DR. PATRICK MICHIELS: what changed
Two fiscal 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. PATRICK MICHIELS
Largest movements
- Cash +€27,541
up €27,541 (+12.2%), from €225,862 to €253,403
mainly Net result for the year (+€79,458) and Other debts (+€57,286)
- Receivables within one year +€19,963
up €19,963 (+12.9%), from €155,348 to €175,311
of which Trade receivables: +€16,323
- Tangible fixed assets -€15,628
down €15,628 (-13.0%), from €120,566 to €104,938
of which Land and buildings: -€17,024
- Other debts +€57,286
up €57,286 (+554.5%), from €10,331 to €67,617
- Debts after one year -€28,639
down €28,639 (-100.0%), from €28,639 to €0
- Current portion of long-term debt -€8,267
down €8,267 (-22.4%), from €36,905 to €28,639
- Reserves +€6,647
up €6,647 (+1.7%), from €385,884 to €392,531
of which Distributable reserves: +€6,647
- Gross operating margin -€22,232
down €22,232 (-12.8%), from €173,522 to €151,290
- Taxes -€6,835
down €6,835 (-14.1%), from €48,571 to €41,736
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.
Cash bridge derived
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 | €501,776 | €533,652 | +€31,876 | +6.4% |
| Fixed assets | 21/28 | €120,566 | €104,938 | -€15,628 | -13.0% |
| Tangible fixed assets | 22/27 | €120,566 | €104,938 | -€15,628 | -13.0% |
| Land and buildings | 22 | €109,450 | €92,427 | -€17,024 | -15.6% |
| Plant, machinery and equipment | 23 | €1,287 | €789 | -€498 | -38.7% |
| Furniture and vehicles | 24 | €4,260 | €2,153 | -€2,106 | -49.4% |
| Other tangible fixed assets | 26 | €5,569 | €5,569 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €4,000 | +€4,000 | |
| Current assets | 29/58 | €381,210 | €428,714 | +€47,504 | +12.5% |
| Amounts receivable within one year | 40/41 | €155,348 | €175,311 | +€19,963 | +12.9% |
| Trade receivables | 40 | €155,348 | €171,671 | +€16,323 | +10.5% |
| Other amounts receivable | 41 | €0 | €3,640 | +€3,640 | |
| Cash at bank and in hand | 54/58 | €225,862 | €253,403 | +€27,541 | +12.2% |
| Total equity and liabilities | 10/49 | €501,776 | €533,652 | +€31,876 | +6.4% |
| Equity | 10/15 | €398,284 | €404,931 | +€6,647 | +1.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €385,884 | €392,531 | +€6,647 | +1.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €385,884 | €392,531 | +€6,647 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,492 | €128,721 | +€25,229 | +24.4% |
| Amounts payable after more than one year | 17 | €28,639 | €0 | -€28,639 | -100.0% |
| Financial debts | 170/4 | €28,639 | €0 | -€28,639 | -100.0% |
| Amounts payable within one year | 42/48 | €74,853 | €128,721 | +€53,868 | +72.0% |
| Current portion of amounts payable after more than one year | 42 | €36,905 | €28,639 | -€8,267 | -22.4% |
| Financial debts | 43 | €10,142 | €15,194 | +€5,051 | +49.8% |
| Credit institutions | 430/8 | €10,142 | €15,194 | +€5,051 | +49.8% |
| Trade debts | 44 | €9,540 | €9,530 | -€9 | -0.1% |
| Suppliers | 440/4 | €9,540 | €9,530 | -€9 | -0.1% |
| Taxes, remuneration and social security | 45 | €7,934 | €7,741 | -€193 | -2.4% |
| Taxes | 450/3 | €7,934 | €7,741 | -€193 | -2.4% |
| Other amounts payable | 47/48 | €10,331 | €67,617 | +€57,286 | +554.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,513 | €19,628 | -€885 | -4.3% |
| Other operating charges | 640/8 | €4,165 | €3,957 | -€209 | -5.0% |
| Gross operating margin | 9900 | €173,522 | €151,290 | -€22,232 | -12.8% |
| Operating profit (loss) | 9901 | €148,844 | €127,705 | -€21,139 | -14.2% |
| Financial income | 75/76B | €891 | €1,255 | +€364 | +40.9% |
| Recurring financial income | 75 | €891 | €1,255 | +€364 | +40.9% |
| Financial charges | 65/66B | €6,813 | €7,766 | +€954 | +14.0% |
| Recurring financial charges | 65 | €6,813 | €7,766 | +€954 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €142,922 | €121,194 | -€21,728 | -15.2% |
| Income taxes | 67/77 | €48,571 | €41,736 | -€6,835 | -14.1% |
| Profit (loss) for the period | 9904 | €94,351 | €79,458 | -€14,894 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,351 | €79,458 | -€14,894 | -15.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.