Michelle-Angela: 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.
Michelle-Angela
Largest movements
- Tangible fixed assets -€16,607
down €16,607 (-4.5%), from €371,659 to €355,051
- Debts after one year -€23,274
down €23,274 (-6.6%), from €351,365 to €328,091
- Gross operating margin +€2,914
up €2,914 (+11.8%), from €24,627 to €27,541
- Financial charges -€1,121
down €1,121 (-12.0%), from €9,327 to €8,206
- Depreciation +€819
up €819 (+5.2%), from €15,788 to €16,607
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 | €375,435 | €359,043 | -€16,391 | -4.4% |
| Fixed assets | 21/28 | €371,659 | €355,051 | -€16,607 | -4.5% |
| Tangible fixed assets | 22/27 | €371,659 | €355,051 | -€16,607 | -4.5% |
| Land and buildings | 22 | €371,659 | €355,051 | -€16,607 | -4.5% |
| Current assets | 29/58 | €3,776 | €3,992 | +€216 | +5.7% |
| Amounts receivable within one year | 40/41 | €1,150 | €963 | -€187 | -16.3% |
| Trade receivables | 40 | €979 | €574 | -€406 | -41.4% |
| Other amounts receivable | 41 | €170 | €389 | +€219 | +129% |
| Cash at bank and in hand | 54/58 | €2,210 | €3,030 | +€820 | +37.1% |
| Deferred charges and accrued income | 490/1 | €416 | - | -€416 | |
| Total equity and liabilities | 10/49 | €375,435 | €359,043 | -€16,391 | -4.4% |
| Equity | 10/15 | -€21,758 | -€19,148 | +€2,610 | +12.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,758 | -€44,148 | +€2,610 | +5.6% |
| Amounts payable | 17/49 | €397,192 | €378,192 | -€19,001 | -4.8% |
| Amounts payable after more than one year | 17 | €351,365 | €328,091 | -€23,274 | -6.6% |
| Financial debts | 170/4 | €351,365 | €328,091 | -€23,274 | -6.6% |
| Amounts payable within one year | 42/48 | €45,316 | €47,540 | +€2,224 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €24,455 | €24,957 | +€503 | +2.1% |
| Trade debts | 44 | €548 | €827 | +€279 | +50.9% |
| Suppliers | 440/4 | €548 | €827 | +€279 | +50.9% |
| Other amounts payable | 47/48 | €20,314 | €21,755 | +€1,442 | +7.1% |
| Accrued charges and deferred income | 492/3 | €511 | €2,560 | +€2,050 | +401% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,788 | €16,607 | +€819 | +5.2% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €24,627 | €27,541 | +€2,914 | +11.8% |
| Operating profit (loss) | 9901 | €8,721 | €10,814 | +€2,093 | +24.0% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €9,327 | €8,206 | -€1,121 | -12.0% |
| Recurring financial charges | 65 | €9,327 | €8,206 | -€1,121 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€606 | €2,610 | +€3,216 | |
| Profit (loss) for the period | 9904 | -€606 | €2,610 | +€3,216 | |
| Profit (loss) for the period to be appropriated | 9905 | -€606 | €2,610 | +€3,216 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.