Benoît MICHELLY: 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.
Benoît MICHELLY
Largest movements
- Tangible fixed assets +€276,140
up €276,140 (+240%), from €115,122 to €391,262
of which Land and buildings: +€277,466
- Cash -€74,804
down €74,804 (-37.4%), from €199,793 to €124,989
mainly Investment in fixed assets (net) (-€289,154) and Contributions, distributions and other (-€60,000)
- Receivables within one year +€18,754
up €18,754 (+21.3%), from €87,983 to €106,737
of which Trade receivables: +€18,508
- Debts after one year +€182,340
new in 2025: €182,340
- Profit (loss) carried forward -€59,504
down €59,504 (-12.7%), from €467,808 to €408,304
- Other debts +€46,154
new in 2025: €46,154
- Reserves +€21,140
up €21,140 (+1,137%), from €1,860 to €23,000
of which Distributable reserves: +€23,000
- Tax, wage and social debts +€18,538
new in 2025: €18,538
- Taxes +€21,137
up €21,137 (+418%), from €5,059 to €26,196
- Gross operating margin +€18,039
up €18,039 (+30.2%), from €59,687 to €77,726
- Other operating charges +€7,491
up €7,491 (+391%), from €1,918 to €9,408
- Depreciation +€6,071
up €6,071 (+87.4%), from €6,943 to €13,014
- Financial charges +€5,307
up €5,307 (+1,747%), from €304 to €5,611
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 | €482,898 | €703,392 | +€220,494 | +45.7% |
| Fixed assets | 21/28 | €195,122 | €471,262 | +€276,140 | +142% |
| Tangible fixed assets | 22/27 | €115,122 | €391,262 | +€276,140 | +240% |
| Land and buildings | 22 | €101,400 | €378,866 | +€277,466 | +274% |
| Plant, machinery and equipment | 23 | €10,001 | €8,932 | -€1,069 | -10.7% |
| Furniture and vehicles | 24 | €3,721 | €3,464 | -€257 | -6.9% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €287,776 | €232,130 | -€55,646 | -19.3% |
| Amounts receivable within one year | 40/41 | €87,983 | €106,737 | +€18,754 | +21.3% |
| Trade receivables | 40 | - | €18,508 | +€18,508 | |
| Other amounts receivable | 41 | €87,983 | €88,229 | +€246 | +0.3% |
| Cash at bank and in hand | 54/58 | €199,793 | €124,989 | -€74,804 | -37.4% |
| Deferred charges and accrued income | 490/1 | - | €404 | +€404 | |
| Total equity and liabilities | 10/49 | €482,898 | €703,392 | +€220,494 | +45.7% |
| Equity | 10/15 | €482,068 | €445,564 | -€36,504 | -7.6% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Share premium | 1100/10 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €23,000 | +€21,140 | +1,137% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €23,000 | +€23,000 | |
| Profit (loss) carried forward | 14 | €467,808 | €408,304 | -€59,504 | -12.7% |
| Amounts payable | 17/49 | €830 | €257,828 | +€256,998 | +30,964% |
| Amounts payable after more than one year | 17 | - | €182,340 | +€182,340 | |
| Financial debts | 170/4 | - | €182,340 | +€182,340 | |
| Amounts payable within one year | 42/48 | €830 | €75,488 | +€74,658 | +8,995% |
| Current portion of amounts payable after more than one year | 42 | - | €10,719 | +€10,719 | |
| Trade debts | 44 | €830 | €77 | -€753 | -90.7% |
| Suppliers | 440/4 | €830 | €77 | -€753 | -90.7% |
| Taxes, remuneration and social security | 45 | - | €18,538 | +€18,538 | |
| Taxes | 450/3 | - | €18,538 | +€18,538 | |
| Other amounts payable | 47/48 | - | €46,154 | +€46,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,943 | €13,014 | +€6,071 | +87.4% |
| Other operating charges | 640/8 | €1,918 | €9,408 | +€7,491 | +391% |
| Gross operating margin | 9900 | €59,687 | €77,726 | +€18,039 | +30.2% |
| Operating profit (loss) | 9901 | €50,826 | €55,303 | +€4,477 | +8.8% |
| Financial income | 75/76B | €826 | - | -€826 | |
| Recurring financial income | 75 | €826 | - | -€826 | |
| Financial charges | 65/66B | €304 | €5,611 | +€5,307 | +1,747% |
| Recurring financial charges | 65 | €304 | €5,611 | +€5,307 | +1,747% |
| Profit (loss) for the period before taxes | 9903 | €51,348 | €49,692 | -€1,655 | -3.2% |
| Income taxes | 67/77 | €5,059 | €26,196 | +€21,137 | +418% |
| Profit (loss) for the period | 9904 | €46,289 | €23,496 | -€22,793 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,289 | €23,496 | -€22,793 | -49.2% |
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.