Kine 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.
Kine Michiels
Largest movements
- Cash +€12,789
up €12,789 (+18.5%), from €69,201 to €81,990
mainly Net result for the year (+€20,259) and Other debts (+€5,289)
- Tangible fixed assets +€2,746
new in 2025: €2,746
- Reserves +€20,259
up €20,259 (+43.5%), from €46,523 to €66,782
- Tax, wage and social debts -€10,013
down €10,013 (-56.9%), from €17,595 to €7,582
- Other debts +€5,289
up €5,289 (+254%), from €2,083 to €7,372
- Gross operating margin -€36,154
down €36,154 (-55.5%), from €65,150 to €28,996
- Taxes -€10,088
down €10,088 (-57.3%), from €17,595 to €7,507
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 | €69,201 | €84,736 | +€15,535 | +22.4% |
| Fixed assets | 21/28 | - | €2,746 | +€2,746 | |
| Tangible fixed assets | 22/27 | - | €2,746 | +€2,746 | |
| Plant, machinery and equipment | 23 | - | €2,746 | +€2,746 | |
| Current assets | 29/58 | €69,201 | €81,990 | +€12,789 | +18.5% |
| Cash at bank and in hand | 54/58 | €69,201 | €81,990 | +€12,789 | +18.5% |
| Total equity and liabilities | 10/49 | €69,201 | €84,736 | +€15,535 | +22.4% |
| Equity | 10/15 | €49,523 | €69,782 | +€20,259 | +40.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,523 | €66,782 | +€20,259 | +43.5% |
| Distributable reserves | 133 | €46,523 | €66,782 | +€20,259 | +43.5% |
| Amounts payable | 17/49 | €19,678 | €14,954 | -€4,724 | -24.0% |
| Amounts payable within one year | 42/48 | €19,678 | €14,954 | -€4,724 | -24.0% |
| Taxes, remuneration and social security | 45 | €17,595 | €7,582 | -€10,013 | -56.9% |
| Taxes | 450/3 | €17,595 | €7,582 | -€10,013 | -56.9% |
| Other amounts payable | 47/48 | €2,083 | €7,372 | +€5,289 | +254% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €433 | +€433 | |
| Other operating charges | 640/8 | €990 | €607 | -€383 | -38.7% |
| Gross operating margin | 9900 | €65,150 | €28,996 | -€36,154 | -55.5% |
| Operating profit (loss) | 9901 | €64,160 | €27,956 | -€36,204 | -56.4% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €48 | €190 | +€142 | +296% |
| Recurring financial charges | 65 | €48 | €190 | +€142 | +296% |
| Profit (loss) for the period before taxes | 9903 | €64,118 | €27,766 | -€36,352 | -56.7% |
| Income taxes | 67/77 | €17,595 | €7,507 | -€10,088 | -57.3% |
| Profit (loss) for the period | 9904 | €46,523 | €20,259 | -€26,264 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,523 | €20,259 | -€26,264 | -56.5% |
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 28 October 2026 via checked.be.