CMD MICHEL: what changed
Two fiscal 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.
CMD MICHEL
Largest movements
- Intangible fixed assets -€50,015
down €50,015 (-25.0%), from €199,955 to €149,940
- Tangible fixed assets -€37,863
down €37,863 (-33.9%), from €111,542 to €73,679
of which Land and buildings: -€22,485
- Receivables within one year -€29,915
down €29,915 (-99.0%), from €30,220 to €305
of which Trade receivables: -€26,216
- Cash +€24,066
up €24,066 (+24.0%), from €100,347 to €124,413
mainly Other debts (+€97,348) and Depreciation (+€87,878)
- Reserves -€121,445
down €121,445 (-94.9%), from €127,945 to €6,500
- Other debts +€97,348
up €97,348 (+19469.6%), from €500 to €97,848
- Debts after one year -€59,221
down €59,221 (-25.3%), from €233,932 to €174,711
of which Financial debts: -€54,501
- Tax, wage and social debts -€5,238
down €5,238 (-31.6%), from €16,553 to €11,315
of which Remuneration and social security: -€4,846
- Accrued charges and deferred income -€5,222
down €5,222 (-100.0%), from €5,222 to €0
- Depreciation -€34,528
down €34,528 (-28.2%), from €122,407 to €87,878
- Gross operating margin -€18,853
down €18,853 (-7.5%), from €250,072 to €231,219
- Staff costs -€9,108
down €9,108 (-14.1%), from €64,582 to €55,474
- Taxes +€5,461
up €5,461 (+48.3%), from €11,301 to €16,762
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.
Cash bridge derived
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 | €444,161 | €358,026 | -€86,135 | -19.4% |
| Fixed assets | 21/28 | €311,497 | €223,619 | -€87,878 | -28.2% |
| Intangible fixed assets | 21 | €199,955 | €149,940 | -€50,015 | -25.0% |
| Tangible fixed assets | 22/27 | €111,542 | €73,679 | -€37,863 | -33.9% |
| Land and buildings | 22 | €44,971 | €22,485 | -€22,485 | -50.0% |
| Plant, machinery and equipment | 23 | €59,926 | €45,421 | -€14,504 | -24.2% |
| Furniture and vehicles | 24 | €6,646 | €5,772 | -€874 | -13.1% |
| Current assets | 29/58 | €132,664 | €134,407 | +€1,744 | +1.3% |
| Amounts receivable within one year | 40/41 | €30,220 | €305 | -€29,915 | -99.0% |
| Trade receivables | 40 | €26,521 | €305 | -€26,216 | -98.8% |
| Other amounts receivable | 41 | €3,699 | €0 | -€3,699 | -100.0% |
| Current investments | 50/53 | - | €4,000 | +€4,000 | |
| Cash at bank and in hand | 54/58 | €100,347 | €124,413 | +€24,066 | +24.0% |
| Deferred charges and accrued income | 490/1 | €2,097 | €5,690 | +€3,592 | +171.3% |
| Total equity and liabilities | 10/49 | €444,161 | €358,026 | -€86,135 | -19.4% |
| Equity | 10/15 | €130,445 | €9,000 | -€121,445 | -93.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €127,945 | €6,500 | -€121,445 | -94.9% |
| Distributable reserves | 133 | €127,945 | €6,500 | -€121,445 | -94.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €313,716 | €349,026 | +€35,310 | +11.3% |
| Amounts payable after more than one year | 17 | €233,932 | €174,711 | -€59,221 | -25.3% |
| Financial debts | 170/4 | €229,212 | €174,711 | -€54,501 | -23.8% |
| Other amounts payable | 178/9 | €4,720 | €0 | -€4,720 | -100.0% |
| Amounts payable within one year | 42/48 | €74,561 | €174,315 | +€99,753 | +133.8% |
| Current portion of amounts payable after more than one year | 42 | €53,178 | €54,501 | +€1,323 | +2.5% |
| Trade debts | 44 | €4,331 | €6,264 | +€1,933 | +44.6% |
| Suppliers | 440/4 | €4,331 | €6,264 | +€1,933 | +44.6% |
| Advances received on contracts in progress | 46 | - | €4,387 | +€4,387 | |
| Taxes, remuneration and social security | 45 | €16,553 | €11,315 | -€5,238 | -31.6% |
| Taxes | 450/3 | €7,861 | €7,470 | -€391 | -5.0% |
| Remuneration and social security | 454/9 | €8,691 | €3,845 | -€4,846 | -55.8% |
| Other amounts payable | 47/48 | €500 | €97,848 | +€97,348 | +19469.6% |
| Accrued charges and deferred income | 492/3 | €5,222 | €0 | -€5,222 | -100.0% |
| Non-recurring operating income | 76A | €61 | €0 | -€61 | -100.0% |
| Remuneration, social security and pensions | 62 | €64,582 | €55,474 | -€9,108 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,407 | €87,878 | -€34,528 | -28.2% |
| Other operating charges | 640/8 | €800 | €816 | +€16 | +2.0% |
| Gross operating margin | 9900 | €250,072 | €231,219 | -€18,853 | -7.5% |
| Operating profit (loss) | 9901 | €62,283 | €87,050 | +€24,767 | +39.8% |
| Financial income | 75/76B | €17 | €0 | -€17 | -100.0% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -100.0% |
| Financial charges | 65/66B | €7,136 | €6,620 | -€516 | -7.2% |
| Recurring financial charges | 65 | €7,136 | €6,620 | -€516 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €55,164 | €80,430 | +€25,266 | +45.8% |
| Income taxes | 67/77 | €11,301 | €16,762 | +€5,461 | +48.3% |
| Profit (loss) for the period | 9904 | €43,862 | €63,668 | +€19,806 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,862 | €63,668 | +€19,806 | +45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.