Dr. Peter Michielsen: 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. Peter Michielsen
Largest movements
- Receivables within one year +€8,163
up €8,163 (+231%), from €3,538 to €11,701
of which Other amounts receivable: +€6,967
- Cash -€6,571
down €6,571 (-24.0%), from €27,400 to €20,829
mainly Contributions, distributions and other (-€24,357) and Receivables within one year (-€8,163)
- Tax, wage and social debts +€1,977
up €1,977 (+73.9%), from €2,673 to €4,650
- Short-term financial debts -€1,010
down €1,010 (-31.7%), from €3,186 to €2,176
- Other debts +€625
up €625 (+3.1%), from €20,079 to €20,703
- Gross operating margin +€9,013
up €9,013 (+33.3%), from €27,063 to €36,076
- Taxes +€2,244
up €2,244 (+30.9%), from €7,252 to €9,496
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 | €30,938 | €32,530 | +€1,592 | +5.1% |
| Current assets | 29/58 | €30,938 | €32,530 | +€1,592 | +5.1% |
| Amounts receivable within one year | 40/41 | €3,538 | €11,701 | +€8,163 | +231% |
| Trade receivables | 40 | - | €1,196 | +€1,196 | |
| Other amounts receivable | 41 | €3,538 | €10,505 | +€6,967 | +197% |
| Cash at bank and in hand | 54/58 | €27,400 | €20,829 | -€6,571 | -24.0% |
| Total equity and liabilities | 10/49 | €30,938 | €32,530 | +€1,592 | +5.1% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,938 | €27,530 | +€1,592 | +6.1% |
| Amounts payable within one year | 42/48 | €25,938 | €27,530 | +€1,592 | +6.1% |
| Financial debts | 43 | €3,186 | €2,176 | -€1,010 | -31.7% |
| Credit institutions | 430/8 | €3,186 | €2,176 | -€1,010 | -31.7% |
| Taxes, remuneration and social security | 45 | €2,673 | €4,650 | +€1,977 | +73.9% |
| Taxes | 450/3 | €2,673 | €4,650 | +€1,977 | +73.9% |
| Other amounts payable | 47/48 | €20,079 | €20,703 | +€625 | +3.1% |
| Other operating charges | 640/8 | €1,650 | €1,703 | +€53 | +3.2% |
| Gross operating margin | 9900 | €27,063 | €36,076 | +€9,013 | +33.3% |
| Operating profit (loss) | 9901 | €25,413 | €34,373 | +€8,960 | +35.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €342 | €519 | +€177 | +51.9% |
| Recurring financial charges | 65 | €342 | €519 | +€177 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | €25,074 | €33,854 | +€8,780 | +35.0% |
| Income taxes | 67/77 | €7,252 | €9,496 | +€2,244 | +30.9% |
| Profit (loss) for the period | 9904 | €17,821 | €24,357 | +€6,536 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,821 | €24,357 | +€6,536 | +36.7% |
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 18 October 2026 via checked.be.