Michael Barbier: 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.
Michael Barbier
Largest movements
- Cash +€80,436
up €80,436 (+87.1%), from €92,375 to €172,811
mainly Net result for the year (+€64,384) and Tax, wage and social debts (+€16,946)
- Deferred charges and accrued income +€2,352
up €2,352 (+427%), from €551 to €2,903
- Reserves +€64,384
up €64,384 (+89.1%), from €72,277 to €136,661
- Tax, wage and social debts +€16,946
up €16,946 (+98.6%), from €17,195 to €34,141
of which Taxes: +€16,946
- Gross operating margin +€21,502
up €21,502 (+36.1%), from €59,587 to €81,090
- Taxes +€4,284
up €4,284 (+36.3%), from €11,817 to €16,101
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 | €92,925 | €175,714 | +€82,788 | +89.1% |
| Current assets | 29/58 | €92,925 | €175,714 | +€82,788 | +89.1% |
| Cash at bank and in hand | 54/58 | €92,375 | €172,811 | +€80,436 | +87.1% |
| Deferred charges and accrued income | 490/1 | €551 | €2,903 | +€2,352 | +427% |
| Total equity and liabilities | 10/49 | €92,925 | €175,714 | +€82,788 | +89.1% |
| Equity | 10/15 | €75,277 | €139,661 | +€64,384 | +85.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,277 | €136,661 | +€64,384 | +89.1% |
| Distributable reserves | 133 | €72,277 | €136,661 | +€64,384 | +89.1% |
| Amounts payable | 17/49 | €17,648 | €36,053 | +€18,405 | +104% |
| Amounts payable within one year | 42/48 | €17,648 | €36,053 | +€18,405 | +104% |
| Trade debts | 44 | €454 | €424 | -€30 | -6.7% |
| Suppliers | 440/4 | €454 | €424 | -€30 | -6.7% |
| Taxes, remuneration and social security | 45 | €17,195 | €34,141 | +€16,946 | +98.6% |
| Taxes | 450/3 | €17,195 | €34,141 | +€16,946 | +98.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €1,488 | +€1,488 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €59,587 | €81,090 | +€21,502 | +36.1% |
| Operating profit (loss) | 9901 | €59,200 | €80,690 | +€21,490 | +36.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €207 | €205 | -€2 | -0.9% |
| Recurring financial charges | 65 | €207 | €205 | -€2 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €58,993 | €80,485 | +€21,491 | +36.4% |
| Income taxes | 67/77 | €11,817 | €16,101 | +€4,284 | +36.3% |
| Profit (loss) for the period | 9904 | €47,176 | €64,384 | +€17,208 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,176 | €64,384 | +€17,208 | +36.5% |
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 13 October 2026 via checked.be.