Ivan 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.
Ivan Michiels
Largest movements
- Cash +€63,850
up €63,850 (+73.0%), from €87,467 to €151,317
mainly Other debts (+€124,550) and Net result for the year (+€51,067)
- Tangible fixed assets -€16,780
down €16,780 (-29.3%), from €57,316 to €40,536
of which Land and buildings: -€16,839
- Financial fixed assets -€8,750
down €8,750 (-63.6%), from €13,750 to €5,000
- Receivables within one year -€5,382
down €5,382 (-10.5%), from €51,153 to €45,772
of which Trade receivables: -€28,350
- Other debts +€124,550
new in 2025: €124,550
- Reserves -€115,000
down €115,000 (-42.6%), from €270,144 to €155,144
- Profit (loss) carried forward +€33,067
up €33,067, from -€33,025 to €42
- Trade debts -€12,036
down €12,036 (-95.3%), from €12,625 to €589
- Tax, wage and social debts +€10,619
up €10,619 (+100.8%), from €10,539 to €21,157
of which Taxes: +€13,219
- Financial income +€64,789
up €64,789 (+239.7%), from €27,025 to €91,814
- Gross operating margin +€25,601
up €25,601 (+65.5%), from -€39,096 to -€13,495
- Depreciation -€4,604
down €4,604 (-19.0%), from €24,256 to €19,651
- Taxes +€1,718
up €1,718 (+96.1%), from €1,788 to €3,506
- Other operating charges -€603
down €603 (-20.8%), from €2,899 to €2,296
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.
Cash bridge derived
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 | €320,026 | €350,858 | +€30,832 | +9.6% |
| Fixed assets | 21/28 | €71,066 | €45,536 | -€25,530 | -35.9% |
| Tangible fixed assets | 22/27 | €57,316 | €40,536 | -€16,780 | -29.3% |
| Land and buildings | 22 | €50,544 | €33,705 | -€16,839 | -33.3% |
| Furniture and vehicles | 24 | €6,772 | €6,831 | +€58 | +0.9% |
| Financial fixed assets | 28 | €13,750 | €5,000 | -€8,750 | -63.6% |
| Current assets | 29/58 | €248,960 | €305,323 | +€56,363 | +22.6% |
| Amounts receivable after more than one year | 29 | €107,510 | €107,510 | = | 0.0% |
| Trade receivables | 290 | €107,510 | €0 | -€107,510 | -100.0% |
| Other amounts receivable | 291 | - | €107,510 | +€107,510 | |
| Amounts receivable within one year | 40/41 | €51,153 | €45,772 | -€5,382 | -10.5% |
| Trade receivables | 40 | €33,162 | €4,812 | -€28,350 | -85.5% |
| Other amounts receivable | 41 | €17,992 | €40,960 | +€22,968 | +127.7% |
| Cash at bank and in hand | 54/58 | €87,467 | €151,317 | +€63,850 | +73.0% |
| Deferred charges and accrued income | 490/1 | €2,829 | €723 | -€2,106 | -74.4% |
| Total equity and liabilities | 10/49 | €320,026 | €350,858 | +€30,832 | +9.6% |
| Equity | 10/15 | €257,119 | €175,186 | -€81,933 | -31.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €270,144 | €155,144 | -€115,000 | -42.6% |
| Distributable reserves | 133 | €270,144 | €155,144 | -€115,000 | -42.6% |
| Profit (loss) carried forward | 14 | -€33,025 | €42 | +€33,067 | |
| Amounts payable | 17/49 | €62,907 | €175,673 | +€112,766 | +179.3% |
| Amounts payable after more than one year | 17 | €28,744 | €18,152 | -€10,591 | -36.8% |
| Financial debts | 170/4 | €28,744 | €18,152 | -€10,591 | -36.8% |
| Amounts payable within one year | 42/48 | €34,163 | €157,520 | +€123,357 | +361.1% |
| Current portion of amounts payable after more than one year | 42 | €11,000 | €11,224 | +€224 | +2.0% |
| Trade debts | 44 | €12,625 | €589 | -€12,036 | -95.3% |
| Suppliers | 440/4 | €12,625 | €589 | -€12,036 | -95.3% |
| Taxes, remuneration and social security | 45 | €10,539 | €21,157 | +€10,619 | +100.8% |
| Taxes | 450/3 | €7,939 | €21,157 | +€13,219 | +166.5% |
| Remuneration and social security | 454/9 | €2,600 | €0 | -€2,600 | -100.0% |
| Other amounts payable | 47/48 | - | €124,550 | +€124,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,256 | €19,651 | -€4,604 | -19.0% |
| Other operating charges | 640/8 | €2,899 | €2,296 | -€603 | -20.8% |
| Gross operating margin | 9900 | -€39,096 | -€13,495 | +€25,601 | +65.5% |
| Operating profit (loss) | 9901 | -€66,251 | -€35,442 | +€30,809 | +46.5% |
| Financial income | 75/76B | €27,025 | €91,814 | +€64,789 | +239.7% |
| Recurring financial income | 75 | €27,025 | €91,814 | +€64,789 | +239.7% |
| Financial charges | 65/66B | €1,977 | €1,799 | -€178 | -9.0% |
| Recurring financial charges | 65 | €1,977 | €1,799 | -€178 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€41,203 | €54,573 | +€95,775 | |
| Income taxes | 67/77 | €1,788 | €3,506 | +€1,718 | +96.1% |
| Profit (loss) for the period | 9904 | -€42,991 | €51,067 | +€94,057 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,991 | €51,067 | +€94,057 |
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 10 October 2026 via checked.be.