HDC - 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.
HDC - MICHIELS
Largest movements
- Financial fixed assets -€3.9m
down €3.9m (-85.5%), from €4.6m to €657,946
- Cash -€751,959
down €751,959 (-55.5%), from €1.4m to €603,553
mainly Short-term financial debts (-€4.5m) and Net result for the year (-€307,944)
- Receivables within one year +€82,848
up €82,848 (+143%), from €57,795 to €140,643
- Short-term financial debts -€4.5m
down €4.5m (-34.2%), from €13.0m to €8.6m
- Profit (loss) carried forward -€307,944
down €307,944 (-4.4%), from -€7.1m to -€7.4m
- Trade debts +€170,697
up €170,697 (+1,698%), from €10,054 to €180,751
- Financial income -€883,071
down €883,071 (-84.9%), from €1.0m to €156,543
- Taxes +€212,988
up €212,988 (+10,508%), from €2,027 to €215,015
- Financial charges +€195,258
up €195,258 (+11,636%), from €1,678 to €196,936
of which Non-recurring financial charges: +€191,483
- Gross operating margin -€4,015
down €4,015 (-8.3%), from -€48,409 to -€52,424
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 | €5,966,429 | €1,402,142 | -€4.6m | -76.5% |
| Fixed assets | 21/28 | €4,553,122 | €657,946 | -€3.9m | -85.5% |
| Financial fixed assets | 28 | €4,553,122 | €657,946 | -€3.9m | -85.5% |
| Current assets | 29/58 | €1,413,307 | €744,196 | -€669,111 | -47.3% |
| Amounts receivable within one year | 40/41 | €57,795 | €140,643 | +€82,848 | +143% |
| Other amounts receivable | 41 | €57,795 | €140,643 | +€82,848 | +143% |
| Cash at bank and in hand | 54/58 | €1,355,512 | €603,553 | -€751,959 | -55.5% |
| Total equity and liabilities | 10/49 | €5,966,429 | €1,402,142 | -€4.6m | -76.5% |
| Equity | 10/15 | -€7,047,137 | -€7,355,081 | -€307,944 | -4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,065,729 | -€7,373,673 | -€307,944 | -4.4% |
| Amounts payable | 17/49 | €13,013,566 | €8,757,223 | -€4.3m | -32.7% |
| Amounts payable within one year | 42/48 | €13,013,566 | €8,732,585 | -€4.3m | -32.9% |
| Financial debts | 43 | €13,003,512 | €8,551,834 | -€4.5m | -34.2% |
| Other loans | 439 | €13,003,512 | €8,551,834 | -€4.5m | -34.2% |
| Trade debts | 44 | €10,054 | €180,751 | +€170,697 | +1,698% |
| Suppliers | 440/4 | €10,054 | €180,751 | +€170,697 | +1,698% |
| Accrued charges and deferred income | 492/3 | - | €24,638 | +€24,638 | |
| Other operating charges | 640/8 | €112 | €112 | = | 0.0% |
| Gross operating margin | 9900 | -€48,409 | -€52,424 | -€4,015 | -8.3% |
| Operating profit (loss) | 9901 | -€48,521 | -€52,536 | -€4,015 | -8.3% |
| Financial income | 75/76B | €1,039,614 | €156,543 | -€883,071 | -84.9% |
| Recurring financial income | 75 | €1,039,614 | €156,543 | -€883,071 | -84.9% |
| Financial charges | 65/66B | €1,678 | €196,936 | +€195,258 | +11,636% |
| Recurring financial charges | 65 | €1,678 | €5,453 | +€3,775 | +225% |
| Non-recurring financial charges | 66B | - | €191,483 | +€191,483 | |
| Profit (loss) for the period before taxes | 9903 | €989,415 | -€92,929 | -€1.1m | |
| Income taxes | 67/77 | €2,027 | €215,015 | +€212,988 | +10,508% |
| Profit (loss) for the period | 9904 | €987,388 | -€307,944 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €987,388 | -€307,944 | -€1.3m |
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 21 October 2026 via checked.be.