MARC 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.
MARC MICHEL
Largest movements
- Stocks and contracts +€12,176
up €12,176 (+73.9%), from €16,481 to €28,657
- Tangible fixed assets -€8,184
down €8,184 (-26.9%), from €30,415 to €22,231
of which Plant, machinery and equipment: -€4,870
- Cash -€7,338
down €7,338 (-10.2%), from €71,992 to €64,654
mainly Other debts (-€12,241) and Stocks and contracts (-€12,176)
- Receivables within one year +€1,972
up €1,972 (+7.2%), from €27,261 to €29,234
of which Trade receivables: +€1,925
- Other debts -€12,241
down €12,241 (-52.0%), from €23,549 to €11,308
- Trade debts +€12,159
up €12,159 (+146%), from €8,314 to €20,473
- Tax, wage and social debts -€7,195
down €7,195 (-81.6%), from €8,820 to €1,625
- Reserves +€5,000
up €5,000 (+6.4%), from €77,800 to €82,800
of which Distributable reserves: +€5,000
- Profit (loss) carried forward +€1,881
up €1,881 (+13.7%), from €13,731 to €15,612
- Gross operating margin -€5,793
down €5,793 (-13.2%), from €43,872 to €38,079
- Financial charges -€1,720
down €1,720 (-52.6%), from €3,273 to €1,552
of which Financial charges: -€1,412
- Depreciation -€1,248
down €1,248 (-13.2%), from €9,432 to €8,184
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 | €151,089 | €150,693 | -€396 | -0.3% |
| Fixed assets | 21/28 | €30,415 | €22,231 | -€8,184 | -26.9% |
| Tangible fixed assets | 22/27 | €30,415 | €22,231 | -€8,184 | -26.9% |
| Plant, machinery and equipment | 23 | €18,816 | €13,946 | -€4,870 | -25.9% |
| Furniture and vehicles | 24 | €11,599 | €8,285 | -€3,314 | -28.6% |
| Current assets | 29/58 | €120,674 | €128,462 | +€7,788 | +6.5% |
| Stocks and contracts in progress | 3 | €16,481 | €28,657 | +€12,176 | +73.9% |
| Stocks | 30/36 | €16,481 | €28,657 | +€12,176 | +73.9% |
| Amounts receivable within one year | 40/41 | €27,261 | €29,234 | +€1,972 | +7.2% |
| Trade receivables | 40 | €26,408 | €28,333 | +€1,925 | +7.3% |
| Other amounts receivable | 41 | €854 | €901 | +€47 | +5.5% |
| Cash at bank and in hand | 54/58 | €71,992 | €64,654 | -€7,338 | -10.2% |
| Deferred charges and accrued income | 490/1 | €4,939 | €5,917 | +€978 | +19.8% |
| Total equity and liabilities | 10/49 | €151,089 | €150,693 | -€396 | -0.3% |
| Equity | 10/15 | €110,406 | €117,287 | +€6,881 | +6.2% |
| Contributions | 10/11 | €18,875 | €18,875 | = | 0.0% |
| Reserves | 13 | €77,800 | €82,800 | +€5,000 | +6.4% |
| Tax-exempt reserves | 132 | €17,800 | €17,800 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €65,000 | +€5,000 | +8.3% |
| Profit (loss) carried forward | 14 | €13,731 | €15,612 | +€1,881 | +13.7% |
| Amounts payable | 17/49 | €40,683 | €33,406 | -€7,277 | -17.9% |
| Amounts payable within one year | 42/48 | €40,683 | €33,406 | -€7,277 | -17.9% |
| Trade debts | 44 | €8,314 | €20,473 | +€12,159 | +146% |
| Suppliers | 440/4 | €8,314 | €20,473 | +€12,159 | +146% |
| Taxes, remuneration and social security | 45 | €8,820 | €1,625 | -€7,195 | -81.6% |
| Taxes | 450/3 | €8,820 | €1,625 | -€7,195 | -81.6% |
| Other amounts payable | 47/48 | €23,549 | €11,308 | -€12,241 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,432 | €8,184 | -€1,248 | -13.2% |
| Other operating charges | 640/8 | €8,036 | €7,872 | -€164 | -2.0% |
| Non-recurring operating charges | 66A | - | €5,421 | +€5,421 | |
| Gross operating margin | 9900 | €43,872 | €38,079 | -€5,793 | -13.2% |
| Operating profit (loss) | 9901 | €26,404 | €16,603 | -€9,801 | -37.1% |
| Financial income | 75/76B | €90 | €82 | -€8 | -8.6% |
| Recurring financial income | 75 | €90 | €82 | -€8 | -8.6% |
| Non-recurring financial income | 76B | €90 | €82 | -€8 | -8.6% |
| Financial charges | 65/66B | €3,273 | €1,552 | -€1,720 | -52.6% |
| Recurring financial charges | 65 | €2,802 | €1,391 | -€1,412 | -50.4% |
| Non-recurring financial charges | 66B | €470 | €162 | -€309 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €23,221 | €15,133 | -€8,089 | -34.8% |
| Income taxes | 67/77 | €7,854 | €8,251 | +€397 | +5.1% |
| Profit (loss) for the period | 9904 | €15,367 | €6,881 | -€8,486 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,367 | €6,881 | -€8,486 | -55.2% |
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 21 October 2026 via checked.be.