Thank you for the opportunity to work on your project.
I hope I've managed to meet your expectation with my proposal.
I've visually divided the space into two areas; lounge and dining area. The dining is placed closer to the kitchen and the lounge by the balcony.
I've added a few renders to give you a better understanding of the space and my thoughts regarding spatial opportunities and design.
My aim was to make a layout where you can change as much or as little as you want since it's possible to achieve it by keeping your current furniture. This makes it possible to still have a functional living space even if you don't purchase all the furniture or built-in pieces at once.
The lounge is furnished with a built-in piece of furniture that serves as a bookshelf, tv stand, storage space, and a small workstation/study corner. One of the propulsive doors is a sliding door and is dimensioned to cover either the study or the bookshelves depending on the use at the given moment. This way the study can remain hidden while not in use, or the bookshelf covered while someone is working keeping the tv area open and available at all times.
The L sofa is a sofa bed that can be extended when you have guests, and it would be possible to use your current sofa if you prefer.
The dining area is furnished with a dining table in the dimensions of your current one that could be repainted to get a little softer and brighter ambiance. There is enough space to move the table and host 6-8 people when you have guests for dinner or other occasions. I've hidden the radiator using the same paneling as with the spatial divider, and a small cupboard is placed underneath the window to hold eventual accessories you might need in the dining area (plates, glasses, napkins, table cloths, or similar).
The colors are kept minimal and neutral providing a feeling of home and coziness. And using a lighter colored wood the space is visually more spacious.
If you have any further questions, feel free to contact me.