ANTOINE MICHELLE: 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.
ANTOINE MICHELLE
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Receivables within one year -€55,845
no longer reported in 2025 (was €55,845)
- Cash +€12,663
up €12,663 (+422,100%), from €3 to €12,666
mainly Receivables within one year (+€55,845) and Net result for the year (+€19,229)
- Tangible fixed assets -€3,653
down €3,653 (-26.7%), from €13,698 to €10,045
of which Plant, machinery and equipment: -€3,310
- Deferred charges and accrued income -€1,110
down €1,110 (-7.8%), from €14,252 to €13,142
- Reserves +€19,000
up €19,000 (+32.8%), from €58,000 to €77,000
- Trade debts -€4,777
down €4,777 (-88.7%), from €5,384 to €607
- Short-term financial debts -€3,069
no longer reported in 2025 (was €3,069)
- Tax, wage and social debts -€1,308
down €1,308 (-17.4%), from €7,532 to €6,224
- Other debts +€1,036
new in 2025: €1,036
- Gross operating margin -€12,131
down €12,131 (-26.2%), from €46,310 to €34,179
- Taxes -€7,194
down €7,194 (-47.9%), from €15,022 to €7,828
- Financial charges -€749
down €749 (-19.5%), from €3,833 to €3,084
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 | €83,823 | €95,878 | +€12,055 | +14.4% |
| Fixed assets | 21/28 | €13,723 | €10,070 | -€3,653 | -26.6% |
| Tangible fixed assets | 22/27 | €13,698 | €10,045 | -€3,653 | -26.7% |
| Plant, machinery and equipment | 23 | €13,050 | €9,740 | -€3,310 | -25.4% |
| Furniture and vehicles | 24 | €648 | €305 | -€343 | -52.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €70,100 | €85,808 | +€15,708 | +22.4% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €55,845 | - | -€55,845 | |
| Other amounts receivable | 41 | €55,845 | - | -€55,845 | |
| Cash at bank and in hand | 54/58 | €3 | €12,666 | +€12,663 | +422,100% |
| Deferred charges and accrued income | 490/1 | €14,252 | €13,142 | -€1,110 | -7.8% |
| Total equity and liabilities | 10/49 | €83,823 | €95,878 | +€12,055 | +14.4% |
| Equity | 10/15 | €66,838 | €86,067 | +€19,229 | +28.8% |
| Contributions | 10/11 | €3,059 | €3,059 | = | 0.0% |
| Reserves | 13 | €58,000 | €77,000 | +€19,000 | +32.8% |
| Distributable reserves | 133 | €58,000 | €77,000 | +€19,000 | +32.8% |
| Profit (loss) carried forward | 14 | €5,779 | €6,008 | +€229 | +4.0% |
| Amounts payable | 17/49 | €16,985 | €9,811 | -€7,174 | -42.2% |
| Amounts payable within one year | 42/48 | €16,985 | €8,867 | -€8,118 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €1,000 | €1,000 | = | 0.0% |
| Financial debts | 43 | €3,069 | - | -€3,069 | |
| Credit institutions | 430/8 | €3,069 | - | -€3,069 | |
| Trade debts | 44 | €5,384 | €607 | -€4,777 | -88.7% |
| Suppliers | 440/4 | €5,384 | €607 | -€4,777 | -88.7% |
| Taxes, remuneration and social security | 45 | €7,532 | €6,224 | -€1,308 | -17.4% |
| Taxes | 450/3 | €7,532 | €6,224 | -€1,308 | -17.4% |
| Other amounts payable | 47/48 | - | €1,036 | +€1,036 | |
| Accrued charges and deferred income | 492/3 | - | €944 | +€944 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,653 | €3,653 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €46,310 | €34,179 | -€12,131 | -26.2% |
| Operating profit (loss) | 9901 | €42,270 | €30,126 | -€12,144 | -28.7% |
| Financial income | 75/76B | €1 | €15 | +€14 | +1,400% |
| Recurring financial income | 75 | €1 | €15 | +€14 | +1,400% |
| Financial charges | 65/66B | €3,833 | €3,084 | -€749 | -19.5% |
| Recurring financial charges | 65 | €3,833 | €3,084 | -€749 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €38,438 | €27,057 | -€11,381 | -29.6% |
| Income taxes | 67/77 | €15,022 | €7,828 | -€7,194 | -47.9% |
| Profit (loss) for the period | 9904 | €23,416 | €19,229 | -€4,187 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,416 | €19,229 | -€4,187 | -17.9% |
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 19 October 2026 via checked.be.