D-STUDIO: what changed
D-STUDIO
Largest movements
- Receivables within one year +€45,670
up €45,670 (+10.1%), from €453,538 to €499,208
of which Other amounts receivable: +€38,979
- Cash -€38,097
down €38,097 (-49.6%), from €76,826 to €38,729
mainly Receivables within one year (-€45,670) and Debts after one year (-€28,860)
- Stocks and contracts +€23,414
up €23,414 (+48.5%), from €48,322 to €71,735
- Tangible fixed assets -€18,537
down €18,537 (-34.5%), from €53,703 to €35,166
of which Leasing and similar rights: -€11,569
- Short-term financial debts +€50,332
new in 2025: €50,332
- Reserves +€30,604
up €30,604 (+9.6%), from €319,155 to €349,759
- Debts after one year -€28,860
down €28,860 (-56.4%), from €51,197 to €22,336
- Other debts -€25,054
down €25,054 (-47.3%), from €52,956 to €27,902
- Tax, wage and social debts -€13,418
down €13,418 (-10.8%), from €124,075 to €110,657
of which Remuneration and social security: -€23,546
- Gross operating margin +€24,543
up €24,543 (+4.0%), from €617,037 to €641,580
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €632,517 | €644,966 | +€12,450 | +2.0% |
| Fixed assets | 21/28 | €53,831 | €35,294 | -€18,537 | -34.4% |
| Tangible fixed assets | 22/27 | €53,703 | €35,166 | -€18,537 | -34.5% |
| Plant, machinery and equipment | 23 | €10,866 | €6,171 | -€4,695 | -43.2% |
| Furniture and vehicles | 24 | €261 | - | -€261 | |
| Leasing and similar rights | 25 | €27,242 | €15,672 | -€11,569 | -42.5% |
| Other tangible fixed assets | 26 | €15,334 | €13,322 | -€2,011 | -13.1% |
| Financial fixed assets | 28 | €128 | €128 | = | 0.0% |
| Current assets | 29/58 | €578,686 | €609,672 | +€30,986 | +5.4% |
| Stocks and contracts in progress | 3 | €48,322 | €71,735 | +€23,414 | +48.5% |
| Contracts in progress | 37 | €48,322 | €71,735 | +€23,414 | +48.5% |
| Amounts receivable within one year | 40/41 | €453,538 | €499,208 | +€45,670 | +10.1% |
| Trade receivables | 40 | €264,273 | €270,964 | +€6,691 | +2.5% |
| Other amounts receivable | 41 | €189,266 | €228,245 | +€38,979 | +20.6% |
| Cash at bank and in hand | 54/58 | €76,826 | €38,729 | -€38,097 | -49.6% |
| Total equity and liabilities | 10/49 | €632,517 | €644,966 | +€12,450 | +2.0% |
| Equity | 10/15 | €355,455 | €386,059 | +€30,604 | +8.6% |
| Contributions | 10/11 | €36,300 | €36,300 | = | 0.0% |
| Reserves | 13 | €319,155 | €349,759 | +€30,604 | +9.6% |
| Distributable reserves | 133 | €319,155 | €349,759 | +€30,604 | +9.6% |
| Amounts payable | 17/49 | €277,062 | €258,907 | -€18,154 | -6.6% |
| Amounts payable after more than one year | 17 | €51,197 | €22,336 | -€28,860 | -56.4% |
| Financial debts | 170/4 | €51,197 | €22,336 | -€28,860 | -56.4% |
| Amounts payable within one year | 42/48 | €225,865 | €236,571 | +€10,706 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €29,772 | €28,860 | -€911 | -3.1% |
| Financial debts | 43 | - | €50,332 | +€50,332 | |
| Other loans | 439 | - | €50,332 | +€50,332 | |
| Trade debts | 44 | €19,061 | €18,819 | -€243 | -1.3% |
| Suppliers | 440/4 | €19,061 | €18,819 | -€243 | -1.3% |
| Taxes, remuneration and social security | 45 | €124,075 | €110,657 | -€13,418 | -10.8% |
| Taxes | 450/3 | €35,429 | €45,557 | +€10,128 | +28.6% |
| Remuneration and social security | 454/9 | €88,646 | €65,100 | -€23,546 | -26.6% |
| Other amounts payable | 47/48 | €52,956 | €27,902 | -€25,054 | -47.3% |
| Non-recurring operating income | 76A | - | €18,932 | +€18,932 | |
| Remuneration, social security and pensions | 62 | €576,693 | €581,614 | +€4,921 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,282 | €19,244 | -€2,038 | -9.6% |
| Other operating charges | 640/8 | €685 | €610 | -€76 | -11.0% |
| Gross operating margin | 9900 | €617,037 | €641,580 | +€24,543 | +4.0% |
| Operating profit (loss) | 9901 | €18,377 | €40,112 | +€21,736 | +118% |
| Financial income | 75/76B | €388 | €790 | +€402 | +104% |
| Recurring financial income | 75 | €388 | €790 | +€402 | +104% |
| Financial charges | 65/66B | €9,300 | €9,439 | +€139 | +1.5% |
| Recurring financial charges | 65 | €9,300 | €9,439 | +€139 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €9,465 | €31,464 | +€21,998 | +232% |
| Income taxes | 67/77 | €991 | €860 | -€131 | -13.2% |
| Profit (loss) for the period | 9904 | €8,474 | €30,604 | +€22,130 | +261% |
| Profit (loss) for the period to be appropriated | 9905 | €8,474 | €30,604 | +€22,130 | +261% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.