Jonas 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.
Jonas Michiels
Largest movements
- Cash +€29,419
up €29,419 (+34.0%), from €86,500 to €115,919
mainly Net result for the year (+€47,390) and Depreciation (+€11,984)
- Tangible fixed assets -€10,124
down €10,124 (-17.5%), from €57,985 to €47,861
of which Furniture and vehicles: -€7,976
- Receivables within one year +€6,073
up €6,073 (+78.2%), from €7,762 to €13,835
of which Trade receivables: +€5,455
- Reserves +€47,390
up €47,390 (+51.5%), from €91,960 to €139,351
- Debts after one year -€10,929
down €10,929 (-49.0%), from €22,309 to €11,380
- Tax, wage and social debts -€10,854
down €10,854 (-39.7%), from €27,350 to €16,495
- Gross operating margin +€24,884
up €24,884 (+50.4%), from €49,378 to €74,262
- Taxes +€5,017
up €5,017 (+61.9%), from €8,099 to €13,116
- Depreciation +€827
up €827 (+7.4%), from €11,156 to €11,984
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 | €154,053 | €179,630 | +€25,577 | +16.6% |
| Fixed assets | 21/28 | €57,985 | €47,861 | -€10,124 | -17.5% |
| Tangible fixed assets | 22/27 | €57,985 | €47,861 | -€10,124 | -17.5% |
| Furniture and vehicles | 24 | €38,187 | €30,211 | -€7,976 | -20.9% |
| Other tangible fixed assets | 26 | €19,798 | €17,650 | -€2,148 | -10.8% |
| Current assets | 29/58 | €96,069 | €131,769 | +€35,701 | +37.2% |
| Amounts receivable within one year | 40/41 | €7,762 | €13,835 | +€6,073 | +78.2% |
| Trade receivables | 40 | €7,741 | €13,196 | +€5,455 | +70.5% |
| Other amounts receivable | 41 | €21 | €639 | +€618 | +3,007% |
| Cash at bank and in hand | 54/58 | €86,500 | €115,919 | +€29,419 | +34.0% |
| Deferred charges and accrued income | 490/1 | €1,807 | €2,016 | +€209 | +11.6% |
| Total equity and liabilities | 10/49 | €154,053 | €179,630 | +€25,577 | +16.6% |
| Equity | 10/15 | €92,960 | €140,351 | +€47,390 | +51.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €91,960 | €139,351 | +€47,390 | +51.5% |
| Distributable reserves | 133 | €91,960 | €139,351 | +€47,390 | +51.5% |
| Amounts payable | 17/49 | €61,093 | €39,279 | -€21,814 | -35.7% |
| Amounts payable after more than one year | 17 | €22,309 | €11,380 | -€10,929 | -49.0% |
| Financial debts | 170/4 | €22,309 | €11,380 | -€10,929 | -49.0% |
| Amounts payable within one year | 42/48 | €38,784 | €27,900 | -€10,884 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €10,497 | €10,929 | +€433 | +4.1% |
| Trade debts | 44 | €548 | €475 | -€73 | -13.3% |
| Suppliers | 440/4 | €548 | €475 | -€73 | -13.3% |
| Taxes, remuneration and social security | 45 | €27,350 | €16,495 | -€10,854 | -39.7% |
| Taxes | 450/3 | €27,350 | €16,495 | -€10,854 | -39.7% |
| Other amounts payable | 47/48 | €389 | - | -€389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,156 | €11,984 | +€827 | +7.4% |
| Other operating charges | 640/8 | €269 | €533 | +€264 | +98.0% |
| Gross operating margin | 9900 | €49,378 | €74,262 | +€24,884 | +50.4% |
| Operating profit (loss) | 9901 | €37,952 | €61,745 | +€23,793 | +62.7% |
| Financial income | 75/76B | €23 | €30 | +€7 | +29.1% |
| Recurring financial income | 75 | €23 | €30 | +€7 | +29.1% |
| Financial charges | 65/66B | €1,685 | €1,269 | -€416 | -24.7% |
| Recurring financial charges | 65 | €1,685 | €1,269 | -€416 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €36,291 | €60,506 | +€24,215 | +66.7% |
| Income taxes | 67/77 | €8,099 | €13,116 | +€5,017 | +61.9% |
| Profit (loss) for the period | 9904 | €28,192 | €47,390 | +€19,199 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,192 | €47,390 | +€19,199 | +68.1% |
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 14 October 2026 via checked.be.