S.A Baraque Michel: 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.
S.A Baraque Michel
Largest movements
- Cash -€198,037
down €198,037 (-66.1%), from €299,454 to €101,417
mainly Net result for the year (-€270,707) and Tax, wage and social debts (-€93,747)
- Tangible fixed assets -€156,738
down €156,738 (-18.6%), from €841,289 to €684,551
of which Plant, machinery and equipment: -€122,234
- Profit (loss) carried forward -€270,707
down €270,707 (-96.7%), from €279,938 to €9,231
- Tax, wage and social debts -€93,747
down €93,747 (-85.5%), from €109,612 to €15,865
of which Remuneration and social security: -€70,611
- Trade debts +€60,654
up €60,654 (+254%), from €23,842 to €84,496
- Debts after one year -€46,943
down €46,943 (-7.9%), from €596,649 to €549,706
- Gross operating margin -€252,984
down €252,984 (-50.9%), from €497,431 to €244,448
- Staff costs -€130,951
down €130,951 (-26.6%), from €491,575 to €360,624
- Other operating charges +€28,764
up €28,764 (+298%), from €9,648 to €38,412
- Depreciation -€12,985
down €12,985 (-12.5%), from €104,033 to €91,048
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 | €1,207,253 | €850,108 | -€357,145 | -29.6% |
| Fixed assets | 21/28 | €841,289 | €684,551 | -€156,738 | -18.6% |
| Tangible fixed assets | 22/27 | €841,289 | €684,551 | -€156,738 | -18.6% |
| Land and buildings | 22 | €533,449 | €600,895 | +€67,446 | +12.6% |
| Plant, machinery and equipment | 23 | €199,313 | €77,080 | -€122,234 | -61.3% |
| Furniture and vehicles | 24 | €50,540 | €6,577 | -€43,962 | -87.0% |
| Leasing and similar rights | 25 | €57,988 | - | -€57,988 | |
| Current assets | 29/58 | €365,963 | €165,557 | -€200,407 | -54.8% |
| Stocks and contracts in progress | 3 | €12,414 | €17,648 | +€5,235 | +42.2% |
| Stocks | 30/36 | €12,414 | €17,648 | +€5,235 | +42.2% |
| Amounts receivable within one year | 40/41 | €51,809 | €46,279 | -€5,530 | -10.7% |
| Trade receivables | 40 | €306 | €32,856 | +€32,550 | +10,637% |
| Other amounts receivable | 41 | €51,503 | €13,424 | -€38,080 | -73.9% |
| Cash at bank and in hand | 54/58 | €299,454 | €101,417 | -€198,037 | -66.1% |
| Deferred charges and accrued income | 490/1 | €2,287 | €212 | -€2,074 | -90.7% |
| Total equity and liabilities | 10/49 | €1,207,253 | €850,108 | -€357,145 | -29.6% |
| Equity | 10/15 | €396,538 | €125,831 | -€270,707 | -68.3% |
| Contributions | 10/11 | €106,000 | €106,000 | = | 0.0% |
| Capital | 10 | €106,000 | €106,000 | = | 0.0% |
| Issued capital | 100 | €106,000 | €106,000 | = | 0.0% |
| Reserves | 13 | €10,600 | €10,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,600 | €10,600 | = | 0.0% |
| Legal reserve | 130 | €10,600 | €10,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €279,938 | €9,231 | -€270,707 | -96.7% |
| Amounts payable | 17/49 | €810,715 | €724,277 | -€86,438 | -10.7% |
| Amounts payable after more than one year | 17 | €596,649 | €549,706 | -€46,943 | -7.9% |
| Financial debts | 170/4 | €596,649 | €549,706 | -€46,943 | -7.9% |
| Amounts payable within one year | 42/48 | €214,065 | €174,571 | -€39,494 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €79,322 | €74,209 | -€5,113 | -6.4% |
| Trade debts | 44 | €23,842 | €84,496 | +€60,654 | +254% |
| Suppliers | 440/4 | €23,842 | €84,496 | +€60,654 | +254% |
| Taxes, remuneration and social security | 45 | €109,612 | €15,865 | -€93,747 | -85.5% |
| Taxes | 450/3 | €23,141 | €5 | -€23,135 | -100.0% |
| Remuneration and social security | 454/9 | €86,472 | €15,860 | -€70,611 | -81.7% |
| Other amounts payable | 47/48 | €1,289 | - | -€1,289 | |
| Remuneration, social security and pensions | 62 | €491,575 | €360,624 | -€130,951 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,033 | €91,048 | -€12,985 | -12.5% |
| Other operating charges | 640/8 | €9,648 | €38,412 | +€28,764 | +298% |
| Gross operating margin | 9900 | €497,431 | €244,448 | -€252,984 | -50.9% |
| Operating profit (loss) | 9901 | -€107,824 | -€245,637 | -€137,813 | -128% |
| Financial income | 75/76B | €3,881 | €596 | -€3,285 | -84.6% |
| Recurring financial income | 75 | €3,881 | €596 | -€3,285 | -84.6% |
| Financial charges | 65/66B | €21,494 | €25,525 | +€4,031 | +18.8% |
| Recurring financial charges | 65 | €21,494 | €25,525 | +€4,031 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | -€125,437 | -€270,565 | -€145,129 | -116% |
| Income taxes | 67/77 | €1,044 | €142 | -€903 | -86.4% |
| Profit (loss) for the period | 9904 | -€126,481 | -€270,707 | -€144,226 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€126,481 | -€270,707 | -€144,226 | -114% |
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.