Michele Gabriel: 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.
Michele Gabriel
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€180,859
down €180,859 (-75.2%), from €240,403 to €59,544
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€75,164)
- Receivables after one year +€71,000
up €71,000 (+23.4%), from €303,000 to €374,000
- Tangible fixed assets +€58,443
up €58,443 (+119%), from €49,189 to €107,632
of which Other tangible fixed assets: +€30,796
- Profit (loss) carried forward +€174,638
up €174,638 (+110%), from €159,200 to €333,839
- Debts after one year -€60,659
down €60,659 (-49.5%), from €122,625 to €61,967
- Other debts +€20,113
up €20,113 (+10.3%), from €194,907 to €215,020
- Tax, wage and social debts +€9,148
up €9,148 (+20.1%), from €45,532 to €54,680
of which Taxes: +€10,849
- Gross operating margin +€44,893
up €44,893 (+21.9%), from €204,979 to €249,872
- Taxes +€11,515
up €11,515 (+27.2%), from €42,409 to €53,924
- Depreciation +€4,711
up €4,711 (+39.2%), from €12,010 to €16,721
- Financial income +€3,884
up €3,884 (+54.8%), from €7,090 to €10,974
- Other operating charges -€3,793
down €3,793 (-68.1%), from €5,569 to €1,776
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 | €611,539 | €757,352 | +€145,813 | +23.8% |
| Fixed assets | 21/28 | €49,189 | €107,632 | +€58,443 | +119% |
| Tangible fixed assets | 22/27 | €49,189 | €107,632 | +€58,443 | +119% |
| Furniture and vehicles | 24 | €49,189 | €76,836 | +€27,647 | +56.2% |
| Other tangible fixed assets | 26 | - | €30,796 | +€30,796 | |
| Current assets | 29/58 | €562,351 | €649,721 | +€87,370 | +15.5% |
| Amounts receivable after more than one year | 29 | €303,000 | €374,000 | +€71,000 | +23.4% |
| Other amounts receivable | 291 | €303,000 | €374,000 | +€71,000 | +23.4% |
| Amounts receivable within one year | 40/41 | €7,052 | €4,277 | -€2,775 | -39.3% |
| Trade receivables | 40 | €1,555 | €476 | -€1,079 | -69.4% |
| Other amounts receivable | 41 | €5,497 | €3,801 | -€1,696 | -30.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €240,403 | €59,544 | -€180,859 | -75.2% |
| Deferred charges and accrued income | 490/1 | €11,896 | €11,900 | +€4 | 0.0% |
| Total equity and liabilities | 10/49 | €611,539 | €757,352 | +€145,813 | +23.8% |
| Equity | 10/15 | €174,200 | €348,839 | +€174,638 | +100% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,200 | €333,839 | +€174,638 | +110% |
| Amounts payable | 17/49 | €437,339 | €408,514 | -€28,826 | -6.6% |
| Amounts payable after more than one year | 17 | €122,625 | €61,967 | -€60,659 | -49.5% |
| Financial debts | 170/4 | €122,625 | €61,967 | -€60,659 | -49.5% |
| Amounts payable within one year | 42/48 | €302,368 | €333,576 | +€31,208 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €60,447 | €60,659 | +€212 | +0.4% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €1,483 | €3,214 | +€1,731 | +117% |
| Suppliers | 440/4 | €1,483 | €3,214 | +€1,731 | +117% |
| Taxes, remuneration and social security | 45 | €45,532 | €54,680 | +€9,148 | +20.1% |
| Taxes | 450/3 | €43,831 | €54,680 | +€10,849 | +24.8% |
| Remuneration and social security | 454/9 | €1,701 | - | -€1,701 | |
| Other amounts payable | 47/48 | €194,907 | €215,020 | +€20,113 | +10.3% |
| Accrued charges and deferred income | 492/3 | €12,346 | €12,971 | +€625 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,010 | €16,721 | +€4,711 | +39.2% |
| Other operating charges | 640/8 | €5,569 | €1,776 | -€3,793 | -68.1% |
| Gross operating margin | 9900 | €204,979 | €249,872 | +€44,893 | +21.9% |
| Operating profit (loss) | 9901 | €187,400 | €231,375 | +€43,975 | +23.5% |
| Financial income | 75/76B | €7,090 | €10,974 | +€3,884 | +54.8% |
| Recurring financial income | 75 | €7,090 | €10,974 | +€3,884 | +54.8% |
| Financial charges | 65/66B | €12,460 | €13,787 | +€1,327 | +10.7% |
| Recurring financial charges | 65 | €12,460 | €13,787 | +€1,327 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €182,030 | €228,562 | +€46,532 | +25.6% |
| Income taxes | 67/77 | €42,409 | €53,924 | +€11,515 | +27.2% |
| Profit (loss) for the period | 9904 | €139,622 | €174,638 | +€35,017 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €139,622 | €174,638 | +€35,017 | +25.1% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.