D. MICHELANGELO - IMMO: 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.
D. MICHELANGELO - IMMO
Largest movements
- Tangible fixed assets -€24,994
down €24,994 (-17.7%), from €141,456 to €116,462
of which Land and buildings: -€23,542
- Cash -€16,997
down €16,997 (-31.8%), from €53,495 to €36,497
mainly Other debts (-€63,700) and Deferred charges and accrued income (-€88)
- Other debts -€63,700
down €63,700 (-93.5%), from €68,140 to €4,440
- Profit (loss) carried forward +€21,797
up €21,797 (+59.2%), from -€36,832 to -€15,035
- Gross operating margin -€3,835
down €3,835 (-7.0%), from €54,927 to €51,092
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 | €197,419 | €155,515 | -€41,903 | -21.2% |
| Fixed assets | 21/28 | €141,456 | €116,462 | -€24,994 | -17.7% |
| Tangible fixed assets | 22/27 | €141,456 | €116,462 | -€24,994 | -17.7% |
| Land and buildings | 22 | €138,431 | €114,889 | -€23,542 | -17.0% |
| Plant, machinery and equipment | 23 | €3,025 | €1,573 | -€1,452 | -48.0% |
| Current assets | 29/58 | €55,962 | €39,053 | -€16,909 | -30.2% |
| Cash at bank and in hand | 54/58 | €53,495 | €36,497 | -€16,997 | -31.8% |
| Deferred charges and accrued income | 490/1 | €2,467 | €2,556 | +€88 | +3.6% |
| Total equity and liabilities | 10/49 | €197,419 | €155,515 | -€41,903 | -21.2% |
| Equity | 10/15 | €126,778 | €148,575 | +€21,797 | +17.2% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €14,874 | €14,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,832 | -€15,035 | +€21,797 | +59.2% |
| Amounts payable | 17/49 | €70,640 | €6,940 | -€63,700 | -90.2% |
| Amounts payable after more than one year | 17 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,140 | €4,440 | -€63,700 | -93.5% |
| Other amounts payable | 47/48 | €68,140 | €4,440 | -€63,700 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,994 | €24,994 | = | 0.0% |
| Other operating charges | 640/8 | €4,109 | €4,236 | +€128 | +3.1% |
| Gross operating margin | 9900 | €54,927 | €51,092 | -€3,835 | -7.0% |
| Operating profit (loss) | 9901 | €25,824 | €21,861 | -€3,962 | -15.3% |
| Financial charges | 65/66B | €78 | €64 | -€14 | -17.3% |
| Recurring financial charges | 65 | €78 | €64 | -€14 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €25,746 | €21,797 | -€3,949 | -15.3% |
| Profit (loss) for the period | 9904 | €25,746 | €21,797 | -€3,949 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,746 | €21,797 | -€3,949 | -15.3% |
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 21 October 2026 via checked.be.