LUC 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.
LUC MICHIELS
Largest movements
- Receivables within one year +€17,460
up €17,460 (+490%), from €3,567 to €21,027
of which Trade receivables: +€19,202
- Tangible fixed assets -€11,911
down €11,911 (-28.4%), from €41,871 to €29,960
of which Other tangible fixed assets: -€19,080
- Advances received +€25,230
new in 2025: €25,230
- Other debts -€17,657
down €17,657 (-5.1%), from €343,236 to €325,580
- Profit (loss) carried forward +€14,756
up €14,756 (+4.4%), from -€334,491 to -€319,735
- Short-term financial debts -€5,398
down €5,398 (-70.7%), from €7,631 to €2,232
- Current portion of long-term debt -€5,000
down €5,000 (-66.7%), from €7,500 to €2,500
- Gross operating margin +€24,126
up €24,126 (+146%), from €16,552 to €40,678
- Depreciation +€4,990
up €4,990 (+31.9%), from €15,665 to €20,655
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,891 | €51,816 | +€5,925 | +12.9% |
| Fixed assets | 21/28 | €41,871 | €29,960 | -€11,911 | -28.4% |
| Tangible fixed assets | 22/27 | €41,871 | €29,960 | -€11,911 | -28.4% |
| Plant, machinery and equipment | 23 | €1,018 | €509 | -€509 | -50.0% |
| Furniture and vehicles | 24 | €5,420 | €13,099 | +€7,679 | +142% |
| Other tangible fixed assets | 26 | €35,433 | €16,352 | -€19,080 | -53.8% |
| Current assets | 29/58 | €4,021 | €21,856 | +€17,836 | +444% |
| Amounts receivable within one year | 40/41 | €3,567 | €21,027 | +€17,460 | +490% |
| Trade receivables | 40 | €1,825 | €21,027 | +€19,202 | +1,052% |
| Other amounts receivable | 41 | €1,742 | - | -€1,742 | |
| Deferred charges and accrued income | 490/1 | €454 | €830 | +€375 | +82.7% |
| Total equity and liabilities | 10/49 | €45,891 | €51,816 | +€5,925 | +12.9% |
| Equity | 10/15 | -€325,815 | -€311,059 | +€14,756 | +4.5% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€334,491 | -€319,735 | +€14,756 | +4.4% |
| Amounts payable | 17/49 | €371,706 | €362,875 | -€8,831 | -2.4% |
| Amounts payable after more than one year | 17 | €2,500 | - | -€2,500 | |
| Financial debts | 170/4 | €2,500 | - | -€2,500 | |
| Amounts payable within one year | 42/48 | €369,206 | €362,875 | -€6,331 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | €2,500 | -€5,000 | -66.7% |
| Financial debts | 43 | €7,631 | €2,232 | -€5,398 | -70.7% |
| Credit institutions | 430/8 | €7,631 | €2,232 | -€5,398 | -70.7% |
| Trade debts | 44 | €6,982 | €2,768 | -€4,213 | -60.3% |
| Suppliers | 440/4 | €6,982 | €2,768 | -€4,213 | -60.3% |
| Advances received on contracts in progress | 46 | - | €25,230 | +€25,230 | |
| Taxes, remuneration and social security | 45 | €3,858 | €4,565 | +€707 | +18.3% |
| Taxes | 450/3 | €3,858 | €4,565 | +€707 | +18.3% |
| Other amounts payable | 47/48 | €343,236 | €325,580 | -€17,657 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,665 | €20,655 | +€4,990 | +31.9% |
| Other operating charges | 640/8 | €2,216 | €2,345 | +€130 | +5.9% |
| Gross operating margin | 9900 | €16,552 | €40,678 | +€24,126 | +146% |
| Operating profit (loss) | 9901 | -€1,329 | €17,678 | +€19,006 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,608 | €1,223 | -€385 | -23.9% |
| Recurring financial charges | 65 | €1,608 | €1,223 | -€385 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,937 | €16,455 | +€19,392 | |
| Income taxes | 67/77 | €1,878 | €1,699 | -€179 | -9.5% |
| Profit (loss) for the period | 9904 | -€4,815 | €14,756 | +€19,571 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,815 | €14,756 | +€19,571 |
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 16 October 2026 via checked.be.