Sarah Michot: what changed
Sarah Michot
Largest movements
- Cash +€52,179
up €52,179 (+78.6%), from €66,404 to €118,583
mainly Net result for the year (+€67,542)
- Receivables within one year +€4,245
up €4,245 (+686%), from €619 to €4,864
of which Other amounts receivable: +€4,506
- Reserves +€67,542
up €67,542 (+135%), from €50,191 to €117,733
- Tax, wage and social debts -€7,893
down €7,893 (-66.9%), from €11,805 to €3,912
- Other debts -€3,132
no longer reported in 2026 (was €3,132)
- Gross operating margin +€22,205
up €22,205 (+34.5%), from €64,375 to €86,579
- Taxes +€4,805
up €4,805 (+35.0%), from €13,717 to €18,521
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,992 | €124,534 | +€56,541 | +83.2% |
| Current assets | 29/58 | €67,992 | €124,534 | +€56,541 | +83.2% |
| Amounts receivable within one year | 40/41 | €619 | €4,864 | +€4,245 | +686% |
| Trade receivables | 40 | €336 | €75 | -€261 | -77.6% |
| Other amounts receivable | 41 | €283 | €4,789 | +€4,506 | +1,590% |
| Cash at bank and in hand | 54/58 | €66,404 | €118,583 | +€52,179 | +78.6% |
| Deferred charges and accrued income | 490/1 | €969 | €1,087 | +€118 | +12.1% |
| Total equity and liabilities | 10/49 | €67,992 | €124,534 | +€56,541 | +83.2% |
| Equity | 10/15 | €52,691 | €120,233 | +€67,542 | +128% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €50,191 | €117,733 | +€67,542 | +135% |
| Distributable reserves | 133 | €50,191 | €117,733 | +€67,542 | +135% |
| Amounts payable | 17/49 | €15,302 | €4,301 | -€11,001 | -71.9% |
| Amounts payable within one year | 42/48 | €15,302 | €4,301 | -€11,001 | -71.9% |
| Trade debts | 44 | €365 | €388 | +€24 | +6.5% |
| Suppliers | 440/4 | €365 | €388 | +€24 | +6.5% |
| Taxes, remuneration and social security | 45 | €11,805 | €3,912 | -€7,893 | -66.9% |
| Taxes | 450/3 | €11,805 | €3,912 | -€7,893 | -66.9% |
| Other amounts payable | 47/48 | €3,132 | - | -€3,132 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €64,375 | €86,579 | +€22,205 | +34.5% |
| Operating profit (loss) | 9901 | €63,987 | €86,180 | +€22,192 | +34.7% |
| Financial income | 75/76B | €238 | €197 | -€41 | -17.2% |
| Recurring financial income | 75 | €238 | €197 | -€41 | -17.2% |
| Financial charges | 65/66B | €318 | €313 | -€5 | -1.6% |
| Recurring financial charges | 65 | €318 | €313 | -€5 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €63,907 | €86,064 | +€22,156 | +34.7% |
| Income taxes | 67/77 | €13,717 | €18,521 | +€4,805 | +35.0% |
| Profit (loss) for the period | 9904 | €50,191 | €67,542 | +€17,352 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,191 | €67,542 | +€17,352 | +34.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.