AM MICHIELS: 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.
AM MICHIELS
Largest movements
- Stocks and contracts +€3.0m
up €3.0m (+56.2%), from €5.3m to €8.3m
- Receivables within one year +€462,991
up €462,991 (+704%), from €65,748 to €528,739
of which Trade receivables: +€437,291
- Tangible fixed assets -€126,081
down €126,081 (-8.0%), from €1.6m to €1.4m
of which Land and buildings: -€91,626
- Advances received +€2.7m
up €2.7m (+120%), from €2.2m to €5.0m
- Trade debts +€1.1m
up €1.1m (+50.0%), from €2.2m to €3.3m
- Tax, wage and social debts -€376,799
down €376,799 (-75.7%), from €497,716 to €120,917
of which Taxes: -€359,719
- Depreciation -€33,140
down €33,140 (-19.8%), from €167,353 to €134,213
- Staff costs +€20,601
up €20,601 (+6.7%), from €305,414 to €326,015
- Financial income -€9,844
down €9,844 (-39.1%), from €25,178 to €15,334
of which Non-recurring financial income: -€19,793
- Gross operating margin +€7,960
up €7,960 (+1.5%), from €519,652 to €527,612
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,125,272 | €12,570,091 | +€3.4m | +37.8% |
| Fixed assets | 21/28 | €1,571,157 | €1,445,075 | -€126,081 | -8.0% |
| Tangible fixed assets | 22/27 | €1,570,646 | €1,444,564 | -€126,081 | -8.0% |
| Land and buildings | 22 | €1,348,624 | €1,256,998 | -€91,626 | -6.8% |
| Plant, machinery and equipment | 23 | €155,478 | €141,561 | -€13,916 | -9.0% |
| Furniture and vehicles | 24 | €66,544 | €46,005 | -€20,539 | -30.9% |
| Financial fixed assets | 28 | €511 | €511 | = | 0.0% |
| Current assets | 29/58 | €7,554,115 | €11,125,016 | +€3.6m | +47.3% |
| Stocks and contracts in progress | 3 | €5,326,921 | €8,320,159 | +€3.0m | +56.2% |
| Stocks | 30/36 | €5,326,921 | €8,320,159 | +€3.0m | +56.2% |
| Amounts receivable within one year | 40/41 | €65,748 | €528,739 | +€462,991 | +704% |
| Trade receivables | 40 | €19,562 | €456,853 | +€437,291 | +2,235% |
| Other amounts receivable | 41 | €46,186 | €71,886 | +€25,700 | +55.6% |
| Cash at bank and in hand | 54/58 | €2,140,455 | €2,248,147 | +€107,692 | +5.0% |
| Deferred charges and accrued income | 490/1 | €20,991 | €27,972 | +€6,980 | +33.3% |
| Total equity and liabilities | 10/49 | €9,125,272 | €12,570,091 | +€3.4m | +37.8% |
| Equity | 10/15 | €3,750,763 | €3,789,355 | +€38,592 | +1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,732,171 | €3,770,763 | +€38,592 | +1.0% |
| Tax-exempt reserves | 132 | €77,817 | €75,940 | -€1,877 | -2.4% |
| Distributable reserves | 133 | €3,654,354 | €3,694,822 | +€40,469 | +1.1% |
| Provisions and deferred taxes | 16 | €7,582 | €7,138 | -€445 | -5.9% |
| Deferred taxes | 168 | €7,582 | €7,138 | -€445 | -5.9% |
| Amounts payable | 17/49 | €5,366,927 | €8,773,599 | +€3.4m | +63.5% |
| Amounts payable after more than one year | 17 | €370,161 | €338,005 | -€32,156 | -8.7% |
| Financial debts | 170/4 | €370,161 | €338,005 | -€32,156 | -8.7% |
| Amounts payable within one year | 42/48 | €4,996,766 | €8,435,594 | +€3.4m | +68.8% |
| Current portion of amounts payable after more than one year | 42 | €31,766 | €32,156 | +€390 | +1.2% |
| Trade debts | 44 | €2,220,734 | €3,332,145 | +€1.1m | +50.0% |
| Suppliers | 440/4 | €2,220,734 | €3,332,145 | +€1.1m | +50.0% |
| Advances received on contracts in progress | 46 | €2,246,550 | €4,950,376 | +€2.7m | +120% |
| Taxes, remuneration and social security | 45 | €497,716 | €120,917 | -€376,799 | -75.7% |
| Taxes | 450/3 | €450,441 | €90,722 | -€359,719 | -79.9% |
| Remuneration and social security | 454/9 | €47,275 | €30,195 | -€17,080 | -36.1% |
| Remuneration, social security and pensions | 62 | €305,414 | €326,015 | +€20,601 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,353 | €134,213 | -€33,140 | -19.8% |
| Other operating charges | 640/8 | €20,143 | €22,409 | +€2,267 | +11.3% |
| Gross operating margin | 9900 | €519,652 | €527,612 | +€7,960 | +1.5% |
| Operating profit (loss) | 9901 | €26,743 | €44,974 | +€18,231 | +68.2% |
| Financial income | 75/76B | €25,178 | €15,334 | -€9,844 | -39.1% |
| Recurring financial income | 75 | €5,135 | €15,084 | +€9,949 | +194% |
| Non-recurring financial income | 76B | €20,043 | €250 | -€19,793 | -98.8% |
| Financial charges | 65/66B | €7,932 | €7,422 | -€510 | -6.4% |
| Recurring financial charges | 65 | €7,932 | €7,422 | -€510 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €43,989 | €52,886 | +€8,897 | +20.2% |
| Transfer from deferred taxes | 780 | €445 | €445 | = | 0.0% |
| Income taxes | 67/77 | €9,634 | €14,739 | +€5,106 | +53.0% |
| Profit (loss) for the period | 9904 | €34,800 | €38,592 | +€3,792 | +10.9% |
| Transfer from tax-exempt reserves | 789 | €1,877 | €1,877 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,677 | €40,469 | +€3,792 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.