Jan 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.
Jan Michiels
Largest movements
- Tangible fixed assets +€29,246
up €29,246 (+44.7%), from €65,392 to €94,638
of which Plant, machinery and equipment: +€54,552
- Receivables within one year +€24,784
up €24,784 (+351%), from €7,067 to €31,851
of which Other amounts receivable: +€14,601
- Deferred charges and accrued income +€2,613
up €2,613 (+613%), from €426 to €3,039
- Cash -€2,178
down €2,178 (-12.4%), from €17,507 to €15,329
mainly Investment in fixed assets (net) (-€42,694) and Receivables within one year (-€24,784)
- Other debts +€44,263
up €44,263 (+451%), from €9,813 to €54,077
- Reserves +€29,385
up €29,385 (+52.6%), from €55,900 to €85,284
- Current portion of long-term debt -€10,627
no longer reported in 2025 (was €10,627)
- Trade debts -€3,384
down €3,384 (-91.5%), from €3,698 to €315
- Tax, wage and social debts -€3,298
no longer reported in 2025 (was €3,298)
of which Taxes: -€2,799
- Gross operating margin +€17,110
up €17,110 (+45.0%), from €38,019 to €55,129
- Staff costs +€2,531
up €2,531 (+3,616%), from €70 to €2,601
- Depreciation +€1,938
up €1,938 (+16.8%), from €11,510 to €13,448
- Taxes +€1,154
up €1,154 (+23.0%), from €5,011 to €6,165
- Financial charges -€624
down €624 (-62.9%), from €992 to €369
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 | €90,393 | €144,857 | +€54,465 | +60.3% |
| Fixed assets | 21/28 | €65,392 | €94,638 | +€29,246 | +44.7% |
| Tangible fixed assets | 22/27 | €65,392 | €94,638 | +€29,246 | +44.7% |
| Plant, machinery and equipment | 23 | €31,686 | €86,238 | +€54,552 | +172% |
| Furniture and vehicles | 24 | €33,706 | €8,400 | -€25,306 | -75.1% |
| Current assets | 29/58 | €25,000 | €50,219 | +€25,219 | +101% |
| Amounts receivable within one year | 40/41 | €7,067 | €31,851 | +€24,784 | +351% |
| Trade receivables | 40 | €7,067 | €17,251 | +€10,183 | +144% |
| Other amounts receivable | 41 | - | €14,601 | +€14,601 | |
| Cash at bank and in hand | 54/58 | €17,507 | €15,329 | -€2,178 | -12.4% |
| Deferred charges and accrued income | 490/1 | €426 | €3,039 | +€2,613 | +613% |
| Total equity and liabilities | 10/49 | €90,393 | €144,857 | +€54,465 | +60.3% |
| Equity | 10/15 | €60,900 | €90,284 | +€29,385 | +48.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,900 | €85,284 | +€29,385 | +52.6% |
| Distributable reserves | 133 | €55,900 | €85,284 | +€29,385 | +52.6% |
| Amounts payable | 17/49 | €29,493 | €54,573 | +€25,080 | +85.0% |
| Amounts payable within one year | 42/48 | €27,437 | €54,392 | +€26,955 | +98.2% |
| Current portion of amounts payable after more than one year | 42 | €10,627 | - | -€10,627 | |
| Trade debts | 44 | €3,698 | €315 | -€3,384 | -91.5% |
| Suppliers | 440/4 | €3,698 | €315 | -€3,384 | -91.5% |
| Taxes, remuneration and social security | 45 | €3,298 | - | -€3,298 | |
| Taxes | 450/3 | €2,799 | - | -€2,799 | |
| Remuneration and social security | 454/9 | €499 | - | -€499 | |
| Other amounts payable | 47/48 | €9,813 | €54,077 | +€44,263 | +451% |
| Accrued charges and deferred income | 492/3 | €2,056 | €181 | -€1,875 | -91.2% |
| Remuneration, social security and pensions | 62 | €70 | €2,601 | +€2,531 | +3,616% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,510 | €13,448 | +€1,938 | +16.8% |
| Other operating charges | 640/8 | €1,467 | €856 | -€611 | -41.7% |
| Non-recurring operating charges | 66A | - | €2,306 | +€2,306 | |
| Gross operating margin | 9900 | €38,019 | €55,129 | +€17,110 | +45.0% |
| Operating profit (loss) | 9901 | €24,972 | €35,918 | +€10,946 | +43.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -86.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -86.8% |
| Financial charges | 65/66B | €992 | €369 | -€624 | -62.9% |
| Recurring financial charges | 65 | €992 | €369 | -€624 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €23,980 | €35,550 | +€11,569 | +48.2% |
| Income taxes | 67/77 | €5,011 | €6,165 | +€1,154 | +23.0% |
| Profit (loss) for the period | 9904 | €18,969 | €29,385 | +€10,415 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,969 | €29,385 | +€10,415 | +54.9% |
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 16 October 2026 via checked.be.