APOTHEEK 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.
APOTHEEK MICHIELS
Largest movements
- Cash +€94,028
up €94,028 (+35.4%), from €265,815 to €359,843
mainly Net result for the year (+€118,907) and Depreciation (+€66,715)
- Tangible fixed assets -€66,715
down €66,715 (-35.9%), from €185,615 to €118,900
of which Plant, machinery and equipment: -€59,815
- Profit (loss) carried forward +€88,907
up €88,907 (+11.7%), from €761,559 to €850,465
- Other debts -€56,162
down €56,162 (-35.7%), from €157,488 to €101,326
- Trade debts +€54,604
up €54,604 (+19.4%), from €281,954 to €336,558
- Debts after one year -€27,299
down €27,299 (-15.6%), from €174,868 to €147,569
- Staff costs +€76,451
up €76,451 (+38.3%), from €199,573 to €276,024
- Gross operating margin +€49,285
up €49,285 (+10.7%), from €460,247 to €509,532
- Taxes +€8,315
up €8,315 (+30.4%), from €27,322 to €35,637
- Depreciation -€5,496
down €5,496 (-7.6%), from €72,210 to €66,715
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 | €2,244,467 | €2,286,327 | +€41,860 | +1.9% |
| Fixed assets | 21/28 | €190,615 | €123,900 | -€66,715 | -35.0% |
| Tangible fixed assets | 22/27 | €185,615 | €118,900 | -€66,715 | -35.9% |
| Land and buildings | 22 | €3,081 | €1,369 | -€1,713 | -55.6% |
| Plant, machinery and equipment | 23 | €142,801 | €82,985 | -€59,815 | -41.9% |
| Furniture and vehicles | 24 | €7,201 | €3,018 | -€4,183 | -58.1% |
| Other tangible fixed assets | 26 | €32,531 | €31,528 | -€1,003 | -3.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €2,053,853 | €2,162,427 | +€108,574 | +5.3% |
| Stocks and contracts in progress | 3 | €393,434 | €411,867 | +€18,434 | +4.7% |
| Stocks | 30/36 | €393,434 | €411,867 | +€18,434 | +4.7% |
| Amounts receivable within one year | 40/41 | €1,367,933 | €1,364,787 | -€3,146 | -0.2% |
| Trade receivables | 40 | €156,907 | €216,489 | +€59,582 | +38.0% |
| Other amounts receivable | 41 | €1,211,026 | €1,148,298 | -€62,728 | -5.2% |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €265,815 | €359,843 | +€94,028 | +35.4% |
| Deferred charges and accrued income | 490/1 | €26,671 | €24,929 | -€1,742 | -6.5% |
| Total equity and liabilities | 10/49 | €2,244,467 | €2,286,327 | +€41,860 | +1.9% |
| Equity | 10/15 | €1,545,895 | €1,634,802 | +€88,907 | +5.8% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €284,337 | €284,337 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,149 | €49,149 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,149 | €49,149 | = | 0.0% |
| Distributable reserves | 133 | €235,187 | €235,187 | = | 0.0% |
| Profit (loss) carried forward | 14 | €761,559 | €850,465 | +€88,907 | +11.7% |
| Amounts payable | 17/49 | €698,572 | €651,525 | -€47,047 | -6.7% |
| Amounts payable after more than one year | 17 | €174,868 | €147,569 | -€27,299 | -15.6% |
| Financial debts | 170/4 | €174,868 | €147,569 | -€27,299 | -15.6% |
| Amounts payable within one year | 42/48 | €519,078 | €498,688 | -€20,390 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €27,045 | €27,299 | +€253 | +0.9% |
| Trade debts | 44 | €281,954 | €336,558 | +€54,604 | +19.4% |
| Suppliers | 440/4 | €281,954 | €336,558 | +€54,604 | +19.4% |
| Taxes, remuneration and social security | 45 | €52,591 | €33,506 | -€19,086 | -36.3% |
| Taxes | 450/3 | €10,764 | €2,334 | -€8,430 | -78.3% |
| Remuneration and social security | 454/9 | €41,827 | €31,172 | -€10,655 | -25.5% |
| Other amounts payable | 47/48 | €157,488 | €101,326 | -€56,162 | -35.7% |
| Accrued charges and deferred income | 492/3 | €4,626 | €5,268 | +€642 | +13.9% |
| Non-recurring operating income | 76A | - | €739 | +€739 | |
| Remuneration, social security and pensions | 62 | €199,573 | €276,024 | +€76,451 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,210 | €66,715 | -€5,496 | -7.6% |
| Other operating charges | 640/8 | €1,319 | €1,361 | +€41 | +3.1% |
| Gross operating margin | 9900 | €460,247 | €509,532 | +€49,285 | +10.7% |
| Operating profit (loss) | 9901 | €187,145 | €165,433 | -€21,712 | -11.6% |
| Financial income | 75/76B | €4,025 | €2,718 | -€1,306 | -32.5% |
| Recurring financial income | 75 | €4,025 | €2,718 | -€1,306 | -32.5% |
| Financial charges | 65/66B | €14,183 | €13,608 | -€575 | -4.1% |
| Recurring financial charges | 65 | €14,183 | €13,608 | -€575 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €176,986 | €154,543 | -€22,443 | -12.7% |
| Income taxes | 67/77 | €27,322 | €35,637 | +€8,315 | +30.4% |
| Profit (loss) for the period | 9904 | €149,664 | €118,907 | -€30,757 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,664 | €118,907 | -€30,757 | -20.6% |
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 31 October 2026 via checked.be.