Katrien 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.
Katrien Michiels
Largest movements
- Receivables within one year +€8,348
up €8,348 (+51.3%), from €16,276 to €24,624
of which Trade receivables: +€7,348
- Tangible fixed assets +€8,332
up €8,332 (+415%), from €2,010 to €10,342
of which Land and buildings: +€4,923
- Cash +€6,585
up €6,585 (+23.3%), from €28,246 to €34,832
mainly Net result for the year (+€24,628) and Other debts (+€2,708)
- Reserves +€23,795
up €23,795 (+87.8%), from €27,104 to €50,898
- Other debts +€2,708
up €2,708 (+32.2%), from €8,422 to €11,130
- Trade debts -€2,108
down €2,108 (-64.6%), from €3,266 to €1,158
- Tax, wage and social debts -€1,278
down €1,278 (-27.0%), from €4,740 to €3,462
of which Taxes: -€4,299
- Gross operating margin -€3,697
down €3,697 (-9.7%), from €38,245 to €34,549
- Taxes -€1,133
down €1,133 (-15.1%), from €7,500 to €6,367
- Other operating charges -€1,117
down €1,117 (-68.3%), from €1,637 to €520
- Depreciation +€1,066
up €1,066 (+93.9%), from €1,134 to €2,200
- Financial charges +€764
up €764 (+1,086%), from €70 to €835
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 | €46,532 | €69,798 | +€23,266 | +50.0% |
| Fixed assets | 21/28 | €2,010 | €10,342 | +€8,332 | +415% |
| Tangible fixed assets | 22/27 | €2,010 | €10,342 | +€8,332 | +415% |
| Land and buildings | 22 | - | €4,923 | +€4,923 | |
| Plant, machinery and equipment | 23 | €2,010 | €781 | -€1,229 | -61.1% |
| Furniture and vehicles | 24 | - | €4,638 | +€4,638 | |
| Current assets | 29/58 | €44,522 | €59,455 | +€14,933 | +33.5% |
| Amounts receivable within one year | 40/41 | €16,276 | €24,624 | +€8,348 | +51.3% |
| Trade receivables | 40 | €16,276 | €23,624 | +€7,348 | +45.1% |
| Other amounts receivable | 41 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €28,246 | €34,832 | +€6,585 | +23.3% |
| Total equity and liabilities | 10/49 | €46,532 | €69,798 | +€23,266 | +50.0% |
| Equity | 10/15 | €30,104 | €53,898 | +€23,795 | +79.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,104 | €50,898 | +€23,795 | +87.8% |
| Distributable reserves | 133 | €27,104 | €50,898 | +€23,795 | +87.8% |
| Amounts payable | 17/49 | €16,428 | €15,900 | -€529 | -3.2% |
| Amounts payable within one year | 42/48 | €16,428 | €15,750 | -€679 | -4.1% |
| Trade debts | 44 | €3,266 | €1,158 | -€2,108 | -64.6% |
| Suppliers | 440/4 | €3,266 | €1,158 | -€2,108 | -64.6% |
| Taxes, remuneration and social security | 45 | €4,740 | €3,462 | -€1,278 | -27.0% |
| Taxes | 450/3 | €4,740 | €441 | -€4,299 | -90.7% |
| Remuneration and social security | 454/9 | - | €3,021 | +€3,021 | |
| Other amounts payable | 47/48 | €8,422 | €11,130 | +€2,708 | +32.2% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,134 | €2,200 | +€1,066 | +93.9% |
| Other operating charges | 640/8 | €1,637 | €520 | -€1,117 | -68.3% |
| Gross operating margin | 9900 | €38,245 | €34,549 | -€3,697 | -9.7% |
| Operating profit (loss) | 9901 | €35,474 | €31,829 | -€3,645 | -10.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €70 | €835 | +€764 | +1,086% |
| Recurring financial charges | 65 | €70 | €835 | +€764 | +1,086% |
| Profit (loss) for the period before taxes | 9903 | €35,404 | €30,994 | -€4,409 | -12.5% |
| Income taxes | 67/77 | €7,500 | €6,367 | -€1,133 | -15.1% |
| Profit (loss) for the period | 9904 | €27,904 | €24,628 | -€3,276 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,904 | €24,628 | -€3,276 | -11.7% |
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 15 October 2026 via checked.be.