DR. MAARTEN 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. MAARTEN MICHIELS
Largest movements
- Receivables within one year +€19,012
up €19,012 (+18.7%), from €101,681 to €120,693
of which Trade receivables: +€64,674
- Cash +€15,319
up €15,319 (+6.5%), from €234,249 to €249,569
mainly Net result for the year (+€106,974) and Other debts (+€23,804)
- Other debts +€23,804
up €23,804 (+7,029%), from €339 to €24,143
- Gross operating margin +€23,762
up €23,762 (+17.9%), from €132,789 to €156,551
- Taxes +€6,897
up €6,897 (+18.1%), from €38,164 to €45,061
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 | €593,610 | €628,452 | +€34,842 | +5.9% |
| Fixed assets | 21/28 | €8,068 | €8,379 | +€311 | +3.9% |
| Tangible fixed assets | 22/27 | €8,068 | €8,379 | +€311 | +3.9% |
| Land and buildings | 22 | €2,786 | €2,229 | -€557 | -20.0% |
| Plant, machinery and equipment | 23 | €855 | €588 | -€267 | -31.3% |
| Furniture and vehicles | 24 | €627 | €1,762 | +€1,135 | +181% |
| Other tangible fixed assets | 26 | €3,800 | €3,800 | = | 0.0% |
| Current assets | 29/58 | €585,543 | €620,074 | +€34,531 | +5.9% |
| Amounts receivable within one year | 40/41 | €101,681 | €120,693 | +€19,012 | +18.7% |
| Trade receivables | 40 | €54,160 | €118,835 | +€64,674 | +119% |
| Other amounts receivable | 41 | €47,521 | €1,858 | -€45,663 | -96.1% |
| Current investments | 50/53 | €249,612 | €249,612 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €234,249 | €249,569 | +€15,319 | +6.5% |
| Deferred charges and accrued income | 490/1 | €0 | €200 | +€200 | |
| Total equity and liabilities | 10/49 | €593,610 | €628,452 | +€34,842 | +5.9% |
| Equity | 10/15 | €591,832 | €597,404 | +€5,572 | +0.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €579,432 | €585,004 | +€5,572 | +1.0% |
| Distributable reserves | 133 | €579,432 | €585,004 | +€5,572 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,779 | €31,049 | +€29,270 | +1,646% |
| Amounts payable within one year | 42/48 | €1,779 | €31,049 | +€29,270 | +1,646% |
| Trade debts | 44 | €1,295 | €1,171 | -€124 | -9.6% |
| Suppliers | 440/4 | €1,295 | €1,171 | -€124 | -9.6% |
| Taxes, remuneration and social security | 45 | €145 | €5,735 | +€5,589 | +3,851% |
| Taxes | 450/3 | €145 | €5,735 | +€5,589 | +3,851% |
| Other amounts payable | 47/48 | €339 | €24,143 | +€23,804 | +7,029% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,509 | €1,518 | +€9 | +0.6% |
| Other operating charges | 640/8 | €623 | €701 | +€77 | +12.4% |
| Gross operating margin | 9900 | €132,789 | €156,551 | +€23,762 | +17.9% |
| Operating profit (loss) | 9901 | €130,656 | €154,332 | +€23,676 | +18.1% |
| Financial income | 75/76B | €1,086 | €73 | -€1,013 | -93.3% |
| Recurring financial income | 75 | €1,086 | €73 | -€1,013 | -93.3% |
| Financial charges | 65/66B | €1,033 | €2,370 | +€1,336 | +129% |
| Recurring financial charges | 65 | €1,033 | €2,370 | +€1,336 | +129% |
| Profit (loss) for the period before taxes | 9903 | €130,709 | €152,035 | +€21,326 | +16.3% |
| Income taxes | 67/77 | €38,164 | €45,061 | +€6,897 | +18.1% |
| Profit (loss) for the period | 9904 | €92,545 | €106,974 | +€14,429 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,545 | €106,974 | +€14,429 | +15.6% |
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 28 October 2026 via checked.be.