EXPERTISE MICHELI: what changed
EXPERTISE MICHELI
Largest movements
- Cash -€94,090
no longer reported in 2025 (was €94,090)
mainly Contributions, distributions and other (-€118,148) and Current investments (-€28,568)
- Current investments +€28,568
new in 2025: €28,568
- Tangible fixed assets +€10,832
new in 2025: €10,832
of which Other tangible fixed assets: +€7,129
- Intangible fixed assets -€6,500
down €6,500 (-14.8%), from €43,933 to €37,433
- Receivables within one year -€2,546
down €2,546 (-59.7%), from €4,263 to €1,717
of which Other amounts receivable: -€1,453
- Profit (loss) carried forward -€77,000
down €77,000 (-87.3%), from €88,221 to €11,221
- Trade debts +€5,531
up €5,531 (+338%), from €1,634 to €7,165
- Advances received +€3,610
up €3,610 (+149%), from €2,426 to €6,036
- Tax, wage and social debts +€3,265
up €3,265 (+39.4%), from €8,293 to €11,558
- Gross operating margin +€18,446
up €18,446 (+38.5%), from €47,950 to €66,395
- Taxes +€4,477
up €4,477 (+38.4%), from €11,668 to €16,144
- Depreciation +€727
up €727 (+11.2%), from €6,500 to €7,227
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,806 | €79,465 | -€64,340 | -44.7% |
| Fixed assets | 21/28 | €43,933 | €48,265 | +€4,332 | +9.9% |
| Intangible fixed assets | 21 | €43,933 | €37,433 | -€6,500 | -14.8% |
| Tangible fixed assets | 22/27 | - | €10,832 | +€10,832 | |
| Furniture and vehicles | 24 | - | €3,703 | +€3,703 | |
| Other tangible fixed assets | 26 | - | €7,129 | +€7,129 | |
| Current assets | 29/58 | €99,873 | €31,200 | -€68,673 | -68.8% |
| Amounts receivable within one year | 40/41 | €4,263 | €1,717 | -€2,546 | -59.7% |
| Trade receivables | 40 | €2,810 | €1,717 | -€1,093 | -38.9% |
| Other amounts receivable | 41 | €1,453 | - | -€1,453 | |
| Current investments | 50/53 | - | €28,568 | +€28,568 | |
| Cash at bank and in hand | 54/58 | €94,090 | - | -€94,090 | |
| Deferred charges and accrued income | 490/1 | €1,520 | €915 | -€605 | -39.8% |
| Total equity and liabilities | 10/49 | €143,806 | €79,465 | -€64,340 | -44.7% |
| Equity | 10/15 | €90,221 | €13,221 | -€77,000 | -85.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,221 | €11,221 | -€77,000 | -87.3% |
| Amounts payable | 17/49 | €53,584 | €66,244 | +€12,660 | +23.6% |
| Amounts payable within one year | 42/48 | €53,584 | €66,244 | +€12,660 | +23.6% |
| Trade debts | 44 | €1,634 | €7,165 | +€5,531 | +338% |
| Suppliers | 440/4 | €1,634 | €7,165 | +€5,531 | +338% |
| Advances received on contracts in progress | 46 | €2,426 | €6,036 | +€3,610 | +149% |
| Taxes, remuneration and social security | 45 | €8,293 | €11,558 | +€3,265 | +39.4% |
| Taxes | 450/3 | €8,293 | €11,558 | +€3,265 | +39.4% |
| Other amounts payable | 47/48 | €41,231 | €41,485 | +€254 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,500 | €7,227 | +€727 | +11.2% |
| Other operating charges | 640/8 | €1,177 | €1,048 | -€130 | -11.0% |
| Gross operating margin | 9900 | €47,950 | €66,395 | +€18,446 | +38.5% |
| Operating profit (loss) | 9901 | €40,272 | €58,121 | +€17,848 | +44.3% |
| Financial income | 75/76B | €751 | €487 | -€264 | -35.2% |
| Recurring financial income | 75 | €751 | €487 | -€264 | -35.2% |
| Financial charges | 65/66B | €1,283 | €1,316 | +€32 | +2.5% |
| Recurring financial charges | 65 | €1,283 | €1,316 | +€32 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €39,740 | €57,292 | +€17,552 | +44.2% |
| Income taxes | 67/77 | €11,668 | €16,144 | +€4,477 | +38.4% |
| Profit (loss) for the period | 9904 | €28,073 | €41,148 | +€13,075 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,073 | €41,148 | +€13,075 | +46.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.