Michel ROSSI: 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.
Michel ROSSI
Largest movements
- Current investments +€43,910
new in 2025: €43,910
- Cash -€24,503
no longer reported in 2025 (was €24,503)
mainly Current investments (-€43,910) and Investment in fixed assets (net) (-€4,779)
- Receivables within one year -€11,839
down €11,839 (-51.4%), from €23,034 to €11,195
of which Trade receivables: -€11,807
- Tangible fixed assets -€2,233
down €2,233 (-14.7%), from €15,214 to €12,982
of which Furniture and vehicles: -€4,802
- Reserves +€5,481
new in 2025: €5,481
- Tax, wage and social debts -€2,725
down €2,725 (-37.2%), from €7,329 to €4,605
- Other debts +€2,434
up €2,434 (+11.9%), from €20,483 to €22,917
- Depreciation +€1,696
up €1,696 (+31.9%), from €5,316 to €7,012
- Gross operating margin -€1,566
down €1,566 (-8.0%), from €19,551 to €17,985
- Other operating charges -€1,528
down €1,528 (-55.2%), from €2,767 to €1,239
- Financial charges -€944
down €944 (-80.4%), from €1,175 to €230
of which Financial charges: -€865
- Taxes +€476
up €476 (+13.9%), from €3,436 to €3,912
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 | €65,368 | €70,637 | +€5,269 | +8.1% |
| Fixed assets | 21/28 | €17,653 | €15,421 | -€2,233 | -12.6% |
| Tangible fixed assets | 22/27 | €15,214 | €12,982 | -€2,233 | -14.7% |
| Plant, machinery and equipment | 23 | €1,027 | €3,596 | +€2,569 | +250% |
| Furniture and vehicles | 24 | €14,187 | €9,385 | -€4,802 | -33.8% |
| Financial fixed assets | 28 | €2,439 | €2,439 | = | 0.0% |
| Current assets | 29/58 | €47,714 | €55,216 | +€7,502 | +15.7% |
| Amounts receivable within one year | 40/41 | €23,034 | €11,195 | -€11,839 | -51.4% |
| Trade receivables | 40 | €23,001 | €11,195 | -€11,807 | -51.3% |
| Other amounts receivable | 41 | €32 | - | -€32 | |
| Current investments | 50/53 | - | €43,910 | +€43,910 | |
| Cash at bank and in hand | 54/58 | €24,503 | - | -€24,503 | |
| Deferred charges and accrued income | 490/1 | €178 | €112 | -€66 | -37.2% |
| Total equity and liabilities | 10/49 | €65,368 | €70,637 | +€5,269 | +8.1% |
| Equity | 10/15 | €37,352 | €42,834 | +€5,481 | +14.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €5,481 | +€5,481 | |
| Distributable reserves | 133 | - | €5,481 | +€5,481 | |
| Profit (loss) carried forward | 14 | €22,352 | €22,352 | = | 0.0% |
| Amounts payable | 17/49 | €28,015 | €27,803 | -€212 | -0.8% |
| Amounts payable within one year | 42/48 | €28,015 | €27,803 | -€212 | -0.8% |
| Trade debts | 44 | €203 | €282 | +€79 | +38.7% |
| Suppliers | 440/4 | €203 | €282 | +€79 | +38.7% |
| Taxes, remuneration and social security | 45 | €7,329 | €4,605 | -€2,725 | -37.2% |
| Taxes | 450/3 | €7,329 | €4,605 | -€2,725 | -37.2% |
| Other amounts payable | 47/48 | €20,483 | €22,917 | +€2,434 | +11.9% |
| Non-recurring operating income | 76A | €2,810 | - | -€2,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,316 | €7,012 | +€1,696 | +31.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €111 | +€111 | |
| Other operating charges | 640/8 | €2,767 | €1,239 | -€1,528 | -55.2% |
| Gross operating margin | 9900 | €19,551 | €17,985 | -€1,566 | -8.0% |
| Operating profit (loss) | 9901 | €11,468 | €9,623 | -€1,844 | -16.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,175 | €230 | -€944 | -80.4% |
| Recurring financial charges | 65 | €1,095 | €230 | -€865 | -79.0% |
| Non-recurring financial charges | 66B | €80 | - | -€80 | |
| Profit (loss) for the period before taxes | 9903 | €10,293 | €9,393 | -€900 | -8.7% |
| Income taxes | 67/77 | €3,436 | €3,912 | +€476 | +13.9% |
| Profit (loss) for the period | 9904 | €6,857 | €5,481 | -€1,376 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,857 | €5,481 | -€1,376 | -20.1% |
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 28 October 2026 via checked.be.