ALAIN 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.
ALAIN MICHEL
Largest movements
- Tangible fixed assets -€16,282
down €16,282 (-24.2%), from €67,360 to €51,078
of which Furniture and vehicles: -€17,730
- Receivables within one year -€12,303
down €12,303 (-67.4%), from €18,245 to €5,943
of which Trade receivables: -€12,103
- Cash -€7,829
down €7,829 (-20.1%), from €39,034 to €31,205
mainly Net result for the year (-€18,005) and Tax, wage and social debts (-€15,326)
- Deferred charges and accrued income -€5,069
down €5,069 (-43.2%), from €11,730 to €6,662
- Reserves -€35,000
down €35,000 (-21.9%), from €160,000 to €125,000
of which Non-distributable reserves: -€25,000
- Contributions +€25,000
up €25,000 (+10.0%), from €250,000 to €275,000
- Tax, wage and social debts -€15,326
down €15,326 (-47.9%), from €31,996 to €16,671
of which Taxes: -€15,146
- Debts after one year -€14,455
no longer reported in 2025 (was €14,455)
- Profit (loss) carried forward -€8,005
down €8,005 (-58.4%), from €13,698 to €5,693
- Staff costs -€33,395
down €33,395 (-30.9%), from €108,035 to €74,640
- Gross operating margin -€15,679
down €15,679 (-14.4%), from €109,067 to €93,388
- Depreciation +€8,234
up €8,234 (+69.8%), from €11,788 to €20,022
- Financial charges +€1,734
up €1,734 (+69.5%), from €2,494 to €4,228
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 | €500,903 | €457,192 | -€43,712 | -8.7% |
| Fixed assets | 21/28 | €67,360 | €51,078 | -€16,282 | -24.2% |
| Tangible fixed assets | 22/27 | €67,360 | €51,078 | -€16,282 | -24.2% |
| Plant, machinery and equipment | 23 | €267 | €50 | -€216 | -81.1% |
| Furniture and vehicles | 24 | €61,509 | €43,779 | -€17,730 | -28.8% |
| Other tangible fixed assets | 26 | €5,584 | €7,248 | +€1,664 | +29.8% |
| Current assets | 29/58 | €433,544 | €406,114 | -€27,430 | -6.3% |
| Stocks and contracts in progress | 3 | €364,534 | €362,304 | -€2,229 | -0.6% |
| Stocks | 30/36 | €364,534 | €362,304 | -€2,229 | -0.6% |
| Amounts receivable within one year | 40/41 | €18,245 | €5,943 | -€12,303 | -67.4% |
| Trade receivables | 40 | €16,523 | €4,421 | -€12,103 | -73.2% |
| Other amounts receivable | 41 | €1,722 | €1,522 | -€200 | -11.6% |
| Cash at bank and in hand | 54/58 | €39,034 | €31,205 | -€7,829 | -20.1% |
| Deferred charges and accrued income | 490/1 | €11,730 | €6,662 | -€5,069 | -43.2% |
| Total equity and liabilities | 10/49 | €500,903 | €457,192 | -€43,712 | -8.7% |
| Equity | 10/15 | €423,698 | €405,693 | -€18,005 | -4.2% |
| Contributions | 10/11 | €250,000 | €275,000 | +€25,000 | +10.0% |
| Reserves | 13 | €160,000 | €125,000 | -€35,000 | -21.9% |
| Non-distributable reserves | 130/1 | €25,000 | - | -€25,000 | |
| Reserves not available under the articles | 1311 | €25,000 | - | -€25,000 | |
| Distributable reserves | 133 | €135,000 | €125,000 | -€10,000 | -7.4% |
| Profit (loss) carried forward | 14 | €13,698 | €5,693 | -€8,005 | -58.4% |
| Amounts payable | 17/49 | €77,205 | €51,498 | -€25,707 | -33.3% |
| Amounts payable after more than one year | 17 | €14,455 | - | -€14,455 | |
| Financial debts | 170/4 | €14,455 | - | -€14,455 | |
| Amounts payable within one year | 42/48 | €62,751 | €51,498 | -€11,252 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €15,769 | €14,455 | -€1,314 | -8.3% |
| Trade debts | 44 | €3,091 | €8,916 | +€5,825 | +188% |
| Suppliers | 440/4 | €3,091 | €8,916 | +€5,825 | +188% |
| Taxes, remuneration and social security | 45 | €31,996 | €16,671 | -€15,326 | -47.9% |
| Taxes | 450/3 | €24,067 | €8,922 | -€15,146 | -62.9% |
| Remuneration and social security | 454/9 | €7,929 | €7,749 | -€180 | -2.3% |
| Other amounts payable | 47/48 | €11,894 | €11,457 | -€437 | -3.7% |
| Non-recurring operating income | 76A | €9,360 | €2,893 | -€6,468 | -69.1% |
| Remuneration, social security and pensions | 62 | €108,035 | €74,640 | -€33,395 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,788 | €20,022 | +€8,234 | +69.8% |
| Other operating charges | 640/8 | €11,828 | €12,477 | +€649 | +5.5% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €109,067 | €93,388 | -€15,679 | -14.4% |
| Operating profit (loss) | 9901 | -€22,584 | -€13,851 | +€8,734 | +38.7% |
| Financial income | 75/76B | €11 | €73 | +€62 | +576% |
| Recurring financial income | 75 | €11 | €73 | +€62 | +576% |
| Financial charges | 65/66B | €2,494 | €4,228 | +€1,734 | +69.5% |
| Recurring financial charges | 65 | €2,494 | €4,228 | +€1,734 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,067 | -€18,005 | +€7,062 | +28.2% |
| Income taxes | 67/77 | €39 | - | -€39 | |
| Profit (loss) for the period | 9904 | -€25,106 | -€18,005 | +€7,101 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,106 | -€18,005 | +€7,101 | +28.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.