ST 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.
ST MICHEL
Largest movements
- Cash +€34,207
up €34,207 (+29.4%), from €116,280 to €150,487
mainly Trade debts (+€54,556) and Depreciation (+€9,208)
- Receivables within one year +€13,247
up €13,247 (+739%), from €1,792 to €15,039
of which Trade receivables: +€13,132
- Stocks and contracts +€5,644
up €5,644 (+11.8%), from €47,640 to €53,284
- Tangible fixed assets -€3,764
down €3,764 (-16.5%), from €22,878 to €19,114
of which Furniture and vehicles: -€6,172
- Trade debts +€54,556
up €54,556 (+74.2%), from €73,544 to €128,100
- Profit (loss) carried forward -€7,217
down €7,217 (-11.6%), from €62,075 to €54,858
- Gross operating margin -€31,509
down €31,509 (-13.9%), from €226,597 to €195,088
- Staff costs -€5,755
down €5,755 (-3.0%), from €194,001 to €188,246
- Depreciation -€2,759
down €2,759 (-23.1%), from €11,967 to €9,208
- Taxes -€2,480
down €2,480, from €2,465 to -€15
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 | €194,037 | €241,768 | +€47,731 | +24.6% |
| Fixed assets | 21/28 | €23,078 | €19,314 | -€3,764 | -16.3% |
| Tangible fixed assets | 22/27 | €22,878 | €19,114 | -€3,764 | -16.5% |
| Plant, machinery and equipment | 23 | €11,672 | €14,080 | +€2,408 | +20.6% |
| Furniture and vehicles | 24 | €11,206 | €5,034 | -€6,172 | -55.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €170,959 | €222,453 | +€51,494 | +30.1% |
| Stocks and contracts in progress | 3 | €47,640 | €53,284 | +€5,644 | +11.8% |
| Stocks | 30/36 | €47,640 | €53,284 | +€5,644 | +11.8% |
| Amounts receivable within one year | 40/41 | €1,792 | €15,039 | +€13,247 | +739% |
| Trade receivables | 40 | €479 | €13,611 | +€13,132 | +2,739% |
| Other amounts receivable | 41 | €1,312 | €1,428 | +€115 | +8.8% |
| Cash at bank and in hand | 54/58 | €116,280 | €150,487 | +€34,207 | +29.4% |
| Deferred charges and accrued income | 490/1 | €5,248 | €3,644 | -€1,604 | -30.6% |
| Total equity and liabilities | 10/49 | €194,037 | €241,768 | +€47,731 | +24.6% |
| Equity | 10/15 | €82,535 | €75,318 | -€7,217 | -8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,075 | €54,858 | -€7,217 | -11.6% |
| Amounts payable | 17/49 | €111,502 | €166,450 | +€54,948 | +49.3% |
| Amounts payable within one year | 42/48 | €111,502 | €166,450 | +€54,948 | +49.3% |
| Current portion of amounts payable after more than one year | 42 | €2,353 | €420 | -€1,932 | -82.1% |
| Trade debts | 44 | €73,544 | €128,100 | +€54,556 | +74.2% |
| Suppliers | 440/4 | €73,544 | €128,100 | +€54,556 | +74.2% |
| Taxes, remuneration and social security | 45 | €34,542 | €36,866 | +€2,324 | +6.7% |
| Taxes | 450/3 | €11,982 | €7,930 | -€4,052 | -33.8% |
| Remuneration and social security | 454/9 | €22,559 | €28,936 | +€6,377 | +28.3% |
| Other amounts payable | 47/48 | €1,064 | €1,064 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €194,001 | €188,246 | -€5,755 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,967 | €9,208 | -€2,759 | -23.1% |
| Other operating charges | 640/8 | €3,469 | €3,576 | +€107 | +3.1% |
| Gross operating margin | 9900 | €226,597 | €195,088 | -€31,509 | -13.9% |
| Operating profit (loss) | 9901 | €17,160 | -€5,942 | -€23,102 | |
| Financial income | 75/76B | €137 | €160 | +€23 | +16.9% |
| Recurring financial income | 75 | €137 | €160 | +€23 | +16.9% |
| Financial charges | 65/66B | €1,588 | €1,450 | -€138 | -8.7% |
| Recurring financial charges | 65 | €1,588 | €1,450 | -€138 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €15,709 | -€7,232 | -€22,941 | |
| Income taxes | 67/77 | €2,465 | -€15 | -€2,480 | |
| Profit (loss) for the period | 9904 | €13,244 | -€7,217 | -€20,461 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,244 | -€7,217 | -€20,461 |
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 18 October 2026 via checked.be.