Dr Michaël Galouchka: what changed
Dr Michaël Galouchka
Largest movements
- Cash +€73,682
up €73,682 (+247%), from €29,891 to €103,573
mainly Net result for the year (+€54,249) and Tax, wage and social debts (+€8,459)
- Receivables within one year -€8,414
down €8,414 (-84.1%), from €10,003 to €1,589
of which Trade receivables: -€8,420
- Tangible fixed assets -€7,856
down €7,856 (-25.0%), from €31,419 to €23,563
of which Furniture and vehicles: -€7,000
- Reserves +€54,249
up €54,249 (+199%), from €27,240 to €81,490
- Tax, wage and social debts +€8,459
up €8,459 (+103%), from €8,188 to €16,647
- Other debts -€6,097
down €6,097 (-19.7%), from €30,885 to €24,788
- Gross operating margin +€39,462
up €39,462 (+93.9%), from €42,045 to €81,507
- Taxes +€8,205
up €8,205 (+100%), from €8,188 to €16,393
- Financial charges +€1,938
up €1,938 (+4,815%), from €40 to €1,978
- Depreciation +€1,707
up €1,707 (+27.7%), from €6,150 to €7,856
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,313 | €128,725 | +€57,412 | +80.5% |
| Fixed assets | 21/28 | €31,419 | €23,563 | -€7,856 | -25.0% |
| Tangible fixed assets | 22/27 | €31,419 | €23,563 | -€7,856 | -25.0% |
| Plant, machinery and equipment | 23 | €2,061 | €1,205 | -€856 | -41.5% |
| Furniture and vehicles | 24 | €29,358 | €22,358 | -€7,000 | -23.8% |
| Current assets | 29/58 | €39,894 | €105,162 | +€65,268 | +164% |
| Amounts receivable within one year | 40/41 | €10,003 | €1,589 | -€8,414 | -84.1% |
| Trade receivables | 40 | €9,739 | €1,320 | -€8,420 | -86.4% |
| Other amounts receivable | 41 | €264 | €269 | +€5 | +2.0% |
| Cash at bank and in hand | 54/58 | €29,891 | €103,573 | +€73,682 | +247% |
| Total equity and liabilities | 10/49 | €71,313 | €128,725 | +€57,412 | +80.5% |
| Equity | 10/15 | €32,240 | €86,490 | +€54,249 | +168% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,240 | €81,490 | +€54,249 | +199% |
| Distributable reserves | 133 | €27,240 | €81,490 | +€54,249 | +199% |
| Amounts payable | 17/49 | €39,073 | €42,235 | +€3,162 | +8.1% |
| Amounts payable within one year | 42/48 | €39,073 | €41,435 | +€2,362 | +6.0% |
| Taxes, remuneration and social security | 45 | €8,188 | €16,647 | +€8,459 | +103% |
| Taxes | 450/3 | €8,188 | €16,647 | +€8,459 | +103% |
| Other amounts payable | 47/48 | €30,885 | €24,788 | -€6,097 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €800 | +€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,150 | €7,856 | +€1,707 | +27.7% |
| Other operating charges | 640/8 | €426 | €1,030 | +€604 | +142% |
| Gross operating margin | 9900 | €42,045 | €81,507 | +€39,462 | +93.9% |
| Operating profit (loss) | 9901 | €35,468 | €72,620 | +€37,152 | +105% |
| Financial charges | 65/66B | €40 | €1,978 | +€1,938 | +4,815% |
| Recurring financial charges | 65 | €40 | €1,978 | +€1,938 | +4,815% |
| Profit (loss) for the period before taxes | 9903 | €35,428 | €70,642 | +€35,214 | +99.4% |
| Income taxes | 67/77 | €8,188 | €16,393 | +€8,205 | +100% |
| Profit (loss) for the period | 9904 | €27,240 | €54,249 | +€27,009 | +99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,240 | €54,249 | +€27,009 | +99.2% |
Next steps
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 2 November 2026 via checked.be.