Michael Schenck: 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.
Michael Schenck
Largest movements
- Receivables within one year +€208,040
up €208,040 (+257%), from €81,047 to €289,087
of which Other amounts receivable: +€178,542
- Cash -€206,967
down €206,967 (-90.9%), from €227,637 to €20,671
mainly Receivables within one year (-€208,040) and Debts after one year (-€38,148)
- Tangible fixed assets -€26,182
down €26,182 (-4.6%), from €571,399 to €545,218
of which Land and buildings: -€17,641
- Financial fixed assets +€12,500
up €12,500 (+625%), from €2,000 to €14,500
- Debts after one year -€38,148
down €38,148 (-13.6%), from €281,456 to €243,309
- Trade debts +€22,454
up €22,454 (+749%), from €2,997 to €25,451
- Other debts -€11,146
down €11,146 (-13.5%), from €82,352 to €71,205
- Accrued charges and deferred income +€11,007
up €11,007 (+4,399%), from €250 to €11,257
- Gross operating margin +€84,405
up €84,405, from -€33,975 to €50,431
- Financial charges +€2,442
up €2,442 (+25.0%), from €9,779 to €12,221
- Financial income +€1,610
up €1,610 (+50.2%), from €3,209 to €4,819
- Depreciation +€1,271
up €1,271 (+4.0%), from €31,655 to €32,925
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 | €914,970 | €903,872 | -€11,098 | -1.2% |
| Fixed assets | 21/28 | €574,517 | €560,549 | -€13,969 | -2.4% |
| Intangible fixed assets | 21 | €1,118 | €831 | -€287 | -25.7% |
| Tangible fixed assets | 22/27 | €571,399 | €545,218 | -€26,182 | -4.6% |
| Land and buildings | 22 | €491,673 | €474,033 | -€17,641 | -3.6% |
| Plant, machinery and equipment | 23 | €24,270 | €21,875 | -€2,395 | -9.9% |
| Furniture and vehicles | 24 | €55,456 | €49,310 | -€6,146 | -11.1% |
| Financial fixed assets | 28 | €2,000 | €14,500 | +€12,500 | +625% |
| Current assets | 29/58 | €340,453 | €343,324 | +€2,871 | +0.8% |
| Amounts receivable within one year | 40/41 | €81,047 | €289,087 | +€208,040 | +257% |
| Trade receivables | 40 | €75,814 | €105,313 | +€29,499 | +38.9% |
| Other amounts receivable | 41 | €5,233 | €183,775 | +€178,542 | +3,412% |
| Current investments | 50/53 | €29,950 | €29,950 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €227,637 | €20,671 | -€206,967 | -90.9% |
| Deferred charges and accrued income | 490/1 | €1,819 | €3,616 | +€1,797 | +98.8% |
| Total equity and liabilities | 10/49 | €914,970 | €903,872 | -€11,098 | -1.2% |
| Equity | 10/15 | €499,049 | €505,782 | +€6,732 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €478,449 | €485,182 | +€6,732 | +1.4% |
| Amounts payable | 17/49 | €415,921 | €398,091 | -€17,830 | -4.3% |
| Amounts payable after more than one year | 17 | €281,456 | €243,309 | -€38,148 | -13.6% |
| Financial debts | 170/4 | €281,456 | €243,309 | -€38,148 | -13.6% |
| Amounts payable within one year | 42/48 | €134,214 | €143,525 | +€9,311 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €37,975 | €38,148 | +€173 | +0.5% |
| Trade debts | 44 | €2,997 | €25,451 | +€22,454 | +749% |
| Suppliers | 440/4 | €2,997 | €25,451 | +€22,454 | +749% |
| Taxes, remuneration and social security | 45 | €10,891 | €8,721 | -€2,170 | -19.9% |
| Taxes | 450/3 | €1,948 | €2,745 | +€797 | +40.9% |
| Remuneration and social security | 454/9 | €8,943 | €5,976 | -€2,967 | -33.2% |
| Other amounts payable | 47/48 | €82,352 | €71,205 | -€11,146 | -13.5% |
| Accrued charges and deferred income | 492/3 | €250 | €11,257 | +€11,007 | +4,399% |
| Non-recurring operating income | 76A | €24,986 | - | -€24,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,655 | €32,925 | +€1,271 | +4.0% |
| Other operating charges | 640/8 | €3,644 | €3,239 | -€405 | -11.1% |
| Gross operating margin | 9900 | -€33,975 | €50,431 | +€84,405 | |
| Operating profit (loss) | 9901 | -€69,273 | €14,266 | +€83,540 | |
| Financial income | 75/76B | €3,209 | €4,819 | +€1,610 | +50.2% |
| Recurring financial income | 75 | €3,209 | €4,819 | +€1,610 | +50.2% |
| Financial charges | 65/66B | €9,779 | €12,221 | +€2,442 | +25.0% |
| Recurring financial charges | 65 | €9,779 | €12,221 | +€2,442 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€75,844 | €6,864 | +€82,708 | |
| Income taxes | 67/77 | -€16 | €132 | +€148 | |
| Profit (loss) for the period | 9904 | -€75,828 | €6,732 | +€82,560 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,828 | €6,732 | +€82,560 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.