GIACOMO MICELI: what changed
What changed
GIACOMO MICELI
filed annual accounts (NBB)
Net result for the year
€122,029
2024 · €101,292+€20,737
Equity
€860,797
2024 · €800,781+€60,016
Cash
€5,562
2024 · €10,461-€4,899
Balance sheet total
€1.2m
2024 · €1.1m+€76,253
Largest movements
Assets
- Current investments +€135,467
up €135,467 (+18.2%), from €744,419 to €879,885
- Tangible fixed assets -€35,289
down €35,289 (-12.2%), from €289,519 to €254,230
of which Plant, machinery and equipment: -€29,307
- Receivables within one year -€17,606
down €17,606 (-62.1%), from €28,335 to €10,729
Equity and liabilities
- Reserves +€60,016
up €60,016 (+7.7%), from €782,181 to €842,197
of which Distributable reserves: +€60,016
- Other debts +€35,734
up €35,734 (+15.9%), from €224,597 to €260,331
- Current portion of long-term debt -€21,873
no longer reported in 2025 (was €21,873)
Income statement
- Gross operating margin +€21,110
up €21,110 (+11.0%), from €192,256 to €213,366
- Taxes +€6,549
up €6,549 (+12.8%), from €51,144 to €57,693
- Financial charges -€3,614
down €3,614 (-63.2%), from €5,722 to €2,108
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.
Result 2024
€101,292
Gross operating margin
+€21,110
Depreciation
+€853
Other operating charges
-€423
Financial income
+€2,134
Financial charges
+€3,614
Taxes
-€6,549
Result 2025
€122,029
raises the resultlowers the result
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.
From operations
+€214,701
Investment
-€135,467
Financing
-€84,134
Cash 2024
€10,461
From operations (derived)
+€214,701
Net result for the year
+€122,029
Depreciation
+€35,289
Receivables within one year
+€17,606
Deferred charges and accrued income
+€1,419
Trade debts
-€4,700
Tax, wage and social debts
+€2,074
Other debts
+€35,734
Accrued charges and deferred income
+€5,249
Investment (derived)
-€135,467
Current investments
-€135,467
Financing
-€84,134
Current portion of long-term debt
-€21,873
Short-term financial debts
-€247
Contributions, distributions and other
-€62,013
Cash 2025
€5,562
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,083,965 | €1,160,218 | +€76,253 | +7.0% |
| Fixed assets | 21/28 | €290,519 | €255,230 | -€35,289 | -12.1% |
| Tangible fixed assets | 22/27 | €289,519 | €254,230 | -€35,289 | -12.2% |
| Land and buildings | 22 | €167,969 | €161,987 | -€5,982 | -3.6% |
| Plant, machinery and equipment | 23 | €121,550 | €92,243 | -€29,307 | -24.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €793,446 | €904,988 | +€111,542 | +14.1% |
| Amounts receivable within one year | 40/41 | €28,335 | €10,729 | -€17,606 | -62.1% |
| Other amounts receivable | 41 | €28,335 | €10,729 | -€17,606 | -62.1% |
| Current investments | 50/53 | €744,419 | €879,885 | +€135,467 | +18.2% |
| Cash at bank and in hand | 54/58 | €10,461 | €5,562 | -€4,899 | -46.8% |
| Deferred charges and accrued income | 490/1 | €10,231 | €8,811 | -€1,419 | -13.9% |
| Total equity and liabilities | 10/49 | €1,083,965 | €1,160,218 | +€76,253 | +7.0% |
| Equity | 10/15 | €800,781 | €860,797 | +€60,016 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €782,181 | €842,197 | +€60,016 | +7.7% |
| Non-distributable reserves | 130/1 | €10,380 | €10,380 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,380 | €10,380 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,630 | €7,630 | = | 0.0% |
| Distributable reserves | 133 | €764,171 | €824,187 | +€60,016 | +7.9% |
| Amounts payable | 17/49 | €283,184 | €299,422 | +€16,237 | +5.7% |
| Amounts payable within one year | 42/48 | €278,397 | €289,385 | +€10,988 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €21,873 | - | -€21,873 | |
| Financial debts | 43 | €17,099 | €16,851 | -€247 | -1.4% |
| Credit institutions | 430/8 | €17,099 | €16,851 | -€247 | -1.4% |
| Trade debts | 44 | €4,700 | - | -€4,700 | |
| Suppliers | 440/4 | €4,700 | - | -€4,700 | |
| Taxes, remuneration and social security | 45 | €10,129 | €12,203 | +€2,074 | +20.5% |
| Taxes | 450/3 | €10,129 | €12,203 | +€2,074 | +20.5% |
| Other amounts payable | 47/48 | €224,597 | €260,331 | +€35,734 | +15.9% |
| Accrued charges and deferred income | 492/3 | €4,787 | €10,036 | +€5,249 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,142 | €35,289 | -€853 | -2.4% |
| Other operating charges | 640/8 | €3,323 | €3,746 | +€423 | +12.7% |
| Gross operating margin | 9900 | €192,256 | €213,366 | +€21,110 | +11.0% |
| Operating profit (loss) | 9901 | €152,791 | €174,330 | +€21,539 | +14.1% |
| Financial income | 75/76B | €5,366 | €7,500 | +€2,134 | +39.8% |
| Recurring financial income | 75 | €5,366 | €7,500 | +€2,134 | +39.8% |
| Financial charges | 65/66B | €5,722 | €2,108 | -€3,614 | -63.2% |
| Recurring financial charges | 65 | €5,722 | €2,108 | -€3,614 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €152,436 | €179,722 | +€27,286 | +17.9% |
| Income taxes | 67/77 | €51,144 | €57,693 | +€6,549 | +12.8% |
| Profit (loss) for the period | 9904 | €101,292 | €122,029 | +€20,737 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,292 | €122,029 | +€20,737 | +20.5% |
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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 3 November 2026 via checked.be.