SAMUEL MICHAELI: 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.
SAMUEL MICHAELI
Largest movements
- Cash -€47,985
down €47,985 (-99.9%), from €48,010 to €25
mainly Net result for the year (-€81,708) and Debts after one year (-€34,019)
- Tangible fixed assets -€29,740
down €29,740 (-5.1%), from €586,125 to €556,385
of which Land and buildings: -€17,916
- Stocks and contracts -€21,847
down €21,847 (-39.1%), from €55,941 to €34,094
- Profit (loss) carried forward -€79,022
down €79,022 (-18.0%), from €439,051 to €360,029
- Debts after one year -€34,019
down €34,019 (-5.4%), from €635,107 to €601,087
- Short-term financial debts +€14,529
up €14,529 (+145%), from €10,000 to €24,529
- Gross operating margin -€152,858
down €152,858, from €127,482 to -€25,377
- Taxes -€21,358
down €21,358 (-95.4%), from €22,383 to €1,025
- Depreciation -€2,497
down €2,497 (-7.5%), from €33,168 to €30,671
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 | €1,264,961 | €1,171,845 | -€93,116 | -7.4% |
| Fixed assets | 21/28 | €1,077,657 | €1,046,986 | -€30,671 | -2.8% |
| Intangible fixed assets | 21 | €23,273 | €22,342 | -€931 | -4.0% |
| Tangible fixed assets | 22/27 | €586,125 | €556,385 | -€29,740 | -5.1% |
| Land and buildings | 22 | €529,206 | €511,290 | -€17,916 | -3.4% |
| Furniture and vehicles | 24 | €1,352 | €612 | -€740 | -54.8% |
| Other tangible fixed assets | 26 | €55,567 | €44,483 | -€11,084 | -19.9% |
| Financial fixed assets | 28 | €468,259 | €468,259 | = | 0.0% |
| Current assets | 29/58 | €187,303 | €124,858 | -€62,445 | -33.3% |
| Stocks and contracts in progress | 3 | €55,941 | €34,094 | -€21,847 | -39.1% |
| Stocks | 30/36 | €55,941 | €34,094 | -€21,847 | -39.1% |
| Amounts receivable within one year | 40/41 | €56,639 | €64,837 | +€8,198 | +14.5% |
| Trade receivables | 40 | €1,555 | €2,475 | +€920 | +59.2% |
| Other amounts receivable | 41 | €55,084 | €62,362 | +€7,278 | +13.2% |
| Current investments | 50/53 | €21,965 | €21,965 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €48,010 | €25 | -€47,985 | -99.9% |
| Deferred charges and accrued income | 490/1 | €4,748 | €3,937 | -€810 | -17.1% |
| Total equity and liabilities | 10/49 | €1,264,961 | €1,171,845 | -€93,116 | -7.4% |
| Equity | 10/15 | €494,315 | €412,608 | -€81,708 | -16.5% |
| Reserves | 13 | €55,265 | €52,579 | -€2,686 | -4.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,405 | €50,719 | -€2,686 | -5.0% |
| Profit (loss) carried forward | 14 | €439,051 | €360,029 | -€79,022 | -18.0% |
| Provisions and deferred taxes | 16 | €27,499 | €26,116 | -€1,383 | -5.0% |
| Deferred taxes | 168 | €27,499 | €26,116 | -€1,383 | -5.0% |
| Amounts payable | 17/49 | €743,146 | €733,121 | -€10,025 | -1.3% |
| Amounts payable after more than one year | 17 | €635,107 | €601,087 | -€34,019 | -5.4% |
| Financial debts | 170/4 | €635,107 | €601,087 | -€34,019 | -5.4% |
| Amounts payable within one year | 42/48 | €108,040 | €132,034 | +€23,994 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €60,415 | €64,188 | +€3,773 | +6.2% |
| Financial debts | 43 | €10,000 | €24,529 | +€14,529 | +145% |
| Credit institutions | 430/8 | €10,000 | €24,529 | +€14,529 | +145% |
| Trade debts | 44 | €19,737 | €30,960 | +€11,223 | +56.9% |
| Suppliers | 440/4 | €19,737 | €30,960 | +€11,223 | +56.9% |
| Taxes, remuneration and social security | 45 | €15,720 | €10,189 | -€5,531 | -35.2% |
| Taxes | 450/3 | €15,720 | €10,189 | -€5,531 | -35.2% |
| Other amounts payable | 47/48 | €2,167 | €2,167 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,168 | €30,671 | -€2,497 | -7.5% |
| Other operating charges | 640/8 | €6,174 | €4,980 | -€1,193 | -19.3% |
| Gross operating margin | 9900 | €127,482 | -€25,377 | -€152,858 | |
| Operating profit (loss) | 9901 | €88,140 | -€61,028 | -€149,169 | |
| Financial income | 75/76B | €585 | €415 | -€170 | -29.1% |
| Recurring financial income | 75 | €585 | €415 | -€170 | -29.1% |
| Financial charges | 65/66B | €21,678 | €21,452 | -€226 | -1.0% |
| Recurring financial charges | 65 | €21,678 | €21,452 | -€226 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €67,047 | -€82,066 | -€149,113 | |
| Transfer from deferred taxes | 780 | €1,383 | €1,383 | = | 0.0% |
| Income taxes | 67/77 | €22,383 | €1,025 | -€21,358 | -95.4% |
| Profit (loss) for the period | 9904 | €46,047 | -€81,708 | -€127,755 | |
| Transfer from tax-exempt reserves | 789 | €2,686 | €2,686 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,733 | -€79,022 | -€127,755 |
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 23 October 2026 via checked.be.