I.N. MICHAELI: 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.
I.N. MICHAELI
Largest movements
- Stocks and contracts +€80,388
up €80,388 (+8.8%), from €909,731 to €990,119
- Tangible fixed assets -€41,539
down €41,539 (-4.7%), from €882,995 to €841,455
of which Land and buildings: -€29,040
- Cash +€36,340
up €36,340 (+59.2%), from €61,362 to €97,703
mainly Net result for the year (+€126,005) and Depreciation (+€41,539)
- Reserves +€126,000
up €126,000 (+11.2%), from €1.1m to €1.2m
- Debts after one year -€50,637
down €50,637 (-8.3%), from €609,317 to €558,680
- Gross operating margin +€42,784
up €42,784 (+21.8%), from €196,190 to €238,973
- Taxes +€12,350
up €12,350 (+30.9%), from €40,009 to €52,359
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 | €1,865,257 | €1,934,821 | +€69,564 | +3.7% |
| Fixed assets | 21/28 | €882,995 | €841,455 | -€41,539 | -4.7% |
| Tangible fixed assets | 22/27 | €882,995 | €841,455 | -€41,539 | -4.7% |
| Land and buildings | 22 | €838,640 | €809,600 | -€29,040 | -3.5% |
| Plant, machinery and equipment | 23 | €7,024 | €3,232 | -€3,791 | -54.0% |
| Other tangible fixed assets | 26 | €37,331 | €28,623 | -€8,708 | -23.3% |
| Current assets | 29/58 | €982,263 | €1,093,366 | +€111,103 | +11.3% |
| Stocks and contracts in progress | 3 | €909,731 | €990,119 | +€80,388 | +8.8% |
| Stocks | 30/36 | €909,731 | €990,119 | +€80,388 | +8.8% |
| Amounts receivable within one year | 40/41 | €8,511 | - | -€8,511 | |
| Trade receivables | 40 | €8,511 | - | -€8,511 | |
| Cash at bank and in hand | 54/58 | €61,362 | €97,703 | +€36,340 | +59.2% |
| Deferred charges and accrued income | 490/1 | €2,658 | €5,544 | +€2,886 | +109% |
| Total equity and liabilities | 10/49 | €1,865,257 | €1,934,821 | +€69,564 | +3.7% |
| Equity | 10/15 | €1,141,837 | €1,267,842 | +€126,005 | +11.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,123,000 | €1,249,000 | +€126,000 | +11.2% |
| Distributable reserves | 133 | €1,123,000 | €1,249,000 | +€126,000 | +11.2% |
| Profit (loss) carried forward | 14 | €245 | €250 | +€5 | +2.0% |
| Amounts payable | 17/49 | €723,420 | €666,979 | -€56,441 | -7.8% |
| Amounts payable after more than one year | 17 | €609,317 | €558,680 | -€50,637 | -8.3% |
| Financial debts | 170/4 | €609,317 | €558,680 | -€50,637 | -8.3% |
| Amounts payable within one year | 42/48 | €114,103 | €108,299 | -€5,804 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €59,264 | €60,804 | +€1,540 | +2.6% |
| Trade debts | 44 | €26,500 | €7,964 | -€18,536 | -69.9% |
| Suppliers | 440/4 | €26,500 | €7,964 | -€18,536 | -69.9% |
| Taxes, remuneration and social security | 45 | €23,768 | €39,531 | +€15,762 | +66.3% |
| Taxes | 450/3 | €21,168 | €37,531 | +€16,362 | +77.3% |
| Remuneration and social security | 454/9 | €2,600 | €2,000 | -€600 | -23.1% |
| Other amounts payable | 47/48 | €4,571 | - | -€4,571 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,644 | €41,539 | +€1,896 | +4.8% |
| Other operating charges | 640/8 | €5,061 | €6,141 | +€1,080 | +21.3% |
| Gross operating margin | 9900 | €196,190 | €238,973 | +€42,784 | +21.8% |
| Operating profit (loss) | 9901 | €151,485 | €191,293 | +€39,808 | +26.3% |
| Financial income | 75/76B | €1,116 | €98 | -€1,018 | -91.2% |
| Recurring financial income | 75 | €1,116 | €98 | -€1,018 | -91.2% |
| Financial charges | 65/66B | €12,054 | €13,027 | +€973 | +8.1% |
| Recurring financial charges | 65 | €12,054 | €13,027 | +€973 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €140,547 | €178,364 | +€37,816 | +26.9% |
| Income taxes | 67/77 | €40,009 | €52,359 | +€12,350 | +30.9% |
| Profit (loss) for the period | 9904 | €100,538 | €126,005 | +€25,467 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,538 | €126,005 | +€25,467 | +25.3% |
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 23 October 2026 via checked.be.