KJS MICHEL: 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.
KJS MICHEL
Largest movements
- Tangible fixed assets +€28,857
up €28,857 (+50.5%), from €57,124 to €85,981
of which Land and buildings: +€20,449
- Receivables within one year -€10,228
down €10,228 (-13.7%), from €74,815 to €64,587
of which Trade receivables: -€16,487
- Financial fixed assets +€5,430
up €5,430 (+105%), from €5,160 to €10,590
- Debts after one year +€62,410
up €62,410 (+249%), from €25,047 to €87,458
- Other debts -€18,118
down €18,118 (-41.4%), from €43,767 to €25,649
- Trade debts -€17,887
down €17,887 (-41.4%), from €43,175 to €25,288
- Tax, wage and social debts -€2,249
down €2,249 (-13.1%), from €17,218 to €14,969
of which Taxes: -€1,140
- Gross operating margin +€10,494
up €10,494 (+7.3%), from €143,979 to €154,472
- Depreciation +€8,064
up €8,064 (+62.2%), from €12,957 to €21,021
- Financial charges +€3,766
up €3,766 (+373%), from €1,011 to €4,777
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 | €165,503 | €189,123 | +€23,620 | +14.3% |
| Fixed assets | 21/28 | €63,009 | €97,196 | +€34,187 | +54.3% |
| Intangible fixed assets | 21 | €725 | €625 | -€100 | -13.8% |
| Tangible fixed assets | 22/27 | €57,124 | €85,981 | +€28,857 | +50.5% |
| Land and buildings | 22 | €34,228 | €54,678 | +€20,449 | +59.7% |
| Plant, machinery and equipment | 23 | €1,425 | €639 | -€786 | -55.1% |
| Furniture and vehicles | 24 | €21,471 | €30,664 | +€9,193 | +42.8% |
| Financial fixed assets | 28 | €5,160 | €10,590 | +€5,430 | +105% |
| Current assets | 29/58 | €102,494 | €91,927 | -€10,567 | -10.3% |
| Stocks and contracts in progress | 3 | €9,546 | €10,450 | +€905 | +9.5% |
| Stocks | 30/36 | €9,546 | €10,450 | +€905 | +9.5% |
| Amounts receivable within one year | 40/41 | €74,815 | €64,587 | -€10,228 | -13.7% |
| Trade receivables | 40 | €74,654 | €58,166 | -€16,487 | -22.1% |
| Other amounts receivable | 41 | €162 | €6,421 | +€6,259 | +3,873% |
| Cash at bank and in hand | 54/58 | €11,392 | €11,319 | -€73 | -0.6% |
| Deferred charges and accrued income | 490/1 | €6,741 | €5,570 | -€1,171 | -17.4% |
| Total equity and liabilities | 10/49 | €165,503 | €189,123 | +€23,620 | +14.3% |
| Equity | 10/15 | €30,817 | €29,500 | -€1,317 | -4.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,817 | €25,500 | -€1,317 | -4.9% |
| Amounts payable | 17/49 | €134,686 | €159,623 | +€24,938 | +18.5% |
| Amounts payable after more than one year | 17 | €25,047 | €87,458 | +€62,410 | +249% |
| Financial debts | 170/4 | €25,047 | €87,458 | +€62,410 | +249% |
| Amounts payable within one year | 42/48 | €109,526 | €71,507 | -€38,019 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €5,365 | €5,600 | +€235 | +4.4% |
| Trade debts | 44 | €43,175 | €25,288 | -€17,887 | -41.4% |
| Suppliers | 440/4 | €43,175 | €25,288 | -€17,887 | -41.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,218 | €14,969 | -€2,249 | -13.1% |
| Taxes | 450/3 | €2,371 | €1,231 | -€1,140 | -48.1% |
| Remuneration and social security | 454/9 | €14,846 | €13,738 | -€1,109 | -7.5% |
| Other amounts payable | 47/48 | €43,767 | €25,649 | -€18,118 | -41.4% |
| Accrued charges and deferred income | 492/3 | €112 | €659 | +€546 | +486% |
| Remuneration, social security and pensions | 62 | €126,798 | €128,278 | +€1,480 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,957 | €21,021 | +€8,064 | +62.2% |
| Other operating charges | 640/8 | €2,573 | €1,338 | -€1,234 | -48.0% |
| Gross operating margin | 9900 | €143,979 | €154,472 | +€10,494 | +7.3% |
| Operating profit (loss) | 9901 | €1,651 | €3,836 | +€2,184 | +132% |
| Financial income | 75/76B | €16 | €29 | +€13 | +81.2% |
| Recurring financial income | 75 | €16 | €29 | +€13 | +81.2% |
| Financial charges | 65/66B | €1,011 | €4,777 | +€3,766 | +373% |
| Recurring financial charges | 65 | €1,011 | €4,777 | +€3,766 | +373% |
| Profit (loss) for the period before taxes | 9903 | €657 | -€912 | -€1,569 | |
| Income taxes | 67/77 | €1,092 | €405 | -€686 | -62.9% |
| Profit (loss) for the period | 9904 | -€435 | -€1,317 | -€883 | -203% |
| Profit (loss) for the period to be appropriated | 9905 | -€435 | -€1,317 | -€883 | -203% |
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 19 October 2026 via checked.be.