FRITUUR 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.
FRITUUR MICHIEL
Largest movements
- Tangible fixed assets +€35,636
up €35,636 (+7.7%), from €464,846 to €500,482
of which Plant, machinery and equipment: +€45,483
- Cash +€28,410
up €28,410 (+74.2%), from €38,310 to €66,720
mainly Trade debts (+€68,923) and Depreciation (+€56,401)
- Trade debts +€68,923
up €68,923 (+143%), from €48,120 to €117,043
- Debts after one year -€42,583
down €42,583 (-16.7%), from €255,520 to €212,937
- Reserves +€41,785
up €41,785 (+32.9%), from €126,915 to €168,701
- Gross operating margin -€13,822
down €13,822 (-10.1%), from €136,633 to €122,811
- Depreciation +€6,065
up €6,065 (+12.0%), from €50,335 to €56,401
- Taxes -€3,918
down €3,918 (-25.2%), from €15,552 to €11,634
- Financial charges -€1,394
down €1,394 (-14.2%), from €9,800 to €8,406
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 | €551,275 | €617,479 | +€66,204 | +12.0% |
| Fixed assets | 21/28 | €486,226 | €516,862 | +€30,636 | +6.3% |
| Intangible fixed assets | 21 | €20,000 | €15,000 | -€5,000 | -25.0% |
| Tangible fixed assets | 22/27 | €464,846 | €500,482 | +€35,636 | +7.7% |
| Land and buildings | 22 | €408,867 | €399,154 | -€9,713 | -2.4% |
| Plant, machinery and equipment | 23 | €49,019 | €94,502 | +€45,483 | +92.8% |
| Furniture and vehicles | 24 | €6,960 | €6,825 | -€135 | -1.9% |
| Financial fixed assets | 28 | €1,380 | €1,380 | = | 0.0% |
| Current assets | 29/58 | €65,049 | €100,618 | +€35,569 | +54.7% |
| Stocks and contracts in progress | 3 | €6,727 | €8,796 | +€2,069 | +30.8% |
| Stocks | 30/36 | €6,727 | €8,796 | +€2,069 | +30.8% |
| Amounts receivable within one year | 40/41 | €20,012 | €22,242 | +€2,230 | +11.1% |
| Trade receivables | 40 | €18,223 | €12,140 | -€6,083 | -33.4% |
| Other amounts receivable | 41 | €1,789 | €10,103 | +€8,314 | +465% |
| Cash at bank and in hand | 54/58 | €38,310 | €66,720 | +€28,410 | +74.2% |
| Deferred charges and accrued income | 490/1 | - | €2,860 | +€2,860 | |
| Total equity and liabilities | 10/49 | €551,275 | €617,479 | +€66,204 | +12.0% |
| Equity | 10/15 | €191,915 | €233,701 | +€41,785 | +21.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €126,915 | €168,701 | +€41,785 | +32.9% |
| Distributable reserves | 133 | €126,915 | €168,701 | +€41,785 | +32.9% |
| Amounts payable | 17/49 | €359,360 | €383,779 | +€24,419 | +6.8% |
| Amounts payable after more than one year | 17 | €255,520 | €212,937 | -€42,583 | -16.7% |
| Financial debts | 170/4 | €255,520 | €212,937 | -€42,583 | -16.7% |
| Amounts payable within one year | 42/48 | €102,994 | €169,996 | +€67,002 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | €41,947 | €42,583 | +€636 | +1.5% |
| Trade debts | 44 | €48,120 | €117,043 | +€68,923 | +143% |
| Suppliers | 440/4 | €48,120 | €117,043 | +€68,923 | +143% |
| Taxes, remuneration and social security | 45 | €10,662 | €10,370 | -€292 | -2.7% |
| Taxes | 450/3 | €10,140 | €9,847 | -€293 | -2.9% |
| Remuneration and social security | 454/9 | €522 | €523 | +€1 | +0.2% |
| Other amounts payable | 47/48 | €2,265 | €0 | -€2,265 | -100% |
| Accrued charges and deferred income | 492/3 | €846 | €846 | = | 0.0% |
| Non-recurring operating income | 76A | - | €901 | +€901 | |
| Remuneration, social security and pensions | 62 | €1,339 | €813 | -€526 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,335 | €56,401 | +€6,065 | +12.0% |
| Other operating charges | 640/8 | €2,610 | €3,774 | +€1,163 | +44.6% |
| Gross operating margin | 9900 | €136,633 | €122,811 | -€13,822 | -10.1% |
| Operating profit (loss) | 9901 | €82,349 | €61,824 | -€20,524 | -24.9% |
| Financial income | 75/76B | €2 | €0 | -€2 | -84.7% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -84.7% |
| Financial charges | 65/66B | €9,800 | €8,406 | -€1,394 | -14.2% |
| Recurring financial charges | 65 | €9,800 | €8,406 | -€1,394 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €72,551 | €53,419 | -€19,132 | -26.4% |
| Income taxes | 67/77 | €15,552 | €11,634 | -€3,918 | -25.2% |
| Profit (loss) for the period | 9904 | €56,999 | €41,785 | -€15,214 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,999 | €41,785 | -€15,214 | -26.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.