CANNELLA MICHEL: 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.
CANNELLA MICHEL
Largest movements
- Cash +€35,435
up €35,435 (+108%), from €32,927 to €68,362
mainly Depreciation (+€31,068) and Net result for the year (+€9,987)
- Tangible fixed assets -€15,568
down €15,568 (-34.7%), from €44,912 to €29,344
of which Furniture and vehicles: -€15,364
- Intangible fixed assets -€15,500
down €15,500 (-14.3%), from €108,500 to €93,000
- Profit (loss) carried forward +€9,154
up €9,154 (+50.1%), from €18,264 to €27,419
- Debts after one year -€3,504
down €3,504 (-2.3%), from €152,975 to €149,470
of which Financial debts: -€4,990
- Taxes -€844
down €844 (-13.4%), from €6,315 to €5,471
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 | €188,023 | €193,312 | +€5,290 | +2.8% |
| Fixed assets | 21/28 | €153,412 | €122,344 | -€31,068 | -20.3% |
| Intangible fixed assets | 21 | €108,500 | €93,000 | -€15,500 | -14.3% |
| Tangible fixed assets | 22/27 | €44,912 | €29,344 | -€15,568 | -34.7% |
| Plant, machinery and equipment | 23 | €988 | €785 | -€203 | -20.6% |
| Furniture and vehicles | 24 | €43,924 | €28,559 | -€15,364 | -35.0% |
| Current assets | 29/58 | €34,611 | €70,968 | +€36,357 | +105% |
| Amounts receivable within one year | 40/41 | €685 | €529 | -€156 | -22.8% |
| Other amounts receivable | 41 | €685 | €529 | -€156 | -22.8% |
| Cash at bank and in hand | 54/58 | €32,927 | €68,362 | +€35,435 | +108% |
| Deferred charges and accrued income | 490/1 | €999 | €2,077 | +€1,078 | +108% |
| Total equity and liabilities | 10/49 | €188,023 | €193,312 | +€5,290 | +2.8% |
| Equity | 10/15 | €28,264 | €37,419 | +€9,154 | +32.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,264 | €27,419 | +€9,154 | +50.1% |
| Amounts payable | 17/49 | €159,758 | €155,894 | -€3,865 | -2.4% |
| Amounts payable after more than one year | 17 | €152,975 | €149,470 | -€3,504 | -2.3% |
| Financial debts | 170/4 | €32,255 | €27,265 | -€4,990 | -15.5% |
| Other amounts payable | 178/9 | €120,719 | €122,205 | +€1,486 | +1.2% |
| Amounts payable within one year | 42/48 | €6,784 | €6,423 | -€360 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €4,753 | €4,990 | +€237 | +5.0% |
| Trade debts | 44 | €729 | €0 | -€729 | -100% |
| Suppliers | 440/4 | €729 | €0 | -€729 | -100% |
| Taxes, remuneration and social security | 45 | €719 | €850 | +€131 | +18.2% |
| Taxes | 450/3 | €719 | €850 | +€131 | +18.2% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,355 | €31,068 | -€287 | -0.9% |
| Other operating charges | 640/8 | €1,439 | €1,484 | +€45 | +3.1% |
| Gross operating margin | 9900 | €52,440 | €51,972 | -€468 | -0.9% |
| Operating profit (loss) | 9901 | €19,646 | €19,420 | -€226 | -1.1% |
| Financial charges | 65/66B | €3,741 | €3,962 | +€220 | +5.9% |
| Recurring financial charges | 65 | €3,741 | €3,962 | +€220 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €15,904 | €15,459 | -€446 | -2.8% |
| Income taxes | 67/77 | €6,315 | €5,471 | -€844 | -13.4% |
| Profit (loss) for the period | 9904 | €9,590 | €9,987 | +€398 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,590 | €9,987 | +€398 | +4.1% |
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 26 October 2026 via checked.be.