Dr. Evi Michiels: 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.
Dr. Evi Michiels
Largest movements
- Cash -€92,931
down €92,931 (-34.0%), from €273,594 to €180,662
mainly Contributions, distributions and other (-€463,380) and Investment in fixed assets (net) (-€56,007)
- Tangible fixed assets +€29,469
up €29,469 (+53.4%), from €55,169 to €84,638
of which Furniture and vehicles: +€27,202
- Receivables within one year +€6,915
up €6,915 (+4.0%), from €174,635 to €181,550
- Reserves -€197,720
down €197,720 (-46.8%), from €422,381 to €224,661
- Other debts +€126,015
up €126,015 (+541%), from €23,288 to €149,303
- Debts after one year +€43,540
new in 2025: €43,540
- Current portion of long-term debt -€34,009
down €34,009 (-88.7%), from €38,352 to €4,343
- Tax, wage and social debts +€5,920
new in 2025: €5,920
- Gross operating margin +€131,304
up €131,304 (+51.7%), from €253,933 to €385,237
- Taxes +€29,589
up €29,589 (+54.4%), from €54,412 to €84,000
- Financial charges +€6,958
up €6,958 (+640%), from €1,088 to €8,045
- Financial income -€6,618
no longer reported in 2025 (was €6,618)
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 | €503,397 | €446,851 | -€56,547 | -11.2% |
| Fixed assets | 21/28 | €55,169 | €84,638 | +€29,469 | +53.4% |
| Tangible fixed assets | 22/27 | €55,169 | €84,638 | +€29,469 | +53.4% |
| Plant, machinery and equipment | 23 | €960 | €3,511 | +€2,551 | +266% |
| Furniture and vehicles | 24 | €52,315 | €79,516 | +€27,202 | +52.0% |
| Other tangible fixed assets | 26 | €1,894 | €1,611 | -€283 | -14.9% |
| Current assets | 29/58 | €448,229 | €362,213 | -€86,016 | -19.2% |
| Amounts receivable within one year | 40/41 | €174,635 | €181,550 | +€6,915 | +4.0% |
| Other amounts receivable | 41 | €174,635 | €181,550 | +€6,915 | +4.0% |
| Cash at bank and in hand | 54/58 | €273,594 | €180,662 | -€92,931 | -34.0% |
| Total equity and liabilities | 10/49 | €503,397 | €446,851 | -€56,547 | -11.2% |
| Equity | 10/15 | €440,981 | €243,261 | -€197,720 | -44.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €422,381 | €224,661 | -€197,720 | -46.8% |
| Distributable reserves | 133 | €422,381 | €224,661 | -€197,720 | -46.8% |
| Amounts payable | 17/49 | €62,417 | €203,590 | +€141,173 | +226% |
| Amounts payable after more than one year | 17 | - | €43,540 | +€43,540 | |
| Financial debts | 170/4 | - | €43,540 | +€43,540 | |
| Amounts payable within one year | 42/48 | €62,417 | €160,050 | +€97,633 | +156% |
| Current portion of amounts payable after more than one year | 42 | €38,352 | €4,343 | -€34,009 | -88.7% |
| Trade debts | 44 | €777 | €484 | -€293 | -37.7% |
| Suppliers | 440/4 | €777 | €484 | -€293 | -37.7% |
| Taxes, remuneration and social security | 45 | - | €5,920 | +€5,920 | |
| Taxes | 450/3 | - | €5,920 | +€5,920 | |
| Other amounts payable | 47/48 | €23,288 | €149,303 | +€126,015 | +541% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,484 | €26,538 | +€2,054 | +8.4% |
| Other operating charges | 640/8 | €749 | €993 | +€244 | +32.5% |
| Gross operating margin | 9900 | €253,933 | €385,237 | +€131,304 | +51.7% |
| Operating profit (loss) | 9901 | €228,700 | €357,706 | +€129,006 | +56.4% |
| Financial income | 75/76B | €6,618 | - | -€6,618 | |
| Recurring financial income | 75 | €6,618 | - | -€6,618 | |
| Financial charges | 65/66B | €1,088 | €8,045 | +€6,958 | +640% |
| Recurring financial charges | 65 | €1,088 | €8,045 | +€6,958 | +640% |
| Profit (loss) for the period before taxes | 9903 | €234,230 | €349,661 | +€115,430 | +49.3% |
| Income taxes | 67/77 | €54,412 | €84,000 | +€29,589 | +54.4% |
| Profit (loss) for the period | 9904 | €179,819 | €265,660 | +€85,842 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €179,819 | €265,660 | +€85,842 | +47.7% |
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 31 October 2026 via checked.be.