JEAN 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.
JEAN MICHIELS
Largest movements
- Receivables within one year -€1,622
down €1,622 (-46.3%), from €3,501 to €1,879
of which Other amounts receivable: -€1,512
- Cash +€615
up €615 (+10.0%), from €6,127 to €6,742
mainly Receivables within one year (+€1,622) and Trade debts (+€1,382)
- Deferred charges and accrued income +€355
up €355 (+197%), from €181 to €535
- Tangible fixed assets -€271
no longer reported in 2025 (was €271)
- Stocks and contracts +€194
up €194 (+16.0%), from €1,212 to €1,406
- Other debts -€1,867
down €1,867 (-57.4%), from €3,251 to €1,384
- Trade debts +€1,382
up €1,382 (+31.9%), from €4,330 to €5,712
- Profit (loss) carried forward -€262
down €262 (-1.2%), from -€21,050 to -€21,313
- Gross operating margin -€4,360
down €4,360 (-65.8%), from €6,626 to €2,266
- Other operating charges -€279
down €279 (-17.9%), from €1,562 to €1,283
- Depreciation -€132
down €132 (-32.7%), from €403 to €271
- Financial charges -€122
down €122 (-14.2%), from €857 to €735
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 | €12,092 | €11,362 | -€730 | -6.0% |
| Fixed assets | 21/28 | €1,071 | €800 | -€271 | -25.3% |
| Tangible fixed assets | 22/27 | €271 | - | -€271 | |
| Plant, machinery and equipment | 23 | €271 | - | -€271 | |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €11,020 | €10,562 | -€458 | -4.2% |
| Stocks and contracts in progress | 3 | €1,212 | €1,406 | +€194 | +16.0% |
| Stocks | 30/36 | €1,212 | €1,406 | +€194 | +16.0% |
| Amounts receivable within one year | 40/41 | €3,501 | €1,879 | -€1,622 | -46.3% |
| Trade receivables | 40 | €1,802 | €1,692 | -€110 | -6.1% |
| Other amounts receivable | 41 | €1,699 | €188 | -€1,512 | -89.0% |
| Cash at bank and in hand | 54/58 | €6,127 | €6,742 | +€615 | +10.0% |
| Deferred charges and accrued income | 490/1 | €181 | €535 | +€355 | +197% |
| Total equity and liabilities | 10/49 | €12,092 | €11,362 | -€730 | -6.0% |
| Equity | 10/15 | €4,085 | €3,823 | -€262 | -6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,535 | €6,535 | = | 0.0% |
| Distributable reserves | 133 | €6,535 | €6,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,050 | -€21,313 | -€262 | -1.2% |
| Amounts payable | 17/49 | €8,007 | €7,540 | -€467 | -5.8% |
| Amounts payable within one year | 42/48 | €8,007 | €7,540 | -€467 | -5.8% |
| Trade debts | 44 | €4,330 | €5,712 | +€1,382 | +31.9% |
| Suppliers | 440/4 | €4,330 | €5,712 | +€1,382 | +31.9% |
| Taxes, remuneration and social security | 45 | €426 | €444 | +€18 | +4.2% |
| Taxes | 450/3 | €426 | €444 | +€18 | +4.2% |
| Other amounts payable | 47/48 | €3,251 | €1,384 | -€1,867 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403 | €271 | -€132 | -32.7% |
| Other operating charges | 640/8 | €1,562 | €1,283 | -€279 | -17.9% |
| Gross operating margin | 9900 | €6,626 | €2,266 | -€4,360 | -65.8% |
| Operating profit (loss) | 9901 | €4,661 | €712 | -€3,949 | -84.7% |
| Financial charges | 65/66B | €857 | €735 | -€122 | -14.2% |
| Recurring financial charges | 65 | €857 | €735 | -€122 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €3,804 | -€23 | -€3,827 | |
| Income taxes | 67/77 | €219 | €239 | +€21 | +9.5% |
| Profit (loss) for the period | 9904 | €3,585 | -€262 | -€3,848 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,585 | -€262 | -€3,848 |
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 24 October 2026 via checked.be.