ASSURANCES MICHEZ: 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.
ASSURANCES MICHEZ
Largest movements
- Receivables within one year +€55,966
up €55,966 (+275%), from €20,368 to €76,334
- Cash +€20,318
up €20,318 (+55.9%), from €36,323 to €56,641
mainly Net result for the year (+€119,957) and Depreciation (+€43,153)
- Tangible fixed assets -€16,280
down €16,280 (-3.1%), from €522,465 to €506,185
of which Land and buildings: -€17,135
- Profit (loss) carried forward +€134,087
up €134,087 (+71.0%), from €188,801 to €322,889
- Debts after one year -€85,599
down €85,599 (-26.0%), from €329,702 to €244,102
of which Financial debts: -€85,599
- Current portion of long-term debt +€11,517
up €11,517 (+22.5%), from €51,164 to €62,680
- Gross operating margin +€39,699
up €39,699 (+23.3%), from €170,269 to €209,969
- Taxes -€17,457
no longer reported in 2025 (was €17,457)
- Depreciation +€7,587
up €7,587 (+21.3%), from €35,567 to €43,153
- Staff costs -€5,510
down €5,510 (-14.3%), from €38,406 to €32,897
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 | €749,555 | €809,560 | +€60,005 | +8.0% |
| Fixed assets | 21/28 | €522,465 | €506,185 | -€16,280 | -3.1% |
| Tangible fixed assets | 22/27 | €522,465 | €506,185 | -€16,280 | -3.1% |
| Land and buildings | 22 | €459,107 | €441,972 | -€17,135 | -3.7% |
| Plant, machinery and equipment | 23 | €59,395 | €47,906 | -€11,489 | -19.3% |
| Furniture and vehicles | 24 | €3,964 | €16,308 | +€12,343 | +311% |
| Current assets | 29/58 | €227,090 | €303,375 | +€76,285 | +33.6% |
| Amounts receivable within one year | 40/41 | €20,368 | €76,334 | +€55,966 | +275% |
| Other amounts receivable | 41 | €20,368 | €76,334 | +€55,966 | +275% |
| Current investments | 50/53 | €170,400 | €170,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,323 | €56,641 | +€20,318 | +55.9% |
| Total equity and liabilities | 10/49 | €749,555 | €809,560 | +€60,005 | +8.0% |
| Equity | 10/15 | €367,261 | €501,349 | +€134,087 | +36.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Share premium | 1100/10 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €172,260 | €172,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €172,260 | €172,260 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €170,400 | €170,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,801 | €322,889 | +€134,087 | +71.0% |
| Amounts payable | 17/49 | €382,294 | €308,212 | -€74,083 | -19.4% |
| Amounts payable after more than one year | 17 | €329,702 | €244,102 | -€85,599 | -26.0% |
| Financial debts | 170/4 | €260,890 | €175,290 | -€85,599 | -32.8% |
| Other amounts payable | 178/9 | €68,812 | €68,812 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,592 | €64,109 | +€11,517 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €51,164 | €62,680 | +€11,517 | +22.5% |
| Trade debts | 44 | €1,429 | €1,429 | = | 0.0% |
| Suppliers | 440/4 | €1,429 | €1,429 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €38,406 | €32,897 | -€5,510 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,567 | €43,153 | +€7,587 | +21.3% |
| Other operating charges | 640/8 | €7,154 | €7,934 | +€780 | +10.9% |
| Gross operating margin | 9900 | €170,269 | €209,969 | +€39,699 | +23.3% |
| Operating profit (loss) | 9901 | €89,143 | €125,986 | +€36,842 | +41.3% |
| Financial income | 75/76B | - | €996 | +€996 | |
| Recurring financial income | 75 | - | €996 | +€996 | |
| Financial charges | 65/66B | €6,835 | €7,025 | +€190 | +2.8% |
| Recurring financial charges | 65 | €6,835 | €7,025 | +€190 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €82,308 | €119,957 | +€37,649 | +45.7% |
| Income taxes | 67/77 | €17,457 | - | -€17,457 | |
| Profit (loss) for the period | 9904 | €64,851 | €119,957 | +€55,106 | +85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,851 | €119,957 | +€55,106 | +85.0% |
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 24 October 2026 via checked.be.