Adriaens Michaël: what changed
Adriaens Michaël
Largest movements
- Tangible fixed assets -€21,122
down €21,122 (-10.8%), from €195,349 to €174,227
of which Other tangible fixed assets: -€16,212
- Cash +€17,247
up €17,247 (+21.5%), from €80,079 to €97,326
mainly Other debts (+€166,599) and Net result for the year (+€116,482)
- Receivables within one year +€16,731
up €16,731 (+192%), from €8,692 to €25,422
of which Other amounts receivable: +€16,731
- Other debts +€166,599
up €166,599 (+43.5%), from €383,042 to €549,641
- Profit (loss) carried forward -€118,518
down €118,518 (-85.2%), from €139,045 to €20,527
- Debts after one year -€20,824
down €20,824 (-11.0%), from €189,516 to €168,692
- Current portion of long-term debt -€14,277
down €14,277 (-40.7%), from €35,102 to €20,824
- Gross operating margin -€27,129
down €27,129 (-13.2%), from €205,174 to €178,045
- Taxes -€6,743
down €6,743 (-15.0%), from €44,824 to €38,081
- Depreciation +€2,561
up €2,561 (+13.8%), from €18,561 to €21,122
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €805,342 | €818,200 | +€12,858 | +1.6% |
| Fixed assets | 21/28 | €715,349 | €694,227 | -€21,122 | -3.0% |
| Tangible fixed assets | 22/27 | €195,349 | €174,227 | -€21,122 | -10.8% |
| Furniture and vehicles | 24 | €19,085 | €14,176 | -€4,910 | -25.7% |
| Other tangible fixed assets | 26 | €176,264 | €160,051 | -€16,212 | -9.2% |
| Financial fixed assets | 28 | €520,000 | €520,000 | = | 0.0% |
| Current assets | 29/58 | €89,993 | €123,972 | +€33,980 | +37.8% |
| Amounts receivable within one year | 40/41 | €8,692 | €25,422 | +€16,731 | +192% |
| Trade receivables | 40 | €315 | €315 | = | 0.0% |
| Other amounts receivable | 41 | €8,377 | €25,108 | +€16,731 | +200% |
| Cash at bank and in hand | 54/58 | €80,079 | €97,326 | +€17,247 | +21.5% |
| Deferred charges and accrued income | 490/1 | €1,222 | €1,224 | +€2 | +0.2% |
| Total equity and liabilities | 10/49 | €805,342 | €818,200 | +€12,858 | +1.6% |
| Equity | 10/15 | €189,045 | €70,527 | -€118,518 | -62.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,045 | €20,527 | -€118,518 | -85.2% |
| Amounts payable | 17/49 | €616,297 | €747,672 | +€131,376 | +21.3% |
| Amounts payable after more than one year | 17 | €189,516 | €168,692 | -€20,824 | -11.0% |
| Financial debts | 170/4 | €189,516 | €168,692 | -€20,824 | -11.0% |
| Amounts payable within one year | 42/48 | €426,780 | €578,980 | +€152,200 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €35,102 | €20,824 | -€14,277 | -40.7% |
| Trade debts | 44 | €2,637 | €1,101 | -€1,536 | -58.2% |
| Suppliers | 440/4 | €2,637 | €1,101 | -€1,536 | -58.2% |
| Taxes, remuneration and social security | 45 | €5,999 | €7,413 | +€1,414 | +23.6% |
| Taxes | 450/3 | €5,999 | €7,413 | +€1,414 | +23.6% |
| Other amounts payable | 47/48 | €383,042 | €549,641 | +€166,599 | +43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,561 | €21,122 | +€2,561 | +13.8% |
| Other operating charges | 640/8 | €563 | €400 | -€163 | -29.0% |
| Gross operating margin | 9900 | €205,174 | €178,045 | -€27,129 | -13.2% |
| Operating profit (loss) | 9901 | €186,050 | €156,523 | -€29,527 | -15.9% |
| Financial income | 75/76B | €671 | €631 | -€41 | -6.0% |
| Recurring financial income | 75 | €671 | €631 | -€41 | -6.0% |
| Financial charges | 65/66B | €2,895 | €2,590 | -€305 | -10.5% |
| Recurring financial charges | 65 | €2,895 | €2,590 | -€305 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €183,827 | €154,564 | -€29,263 | -15.9% |
| Income taxes | 67/77 | €44,824 | €38,081 | -€6,743 | -15.0% |
| Profit (loss) for the period | 9904 | €139,003 | €116,482 | -€22,520 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €139,003 | €116,482 | -€22,520 | -16.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.