San 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.
San Michel
Largest movements
- Cash +€24,490
up €24,490 (+17.1%), from €143,340 to €167,830
mainly Net result for the year (+€18,934) and Depreciation (+€12,835)
- Tangible fixed assets -€6,641
down €6,641 (-5.9%), from €111,827 to €105,185
- Deferred charges and accrued income -€4,739
down €4,739 (-100%), from €4,739 to €0
- Profit (loss) carried forward +€18,934
up €18,934 (+26.8%), from €70,522 to €89,456
- Trade debts -€3,324
down €3,324 (-42.6%), from €7,803 to €4,479
- Gross operating margin -€33,850
down €33,850 (-34.3%), from €98,663 to €64,813
- Taxes -€11,344
down €11,344 (-62.0%), from €18,309 to €6,965
- Financial charges +€3,732
up €3,732, from -€2,319 to €1,413
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 | €307,582 | €323,192 | +€15,610 | +5.1% |
| Fixed assets | 21/28 | €111,827 | €105,185 | -€6,641 | -5.9% |
| Tangible fixed assets | 22/27 | €111,827 | €105,185 | -€6,641 | -5.9% |
| Land and buildings | 22 | €111,827 | €105,185 | -€6,641 | -5.9% |
| Current assets | 29/58 | €195,755 | €218,007 | +€22,251 | +11.4% |
| Amounts receivable within one year | 40/41 | €7,425 | €9,925 | +€2,500 | +33.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €7,425 | €9,925 | +€2,500 | +33.7% |
| Current investments | 50/53 | €40,251 | €40,251 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €143,340 | €167,830 | +€24,490 | +17.1% |
| Deferred charges and accrued income | 490/1 | €4,739 | €0 | -€4,739 | -100% |
| Total equity and liabilities | 10/49 | €307,582 | €323,192 | +€15,610 | +5.1% |
| Equity | 10/15 | €299,779 | €318,713 | +€18,934 | +6.3% |
| Contributions | 10/11 | €204,468 | €204,468 | = | 0.0% |
| Capital | 10 | €204,468 | €204,468 | = | 0.0% |
| Issued capital | 100 | €204,468 | €204,468 | = | 0.0% |
| Reserves | 13 | €24,789 | €24,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,522 | €89,456 | +€18,934 | +26.8% |
| Amounts payable | 17/49 | €7,803 | €4,479 | -€3,324 | -42.6% |
| Amounts payable within one year | 42/48 | €7,803 | €4,479 | -€3,324 | -42.6% |
| Trade debts | 44 | €7,803 | €4,479 | -€3,324 | -42.6% |
| Suppliers | 440/4 | €7,803 | €4,479 | -€3,324 | -42.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,023 | €12,835 | +€812 | +6.8% |
| Other operating charges | 640/8 | €24,881 | €25,681 | +€800 | +3.2% |
| Gross operating margin | 9900 | €98,663 | €64,813 | -€33,850 | -34.3% |
| Operating profit (loss) | 9901 | €61,758 | €26,297 | -€35,462 | -57.4% |
| Financial income | 75/76B | €1,092 | €1,015 | -€76 | -7.0% |
| Recurring financial income | 75 | €1,092 | €1,015 | -€76 | -7.0% |
| Financial charges | 65/66B | -€2,319 | €1,413 | +€3,732 | |
| Recurring financial charges | 65 | -€2,319 | €1,413 | +€3,732 | |
| Profit (loss) for the period before taxes | 9903 | €65,169 | €25,899 | -€39,270 | -60.3% |
| Income taxes | 67/77 | €18,309 | €6,965 | -€11,344 | -62.0% |
| Profit (loss) for the period | 9904 | €46,859 | €18,934 | -€27,926 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,859 | €18,934 | -€27,926 | -59.6% |
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 22 October 2026 via checked.be.