.3% |
| Furniture and vehicles | 24 | €12,718 | €8,407 | -€4,311 | -33.9% |
| Current assets | 29/58 | €537,337 | €634,980 | +€97,643 | +18.2% |
| Amounts receivable within one year | 40/41 | €239,592 | €133,990 | -€105,602 | -44.1% |
| Trade receivables | 40 | €238,914 | €118,690 | -€120,224 | -50.3% |
| Other amounts receivable | 41 | €678 | €15,300 | +€14,622 | +2,157% |
| Current investments | 50/53 | - | €20,650 | +€20,650 | |
| Cash at bank and in hand | 54/58 | €297,745 | €480,340 | +€182,595 | +61.3% |
| Total equity and liabilities | 10/49 | €1,408,064 | €1,456,696 | +€48,632 | +3.5% |
| Equity | 10/15 | €766,597 | €881,699 | +€115,102 | +15.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €746,597 | €861,699 | +€115,102 | +15.4% |
| Distributable reserves | 133 | €746,597 | €861,699 | +€115,102 | +15.4% |
| Amounts payable | 17/49 | €641,467 | €574,997 | -€66,470 | -10.4% |
| Amounts payable after more than one year | 17 | €350,000 | €310,000 | -€40,000 | -11.4% |
| Financial debts | 170/4 | €350,000 | €310,000 | -€40,000 | -11.4% |
| Amounts payable within one year | 42/48 | €227,372 | €178,734 | -€48,638 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €81,804 | €57,279 | -€24,525 | -30.0% |
| Suppliers | 440/4 | €81,804 | €57,279 | -€24,525 | -30.0% |
| Taxes, remuneration and social security | 45 | €104,891 | €80,778 | -€24,113 | -23.0% |
| Taxes | 450/3 | €57,312 | €36,228 | -€21,084 | -36.8% |
| Remuneration and social security | 454/9 | €47,579 | €44,550 | -€3,029 | -6.4% |
| Other amounts payable | 47/48 | €677 | €677 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €64,095 | €86,263 | +€22,168 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,334 | €141,674 | +€10,340 | +7.9% |
| Other operating charges | 640/8 | €1,797 | €2,171 | +€374 | +20.8% |
| Gross operating margin | 9900 | €389,187 | €313,851 | -€75,336 | -19.4% |
| Operating profit (loss) | 9901 | €256,056 | €170,006 | -€86,050 | -33.6% |
| Financial income | 75/76B | €888 | - | -€888 | |
| Recurring financial income | 75 | €888 | - | -€888 | |
| Financial charges | 65/66B | €8,502 | €7,693 | -€809 | -9.5% |
| Recurring financial charges | 65 | €8,502 | €7,693 | -€809 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €248,442 | €162,313 | -€86,129 | -34.7% |
| Income taxes | 67/77 | €74,271 | €47,211 | -€27,060 | -36.4% |
| Profit (loss) for the period | 9904 | €174,171 | €115,102 | -€59,069 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €174,171 | €115,102 | -€59,069 | -33.9% |
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 19 October 2026 via checked.be.