DR. PIERRETTE MICHEL: 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. PIERRETTE MICHEL
Largest movements
- Current investments +€100,000
up €100,000 (+21.1%), from €474,438 to €574,438
- Cash -€80,472
down €80,472 (-55.1%), from €145,996 to €65,524
mainly Other debts (-€104,695) and Current investments (-€100,000)
- Deferred charges and accrued income +€29,409
up €29,409 (+68.7%), from €42,789 to €72,198
- Receivables within one year -€27,766
down €27,766 (-26.7%), from €103,896 to €76,130
of which Trade receivables: -€46,081
- Reserves +€132,069
up €132,069 (+20.9%), from €632,982 to €765,051
- Other debts -€104,695
no longer reported in 2025 (was €104,695)
- Tax, wage and social debts -€9,878
down €9,878 (-54.8%), from €18,018 to €8,139
- Gross operating margin -€15,308
down €15,308 (-7.6%), from €202,025 to €186,717
- Taxes -€4,132
down €4,132 (-7.0%), from €59,332 to €55,200
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 | €774,771 | €790,389 | +€15,618 | +2.0% |
| Fixed assets | 21/28 | €7,652 | €2,099 | -€5,553 | -72.6% |
| Tangible fixed assets | 22/27 | €7,652 | €2,099 | -€5,553 | -72.6% |
| Plant, machinery and equipment | 23 | €3,981 | €2,099 | -€1,882 | -47.3% |
| Furniture and vehicles | 24 | €2,547 | - | -€2,547 | |
| Other tangible fixed assets | 26 | €1,124 | - | -€1,124 | |
| Current assets | 29/58 | €767,119 | €788,290 | +€21,171 | +2.8% |
| Amounts receivable within one year | 40/41 | €103,896 | €76,130 | -€27,766 | -26.7% |
| Trade receivables | 40 | €96,497 | €50,417 | -€46,081 | -47.8% |
| Other amounts receivable | 41 | €7,399 | €25,713 | +€18,314 | +248% |
| Current investments | 50/53 | €474,438 | €574,438 | +€100,000 | +21.1% |
| Cash at bank and in hand | 54/58 | €145,996 | €65,524 | -€80,472 | -55.1% |
| Deferred charges and accrued income | 490/1 | €42,789 | €72,198 | +€29,409 | +68.7% |
| Total equity and liabilities | 10/49 | €774,771 | €790,389 | +€15,618 | +2.0% |
| Equity | 10/15 | €645,382 | €777,451 | +€132,069 | +20.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €632,982 | €765,051 | +€132,069 | +20.9% |
| Distributable reserves | 133 | €632,982 | €765,051 | +€132,069 | +20.9% |
| Amounts payable | 17/49 | €129,389 | €12,938 | -€116,451 | -90.0% |
| Amounts payable within one year | 42/48 | €125,316 | €9,823 | -€115,492 | -92.2% |
| Trade debts | 44 | €2,603 | €1,684 | -€919 | -35.3% |
| Suppliers | 440/4 | €2,603 | €1,684 | -€919 | -35.3% |
| Taxes, remuneration and social security | 45 | €18,018 | €8,139 | -€9,878 | -54.8% |
| Taxes | 450/3 | €18,018 | €8,139 | -€9,878 | -54.8% |
| Other amounts payable | 47/48 | €104,695 | - | -€104,695 | |
| Accrued charges and deferred income | 492/3 | €4,073 | €3,115 | -€959 | -23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,803 | €5,553 | -€250 | -4.3% |
| Other operating charges | 640/8 | €1,094 | €535 | -€559 | -51.1% |
| Gross operating margin | 9900 | €202,025 | €186,717 | -€15,308 | -7.6% |
| Operating profit (loss) | 9901 | €195,128 | €180,629 | -€14,499 | -7.4% |
| Financial income | 75/76B | €6,393 | €7,867 | +€1,474 | +23.1% |
| Recurring financial income | 75 | €6,393 | €7,867 | +€1,474 | +23.1% |
| Financial charges | 65/66B | €1,216 | €1,227 | +€11 | +0.9% |
| Recurring financial charges | 65 | €1,216 | €1,227 | +€11 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €200,305 | €187,269 | -€13,036 | -6.5% |
| Income taxes | 67/77 | €59,332 | €55,200 | -€4,132 | -7.0% |
| Profit (loss) for the period | 9904 | €140,973 | €132,069 | -€8,904 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €140,973 | €132,069 | -€8,904 | -6.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.