CHRISTOPHE MICHEL: what changed
CHRISTOPHE MICHEL
Largest movements
- Tangible fixed assets +€64,930
up €64,930 (+7,578%), from €857 to €65,787
of which Land and buildings: +€58,602
- Cash +€30,253
up €30,253 (+3,568%), from €848 to €31,101
mainly Net result for the year (+€81,024) and Other debts (+€46,389)
- Receivables within one year +€7,912
up €7,912 (+65.0%), from €12,170 to €20,082
of which Other amounts receivable: +€4,887
- Profit (loss) carried forward +€54,085
no longer reported in 2025 (was -€54,085)
- Other debts +€46,389
up €46,389 (+269%), from €17,272 to €63,661
- Tax, wage and social debts +€6,621
new in 2025: €6,621
- Trade debts -€1,953
down €1,953 (-43.7%), from €4,465 to €2,512
- Reserves -€1,290
down €1,290 (-3.2%), from €40,689 to €39,399
of which Distributable reserves: -€1,290
- Gross operating margin +€121,338
up €121,338, from -€15,106 to €106,232
- Taxes +€15,561
new in 2025: €15,561
- Depreciation +€7,475
up €7,475 (+554%), from €1,350 to €8,825
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,541 | €118,394 | +€103,853 | +714% |
| Fixed assets | 21/28 | €857 | €65,787 | +€64,930 | +7,578% |
| Tangible fixed assets | 22/27 | €857 | €65,787 | +€64,930 | +7,578% |
| Land and buildings | 22 | - | €58,602 | +€58,602 | |
| Plant, machinery and equipment | 23 | €0 | €3,729 | +€3,729 | |
| Furniture and vehicles | 24 | €857 | €3,456 | +€2,600 | +303% |
| Current assets | 29/58 | €13,684 | €52,606 | +€38,923 | +284% |
| Amounts receivable within one year | 40/41 | €12,170 | €20,082 | +€7,912 | +65.0% |
| Trade receivables | 40 | €11,501 | €14,526 | +€3,025 | +26.3% |
| Other amounts receivable | 41 | €670 | €5,557 | +€4,887 | +730% |
| Cash at bank and in hand | 54/58 | €848 | €31,101 | +€30,253 | +3,568% |
| Deferred charges and accrued income | 490/1 | €666 | €1,423 | +€758 | +114% |
| Total equity and liabilities | 10/49 | €14,541 | €118,394 | +€103,853 | +714% |
| Equity | 10/15 | -€7,196 | €45,599 | +€52,795 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,689 | €39,399 | -€1,290 | -3.2% |
| Tax-exempt reserves | 132 | €325 | €325 | = | 0.0% |
| Distributable reserves | 133 | €40,364 | €39,074 | -€1,290 | -3.2% |
| Profit (loss) carried forward | 14 | -€54,085 | - | +€54,085 | |
| Amounts payable | 17/49 | €21,737 | €72,795 | +€51,058 | +235% |
| Amounts payable within one year | 42/48 | €21,737 | €72,795 | +€51,058 | +235% |
| Trade debts | 44 | €4,465 | €2,512 | -€1,953 | -43.7% |
| Suppliers | 440/4 | €4,465 | €2,512 | -€1,953 | -43.7% |
| Taxes, remuneration and social security | 45 | - | €6,621 | +€6,621 | |
| Taxes | 450/3 | - | €6,621 | +€6,621 | |
| Other amounts payable | 47/48 | €17,272 | €63,661 | +€46,389 | +269% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,350 | €8,825 | +€7,475 | +554% |
| Other operating charges | 640/8 | €449 | €627 | +€177 | +39.5% |
| Gross operating margin | 9900 | -€15,106 | €106,232 | +€121,338 | |
| Operating profit (loss) | 9901 | -€16,905 | €96,781 | +€113,686 | |
| Financial charges | 65/66B | €198 | €196 | -€2 | -1.2% |
| Recurring financial charges | 65 | €198 | €196 | -€2 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€17,103 | €96,585 | +€113,689 | |
| Income taxes | 67/77 | - | €15,561 | +€15,561 | |
| Profit (loss) for the period | 9904 | -€17,103 | €81,024 | +€98,127 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,103 | €81,024 | +€98,127 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.