Dr. Michaël Metsers: 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. Michaël Metsers
Largest movements
- Cash -€72,956
down €72,956 (-78.9%), from €92,500 to €19,543
mainly Contributions, distributions and other (-€52,000) and Net result for the year (-€23,169)
- Receivables after one year -€6,783
no longer reported in 2025 (was €6,783)
- Receivables within one year -€2,314
down €2,314 (-32.4%), from €7,149 to €4,835
- Equity -€75,169
down €75,169 (-76.5%), from €98,321 to €23,152
of which Reserves: -€63,169
- Trade debts -€7,373
down €7,373 (-86.5%), from €8,528 to €1,155
- Gross operating margin -€34,139
down €34,139, from €11,718 to -€22,421
- Write-downs -€26,774
no longer reported in 2025 (was €26,774)
- Other operating charges -€349
down €349 (-36.5%), from €956 to €607
- Depreciation -€316
no longer reported in 2025 (was €316)
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 | €106,849 | €24,378 | -€82,472 | -77.2% |
| Current assets | 29/58 | €106,849 | €24,378 | -€82,472 | -77.2% |
| Amounts receivable after more than one year | 29 | €6,783 | - | -€6,783 | |
| Other amounts receivable | 291 | €6,783 | - | -€6,783 | |
| Amounts receivable within one year | 40/41 | €7,149 | €4,835 | -€2,314 | -32.4% |
| Other amounts receivable | 41 | €7,149 | €4,835 | -€2,314 | -32.4% |
| Cash at bank and in hand | 54/58 | €92,500 | €19,543 | -€72,956 | -78.9% |
| Deferred charges and accrued income | 490/1 | €418 | - | -€418 | |
| Total equity and liabilities | 10/49 | €106,849 | €24,378 | -€82,472 | -77.2% |
| Equity | 10/15 | €98,321 | €23,152 | -€75,169 | -76.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €95,821 | €32,652 | -€63,169 | -65.9% |
| Distributable reserves | 133 | €95,821 | €32,652 | -€63,169 | -65.9% |
| Advance to shareholders on the distribution of net assets | 19 | - | €12,000 | +€12,000 | |
| Amounts payable | 17/49 | €8,528 | €1,226 | -€7,302 | -85.6% |
| Amounts payable within one year | 42/48 | €8,528 | €1,226 | -€7,302 | -85.6% |
| Trade debts | 44 | €8,528 | €1,155 | -€7,373 | -86.5% |
| Suppliers | 440/4 | €8,528 | €1,155 | -€7,373 | -86.5% |
| Taxes, remuneration and social security | 45 | - | €71 | +€71 | |
| Taxes | 450/3 | - | €71 | +€71 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316 | - | -€316 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,774 | - | -€26,774 | |
| Other operating charges | 640/8 | €956 | €607 | -€349 | -36.5% |
| Gross operating margin | 9900 | €11,718 | -€22,421 | -€34,139 | |
| Operating profit (loss) | 9901 | -€16,327 | -€23,028 | -€6,701 | -41.0% |
| Financial charges | 65/66B | €70 | €70 | +€0 | 0.0% |
| Recurring financial charges | 65 | €70 | €70 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,397 | -€23,098 | -€6,701 | -40.9% |
| Income taxes | 67/77 | €165 | €71 | -€94 | -57.1% |
| Profit (loss) for the period | 9904 | -€16,562 | -€23,169 | -€6,607 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,562 | -€23,169 | -€6,607 | -39.9% |
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 23 October 2026 via checked.be.