STEPHANIE MICHAELIS: 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.
STEPHANIE MICHAELIS
Largest movements
- Tangible fixed assets -€6,943
down €6,943 (-6.1%), from €113,616 to €106,673
of which Land and buildings: -€5,057
- Cash +€2,644
up €2,644 (+85.6%), from €3,089 to €5,733
mainly Other debts (+€20,890) and Depreciation (+€6,943)
- Stocks and contracts +€2,387
up €2,387 (+25.4%), from €9,403 to €11,790
- Receivables within one year +€1,309
up €1,309 (+40.9%), from €3,203 to €4,512
- Debts after one year -€21,242
down €21,242 (-92.1%), from €23,064 to €1,822
of which Financial debts: -€21,242
- Other debts +€20,890
up €20,890 (+45.1%), from €46,314 to €67,204
- Current portion of long-term debt -€5,087
down €5,087 (-18.5%), from €27,538 to €22,451
- Trade debts +€3,647
new in 2025: €3,647
- Profit (loss) carried forward +€3,105
up €3,105 (+33.7%), from €9,221 to €12,327
- Gross operating margin -€1,299
down €1,299 (-9.0%), from €14,412 to €13,113
- Financial charges +€366
up €366 (+24.7%), from €1,482 to €1,848
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 | €129,372 | €129,931 | +€559 | +0.4% |
| Fixed assets | 21/28 | €113,616 | €106,673 | -€6,943 | -6.1% |
| Tangible fixed assets | 22/27 | €113,616 | €106,673 | -€6,943 | -6.1% |
| Land and buildings | 22 | €109,860 | €104,803 | -€5,057 | -4.6% |
| Plant, machinery and equipment | 23 | €3,491 | €1,870 | -€1,621 | -46.4% |
| Furniture and vehicles | 24 | €265 | - | -€265 | |
| Current assets | 29/58 | €15,756 | €23,258 | +€7,502 | +47.6% |
| Stocks and contracts in progress | 3 | €9,403 | €11,790 | +€2,387 | +25.4% |
| Stocks | 30/36 | €9,403 | €11,790 | +€2,387 | +25.4% |
| Amounts receivable within one year | 40/41 | €3,203 | €4,512 | +€1,309 | +40.9% |
| Trade receivables | 40 | €3,203 | €4,512 | +€1,309 | +40.9% |
| Cash at bank and in hand | 54/58 | €3,089 | €5,733 | +€2,644 | +85.6% |
| Deferred charges and accrued income | 490/1 | €60 | €1,223 | +€1,163 | +1,926% |
| Total equity and liabilities | 10/49 | €129,372 | €129,931 | +€559 | +0.4% |
| Equity | 10/15 | €30,981 | €34,087 | +€3,105 | +10.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €9,360 | €9,360 | = | 0.0% |
| Distributable reserves | 133 | €9,360 | €9,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,221 | €12,327 | +€3,105 | +33.7% |
| Amounts payable | 17/49 | €98,391 | €95,844 | -€2,546 | -2.6% |
| Amounts payable after more than one year | 17 | €23,064 | €1,822 | -€21,242 | -92.1% |
| Financial debts | 170/4 | €21,664 | €422 | -€21,242 | -98.1% |
| Other amounts payable | 178/9 | €1,400 | €1,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,327 | €94,022 | +€18,695 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €27,538 | €22,451 | -€5,087 | -18.5% |
| Trade debts | 44 | - | €3,647 | +€3,647 | |
| Suppliers | 440/4 | - | €3,647 | +€3,647 | |
| Taxes, remuneration and social security | 45 | €1,475 | €721 | -€754 | -51.1% |
| Taxes | 450/3 | €1,475 | €721 | -€754 | -51.1% |
| Other amounts payable | 47/48 | €46,314 | €67,204 | +€20,890 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,868 | €6,943 | +€75 | +1.1% |
| Other operating charges | 640/8 | €1,180 | €1,217 | +€37 | +3.1% |
| Gross operating margin | 9900 | €14,412 | €13,113 | -€1,299 | -9.0% |
| Operating profit (loss) | 9901 | €6,364 | €4,953 | -€1,411 | -22.2% |
| Financial income | 75/76B | €82 | - | -€82 | |
| Recurring financial income | 75 | €82 | - | -€82 | |
| Financial charges | 65/66B | €1,482 | €1,848 | +€366 | +24.7% |
| Recurring financial charges | 65 | €1,482 | €1,848 | +€366 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €4,964 | €3,105 | -€1,859 | -37.4% |
| Profit (loss) for the period | 9904 | €4,964 | €3,105 | -€1,859 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,964 | €3,105 | -€1,859 | -37.4% |
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 23 October 2026 via checked.be.