Frank Michiels: 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.
Frank Michiels
Largest movements
- Cash +€78,172
up €78,172 (+60.6%), from €129,084 to €207,256
mainly Net result for the year (+€43,628) and Receivables within one year (+€30,903)
- Receivables within one year -€30,903
down €30,903 (-91.0%), from €33,977 to €3,074
of which Trade receivables: -€17,464
- Tangible fixed assets +€12,298
up €12,298 (+25.8%), from €47,630 to €59,928
of which Furniture and vehicles: +€11,882
- Reserves +€30,000
up €30,000 (+22.3%), from €134,460 to €164,460
of which Distributable reserves: +€30,000
- Debts after one year +€19,866
up €19,866 (+57.2%), from €34,703 to €54,570
of which Financial debts: +€19,029
- Tax, wage and social debts +€9,263
up €9,263 (+549%), from €1,686 to €10,949
of which Taxes: +€9,248
- Taxes +€12,297
up €12,297 (+177%), from €6,951 to €19,248
- Depreciation -€2,001
down €2,001 (-13.4%), from €14,902 to €12,901
- Financial charges +€1,116
up €1,116 (+149%), from €751 to €1,867
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 | €214,433 | €272,806 | +€58,373 | +27.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €47,990 | €60,288 | +€12,298 | +25.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €47,630 | €59,928 | +€12,298 | +25.8% |
| Plant, machinery and equipment | 23 | €9,294 | €6,429 | -€2,866 | -30.8% |
| Furniture and vehicles | 24 | €34,891 | €46,774 | +€11,882 | +34.1% |
| Other tangible fixed assets | 26 | €3,444 | €6,726 | +€3,281 | +95.3% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €166,444 | €212,518 | +€46,075 | +27.7% |
| Amounts receivable within one year | 40/41 | €33,977 | €3,074 | -€30,903 | -91.0% |
| Trade receivables | 40 | €17,464 | - | -€17,464 | |
| Other amounts receivable | 41 | €16,513 | €3,074 | -€13,439 | -81.4% |
| Cash at bank and in hand | 54/58 | €129,084 | €207,256 | +€78,172 | +60.6% |
| Deferred charges and accrued income | 490/1 | €3,382 | €2,188 | -€1,194 | -35.3% |
| Total equity and liabilities | 10/49 | €214,433 | €272,806 | +€58,373 | +27.2% |
| Equity | 10/15 | €155,016 | €183,644 | +€28,628 | +18.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,460 | €164,460 | +€30,000 | +22.3% |
| Tax-exempt reserves | 132 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €134,360 | €164,360 | +€30,000 | +22.3% |
| Profit (loss) carried forward | 14 | €1,956 | €584 | -€1,372 | -70.1% |
| Amounts payable | 17/49 | €59,418 | €89,162 | +€29,745 | +50.1% |
| Amounts payable after more than one year | 17 | €34,703 | €54,570 | +€19,866 | +57.2% |
| Financial debts | 170/4 | €7,703 | €26,732 | +€19,029 | +247% |
| Other amounts payable | 178/9 | €27,000 | €27,838 | +€838 | +3.1% |
| Amounts payable within one year | 42/48 | €24,714 | €34,592 | +€9,878 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €6,997 | €7,674 | +€677 | +9.7% |
| Trade debts | 44 | €1,031 | €969 | -€62 | -6.0% |
| Suppliers | 440/4 | €1,031 | €969 | -€62 | -6.0% |
| Taxes, remuneration and social security | 45 | €1,686 | €10,949 | +€9,263 | +549% |
| Taxes | 450/3 | - | €9,248 | +€9,248 | |
| Remuneration and social security | 454/9 | €1,686 | €1,701 | +€15 | +0.9% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,902 | €12,901 | -€2,001 | -13.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Non-recurring operating charges | 66A | - | €4,305 | +€4,305 | |
| Gross operating margin | 9900 | €80,873 | €81,267 | +€394 | +0.5% |
| Operating profit (loss) | 9901 | €65,466 | €63,542 | -€1,925 | -2.9% |
| Financial income | 75/76B | €929 | €1,202 | +€273 | +29.3% |
| Recurring financial income | 75 | €929 | €1,202 | +€273 | +29.3% |
| Financial charges | 65/66B | €751 | €1,867 | +€1,116 | +149% |
| Recurring financial charges | 65 | €751 | €1,867 | +€1,116 | +149% |
| Profit (loss) for the period before taxes | 9903 | €65,645 | €62,877 | -€2,768 | -4.2% |
| Income taxes | 67/77 | €6,951 | €19,248 | +€12,297 | +177% |
| Profit (loss) for the period | 9904 | €58,694 | €43,628 | -€15,066 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,694 | €43,628 | -€15,066 | -25.7% |
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 1 November 2026 via checked.be.