The Studio: 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.
The Studio
Largest movements
- Tangible fixed assets -€15,655
down €15,655 (-7.7%), from €203,440 to €187,785
of which Land and buildings: -€10,550
- Intangible fixed assets -€13,890
down €13,890 (-10.9%), from €127,005 to €113,115
- Receivables within one year +€12,032
up €12,032 (+6.4%), from €189,464 to €201,496
of which Trade receivables: +€8,253
- Cash -€9,366
down €9,366 (-33.8%), from €27,747 to €18,381
mainly Other debts (-€34,741) and Debts after one year (-€32,484)
- Deferred charges and accrued income +€6,677
up €6,677 (+168%), from €3,969 to €10,647
- Reserves +€59,805
up €59,805 (+93.0%), from €64,287 to €124,092
- Other debts -€34,741
down €34,741 (-43.4%), from €80,000 to €45,259
- Debts after one year -€32,484
down €32,484 (-12.3%), from €264,711 to €232,226
- Tax, wage and social debts -€18,489
down €18,489 (-26.5%), from €69,707 to €51,218
of which Remuneration and social security: -€21,405
- Gross operating margin +€108,312
up €108,312 (+32.8%), from €330,411 to €438,722
- Staff costs +€55,584
up €55,584 (+21.5%), from €259,055 to €314,639
- Taxes +€17,301
up €17,301 (+187%), from €9,231 to €26,532
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 | €551,625 | €531,423 | -€20,203 | -3.7% |
| Fixed assets | 21/28 | €330,445 | €300,899 | -€29,545 | -8.9% |
| Intangible fixed assets | 21 | €127,005 | €113,115 | -€13,890 | -10.9% |
| Tangible fixed assets | 22/27 | €203,440 | €187,785 | -€15,655 | -7.7% |
| Land and buildings | 22 | €166,724 | €156,174 | -€10,550 | -6.3% |
| Plant, machinery and equipment | 23 | €3,381 | €1,612 | -€1,770 | -52.3% |
| Furniture and vehicles | 24 | €6,676 | €5,313 | -€1,363 | -20.4% |
| Other tangible fixed assets | 26 | €26,659 | €24,686 | -€1,973 | -7.4% |
| Current assets | 29/58 | €221,180 | €230,523 | +€9,343 | +4.2% |
| Amounts receivable within one year | 40/41 | €189,464 | €201,496 | +€12,032 | +6.4% |
| Trade receivables | 40 | €115,959 | €124,212 | +€8,253 | +7.1% |
| Other amounts receivable | 41 | €73,505 | €77,284 | +€3,779 | +5.1% |
| Cash at bank and in hand | 54/58 | €27,747 | €18,381 | -€9,366 | -33.8% |
| Deferred charges and accrued income | 490/1 | €3,969 | €10,647 | +€6,677 | +168% |
| Total equity and liabilities | 10/49 | €551,625 | €531,423 | -€20,203 | -3.7% |
| Equity | 10/15 | €82,887 | €142,692 | +€59,805 | +72.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,287 | €124,092 | +€59,805 | +93.0% |
| Distributable reserves | 133 | €64,287 | €124,092 | +€59,805 | +93.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €468,738 | €388,731 | -€80,007 | -17.1% |
| Amounts payable after more than one year | 17 | €264,711 | €232,226 | -€32,484 | -12.3% |
| Financial debts | 170/4 | €264,711 | €232,226 | -€32,484 | -12.3% |
| Amounts payable within one year | 42/48 | €204,027 | €156,505 | -€47,523 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €31,444 | €32,484 | +€1,040 | +3.3% |
| Trade debts | 44 | €22,875 | €27,543 | +€4,667 | +20.4% |
| Suppliers | 440/4 | €22,875 | €27,543 | +€4,667 | +20.4% |
| Taxes, remuneration and social security | 45 | €69,707 | €51,218 | -€18,489 | -26.5% |
| Taxes | 450/3 | €48,303 | €51,218 | +€2,916 | +6.0% |
| Remuneration and social security | 454/9 | €21,405 | €0 | -€21,405 | -100% |
| Other amounts payable | 47/48 | €80,000 | €45,259 | -€34,741 | -43.4% |
| Non-recurring operating income | 76A | - | €4,075 | +€4,075 | |
| Remuneration, social security and pensions | 62 | €259,055 | €314,639 | +€55,584 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,596 | €30,913 | -€2,683 | -8.0% |
| Other operating charges | 640/8 | €3,620 | €2,431 | -€1,189 | -32.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €330,411 | €438,722 | +€108,312 | +32.8% |
| Operating profit (loss) | 9901 | €34,139 | €90,739 | +€56,600 | +166% |
| Financial income | 75/76B | €1,551 | €3,990 | +€2,440 | +157% |
| Recurring financial income | 75 | €1,551 | €3,990 | +€2,440 | +157% |
| Financial charges | 65/66B | €9,287 | €8,392 | -€895 | -9.6% |
| Recurring financial charges | 65 | €9,287 | €8,392 | -€895 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €26,403 | €86,337 | +€59,934 | +227% |
| Income taxes | 67/77 | €9,231 | €26,532 | +€17,301 | +187% |
| Profit (loss) for the period | 9904 | €17,172 | €59,805 | +€42,633 | +248% |
| Profit (loss) for the period to be appropriated | 9905 | €17,172 | €59,805 | +€42,633 | +248% |
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 13 October 2026 via checked.be.