MICHAEL: what changed
Two fiscal 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.
MICHAEL
Largest movements
- Tangible fixed assets -€5,983
down €5,983 (-5.9%), from €102,016 to €96,033
of which Land and buildings: -€5,483
- Receivables within one year +€5,402
up €5,402 (+14.8%), from €36,462 to €41,864
- Reserves +€2,335
up €2,335 (+3.1%), from €76,507 to €78,842
of which Distributable reserves: +€5,454
- Accrued charges and deferred income -€2,269
no longer reported in 2025 (was €2,269)
- Provisions -€1,606
down €1,606 (-10.0%), from €16,109 to €14,503
- Gross operating margin +€5,212
up €5,212 (+68.7%), from €7,584 to €12,796
- Taxes +€1,175
up €1,175 (+75.6%), from €1,554 to €2,729
- Other operating charges +€929
up €929 (+180.1%), from €516 to €1,446
- Financial charges +€736
up €736 (+62.7%), from €1,173 to €1,909
- Depreciation -€219
down €219 (-3.5%), from €6,202 to €5,983
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.
Cash bridge derived
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 | €138,729 | €139,081 | +€352 | +0.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €102,266 | €96,283 | -€5,983 | -5.9% |
| Tangible fixed assets | 22/27 | €102,016 | €96,033 | -€5,983 | -5.9% |
| Land and buildings | 22 | €97,612 | €92,129 | -€5,483 | -5.6% |
| Plant, machinery and equipment | 23 | €4,405 | €3,905 | -€500 | -11.4% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €36,462 | €42,798 | +€6,335 | +17.4% |
| Amounts receivable within one year | 40/41 | €36,462 | €41,864 | +€5,402 | +14.8% |
| Other amounts receivable | 41 | €36,462 | €41,864 | +€5,402 | +14.8% |
| Cash at bank and in hand | 54/58 | - | €0 | = | |
| Deferred charges and accrued income | 490/1 | €0 | €933 | +€933 | |
| Total equity and liabilities | 10/49 | €138,729 | €139,081 | +€352 | +0.3% |
| Equity | 10/15 | €106,210 | €108,545 | +€2,335 | +2.2% |
| Contributions | 10/11 | €18,617 | €18,617 | = | 0.0% |
| Reserves | 13 | €76,507 | €78,842 | +€2,335 | +3.1% |
| Non-distributable reserves | 130/1 | €1,862 | €1,862 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,862 | €1,862 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,285 | €28,166 | -€3,119 | -10.0% |
| Distributable reserves | 133 | €43,360 | €48,814 | +€5,454 | +12.6% |
| Profit (loss) carried forward | 14 | €11,087 | €11,087 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,109 | €14,503 | -€1,606 | -10.0% |
| Deferred taxes | 168 | €16,109 | €14,503 | -€1,606 | -10.0% |
| Amounts payable | 17/49 | €16,409 | €16,033 | -€377 | -2.3% |
| Amounts payable within one year | 42/48 | €14,141 | €16,033 | +€1,892 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €2,800 | €2,800 | = | 0.0% |
| Financial debts | 43 | €7,699 | €8,949 | +€1,250 | +16.2% |
| Credit institutions | 430/8 | €7,699 | €8,949 | +€1,250 | +16.2% |
| Taxes, remuneration and social security | 45 | €3,641 | €4,284 | +€642 | +17.6% |
| Taxes | 450/3 | €3,641 | €4,284 | +€642 | +17.6% |
| Accrued charges and deferred income | 492/3 | €2,269 | - | -€2,269 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,202 | €5,983 | -€219 | -3.5% |
| Other operating charges | 640/8 | €516 | €1,446 | +€929 | +180.1% |
| Gross operating margin | 9900 | €7,584 | €12,796 | +€5,212 | +68.7% |
| Operating profit (loss) | 9901 | €865 | €5,367 | +€4,502 | +520.1% |
| Financial charges | 65/66B | €1,173 | €1,909 | +€736 | +62.7% |
| Recurring financial charges | 65 | €1,173 | €1,909 | +€736 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | -€307 | €3,459 | +€3,766 | |
| Transfer from deferred taxes | 780 | €1,606 | €1,606 | = | 0.0% |
| Income taxes | 67/77 | €1,554 | €2,729 | +€1,175 | +75.6% |
| Profit (loss) for the period | 9904 | -€255 | €2,335 | +€2,590 | |
| Transfer from tax-exempt reserves | 789 | €3,119 | €3,119 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,864 | €5,454 | +€2,590 | +90.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.