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
- Intangible fixed assets +€7,239
new in 2025: €7,239
- Tangible fixed assets -€4,449
down €4,449 (-18.2%), from €24,432 to €19,984
of which Plant, machinery and equipment: -€2,519
- Cash -€3,084
down €3,084 (-41.0%), from €7,526 to €4,442
mainly Net result for the year (-€22,246) and Investment in fixed assets (net) (-€9,120)
- Trade debts +€36,263
up €36,263 (+50.5%), from €71,822 to €108,084
- Profit (loss) carried forward -€22,246
down €22,246 (-47.3%), from -€46,988 to -€69,234
- Debts after one year -€8,629
down €8,629 (-35.2%), from €24,498 to €15,868
- Tax, wage and social debts -€6,854
down €6,854 (-65.6%), from €10,456 to €3,602
of which Taxes: -€8,454
- Gross operating margin -€23,249
down €23,249, from €9,667 to -€13,581
- Other operating charges -€3,326
down €3,326 (-94.3%), from €3,526 to €200
- Depreciation -€2,824
down €2,824 (-30.9%), from €9,153 to €6,329
- Financial charges -€984
down €984 (-37.3%), from €2,635 to €1,652
- Staff costs +€436
new in 2025: €436
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 | €83,563 | €82,733 | -€830 | -1.0% |
| Fixed assets | 21/28 | €37,232 | €40,023 | +€2,791 | +7.5% |
| Intangible fixed assets | 21 | - | €7,239 | +€7,239 | |
| Tangible fixed assets | 22/27 | €24,432 | €19,984 | -€4,449 | -18.2% |
| Plant, machinery and equipment | 23 | €21,565 | €19,045 | -€2,519 | -11.7% |
| Furniture and vehicles | 24 | €2,867 | €938 | -€1,929 | -67.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €12,800 | €12,800 | = | 0.0% |
| Current assets | 29/58 | €46,331 | €42,710 | -€3,621 | -7.8% |
| Amounts receivable within one year | 40/41 | €38,805 | €38,076 | -€729 | -1.9% |
| Trade receivables | 40 | €32,417 | €31,168 | -€1,249 | -3.9% |
| Other amounts receivable | 41 | €6,388 | €6,908 | +€519 | +8.1% |
| Cash at bank and in hand | 54/58 | €7,526 | €4,442 | -€3,084 | -41.0% |
| Deferred charges and accrued income | 490/1 | €0 | €193 | +€193 | |
| Total equity and liabilities | 10/49 | €83,563 | €82,733 | -€830 | -1.0% |
| Equity | 10/15 | -€36,988 | -€59,234 | -€22,246 | -60.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,988 | -€69,234 | -€22,246 | -47.3% |
| Amounts payable | 17/49 | €120,551 | €141,967 | +€21,416 | +17.8% |
| Amounts payable after more than one year | 17 | €24,498 | €15,868 | -€8,629 | -35.2% |
| Financial debts | 170/4 | €24,498 | €15,868 | -€8,629 | -35.2% |
| Amounts payable within one year | 42/48 | €96,053 | €125,338 | +€29,285 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €13,776 | €13,653 | -€123 | -0.9% |
| Trade debts | 44 | €71,822 | €108,084 | +€36,263 | +50.5% |
| Suppliers | 440/4 | €71,822 | €108,084 | +€36,263 | +50.5% |
| Taxes, remuneration and social security | 45 | €10,456 | €3,602 | -€6,854 | -65.6% |
| Taxes | 450/3 | €10,456 | €2,002 | -€8,454 | -80.9% |
| Remuneration and social security | 454/9 | €0 | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €760 | +€760 | |
| Remuneration, social security and pensions | 62 | - | €436 | +€436 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,153 | €6,329 | -€2,824 | -30.9% |
| Other operating charges | 640/8 | €3,526 | €200 | -€3,326 | -94.3% |
| Gross operating margin | 9900 | €9,667 | -€13,581 | -€23,249 | |
| Operating profit (loss) | 9901 | -€3,012 | -€20,547 | -€17,534 | -582% |
| Financial income | 75/76B | €0 | €92 | +€92 | |
| Recurring financial income | 75 | €0 | €92 | +€92 | |
| Financial charges | 65/66B | €2,635 | €1,652 | -€984 | -37.3% |
| Recurring financial charges | 65 | €2,635 | €1,652 | -€984 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,648 | -€22,106 | -€16,459 | -291% |
| Income taxes | 67/77 | €144 | €140 | -€4 | -2.7% |
| Profit (loss) for the period | 9904 | -€5,792 | -€22,246 | -€16,455 | -284% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,792 | -€22,246 | -€16,455 | -284% |
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 15 October 2026 via checked.be.