EVERAERT MICHIEL: 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.
EVERAERT MICHIEL
Largest movements
- Tangible fixed assets +€223,900
up €223,900 (+26.7%), from €839,812 to €1.1m
of which Land and buildings: +€223,525
- Receivables within one year -€58,732
down €58,732 (-32.1%), from €183,081 to €124,350
- Cash -€54,562
down €54,562 (-40.4%), from €134,986 to €80,424
mainly Contributions, distributions and other (-€342,861) and Investment in fixed assets (net) (-€272,556)
- Current investments -€36,444
down €36,444 (-6.2%), from €589,581 to €553,137
- Other debts +€206,308
up €206,308 (+7,754%), from €2,661 to €208,968
- Profit (loss) carried forward -€206,108
down €206,108 (-16.0%), from €1.3m to €1.1m
- Debts after one year +€38,515
up €38,515 (+7.9%), from €486,942 to €525,457
- Current portion of long-term debt +€35,128
up €35,128 (+144%), from €24,441 to €59,569
- Financial income -€98,600
down €98,600 (-50.5%), from €195,332 to €96,733
- Gross operating margin -€50,380
down €50,380 (-18.9%), from €266,740 to €216,360
- Financial charges -€23,046
down €23,046 (-35.9%), from €64,143 to €41,097
- Other operating charges +€21,536
up €21,536 (+109%), from €19,814 to €41,351
- Taxes -€7,377
down €7,377 (-12.4%), from €59,581 to €52,204
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 | €2,206,936 | €2,274,856 | +€67,921 | +3.1% |
| Fixed assets | 21/28 | €856,337 | €1,080,237 | +€223,900 | +26.1% |
| Tangible fixed assets | 22/27 | €839,812 | €1,063,712 | +€223,900 | +26.7% |
| Land and buildings | 22 | €833,821 | €1,057,345 | +€223,525 | +26.8% |
| Plant, machinery and equipment | 23 | €735 | €499 | -€236 | -32.1% |
| Furniture and vehicles | 24 | €4,649 | €5,760 | +€1,110 | +23.9% |
| Other tangible fixed assets | 26 | €607 | €108 | -€499 | -82.2% |
| Financial fixed assets | 28 | €16,525 | €16,525 | = | 0.0% |
| Current assets | 29/58 | €1,350,599 | €1,194,619 | -€155,979 | -11.5% |
| Amounts receivable after more than one year | 29 | €47,907 | €37,827 | -€10,079 | -21.0% |
| Other amounts receivable | 291 | €47,907 | €37,827 | -€10,079 | -21.0% |
| Stocks and contracts in progress | 3 | €395,044 | €395,044 | = | 0.0% |
| Stocks | 30/36 | €395,044 | €395,044 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €183,081 | €124,350 | -€58,732 | -32.1% |
| Other amounts receivable | 41 | €183,081 | €124,350 | -€58,732 | -32.1% |
| Current investments | 50/53 | €589,581 | €553,137 | -€36,444 | -6.2% |
| Cash at bank and in hand | 54/58 | €134,986 | €80,424 | -€54,562 | -40.4% |
| Deferred charges and accrued income | 490/1 | - | €3,837 | +€3,837 | |
| Total equity and liabilities | 10/49 | €2,206,936 | €2,274,856 | +€67,921 | +3.1% |
| Equity | 10/15 | €1,512,730 | €1,301,716 | -€211,014 | -13.9% |
| Contributions | 10/11 | €128,160 | €128,160 | = | 0.0% |
| Reserves | 13 | €94,660 | €89,754 | -€4,906 | -5.2% |
| Non-distributable reserves | 130/1 | €12,816 | €12,816 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,816 | €12,816 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,844 | €76,938 | -€4,906 | -6.0% |
| Profit (loss) carried forward | 14 | €1,289,910 | €1,083,803 | -€206,108 | -16.0% |
| Provisions and deferred taxes | 16 | €150,988 | €148,927 | -€2,061 | -1.4% |
| Provisions for liabilities and charges | 160/5 | €118,015 | €118,015 | = | 0.0% |
| Pensions and similar obligations | 160 | €90,666 | €90,666 | = | 0.0% |
| Other liabilities and charges | 164/5 | €27,349 | €27,349 | = | 0.0% |
| Deferred taxes | 168 | €32,973 | €30,912 | -€2,061 | -6.3% |
| Amounts payable | 17/49 | €543,218 | €824,213 | +€280,995 | +51.7% |
| Amounts payable after more than one year | 17 | €486,942 | €525,457 | +€38,515 | +7.9% |
| Financial debts | 170/4 | €486,942 | €525,457 | +€38,515 | +7.9% |
| Amounts payable within one year | 42/48 | €55,473 | €295,371 | +€239,897 | +432% |
| Current portion of amounts payable after more than one year | 42 | €24,441 | €59,569 | +€35,128 | +144% |
| Trade debts | 44 | €23,658 | €8,995 | -€14,663 | -62.0% |
| Suppliers | 440/4 | €23,658 | €8,995 | -€14,663 | -62.0% |
| Taxes, remuneration and social security | 45 | €4,714 | €17,838 | +€13,124 | +278% |
| Taxes | 450/3 | €4,714 | €17,838 | +€13,124 | +278% |
| Other amounts payable | 47/48 | €2,661 | €208,968 | +€206,308 | +7,754% |
| Accrued charges and deferred income | 492/3 | €802 | €3,386 | +€2,583 | +322% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,873 | €48,656 | -€218 | -0.4% |
| Other operating charges | 640/8 | €19,814 | €41,351 | +€21,536 | +109% |
| Gross operating margin | 9900 | €266,740 | €216,360 | -€50,380 | -18.9% |
| Operating profit (loss) | 9901 | €198,052 | €126,354 | -€71,698 | -36.2% |
| Financial income | 75/76B | €195,332 | €96,733 | -€98,600 | -50.5% |
| Recurring financial income | 75 | €195,332 | €96,733 | -€98,600 | -50.5% |
| Financial charges | 65/66B | €64,143 | €41,097 | -€23,046 | -35.9% |
| Recurring financial charges | 65 | €64,143 | €41,097 | -€23,046 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €329,241 | €181,990 | -€147,251 | -44.7% |
| Transfer from deferred taxes | 780 | €2,061 | €2,061 | = | 0.0% |
| Income taxes | 67/77 | €59,581 | €52,204 | -€7,377 | -12.4% |
| Profit (loss) for the period | 9904 | €271,721 | €131,847 | -€139,874 | -51.5% |
| Transfer from tax-exempt reserves | 789 | €4,906 | €4,906 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €276,627 | €136,753 | -€139,874 | -50.6% |
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 17 October 2026 via checked.be.