J. MICHEL: 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.
J. MICHEL
Largest movements
- Cash +€99,464
up €99,464 (+119%), from €83,264 to €182,727
mainly Net result for the year (+€128,195) and Trade debts (+€38,268)
- Receivables within one year +€62,301
up €62,301 (+110%), from €56,566 to €118,867
of which Trade receivables: +€62,302
- Tangible fixed assets +€10,820
up €10,820 (+13.3%), from €81,427 to €92,247
of which Furniture and vehicles: +€11,926
- Reserves +€124,457
up €124,457 (+170%), from €73,181 to €197,638
of which Distributable reserves: +€124,457
- Trade debts +€38,268
up €38,268 (+193%), from €19,825 to €58,094
- Debts after one year +€30,183
up €30,183 (+302%), from €10,000 to €40,183
- Current portion of long-term debt -€18,360
down €18,360 (-56.2%), from €32,677 to €14,317
- Other debts -€13,860
down €13,860 (-35.9%), from €38,603 to €24,743
- Gross operating margin +€125,586
up €125,586 (+37.7%), from €332,710 to €458,296
- Taxes +€48,102
up €48,102 (+336%), from €14,327 to €62,428
- Staff costs +€21,024
up €21,024 (+10.5%), from €201,016 to €222,040
- Depreciation -€5,952
down €5,952 (-14.2%), from €41,946 to €35,994
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 | €234,051 | €406,908 | +€172,857 | +73.9% |
| Fixed assets | 21/28 | €86,827 | €97,512 | +€10,685 | +12.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €81,427 | €92,247 | +€10,820 | +13.3% |
| Land and buildings | 22 | €1,706 | €558 | -€1,149 | -67.3% |
| Plant, machinery and equipment | 23 | €4,716 | €4,758 | +€42 | +0.9% |
| Furniture and vehicles | 24 | €75,005 | €86,932 | +€11,926 | +15.9% |
| Financial fixed assets | 28 | €5,400 | €5,265 | -€135 | -2.5% |
| Current assets | 29/58 | €147,224 | €309,395 | +€162,171 | +110% |
| Amounts receivable within one year | 40/41 | €56,566 | €118,867 | +€62,301 | +110% |
| Trade receivables | 40 | €56,416 | €118,718 | +€62,302 | +110% |
| Other amounts receivable | 41 | €150 | €148 | -€1 | -1.0% |
| Cash at bank and in hand | 54/58 | €83,264 | €182,727 | +€99,464 | +119% |
| Deferred charges and accrued income | 490/1 | €7,395 | €7,801 | +€407 | +5.5% |
| Total equity and liabilities | 10/49 | €234,051 | €406,908 | +€172,857 | +73.9% |
| Equity | 10/15 | €91,781 | €216,238 | +€124,457 | +136% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,181 | €197,638 | +€124,457 | +170% |
| Tax-exempt reserves | 132 | €3,400 | €3,400 | = | 0.0% |
| Distributable reserves | 133 | €69,781 | €194,238 | +€124,457 | +178% |
| Amounts payable | 17/49 | €142,271 | €190,670 | +€48,399 | +34.0% |
| Amounts payable after more than one year | 17 | €10,000 | €40,183 | +€30,183 | +302% |
| Financial debts | 170/4 | €10,000 | €40,183 | +€30,183 | +302% |
| Amounts payable within one year | 42/48 | €132,271 | €150,487 | +€18,216 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €32,677 | €14,317 | -€18,360 | -56.2% |
| Trade debts | 44 | €19,825 | €58,094 | +€38,268 | +193% |
| Suppliers | 440/4 | €19,825 | €58,094 | +€38,268 | +193% |
| Taxes, remuneration and social security | 45 | €41,165 | €53,333 | +€12,168 | +29.6% |
| Taxes | 450/3 | €21,605 | €31,980 | +€10,374 | +48.0% |
| Remuneration and social security | 454/9 | €19,560 | €21,354 | +€1,793 | +9.2% |
| Other amounts payable | 47/48 | €38,603 | €24,743 | -€13,860 | -35.9% |
| Remuneration, social security and pensions | 62 | €201,016 | €222,040 | +€21,024 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,946 | €35,994 | -€5,952 | -14.2% |
| Other operating charges | 640/8 | €8,318 | €9,252 | +€934 | +11.2% |
| Gross operating margin | 9900 | €332,710 | €458,296 | +€125,586 | +37.7% |
| Operating profit (loss) | 9901 | €81,430 | €191,010 | +€109,580 | +135% |
| Financial income | 75/76B | €162 | €753 | +€590 | +363% |
| Recurring financial income | 75 | €162 | €753 | +€590 | +363% |
| Financial charges | 65/66B | €2,457 | €1,140 | -€1,317 | -53.6% |
| Recurring financial charges | 65 | €2,457 | €1,140 | -€1,317 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €79,135 | €190,623 | +€111,488 | +141% |
| Income taxes | 67/77 | €14,327 | €62,428 | +€48,102 | +336% |
| Profit (loss) for the period | 9904 | €64,809 | €128,195 | +€63,386 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,809 | €128,195 | +€63,386 | +97.8% |
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 18 October 2026 via checked.be.