Dr. Frederick Michels: 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.
What changed
Dr. Frederick Michels
NACE 86.220, Specialist medical practice
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€193,551
2024 · €199,283-€5,731
Equity
€1.4m
2024 · €1.4m+€880
Cash
€61,257
2024 · €68,692-€7,434
Balance sheet total
€1.6m
2024 · €1.7m-€35,390
Largest movements
Assets
- Tangible fixed assets -€31,529
down €31,529 (-2.3%), from €1.3m to €1.3m
of which Land and buildings: -€30,257
- Receivables within one year -€26,803
down €26,803 (-82.2%), from €32,598 to €5,796
of which Other amounts receivable: -€26,803
- Current investments +€22,482
up €22,482 (+23,049%), from €98 to €22,580
Equity and liabilities
- Debts after one year -€35,086
down €35,086 (-19.2%), from €182,579 to €147,493
- Short-term financial debts -€25,000
down €25,000 (-100%), from €25,000 to €0
Income statement
- Gross operating margin -€4,699
down €4,699 (-1.3%), from €352,840 to €348,141
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.
Result 2024
€199,283
Gross operating margin
-€4,699
Depreciation
+€1,040
Other operating charges
-€187
Other operating items
-€388
Financial income
-€972
Financial charges
-€3,125
Taxes
+€2,599
Result 2025
€193,551
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€282,748
Investment
-€45,827
Financing
-€244,355
Cash 2024
€68,692
From operations (derived)
+€282,748
Net result for the year
+€193,551
Depreciation
+€54,874
Receivables within one year
+€26,803
Deferred charges and accrued income
-€7,894
Trade debts
-€783
Tax, wage and social debts
+€13,130
Other debts
+€3,068
Investment (derived)
-€45,827
Investment in fixed assets (net)
-€23,344
Current investments
-€22,482
Financing
-€244,355
Debts after one year
-€35,086
Current portion of long-term debt
+€8,402
Short-term financial debts
-€25,000
Contributions, distributions and other
-€192,671
Cash 2025
€61,257
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,683,571 | €1,648,181 | -€35,390 | -2.1% |
| Fixed assets | 21/28 | €1,347,838 | €1,316,309 | -€31,529 | -2.3% |
| Tangible fixed assets | 22/27 | €1,347,838 | €1,316,309 | -€31,529 | -2.3% |
| Land and buildings | 22 | €1,343,389 | €1,313,133 | -€30,257 | -2.3% |
| Plant, machinery and equipment | 23 | €324 | €0 | -€324 | -100% |
| Furniture and vehicles | 24 | €4,125 | €3,176 | -€949 | -23.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €335,733 | €331,872 | -€3,860 | -1.1% |
| Amounts receivable within one year | 40/41 | €32,598 | €5,796 | -€26,803 | -82.2% |
| Trade receivables | 40 | €5,796 | €5,796 | = | 0.0% |
| Other amounts receivable | 41 | €26,803 | €0 | -€26,803 | -100% |
| Current investments | 50/53 | €98 | €22,580 | +€22,482 | +23,049% |
| Cash at bank and in hand | 54/58 | €68,692 | €61,257 | -€7,434 | -10.8% |
| Deferred charges and accrued income | 490/1 | €234,345 | €242,240 | +€7,894 | +3.4% |
| Total equity and liabilities | 10/49 | €1,683,571 | €1,648,181 | -€35,390 | -2.1% |
| Equity | 10/15 | €1,362,020 | €1,362,900 | +€880 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,349,620 | €1,350,500 | +€880 | +0.1% |
| Distributable reserves | 133 | €1,349,620 | €1,350,500 | +€880 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €321,551 | €285,281 | -€36,270 | -11.3% |
| Amounts payable after more than one year | 17 | €182,579 | €147,493 | -€35,086 | -19.2% |
| Financial debts | 170/4 | €182,579 | €147,493 | -€35,086 | -19.2% |
| Amounts payable within one year | 42/48 | €138,872 | €137,688 | -€1,184 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €39,288 | €47,690 | +€8,402 | +21.4% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €4,101 | €3,317 | -€783 | -19.1% |
| Suppliers | 440/4 | €4,101 | €3,317 | -€783 | -19.1% |
| Taxes, remuneration and social security | 45 | €7,453 | €20,584 | +€13,130 | +176% |
| Taxes | 450/3 | €7,453 | €20,584 | +€13,130 | +176% |
| Other amounts payable | 47/48 | €63,029 | €66,097 | +€3,068 | +4.9% |
| Accrued charges and deferred income | 492/3 | €100 | €100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,914 | €54,874 | -€1,040 | -1.9% |
| Other operating charges | 640/8 | €4,095 | €4,281 | +€187 | +4.6% |
| Non-recurring operating charges | 66A | €0 | €388 | +€388 | |
| Gross operating margin | 9900 | €352,840 | €348,141 | -€4,699 | -1.3% |
| Operating profit (loss) | 9901 | €292,831 | €288,598 | -€4,233 | -1.4% |
| Financial income | 75/76B | €1,021 | €49 | -€972 | -95.2% |
| Recurring financial income | 75 | €1,021 | €49 | -€972 | -95.2% |
| Financial charges | 65/66B | €6,372 | €9,497 | +€3,125 | +49.1% |
| Recurring financial charges | 65 | €6,372 | €9,497 | +€3,125 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | €287,480 | €279,150 | -€8,330 | -2.9% |
| Income taxes | 67/77 | €88,197 | €85,598 | -€2,599 | -2.9% |
| Profit (loss) for the period | 9904 | €199,283 | €193,551 | -€5,731 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €199,283 | €193,551 | -€5,731 | -2.9% |
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 25 October 2026 via checked.be.