Bruno MICHEL: 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.
Bruno MICHEL
Largest movements
- Tangible fixed assets +€315,408
up €315,408 (+126%), from €250,626 to €566,034
of which Land and buildings: +€316,128
- Cash -€51,219
down €51,219 (-78.9%), from €64,926 to €13,707
mainly Investment in fixed assets (net) (-€335,766) and Trade debts (-€35,094)
- Debts after one year +€295,637
up €295,637 (+479%), from €61,722 to €357,359
of which Other amounts payable: +€230,000
- Trade debts -€35,094
no longer reported in 2025 (was €35,094)
- Profit (loss) carried forward -€6,935
down €6,935, from €98 to -€6,836
- Other debts +€5,968
up €5,968 (+19.4%), from €30,692 to €36,660
- Gross operating margin -€69,938
down €69,938 (-73.7%), from €94,908 to €24,970
- Taxes -€11,464
down €11,464, from €10,000 to -€1,464
- Financial charges -€3,233
down €3,233 (-74.4%), from €4,344 to €1,111
- Other operating charges -€2,575
down €2,575 (-26.4%), from €9,740 to €7,165
- Provisions -€2,564
new in 2025: -€2,564
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 | €318,325 | €581,508 | +€263,183 | +82.7% |
| Fixed assets | 21/28 | €250,626 | €566,034 | +€315,408 | +126% |
| Tangible fixed assets | 22/27 | €250,626 | €566,034 | +€315,408 | +126% |
| Land and buildings | 22 | €236,678 | €552,806 | +€316,128 | +134% |
| Plant, machinery and equipment | 23 | €3,001 | €4,881 | +€1,880 | +62.7% |
| Furniture and vehicles | 24 | €10,947 | €8,347 | -€2,600 | -23.8% |
| Current assets | 29/58 | €67,699 | €15,474 | -€52,225 | -77.1% |
| Amounts receivable within one year | 40/41 | €2,773 | €1,767 | -€1,005 | -36.3% |
| Trade receivables | 40 | €2,773 | €1,722 | -€1,051 | -37.9% |
| Other amounts receivable | 41 | - | €45 | +€45 | |
| Cash at bank and in hand | 54/58 | €64,926 | €13,707 | -€51,219 | -78.9% |
| Total equity and liabilities | 10/49 | €318,325 | €581,508 | +€263,183 | +82.7% |
| Equity | 10/15 | €166,966 | €160,031 | -€6,935 | -4.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €146,667 | €146,667 | = | 0.0% |
| Reserves | 13 | €14,000 | €14,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98 | -€6,836 | -€6,935 | |
| Provisions and deferred taxes | 16 | €2,564 | - | -€2,564 | |
| Provisions for liabilities and charges | 160/5 | €2,564 | - | -€2,564 | |
| Pensions and similar obligations | 160 | €2,564 | - | -€2,564 | |
| Amounts payable | 17/49 | €148,796 | €421,477 | +€272,682 | +183% |
| Amounts payable after more than one year | 17 | €61,722 | €357,359 | +€295,637 | +479% |
| Financial debts | 170/4 | €11,722 | €77,359 | +€65,637 | +560% |
| Other amounts payable | 178/9 | €50,000 | €280,000 | +€230,000 | +460% |
| Amounts payable within one year | 42/48 | €87,074 | €64,118 | -€22,956 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €20,323 | €24,479 | +€4,156 | +20.4% |
| Trade debts | 44 | €35,094 | - | -€35,094 | |
| Suppliers | 440/4 | €35,094 | - | -€35,094 | |
| Taxes, remuneration and social security | 45 | €965 | €2,979 | +€2,014 | +209% |
| Taxes | 450/3 | €965 | €2,979 | +€2,014 | +209% |
| Other amounts payable | 47/48 | €30,692 | €36,660 | +€5,968 | +19.4% |
| Non-recurring operating income | 76A | €64,261 | - | -€64,261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,137 | €20,358 | +€2,222 | +12.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€2,564 | -€2,564 | |
| Other operating charges | 640/8 | €9,740 | €7,165 | -€2,575 | -26.4% |
| Non-recurring operating charges | 66A | - | €7,298 | +€7,298 | |
| Gross operating margin | 9900 | €94,908 | €24,970 | -€69,938 | -73.7% |
| Operating profit (loss) | 9901 | €67,031 | -€7,287 | -€74,318 | |
| Financial income | 75/76B | €51 | - | -€51 | |
| Recurring financial income | 75 | €51 | - | -€51 | |
| Financial charges | 65/66B | €4,344 | €1,111 | -€3,233 | -74.4% |
| Recurring financial charges | 65 | €4,344 | €1,111 | -€3,233 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €62,738 | -€8,399 | -€71,136 | |
| Income taxes | 67/77 | €10,000 | -€1,464 | -€11,464 | |
| Profit (loss) for the period | 9904 | €52,738 | -€6,935 | -€59,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,738 | -€6,935 | -€59,672 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.