A. 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.
A. MICHEL
Largest movements
- Cash -€59,478
down €59,478 (-26.5%), from €224,324 to €164,846
mainly Other debts (-€91,658) and Contributions, distributions and other (-€50,000)
- Deferred charges and accrued income -€6,227
down €6,227 (-39.6%), from €15,710 to €9,483
- Other debts -€91,658
down €91,658 (-78.2%), from €117,181 to €25,523
- Profit (loss) carried forward +€49,997
up €49,997 (+45.4%), from €110,090 to €160,087
- Tax, wage and social debts -€19,206
down €19,206 (-65.9%), from €29,156 to €9,950
- Trade debts -€3,520
down €3,520 (-96.5%), from €3,649 to €129
- Gross operating margin +€5,390
up €5,390 (+4.4%), from €122,524 to €127,914
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.
Cash bridge derived
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 | €263,076 | €198,689 | -€64,387 | -24.5% |
| Fixed assets | 21/28 | €23,042 | €24,360 | +€1,318 | +5.7% |
| Tangible fixed assets | 22/27 | - | €1,318 | +€1,318 | |
| Furniture and vehicles | 24 | - | €1,318 | +€1,318 | |
| Financial fixed assets | 28 | €23,042 | €23,042 | = | 0.0% |
| Current assets | 29/58 | €240,034 | €174,329 | -€65,705 | -27.4% |
| Cash at bank and in hand | 54/58 | €224,324 | €164,846 | -€59,478 | -26.5% |
| Deferred charges and accrued income | 490/1 | €15,710 | €9,483 | -€6,227 | -39.6% |
| Total equity and liabilities | 10/49 | €263,076 | €198,689 | -€64,387 | -24.5% |
| Equity | 10/15 | €113,090 | €163,087 | +€49,997 | +44.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,090 | €160,087 | +€49,997 | +45.4% |
| Amounts payable | 17/49 | €149,986 | €35,602 | -€114,384 | -76.3% |
| Amounts payable within one year | 42/48 | €149,986 | €35,602 | -€114,384 | -76.3% |
| Trade debts | 44 | €3,649 | €129 | -€3,520 | -96.5% |
| Suppliers | 440/4 | €3,649 | €129 | -€3,520 | -96.5% |
| Taxes, remuneration and social security | 45 | €29,156 | €9,950 | -€19,206 | -65.9% |
| Taxes | 450/3 | €29,156 | €9,950 | -€19,206 | -65.9% |
| Other amounts payable | 47/48 | €117,181 | €25,523 | -€91,658 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €80 | +€80 | |
| Other operating charges | 640/8 | €782 | - | -€782 | |
| Gross operating margin | 9900 | €122,524 | €127,914 | +€5,390 | +4.4% |
| Operating profit (loss) | 9901 | €121,742 | €127,834 | +€6,092 | +5.0% |
| Financial income | 75/76B | €337 | - | -€337 | |
| Recurring financial income | 75 | €337 | - | -€337 | |
| Financial charges | 65/66B | €1,993 | €1,696 | -€297 | -14.9% |
| Recurring financial charges | 65 | €1,993 | €1,696 | -€297 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €120,086 | €126,138 | +€6,052 | +5.0% |
| Income taxes | 67/77 | €24,889 | €26,141 | +€1,252 | +5.0% |
| Profit (loss) for the period | 9904 | €95,197 | €99,997 | +€4,800 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,197 | €99,997 | +€4,800 | +5.0% |
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 10 October 2026 via checked.be.