San Michele: 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 Michele
Largest movements
- Tangible fixed assets -€74,817
down €74,817 (-3.5%), from €2.2m to €2.1m
- Cash -€36,660
down €36,660 (-51.7%), from €70,957 to €34,297
mainly Other debts (-€90,912) and Debts after one year (-€33,494)
- Other debts -€90,912
down €90,912 (-24.3%), from €374,015 to €283,104
- Debts after one year -€33,494
no longer reported in 2025 (was €33,494)
- Reserves +€29,282
up €29,282 (+2.4%), from €1.2m to €1.2m
of which Distributable reserves: +€41,716
- Financial charges -€8,852
down €8,852 (-26.8%), from €33,042 to €24,189
- Gross operating margin -€5,483
down €5,483 (-3.5%), from €158,356 to €152,873
- Other operating charges +€4,083
up €4,083 (+54.7%), from €7,458 to €11,541
- Depreciation +€3,182
up €3,182 (+4.4%), from €71,635 to €74,817
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 | €2,279,752 | €2,174,728 | -€105,024 | -4.6% |
| Fixed assets | 21/28 | €2,150,109 | €2,075,292 | -€74,817 | -3.5% |
| Tangible fixed assets | 22/27 | €2,150,109 | €2,075,292 | -€74,817 | -3.5% |
| Land and buildings | 22 | €2,150,109 | €2,075,292 | -€74,817 | -3.5% |
| Current assets | 29/58 | €129,644 | €99,437 | -€30,207 | -23.3% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,687 | €30,140 | +€6,453 | +27.2% |
| Other amounts receivable | 41 | €23,687 | €30,140 | +€6,453 | +27.2% |
| Cash at bank and in hand | 54/58 | €70,957 | €34,297 | -€36,660 | -51.7% |
| Total equity and liabilities | 10/49 | €2,279,752 | €2,174,728 | -€105,024 | -4.6% |
| Equity | 10/15 | €1,540,555 | €1,569,837 | +€29,282 | +1.9% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €1,220,555 | €1,249,837 | +€29,282 | +2.4% |
| Non-distributable reserves | 130/1 | €57,016 | €57,016 | = | 0.0% |
| Reserves not available under the articles | 1311 | €57,016 | €57,016 | = | 0.0% |
| Tax-exempt reserves | 132 | €281,825 | €269,391 | -€12,434 | -4.4% |
| Distributable reserves | 133 | €881,715 | €923,431 | +€41,716 | +4.7% |
| Provisions and deferred taxes | 16 | €145,118 | €138,715 | -€6,403 | -4.4% |
| Deferred taxes | 168 | €145,118 | €138,715 | -€6,403 | -4.4% |
| Amounts payable | 17/49 | €594,080 | €466,176 | -€127,903 | -21.5% |
| Amounts payable after more than one year | 17 | €33,494 | - | -€33,494 | |
| Financial debts | 170/4 | €33,494 | - | -€33,494 | |
| Amounts payable within one year | 42/48 | €556,385 | €461,976 | -€94,409 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €36,161 | €33,494 | -€2,667 | -7.4% |
| Financial debts | 43 | €138,378 | €141,378 | +€3,000 | +2.2% |
| Credit institutions | 430/8 | €138,378 | €141,378 | +€3,000 | +2.2% |
| Trade debts | 44 | €5,206 | €4,000 | -€1,206 | -23.2% |
| Suppliers | 440/4 | €5,206 | €4,000 | -€1,206 | -23.2% |
| Taxes, remuneration and social security | 45 | €2,624 | - | -€2,624 | |
| Taxes | 450/3 | €2,624 | - | -€2,624 | |
| Other amounts payable | 47/48 | €374,015 | €283,104 | -€90,912 | -24.3% |
| Accrued charges and deferred income | 492/3 | €4,200 | €4,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,635 | €74,817 | +€3,182 | +4.4% |
| Other operating charges | 640/8 | €7,458 | €11,541 | +€4,083 | +54.7% |
| Gross operating margin | 9900 | €158,356 | €152,873 | -€5,483 | -3.5% |
| Operating profit (loss) | 9901 | €79,263 | €66,515 | -€12,748 | -16.1% |
| Financial income | 75/76B | - | €21 | +€21 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Financial charges | 65/66B | €33,042 | €24,189 | -€8,852 | -26.8% |
| Recurring financial charges | 65 | €33,042 | €24,189 | -€8,852 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €46,222 | €42,347 | -€3,875 | -8.4% |
| Transfer from deferred taxes | 780 | €6,403 | €6,403 | = | 0.0% |
| Income taxes | 67/77 | €20,700 | €19,467 | -€1,233 | -6.0% |
| Profit (loss) for the period | 9904 | €31,924 | €29,282 | -€2,642 | -8.3% |
| Transfer from tax-exempt reserves | 789 | €12,434 | €12,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,358 | €41,716 | -€2,642 | -6.0% |
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 20 October 2026 via checked.be.