IMMO 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.
IMMO MICHAUX
Largest movements
- Tangible fixed assets +€15,707
up €15,707 (+76.5%), from €20,534 to €36,241
of which Furniture and vehicles: +€14,824
- Cash +€3,152
up €3,152 (+63.0%), from €5,000 to €8,152
mainly Advances received (+€34,350) and Debts after one year (+€10,947)
- Receivables within one year -€1,902
down €1,902 (-2.0%), from €96,729 to €94,827
of which Other amounts receivable: -€11,591
- Advances received +€34,350
up €34,350 (+84.1%), from €40,825 to €75,175
- Trade debts -€20,496
down €20,496 (-74.5%), from €27,527 to €7,031
- Tax, wage and social debts -€16,723
down €16,723 (-56.1%), from €29,820 to €13,097
of which Taxes: -€13,072
- Debts after one year +€10,947
new in 2025: €10,947
- Other debts +€5,500
new in 2025: €5,500
- Staff costs -€6,013
down €6,013 (-22.8%), from €26,368 to €20,355
- Depreciation +€3,540
up €3,540 (+68.4%), from €5,177 to €8,717
- Taxes -€2,069
down €2,069 (-68.5%), from €3,018 to €949
- Other operating charges +€1,871
up €1,871 (+153%), from €1,223 to €3,094
- Gross operating margin -€814
down €814 (-2.0%), from €40,064 to €39,250
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 | €124,639 | €142,164 | +€17,525 | +14.1% |
| Fixed assets | 21/28 | €20,714 | €36,421 | +€15,707 | +75.8% |
| Tangible fixed assets | 22/27 | €20,534 | €36,241 | +€15,707 | +76.5% |
| Plant, machinery and equipment | 23 | €455 | €1,545 | +€1,090 | +239% |
| Furniture and vehicles | 24 | €8,661 | €23,485 | +€14,824 | +171% |
| Other tangible fixed assets | 26 | €11,417 | €11,211 | -€207 | -1.8% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €103,926 | €105,744 | +€1,818 | +1.7% |
| Amounts receivable within one year | 40/41 | €96,729 | €94,827 | -€1,902 | -2.0% |
| Trade receivables | 40 | €83,186 | €92,875 | +€9,689 | +11.6% |
| Other amounts receivable | 41 | €13,543 | €1,952 | -€11,591 | -85.6% |
| Cash at bank and in hand | 54/58 | €5,000 | €8,152 | +€3,152 | +63.0% |
| Deferred charges and accrued income | 490/1 | €2,196 | €2,765 | +€568 | +25.9% |
| Total equity and liabilities | 10/49 | €124,639 | €142,164 | +€17,525 | +14.1% |
| Equity | 10/15 | €12,814 | €14,181 | +€1,367 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,754 | €6,121 | +€1,367 | +28.8% |
| Amounts payable | 17/49 | €111,825 | €127,983 | +€16,158 | +14.4% |
| Amounts payable after more than one year | 17 | - | €10,947 | +€10,947 | |
| Financial debts | 170/4 | - | €10,947 | +€10,947 | |
| Amounts payable within one year | 42/48 | €111,425 | €116,836 | +€5,411 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €2,294 | €6,461 | +€4,168 | +182% |
| Financial debts | 43 | €10,959 | €9,571 | -€1,388 | -12.7% |
| Credit institutions | 430/8 | €10,959 | €9,571 | -€1,388 | -12.7% |
| Trade debts | 44 | €27,527 | €7,031 | -€20,496 | -74.5% |
| Suppliers | 440/4 | €27,527 | €7,031 | -€20,496 | -74.5% |
| Advances received on contracts in progress | 46 | €40,825 | €75,175 | +€34,350 | +84.1% |
| Taxes, remuneration and social security | 45 | €29,820 | €13,097 | -€16,723 | -56.1% |
| Taxes | 450/3 | €22,539 | €9,467 | -€13,072 | -58.0% |
| Remuneration and social security | 454/9 | €7,281 | €3,630 | -€3,651 | -50.1% |
| Other amounts payable | 47/48 | - | €5,500 | +€5,500 | |
| Accrued charges and deferred income | 492/3 | €400 | €200 | -€200 | -50.0% |
| Remuneration, social security and pensions | 62 | €26,368 | €20,355 | -€6,013 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,177 | €8,717 | +€3,540 | +68.4% |
| Other operating charges | 640/8 | €1,223 | €3,094 | +€1,871 | +153% |
| Non-recurring operating charges | 66A | - | €2,066 | +€2,066 | |
| Gross operating margin | 9900 | €40,064 | €39,250 | -€814 | -2.0% |
| Operating profit (loss) | 9901 | €7,295 | €5,017 | -€2,278 | -31.2% |
| Financial income | 75/76B | €3 | €1 | -€2 | -63.3% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -63.3% |
| Financial charges | 65/66B | €1,948 | €2,702 | +€754 | +38.7% |
| Recurring financial charges | 65 | €1,948 | €2,702 | +€754 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €5,350 | €2,316 | -€3,034 | -56.7% |
| Income taxes | 67/77 | €3,018 | €949 | -€2,069 | -68.5% |
| Profit (loss) for the period | 9904 | €2,332 | €1,367 | -€965 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,332 | €1,367 | -€965 | -41.4% |
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 20 October 2026 via checked.be.