DR. JEF MICHIELSEN: what changed
What changed
DR. JEF MICHIELSEN
filed annual accounts (NBB)
Net result for the year
€141,975
2024 · €135,288+€6,687
Equity
€982,190
2024 · €939,948+€42,241
Cash
€66,571
2024 · €52,283+€14,288
Balance sheet total
€1.1m
2024 · €1.0m+€63,769
Largest movements
Assets
- Receivables after one year +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Receivables within one year -€82,899
down €82,899 (-17.1%), from €483,899 to €401,000
- Tangible fixed assets +€25,147
up €25,147 (+22.1%), from €113,606 to €138,753
of which Land and buildings: +€27,584
- Current investments +€22,388
up €22,388 (+19.4%), from €115,386 to €137,773
- Deferred charges and accrued income -€15,155
down €15,155 (-31.1%), from €48,724 to €33,569
Equity and liabilities
- Reserves +€42,241
up €42,241 (+6.1%), from €689,948 to €732,190
- Tax, wage and social debts +€20,432
up €20,432 (+48.0%), from €42,597 to €63,029
Income statement
- Gross operating margin +€10,216
up €10,216 (+4.8%), from €214,012 to €224,229
- Taxes +€2,847
up €2,847 (+4.7%), from €60,091 to €62,938
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.
Result 2024
€135,288
Gross operating margin
+€10,216
Depreciation
-€1,123
Other operating charges
+€19
Financial income
+€369
Financial charges
+€52
Taxes
-€2,847
Result 2025
€141,975
raises the resultlowers the result
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.
From operations
+€180,228
Investment
-€66,273
Financing
-€99,667
Cash 2024
€52,283
From operations (derived)
+€180,228
Net result for the year
+€141,975
Depreciation
+€18,738
Receivables after one year
-€100,000
Receivables within one year
+€82,899
Deferred charges and accrued income
+€15,155
Trade debts
+€1,029
Tax, wage and social debts
+€20,432
Investment (derived)
-€66,273
Investment in fixed assets (net)
-€43,885
Current investments
-€22,388
Financing
-€99,667
Current portion of long-term debt
+€66
Contributions, distributions and other
-€99,733
Cash 2025
€66,571
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,017,450 | €1,081,218 | +€63,769 | +6.3% |
| Fixed assets | 21/28 | €117,158 | €142,305 | +€25,147 | +21.5% |
| Tangible fixed assets | 22/27 | €113,606 | €138,753 | +€25,147 | +22.1% |
| Land and buildings | 22 | €109,618 | €137,201 | +€27,584 | +25.2% |
| Plant, machinery and equipment | 23 | €2,492 | €1,552 | -€941 | -37.7% |
| Furniture and vehicles | 24 | €1,496 | - | -€1,496 | |
| Financial fixed assets | 28 | €3,552 | €3,552 | = | 0.0% |
| Current assets | 29/58 | €900,292 | €938,913 | +€38,622 | +4.3% |
| Amounts receivable after more than one year | 29 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Other amounts receivable | 291 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €483,899 | €401,000 | -€82,899 | -17.1% |
| Other amounts receivable | 41 | €483,899 | €401,000 | -€82,899 | -17.1% |
| Current investments | 50/53 | €115,386 | €137,773 | +€22,388 | +19.4% |
| Cash at bank and in hand | 54/58 | €52,283 | €66,571 | +€14,288 | +27.3% |
| Deferred charges and accrued income | 490/1 | €48,724 | €33,569 | -€15,155 | -31.1% |
| Total equity and liabilities | 10/49 | €1,017,450 | €1,081,218 | +€63,769 | +6.3% |
| Equity | 10/15 | €939,948 | €982,190 | +€42,241 | +4.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €689,948 | €732,190 | +€42,241 | +6.1% |
| Distributable reserves | 133 | €689,948 | €732,190 | +€42,241 | +6.1% |
| Amounts payable | 17/49 | €77,501 | €99,029 | +€21,527 | +27.8% |
| Amounts payable within one year | 42/48 | €73,851 | €95,379 | +€21,527 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,066 | +€66 | +0.3% |
| Trade debts | 44 | €6,255 | €7,283 | +€1,029 | +16.4% |
| Suppliers | 440/4 | €6,255 | €7,283 | +€1,029 | +16.4% |
| Taxes, remuneration and social security | 45 | €42,597 | €63,029 | +€20,432 | +48.0% |
| Taxes | 450/3 | €42,597 | €63,029 | +€20,432 | +48.0% |
| Accrued charges and deferred income | 492/3 | €3,650 | €3,650 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,615 | €18,738 | +€1,123 | +6.4% |
| Other operating charges | 640/8 | €309 | €290 | -€19 | -6.2% |
| Gross operating margin | 9900 | €214,012 | €224,229 | +€10,216 | +4.8% |
| Operating profit (loss) | 9901 | €196,087 | €205,200 | +€9,113 | +4.6% |
| Financial income | 75/76B | €198 | €568 | +€369 | +186% |
| Recurring financial income | 75 | €198 | €568 | +€369 | +186% |
| Financial charges | 65/66B | €907 | €855 | -€52 | -5.7% |
| Recurring financial charges | 65 | €907 | €855 | -€52 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €195,379 | €204,913 | +€9,534 | +4.9% |
| Income taxes | 67/77 | €60,091 | €62,938 | +€2,847 | +4.7% |
| Profit (loss) for the period | 9904 | €135,288 | €141,975 | +€6,687 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €135,288 | €141,975 | +€6,687 | +4.9% |
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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 3 November 2026 via checked.be.