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
- Cash +€239,553
up €239,553 (+25.1%), from €954,560 to €1.2m
mainly Stocks and contracts (+€150,565) and Net result for the year (+€85,389)
- Stocks and contracts -€150,565
down €150,565 (-70.1%), from €214,917 to €64,352
- Tangible fixed assets -€56,468
down €56,468 (-6.8%), from €834,768 to €778,299
of which Land and buildings: -€42,787
- Receivables within one year +€38,243
up €38,243 (+5.7%), from €674,077 to €712,320
of which Other amounts receivable: +€30,238
- Reserves +€85,389
up €85,389 (+5.0%), from €1.7m to €1.8m
of which Distributable reserves: +€85,389
- Debts after one year -€32,287
down €32,287 (-9.0%), from €359,486 to €327,199
- Gross operating margin +€91,063
up €91,063 (+18.4%), from €493,751 to €584,813
- Staff costs +€23,749
up €23,749 (+6.3%), from €376,233 to €399,982
- Taxes +€12,052
up €12,052 (+71.3%), from €16,895 to €28,947
- Financial income -€11,496
down €11,496 (-43.8%), from €26,222 to €14,726
of which Non-recurring financial income: -€16,853
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 | €2,701,949 | €2,770,768 | +€68,819 | +2.5% |
| Fixed assets | 21/28 | €834,768 | €778,299 | -€56,468 | -6.8% |
| Tangible fixed assets | 22/27 | €834,768 | €778,299 | -€56,468 | -6.8% |
| Land and buildings | 22 | €689,622 | €646,836 | -€42,787 | -6.2% |
| Plant, machinery and equipment | 23 | €134,840 | €119,077 | -€15,762 | -11.7% |
| Furniture and vehicles | 24 | €10,306 | €12,387 | +€2,081 | +20.2% |
| Current assets | 29/58 | €1,867,181 | €1,992,468 | +€125,288 | +6.7% |
| Stocks and contracts in progress | 3 | €214,917 | €64,352 | -€150,565 | -70.1% |
| Stocks | 30/36 | €214,917 | €64,352 | -€150,565 | -70.1% |
| Amounts receivable within one year | 40/41 | €674,077 | €712,320 | +€38,243 | +5.7% |
| Trade receivables | 40 | €346,053 | €354,058 | +€8,005 | +2.3% |
| Other amounts receivable | 41 | €328,024 | €358,262 | +€30,238 | +9.2% |
| Cash at bank and in hand | 54/58 | €954,560 | €1,194,113 | +€239,553 | +25.1% |
| Deferred charges and accrued income | 490/1 | €23,626 | €21,683 | -€1,943 | -8.2% |
| Total equity and liabilities | 10/49 | €2,701,949 | €2,770,768 | +€68,819 | +2.5% |
| Equity | 10/15 | €2,210,016 | €2,295,405 | +€85,389 | +3.9% |
| Contributions | 10/11 | €507,901 | €507,901 | = | 0.0% |
| Reserves | 13 | €1,702,115 | €1,787,504 | +€85,389 | +5.0% |
| Tax-exempt reserves | 132 | €433 | €433 | = | 0.0% |
| Distributable reserves | 133 | €1,701,682 | €1,787,071 | +€85,389 | +5.0% |
| Amounts payable | 17/49 | €491,932 | €475,363 | -€16,570 | -3.4% |
| Amounts payable after more than one year | 17 | €359,486 | €327,199 | -€32,287 | -9.0% |
| Financial debts | 170/4 | €359,486 | €327,199 | -€32,287 | -9.0% |
| Amounts payable within one year | 42/48 | €132,447 | €148,164 | +€15,717 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €31,896 | €32,287 | +€392 | +1.2% |
| Financial debts | 43 | €22,500 | €22,500 | = | 0.0% |
| Credit institutions | 430/8 | €22,500 | €22,500 | = | 0.0% |
| Trade debts | 44 | €12,728 | €29,264 | +€16,536 | +130% |
| Suppliers | 440/4 | €12,728 | €29,264 | +€16,536 | +130% |
| Taxes, remuneration and social security | 45 | €65,323 | €64,113 | -€1,211 | -1.9% |
| Taxes | 450/3 | €24,200 | €30,932 | +€6,732 | +27.8% |
| Remuneration and social security | 454/9 | €41,123 | €33,181 | -€7,942 | -19.3% |
| Remuneration, social security and pensions | 62 | €376,233 | €399,982 | +€23,749 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,077 | €66,526 | -€1,551 | -2.3% |
| Other operating charges | 640/8 | €9,764 | €11,495 | +€1,731 | +17.7% |
| Gross operating margin | 9900 | €493,751 | €584,813 | +€91,063 | +18.4% |
| Operating profit (loss) | 9901 | €39,676 | €106,810 | +€67,134 | +169% |
| Financial income | 75/76B | €26,222 | €14,726 | -€11,496 | -43.8% |
| Recurring financial income | 75 | €3,070 | €8,427 | +€5,357 | +175% |
| Non-recurring financial income | 76B | €23,152 | €6,299 | -€16,853 | -72.8% |
| Financial charges | 65/66B | €6,792 | €7,200 | +€409 | +6.0% |
| Recurring financial charges | 65 | €6,792 | €7,200 | +€409 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €59,106 | €114,336 | +€55,229 | +93.4% |
| Income taxes | 67/77 | €16,895 | €28,947 | +€12,052 | +71.3% |
| Profit (loss) for the period | 9904 | €42,212 | €85,389 | +€43,177 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €42,212 | €85,389 | +€43,177 | +102% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.