LAETITIA 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.
LAETITIA MICHIELS
Largest movements
- Tangible fixed assets +€158,869
up €158,869 (+1,237%), from €12,838 to €171,707
of which Plant, machinery and equipment: +€128,886
- Cash -€75,659
down €75,659 (-27.9%), from €271,416 to €195,757
mainly Investment in fixed assets (net) (-€177,482) and Trade debts (-€51,241)
- Current investments +€50,000
new in 2025: €50,000
- Intangible fixed assets -€10,000
down €10,000 (-42.9%), from €23,333 to €13,333
- Receivables within one year +€9,035
up €9,035 (+333%), from €2,714 to €11,749
of which Trade receivables: +€9,702
- Profit (loss) carried forward +€94,684
up €94,684 (+42.2%), from €224,474 to €319,157
- Debts after one year +€65,167
up €65,167 (+476%), from €13,678 to €78,845
- Trade debts -€51,241
down €51,241 (-76.9%), from €66,629 to €15,388
- Current portion of long-term debt +€12,929
up €12,929 (+161%), from €8,039 to €20,968
- Tax, wage and social debts +€8,485
up €8,485 (+24.1%), from €35,136 to €43,621
of which Taxes: +€14,904
- Staff costs +€51,409
up €51,409 (+25.6%), from €201,179 to €252,588
- Gross operating margin +€34,996
up €34,996 (+9.0%), from €389,183 to €424,180
- Provisions -€20,997
no longer reported in 2025 (was €20,997)
- Depreciation +€8,069
up €8,069 (+43.5%), from €18,544 to €26,613
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 | €397,753 | €531,557 | +€133,804 | +33.6% |
| Fixed assets | 21/28 | €39,784 | €190,653 | +€150,869 | +379% |
| Intangible fixed assets | 21 | €23,333 | €13,333 | -€10,000 | -42.9% |
| Tangible fixed assets | 22/27 | €12,838 | €171,707 | +€158,869 | +1,237% |
| Land and buildings | 22 | - | €30,000 | +€30,000 | |
| Plant, machinery and equipment | 23 | €12,821 | €141,707 | +€128,886 | +1,005% |
| Furniture and vehicles | 24 | €17 | - | -€17 | |
| Financial fixed assets | 28 | €3,613 | €5,612 | +€1,999 | +55.3% |
| Current assets | 29/58 | €357,969 | €340,904 | -€17,065 | -4.8% |
| Stocks and contracts in progress | 3 | €81,295 | €80,395 | -€900 | -1.1% |
| Stocks | 30/36 | €81,295 | €80,395 | -€900 | -1.1% |
| Amounts receivable within one year | 40/41 | €2,714 | €11,749 | +€9,035 | +333% |
| Trade receivables | 40 | €2,048 | €11,749 | +€9,702 | +474% |
| Other amounts receivable | 41 | €666 | - | -€666 | |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €271,416 | €195,757 | -€75,659 | -27.9% |
| Deferred charges and accrued income | 490/1 | €2,544 | €3,003 | +€459 | +18.0% |
| Total equity and liabilities | 10/49 | €397,753 | €531,557 | +€133,804 | +33.6% |
| Equity | 10/15 | €243,074 | €337,757 | +€94,684 | +39.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €224,474 | €319,157 | +€94,684 | +42.2% |
| Provisions and deferred taxes | 16 | €28,839 | €28,839 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €28,839 | €28,839 | = | 0.0% |
| Major repairs and maintenance | 162 | €28,839 | €28,839 | = | 0.0% |
| Amounts payable | 17/49 | €125,840 | €164,961 | +€39,121 | +31.1% |
| Amounts payable after more than one year | 17 | €13,678 | €78,845 | +€65,167 | +476% |
| Financial debts | 170/4 | €13,678 | €78,845 | +€65,167 | +476% |
| Amounts payable within one year | 42/48 | €112,162 | €86,116 | -€26,046 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €8,039 | €20,968 | +€12,929 | +161% |
| Trade debts | 44 | €66,629 | €15,388 | -€51,241 | -76.9% |
| Suppliers | 440/4 | €66,629 | €15,388 | -€51,241 | -76.9% |
| Advances received on contracts in progress | 46 | - | €481 | +€481 | |
| Taxes, remuneration and social security | 45 | €35,136 | €43,621 | +€8,485 | +24.1% |
| Taxes | 450/3 | €10,119 | €25,023 | +€14,904 | +147% |
| Remuneration and social security | 454/9 | €25,017 | €18,598 | -€6,419 | -25.7% |
| Other amounts payable | 47/48 | €2,357 | €5,658 | +€3,301 | +140% |
| Remuneration, social security and pensions | 62 | €201,179 | €252,588 | +€51,409 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,544 | €26,613 | +€8,069 | +43.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,997 | - | -€20,997 | |
| Other operating charges | 640/8 | €3,400 | €1,928 | -€1,472 | -43.3% |
| Gross operating margin | 9900 | €389,183 | €424,180 | +€34,996 | +9.0% |
| Operating profit (loss) | 9901 | €145,065 | €143,051 | -€2,013 | -1.4% |
| Financial income | 75/76B | €30 | €257 | +€226 | +749% |
| Recurring financial income | 75 | €30 | €257 | +€226 | +749% |
| Non-recurring financial income | 76B | €30 | - | -€30 | |
| Financial charges | 65/66B | €13,440 | €16,035 | +€2,595 | +19.3% |
| Recurring financial charges | 65 | €13,440 | €16,035 | +€2,595 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €131,655 | €127,272 | -€4,382 | -3.3% |
| Income taxes | 67/77 | €35,440 | €32,589 | -€2,851 | -8.0% |
| Profit (loss) for the period | 9904 | €96,215 | €94,684 | -€1,532 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,215 | €94,684 | -€1,532 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.