MICHELANGELO 13: 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.
MICHELANGELO 13
Largest movements
- Receivables within one year -€28,164
down €28,164 (-79.0%), from €35,672 to €7,509
of which Trade receivables: -€27,495
- Cash -€3,801
down €3,801 (-39.2%), from €9,705 to €5,904
mainly Trade debts (-€18,297) and Tax, wage and social debts (-€6,915)
- Intangible fixed assets -€2,000
down €2,000 (-31.1%), from €6,430 to €4,430
- Tangible fixed assets -€642
down €642 (-35.0%), from €1,832 to €1,190
of which Other tangible fixed assets: -€537
- Trade debts -€18,297
down €18,297 (-68.3%), from €26,778 to €8,481
- Tax, wage and social debts -€6,915
down €6,915 (-47.2%), from €14,664 to €7,749
of which Taxes: -€4,830
- Current portion of long-term debt -€6,904
no longer reported in 2025 (was €6,904)
- Profit (loss) carried forward -€5,430
down €5,430 (-35.2%), from -€15,418 to -€20,848
- Other debts +€4,240
up €4,240 (+333%), from €1,274 to €5,514
- Gross operating margin -€38,052
down €38,052 (-79.7%), from €47,732 to €9,681
- Staff costs -€37,041
no longer reported in 2025 (was €37,041)
- Taxes +€1,749
up €1,749 (+768%), from €228 to €1,977
- Other operating charges +€1,060
up €1,060 (+97.3%), from €1,090 to €2,150
- Financial income -€925
down €925 (-99.9%), from €926 to €1
of which Non-recurring financial income: -€922
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 | €54,307 | €19,627 | -€34,680 | -63.9% |
| Fixed assets | 21/28 | €8,522 | €5,880 | -€2,642 | -31.0% |
| Intangible fixed assets | 21 | €6,430 | €4,430 | -€2,000 | -31.1% |
| Tangible fixed assets | 22/27 | €1,832 | €1,190 | -€642 | -35.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €105 | - | -€105 | |
| Other tangible fixed assets | 26 | €1,727 | €1,190 | -€537 | -31.1% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €45,784 | €13,746 | -€32,038 | -70.0% |
| Stocks and contracts in progress | 3 | €330 | €254 | -€76 | -23.1% |
| Stocks | 30/36 | €330 | €254 | -€76 | -23.1% |
| Amounts receivable within one year | 40/41 | €35,672 | €7,509 | -€28,164 | -79.0% |
| Trade receivables | 40 | €35,004 | €7,509 | -€27,495 | -78.5% |
| Other amounts receivable | 41 | €669 | - | -€669 | |
| Cash at bank and in hand | 54/58 | €9,705 | €5,904 | -€3,801 | -39.2% |
| Deferred charges and accrued income | 490/1 | €77 | €80 | +€3 | +3.9% |
| Total equity and liabilities | 10/49 | €54,307 | €19,627 | -€34,680 | -63.9% |
| Equity | 10/15 | €3,182 | -€2,248 | -€5,430 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,418 | -€20,848 | -€5,430 | -35.2% |
| Amounts payable | 17/49 | €51,125 | €21,875 | -€29,250 | -57.2% |
| Amounts payable after more than one year | 17 | €1,505 | - | -€1,505 | |
| Financial debts | 170/4 | €1,505 | - | -€1,505 | |
| Amounts payable within one year | 42/48 | €49,620 | €21,875 | -€27,746 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €6,904 | - | -€6,904 | |
| Financial debts | 43 | - | €131 | +€131 | |
| Credit institutions | 430/8 | - | €131 | +€131 | |
| Trade debts | 44 | €26,778 | €8,481 | -€18,297 | -68.3% |
| Suppliers | 440/4 | €26,778 | €8,481 | -€18,297 | -68.3% |
| Taxes, remuneration and social security | 45 | €14,664 | €7,749 | -€6,915 | -47.2% |
| Taxes | 450/3 | €11,435 | €6,605 | -€4,830 | -42.2% |
| Remuneration and social security | 454/9 | €3,229 | €1,144 | -€2,085 | -64.6% |
| Other amounts payable | 47/48 | €1,274 | €5,514 | +€4,240 | +333% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €6,570 | - | -€6,570 | |
| Remuneration, social security and pensions | 62 | €37,041 | - | -€37,041 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,690 | €2,642 | -€48 | -1.8% |
| Other operating charges | 640/8 | €1,090 | €2,150 | +€1,060 | +97.3% |
| Non-recurring operating charges | 66A | €0 | €7,734 | +€7,734 | |
| Gross operating margin | 9900 | €47,732 | €9,681 | -€38,052 | -79.7% |
| Operating profit (loss) | 9901 | €6,911 | -€2,846 | -€9,757 | |
| Financial income | 75/76B | €926 | €1 | -€925 | -99.9% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -78.0% |
| Non-recurring financial income | 76B | €922 | - | -€922 | |
| Financial charges | 65/66B | €837 | €608 | -€228 | -27.3% |
| Recurring financial charges | 65 | €837 | €608 | -€228 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €7,001 | -€3,454 | -€10,454 | |
| Income taxes | 67/77 | €228 | €1,977 | +€1,749 | +768% |
| Profit (loss) for the period | 9904 | €6,773 | -€5,430 | -€12,203 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,773 | -€5,430 | -€12,203 |
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 29 October 2026 via checked.be.