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
- Tangible fixed assets -€100,882
down €100,882 (-43.7%), from €231,070 to €130,189
of which Furniture and vehicles: -€84,309
- Stocks and contracts +€31,729
up €31,729 (+2.9%), from €1.1m to €1.1m
- Deferred charges and accrued income +€28,181
up €28,181 (+1,189%), from €2,371 to €30,552
- Receivables within one year +€26,685
up €26,685 (+78.7%), from €33,888 to €60,573
of which Trade receivables: +€33,776
- Cash -€21,435
down €21,435 (-11.2%), from €191,221 to €169,786
mainly Trade debts (-€143,701) and Stocks and contracts (-€31,729)
- Trade debts -€143,701
down €143,701 (-11.4%), from €1.3m to €1.1m
- Advances received +€66,057
up €66,057 (+199%), from €33,202 to €99,259
- Tax, wage and social debts +€64,581
up €64,581 (+569%), from €11,348 to €75,929
of which Taxes: +€62,140
- Other operating charges +€41,714
up €41,714 (+223%), from €18,711 to €60,426
- Depreciation -€40,566
down €40,566 (-41.4%), from €97,964 to €57,397
- Staff costs +€27,776
up €27,776 (+6.3%), from €441,794 to €469,570
- Financial charges -€25,995
down €25,995 (-46.6%), from €55,774 to €29,779
- Gross operating margin -€12,801
down €12,801 (-2.0%), from €646,584 to €633,783
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 | €1,554,424 | €1,518,704 | -€35,720 | -2.3% |
| Fixed assets | 21/28 | €232,852 | €131,971 | -€100,882 | -43.3% |
| Tangible fixed assets | 22/27 | €231,070 | €130,189 | -€100,882 | -43.7% |
| Plant, machinery and equipment | 23 | €12,455 | €15,376 | +€2,920 | +23.4% |
| Furniture and vehicles | 24 | €154,467 | €70,158 | -€84,309 | -54.6% |
| Other tangible fixed assets | 26 | €64,148 | €44,656 | -€19,493 | -30.4% |
| Financial fixed assets | 28 | €1,782 | €1,782 | = | 0.0% |
| Current assets | 29/58 | €1,321,572 | €1,386,733 | +€65,161 | +4.9% |
| Stocks and contracts in progress | 3 | €1,094,092 | €1,125,822 | +€31,729 | +2.9% |
| Stocks | 30/36 | €1,094,092 | €1,125,822 | +€31,729 | +2.9% |
| Amounts receivable within one year | 40/41 | €33,888 | €60,573 | +€26,685 | +78.7% |
| Trade receivables | 40 | €26,797 | €60,573 | +€33,776 | +126% |
| Other amounts receivable | 41 | €7,091 | - | -€7,091 | |
| Cash at bank and in hand | 54/58 | €191,221 | €169,786 | -€21,435 | -11.2% |
| Deferred charges and accrued income | 490/1 | €2,371 | €30,552 | +€28,181 | +1,189% |
| Total equity and liabilities | 10/49 | €1,554,424 | €1,518,704 | -€35,720 | -2.3% |
| Equity | 10/15 | €123,637 | €131,192 | +€7,556 | +6.1% |
| Contributions | 10/11 | €37,187 | €37,187 | = | 0.0% |
| Reserves | 13 | €38,306 | €38,306 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,622 | €6,622 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,622 | €6,622 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,934 | €12,934 | = | 0.0% |
| Distributable reserves | 133 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,144 | €55,700 | +€7,556 | +15.7% |
| Amounts payable | 17/49 | €1,430,787 | €1,387,511 | -€43,276 | -3.0% |
| Amounts payable after more than one year | 17 | €16,963 | €9,963 | -€7,000 | -41.3% |
| Financial debts | 170/4 | €16,963 | €9,963 | -€7,000 | -41.3% |
| Amounts payable within one year | 42/48 | €1,399,674 | €1,374,804 | -€24,870 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €42,084 | €30,143 | -€11,941 | -28.4% |
| Trade debts | 44 | €1,263,064 | €1,119,363 | -€143,701 | -11.4% |
| Suppliers | 440/4 | €1,263,064 | €1,119,363 | -€143,701 | -11.4% |
| Advances received on contracts in progress | 46 | €33,202 | €99,259 | +€66,057 | +199% |
| Taxes, remuneration and social security | 45 | €11,348 | €75,929 | +€64,581 | +569% |
| Taxes | 450/3 | €3,911 | €66,051 | +€62,140 | +1,589% |
| Remuneration and social security | 454/9 | €7,437 | €9,878 | +€2,441 | +32.8% |
| Other amounts payable | 47/48 | €49,974 | €50,109 | +€134 | +0.3% |
| Accrued charges and deferred income | 492/3 | €14,151 | €2,745 | -€11,406 | -80.6% |
| Remuneration, social security and pensions | 62 | €441,794 | €469,570 | +€27,776 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,964 | €57,397 | -€40,566 | -41.4% |
| Other operating charges | 640/8 | €18,711 | €60,426 | +€41,714 | +223% |
| Gross operating margin | 9900 | €646,584 | €633,783 | -€12,801 | -2.0% |
| Operating profit (loss) | 9901 | €88,115 | €46,390 | -€41,725 | -47.4% |
| Financial income | 75/76B | €4,649 | €442 | -€4,208 | -90.5% |
| Recurring financial income | 75 | €4,649 | €442 | -€4,208 | -90.5% |
| Financial charges | 65/66B | €55,774 | €29,779 | -€25,995 | -46.6% |
| Recurring financial charges | 65 | €55,774 | €29,779 | -€25,995 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €36,990 | €17,053 | -€19,938 | -53.9% |
| Income taxes | 67/77 | €13,911 | €9,497 | -€4,414 | -31.7% |
| Profit (loss) for the period | 9904 | €23,079 | €7,556 | -€15,523 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,079 | €7,556 | -€15,523 | -67.3% |
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.