August 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.
August Michiels
Largest movements
- Tangible fixed assets +€526,710
up €526,710 (+429%), from €122,702 to €649,412
of which Land and buildings: +€491,476
- Cash -€249,486
down €249,486 (-64.9%), from €384,508 to €135,023
mainly Investment in fixed assets (net) (-€573,486) and Tax, wage and social debts (-€19,314)
- Receivables within one year -€26,409
down €26,409 (-48.2%), from €54,743 to €28,334
of which Trade receivables: -€30,111
- Stocks and contracts -€11,270
down €11,270 (-16.5%), from €68,287 to €57,017
- Trade debts +€159,678
up €159,678 (+418%), from €38,237 to €197,915
- Reserves +€87,505
up €87,505 (+28.1%), from €310,989 to €398,493
of which Distributable reserves: +€87,505
- Other debts +€23,666
up €23,666 (+60.7%), from €38,992 to €62,658
- Tax, wage and social debts -€19,314
down €19,314 (-55.4%), from €34,873 to €15,559
of which Taxes: -€19,310
- Taxes -€23,936
down €23,936 (-54.9%), from €43,612 to €19,677
- Gross operating margin -€22,423
down €22,423 (-12.0%), from €187,637 to €165,214
- Depreciation +€13,001
up €13,001 (+38.5%), from €33,775 to €46,776
- Other operating charges +€4,555
up €4,555 (+107%), from €4,263 to €8,818
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 | €652,912 | €895,517 | +€242,604 | +37.2% |
| Fixed assets | 21/28 | €145,202 | €671,912 | +€526,710 | +363% |
| Tangible fixed assets | 22/27 | €122,702 | €649,412 | +€526,710 | +429% |
| Land and buildings | 22 | - | €491,476 | +€491,476 | |
| Plant, machinery and equipment | 23 | €14,681 | €39,406 | +€24,726 | +168% |
| Furniture and vehicles | 24 | €25,299 | €55,460 | +€30,161 | +119% |
| Other tangible fixed assets | 26 | €82,723 | €63,071 | -€19,653 | -23.8% |
| Financial fixed assets | 28 | €22,500 | €22,500 | = | 0.0% |
| Current assets | 29/58 | €507,710 | €223,605 | -€284,105 | -56.0% |
| Stocks and contracts in progress | 3 | €68,287 | €57,017 | -€11,270 | -16.5% |
| Stocks | 30/36 | €68,287 | €57,017 | -€11,270 | -16.5% |
| Amounts receivable within one year | 40/41 | €54,743 | €28,334 | -€26,409 | -48.2% |
| Trade receivables | 40 | €54,444 | €24,334 | -€30,111 | -55.3% |
| Other amounts receivable | 41 | €299 | €4,000 | +€3,701 | +1,239% |
| Cash at bank and in hand | 54/58 | €384,508 | €135,023 | -€249,486 | -64.9% |
| Deferred charges and accrued income | 490/1 | €172 | €3,231 | +€3,060 | +1,782% |
| Total equity and liabilities | 10/49 | €652,912 | €895,517 | +€242,604 | +37.2% |
| Equity | 10/15 | €490,853 | €578,358 | +€87,505 | +17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €310,989 | €398,493 | +€87,505 | +28.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €309,129 | €396,633 | +€87,505 | +28.3% |
| Profit (loss) carried forward | 14 | €161,265 | €161,265 | = | 0.0% |
| Amounts payable | 17/49 | €162,059 | €317,159 | +€155,100 | +95.7% |
| Amounts payable after more than one year | 17 | €39,585 | €30,770 | -€8,815 | -22.3% |
| Financial debts | 170/4 | €39,585 | €30,770 | -€8,815 | -22.3% |
| Amounts payable within one year | 42/48 | €122,474 | €286,389 | +€163,915 | +134% |
| Current portion of amounts payable after more than one year | 42 | €10,372 | €10,257 | -€115 | -1.1% |
| Trade debts | 44 | €38,237 | €197,915 | +€159,678 | +418% |
| Suppliers | 440/4 | €38,237 | €197,915 | +€159,678 | +418% |
| Taxes, remuneration and social security | 45 | €34,873 | €15,559 | -€19,314 | -55.4% |
| Taxes | 450/3 | €31,750 | €12,440 | -€19,310 | -60.8% |
| Remuneration and social security | 454/9 | €3,123 | €3,120 | -€4 | -0.1% |
| Other amounts payable | 47/48 | €38,992 | €62,658 | +€23,666 | +60.7% |
| Non-recurring operating income | 76A | €9 | - | -€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,775 | €46,776 | +€13,001 | +38.5% |
| Other operating charges | 640/8 | €4,263 | €8,818 | +€4,555 | +107% |
| Gross operating margin | 9900 | €187,637 | €165,214 | -€22,423 | -12.0% |
| Operating profit (loss) | 9901 | €149,599 | €109,619 | -€39,979 | -26.7% |
| Financial income | 75/76B | €1,548 | €1,697 | +€148 | +9.6% |
| Recurring financial income | 75 | €1,548 | €1,697 | +€148 | +9.6% |
| Financial charges | 65/66B | €4,267 | €4,135 | -€133 | -3.1% |
| Recurring financial charges | 65 | €4,267 | €4,135 | -€133 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €146,880 | €107,181 | -€39,699 | -27.0% |
| Income taxes | 67/77 | €43,612 | €19,677 | -€23,936 | -54.9% |
| Profit (loss) for the period | 9904 | €103,268 | €87,505 | -€15,763 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €103,268 | €87,505 | -€15,763 | -15.3% |
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 21 October 2026 via checked.be.