MICHAEL DURNHOLZ: what changed
Two fiscal 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.
MICHAEL DURNHOLZ
Largest movements
- Tangible fixed assets +€339,067
up €339,067 (+139.0%), from €243,955 to €583,022
of which Land and buildings: +€343,247
- Cash +€89,567
up €89,567 (+158.9%), from €56,380 to €145,947
mainly Other debts (+€327,069) and Net result for the year (+€63,566)
- Receivables within one year -€13,651
down €13,651 (-100.0%), from €13,657 to €6
of which Other amounts receivable: -€13,238
- Other debts +€327,069
new in 2025: €327,069
- Reserves +€63,566
up €63,566 (+15.3%), from €416,095 to €479,661
- Trade debts -€45,241
down €45,241 (-84.4%), from €53,571 to €8,331
- Debts after one year +€31,667
new in 2025: €31,667
- Tax, wage and social debts +€22,314
up €22,314 (+172.4%), from €12,940 to €35,254
of which Taxes: +€24,135
- Gross operating margin +€72,415
up €72,415 (+97.2%), from €74,495 to €146,910
- Taxes +€19,349
up €19,349 (+145.8%), from €13,267 to €32,616
- Depreciation +€16,211
up €16,211 (+343.3%), from €4,722 to €20,933
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.
Cash bridge derived
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 | €729,404 | €1,137,826 | +€408,423 | +56.0% |
| Fixed assets | 21/28 | €243,955 | €583,022 | +€339,067 | +139.0% |
| Tangible fixed assets | 22/27 | €243,955 | €583,022 | +€339,067 | +139.0% |
| Land and buildings | 22 | €234,692 | €577,939 | +€343,247 | +146.3% |
| Plant, machinery and equipment | 23 | €827 | €598 | -€228 | -27.6% |
| Furniture and vehicles | 24 | €8,436 | €4,485 | -€3,952 | -46.8% |
| Current assets | 29/58 | €485,449 | €554,804 | +€69,355 | +14.3% |
| Stocks and contracts in progress | 3 | €408,802 | €400,456 | -€8,346 | -2.0% |
| Stocks | 30/36 | €408,802 | €400,456 | -€8,346 | -2.0% |
| Amounts receivable within one year | 40/41 | €13,657 | €6 | -€13,651 | -100.0% |
| Trade receivables | 40 | €419 | €6 | -€413 | -98.5% |
| Other amounts receivable | 41 | €13,238 | - | -€13,238 | |
| Cash at bank and in hand | 54/58 | €56,380 | €145,947 | +€89,567 | +158.9% |
| Deferred charges and accrued income | 490/1 | €6,610 | €8,395 | +€1,785 | +27.0% |
| Total equity and liabilities | 10/49 | €729,404 | €1,137,826 | +€408,423 | +56.0% |
| Equity | 10/15 | €662,893 | €726,458 | +€63,566 | +9.6% |
| Contributions | 10/11 | €188,592 | €188,592 | = | 0.0% |
| Reserves | 13 | €416,095 | €479,661 | +€63,566 | +15.3% |
| Distributable reserves | 133 | €416,095 | €479,661 | +€63,566 | +15.3% |
| Profit (loss) carried forward | 14 | €58,206 | €58,206 | = | 0.0% |
| Amounts payable | 17/49 | €66,511 | €411,368 | +€344,857 | +518.5% |
| Amounts payable after more than one year | 17 | - | €31,667 | +€31,667 | |
| Financial debts | 170/4 | - | €31,667 | +€31,667 | |
| Amounts payable within one year | 42/48 | €66,511 | €379,701 | +€313,190 | +470.9% |
| Current portion of amounts payable after more than one year | 42 | - | €9,048 | +€9,048 | |
| Trade debts | 44 | €53,571 | €8,331 | -€45,241 | -84.4% |
| Suppliers | 440/4 | €53,571 | €8,331 | -€45,241 | -84.4% |
| Taxes, remuneration and social security | 45 | €12,940 | €35,254 | +€22,314 | +172.4% |
| Taxes | 450/3 | €7,269 | €31,405 | +€24,135 | +332.0% |
| Remuneration and social security | 454/9 | €5,670 | €3,849 | -€1,821 | -32.1% |
| Other amounts payable | 47/48 | - | €327,069 | +€327,069 | |
| Remuneration, social security and pensions | 62 | €26,702 | €26,754 | +€53 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,722 | €20,933 | +€16,211 | +343.3% |
| Other operating charges | 640/8 | €721 | €587 | -€134 | -18.6% |
| Gross operating margin | 9900 | €74,495 | €146,910 | +€72,415 | +97.2% |
| Operating profit (loss) | 9901 | €42,351 | €98,636 | +€56,286 | +132.9% |
| Financial income | 75/76B | €267 | €501 | +€235 | +88.0% |
| Recurring financial income | 75 | €267 | €501 | +€235 | +88.0% |
| Financial charges | 65/66B | €1,882 | €2,956 | +€1,074 | +57.1% |
| Recurring financial charges | 65 | €1,882 | €2,956 | +€1,074 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €40,736 | €96,182 | +€55,446 | +136.1% |
| Income taxes | 67/77 | €13,267 | €32,616 | +€19,349 | +145.8% |
| Profit (loss) for the period | 9904 | €27,469 | €63,566 | +€36,097 | +131.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,469 | €63,566 | +€36,097 | +131.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.