David 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.
David MICHEL
Largest movements
- Financial fixed assets -€85,120
no longer reported in 2025 (was €85,120)
- Cash +€39,314
up €39,314 (+1,972%), from €1,994 to €41,308
mainly Investment in fixed assets (net) (+€85,120) and Deferred charges and accrued income (+€3,700)
- Receivables after one year +€22,312
up €22,312 (+4.2%), from €525,599 to €547,911
- Receivables within one year +€16,351
up €16,351 (+23.9%), from €68,457 to €84,809
of which Trade receivables: +€11,150
- Profit (loss) carried forward -€12,968
down €12,968 (-2.3%), from -€569,300 to -€582,267
- Gross operating margin +€8,917
up €8,917 (+47.7%), from -€18,677 to -€9,760
- Other operating charges -€4,339
down €4,339 (-91.6%), from €4,739 to €400
- Taxes -€4,182
no longer reported in 2025 (was €4,182)
- Financial income +€482
up €482 (+155%), from €310 to €792
- Financial charges +€198
up €198 (+5.8%), from €3,401 to €3,600
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 | €684,870 | €674,028 | -€10,842 | -1.6% |
| Fixed assets | 21/28 | €85,120 | - | -€85,120 | |
| Financial fixed assets | 28 | €85,120 | - | -€85,120 | |
| Current assets | 29/58 | €599,750 | €674,028 | +€74,278 | +12.4% |
| Amounts receivable after more than one year | 29 | €525,599 | €547,911 | +€22,312 | +4.2% |
| Trade receivables | 290 | €525,599 | €547,911 | +€22,312 | +4.2% |
| Amounts receivable within one year | 40/41 | €68,457 | €84,809 | +€16,351 | +23.9% |
| Trade receivables | 40 | €50,906 | €62,056 | +€11,150 | +21.9% |
| Other amounts receivable | 41 | €17,551 | €22,753 | +€5,201 | +29.6% |
| Cash at bank and in hand | 54/58 | €1,994 | €41,308 | +€39,314 | +1,972% |
| Deferred charges and accrued income | 490/1 | €3,700 | - | -€3,700 | |
| Total equity and liabilities | 10/49 | €684,870 | €674,028 | -€10,842 | -1.6% |
| Equity | 10/15 | -€566,987 | -€579,954 | -€12,968 | -2.3% |
| Reserves | 13 | €2,313 | €2,313 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,313 | €2,313 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,313 | €2,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€569,300 | -€582,267 | -€12,968 | -2.3% |
| Provisions and deferred taxes | 16 | €1,250,000 | €1,250,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,250,000 | €1,250,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,250,000 | €1,250,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,857 | €3,982 | +€2,125 | +114% |
| Amounts payable within one year | 42/48 | €1,857 | €3,982 | +€2,125 | +114% |
| Trade debts | 44 | €1,857 | €2,216 | +€359 | +19.4% |
| Suppliers | 440/4 | €1,857 | €2,216 | +€359 | +19.4% |
| Taxes, remuneration and social security | 45 | - | €1,766 | +€1,766 | |
| Taxes | 450/3 | - | €1,766 | +€1,766 | |
| Remuneration, social security and pensions | 62 | €150 | - | -€150 | |
| Other operating charges | 640/8 | €4,739 | €400 | -€4,339 | -91.6% |
| Gross operating margin | 9900 | -€18,677 | -€9,760 | +€8,917 | +47.7% |
| Operating profit (loss) | 9901 | -€23,566 | -€10,160 | +€13,406 | +56.9% |
| Financial income | 75/76B | €310 | €792 | +€482 | +155% |
| Recurring financial income | 75 | €310 | €792 | +€482 | +155% |
| Financial charges | 65/66B | €3,401 | €3,600 | +€198 | +5.8% |
| Recurring financial charges | 65 | €3,401 | €3,600 | +€198 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€26,657 | -€12,968 | +€13,690 | +51.4% |
| Income taxes | 67/77 | €4,182 | - | -€4,182 | |
| Profit (loss) for the period | 9904 | -€30,839 | -€12,968 | +€17,872 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,839 | -€12,968 | +€17,872 | +58.0% |
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 16 October 2026 via checked.be.