Eric Michoel: 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.
Eric Michoel
Largest movements
- Cash +€195,548
up €195,548 (+763.0%), from €25,628 to €221,176
mainly Current investments (+€139,784) and Net result for the year (+€38,959)
- Current investments -€139,784
no longer reported in 2025 (was €139,784)
- Receivables within one year -€7,977
down €7,977 (-55.1%), from €14,481 to €6,503
of which Other amounts receivable: -€7,778
- Tangible fixed assets -€4,403
down €4,403 (-29.4%), from €14,983 to €10,579
- Reserves +€38,000
up €38,000 (+21.4%), from €177,900 to €215,900
- Trade debts +€4,056
new in 2025: €4,056
- Gross operating margin +€4,445
up €4,445 (+7.6%), from €58,347 to €62,793
- Taxes +€4,282
up €4,282 (+26.9%), from €15,911 to €20,192
- Financial income -€1,364
down €1,364 (-40.4%), from €3,376 to €2,012
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 | €194,875 | €238,259 | +€43,383 | +22.3% |
| Fixed assets | 21/28 | €14,983 | €10,579 | -€4,403 | -29.4% |
| Tangible fixed assets | 22/27 | €14,983 | €10,579 | -€4,403 | -29.4% |
| Furniture and vehicles | 24 | €14,983 | €10,579 | -€4,403 | -29.4% |
| Current assets | 29/58 | €179,893 | €227,679 | +€47,787 | +26.6% |
| Amounts receivable within one year | 40/41 | €14,481 | €6,503 | -€7,977 | -55.1% |
| Trade receivables | 40 | €6,491 | €6,292 | -€199 | -3.1% |
| Other amounts receivable | 41 | €7,990 | €211 | -€7,778 | -97.4% |
| Current investments | 50/53 | €139,784 | - | -€139,784 | |
| Cash at bank and in hand | 54/58 | €25,628 | €221,176 | +€195,548 | +763.0% |
| Total equity and liabilities | 10/49 | €194,875 | €238,259 | +€43,383 | +22.3% |
| Equity | 10/15 | €184,499 | €223,458 | +€38,959 | +21.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €177,900 | €215,900 | +€38,000 | +21.4% |
| Distributable reserves | 133 | €177,900 | €215,900 | +€38,000 | +21.4% |
| Profit (loss) carried forward | 14 | €1,599 | €2,558 | +€959 | +59.9% |
| Amounts payable | 17/49 | €10,376 | €14,800 | +€4,424 | +42.6% |
| Amounts payable within one year | 42/48 | €10,376 | €14,800 | +€4,424 | +42.6% |
| Trade debts | 44 | - | €4,056 | +€4,056 | |
| Suppliers | 440/4 | - | €4,056 | +€4,056 | |
| Taxes, remuneration and social security | 45 | €8,596 | €9,658 | +€1,063 | +12.4% |
| Taxes | 450/3 | €8,596 | €9,658 | +€1,063 | +12.4% |
| Other amounts payable | 47/48 | €1,780 | €1,086 | -€694 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,608 | €4,403 | -€205 | -4.4% |
| Other operating charges | 640/8 | €1,059 | €1,096 | +€37 | +3.5% |
| Gross operating margin | 9900 | €58,347 | €62,793 | +€4,445 | +7.6% |
| Operating profit (loss) | 9901 | €52,680 | €57,293 | +€4,613 | +8.8% |
| Financial income | 75/76B | €3,376 | €2,012 | -€1,364 | -40.4% |
| Recurring financial income | 75 | €3,376 | €2,012 | -€1,364 | -40.4% |
| Financial charges | 65/66B | €158 | €154 | -€4 | -2.2% |
| Recurring financial charges | 65 | €158 | €154 | -€4 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €55,899 | €59,151 | +€3,252 | +5.8% |
| Income taxes | 67/77 | €15,911 | €20,192 | +€4,282 | +26.9% |
| Profit (loss) for the period | 9904 | €39,988 | €38,959 | -€1,029 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,988 | €38,959 | -€1,029 | -2.6% |
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 1 October 2026 via checked.be.