Ferme Michaux: 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.
What changed
Ferme Michaux
NACE 01.500, Mixed farming
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€27,323
2024 · -€42,644+€15,321
Equity
€3.0m
2024 · €912,291+€2.1m
Cash
€202,954
2024 · €235,879-€32,924
Balance sheet total
€3.6m
2024 · €1.4m+€2.2m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+192%), from €1.1m to €3.3m
of which Land and buildings: +€2.1m
- Receivables within one year +€51,608
up €51,608 (+199%), from €25,931 to €77,539
of which Trade receivables: +€51,894
Equity and liabilities
- Revaluation surpluses +€2.2m
new in 2025: €2.2m
- Advances received +€58,715
new in 2025: €58,715
- Debts after one year -€50,000
down €50,000 (-9.5%), from €525,000 to €475,000
Income statement
- Gross operating margin +€16,700
up €16,700 (+67.6%), from €24,706 to €41,406
- Depreciation +€766
up €766 (+1.3%), from €60,114 to €60,881
- Other operating charges +€523
up €523 (+6.5%), from €8,106 to €8,629
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.
Result 2024
-€42,644
Gross operating margin
+€16,700
Depreciation
-€766
Other operating charges
-€523
Financial charges
-€90
Result 2025
-€27,323
raises the resultlowers the result
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.
From operations
+€70,026
Investment
-€2.2m
Financing
+€2.1m
Cash 2024
€235,879
From operations (derived)
+€70,026
Net result for the year
-€27,323
Depreciation
+€60,881
Smaller working-capital items
-€991
Receivables within one year
-€51,608
Trade debts
+€11,001
Advances received
+€58,715
Accrued charges and deferred income
+€19,351
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€2.2m
Financing
+€2.1m
Debts after one year
-€50,000
Contributions, distributions and other
+€2.2m
Cash 2025
€202,954
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,448,757 | €3,609,583 | +€2.2m | +149% |
| Fixed assets | 21/28 | €1,114,310 | €3,256,379 | +€2.1m | +192% |
| Tangible fixed assets | 22/27 | €1,114,310 | €3,256,379 | +€2.1m | +192% |
| Land and buildings | 22 | €882,479 | €3,012,496 | +€2.1m | +241% |
| Plant, machinery and equipment | 23 | €231,442 | €243,688 | +€12,247 | +5.3% |
| Furniture and vehicles | 24 | €389 | €195 | -€195 | -50.0% |
| Current assets | 29/58 | €334,447 | €353,204 | +€18,757 | +5.6% |
| Stocks and contracts in progress | 3 | €71,045 | €72,380 | +€1,335 | +1.9% |
| Stocks | 30/36 | €71,045 | €72,380 | +€1,335 | +1.9% |
| Amounts receivable within one year | 40/41 | €25,931 | €77,539 | +€51,608 | +199% |
| Trade receivables | 40 | €3,780 | €55,674 | +€51,894 | +1,373% |
| Other amounts receivable | 41 | €22,151 | €21,865 | -€286 | -1.3% |
| Cash at bank and in hand | 54/58 | €235,879 | €202,954 | -€32,924 | -14.0% |
| Deferred charges and accrued income | 490/1 | €1,593 | €331 | -€1,262 | -79.2% |
| Total equity and liabilities | 10/49 | €1,448,757 | €3,609,583 | +€2.2m | +149% |
| Equity | 10/15 | €912,291 | €3,034,968 | +€2.1m | +233% |
| Contributions | 10/11 | €409,024 | €409,024 | = | 0.0% |
| Capital | 10 | €409,024 | €409,024 | = | 0.0% |
| Issued capital | 100 | €409,024 | €409,024 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,150,000 | +€2.2m | |
| Reserves | 13 | €596,738 | €593,986 | -€2,753 | -0.5% |
| Non-distributable reserves | 130/1 | €40,902 | €40,902 | = | 0.0% |
| Legal reserve | 130 | €40,902 | €40,902 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,479 | €19,726 | -€2,753 | -12.2% |
| Distributable reserves | 133 | €533,357 | €533,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,471 | -€118,042 | -€24,571 | -26.3% |
| Provisions and deferred taxes | 16 | €7,493 | €6,575 | -€918 | -12.2% |
| Deferred taxes | 168 | €7,493 | €6,575 | -€918 | -12.2% |
| Amounts payable | 17/49 | €528,973 | €568,040 | +€39,067 | +7.4% |
| Amounts payable after more than one year | 17 | €525,000 | €475,000 | -€50,000 | -9.5% |
| Other amounts payable | 178/9 | €525,000 | €475,000 | -€50,000 | -9.5% |
| Amounts payable within one year | 42/48 | €3,973 | €73,689 | +€69,716 | +1,755% |
| Trade debts | 44 | €2,335 | €13,336 | +€11,001 | +471% |
| Suppliers | 440/4 | €2,335 | €13,336 | +€11,001 | +471% |
| Advances received on contracts in progress | 46 | - | €58,715 | +€58,715 | |
| Taxes, remuneration and social security | 45 | €1,638 | €1,638 | = | 0.0% |
| Taxes | 450/3 | €933 | €933 | = | 0.0% |
| Remuneration and social security | 454/9 | €705 | €705 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €19,351 | +€19,351 | |
| Non-recurring operating income | 76A | €4,300 | €603 | -€3,697 | -86.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,114 | €60,881 | +€766 | +1.3% |
| Other operating charges | 640/8 | €8,106 | €8,629 | +€523 | +6.5% |
| Gross operating margin | 9900 | €24,706 | €41,406 | +€16,700 | +67.6% |
| Operating profit (loss) | 9901 | -€43,515 | -€28,104 | +€15,411 | +35.4% |
| Financial charges | 65/66B | €47 | €137 | +€90 | +192% |
| Recurring financial charges | 65 | €47 | €137 | +€90 | +192% |
| Profit (loss) for the period before taxes | 9903 | -€43,562 | -€28,241 | +€15,321 | +35.2% |
| Transfer from deferred taxes | 780 | €918 | €918 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€42,644 | -€27,323 | +€15,321 | +35.9% |
| Transfer from tax-exempt reserves | 789 | €2,753 | €2,753 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,892 | -€24,571 | +€15,321 | +38.4% |
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 31 October 2026 via checked.be.