Michaël Buysse: 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.
Michaël Buysse
Largest movements
- Cash +€96,800
up €96,800 (+190%), from €50,916 to €147,716
mainly Net result for the year (+€51,559) and Depreciation (+€33,162)
- Tangible fixed assets -€66,170
down €66,170 (-34.0%), from €194,333 to €128,163
- Receivables within one year +€4,298
up €4,298 (+7.9%), from €54,623 to €58,921
of which Trade receivables: +€2,761
- Reserves +€51,559
up €51,559 (+27.8%), from €185,672 to €237,230
- Debts after one year -€16,000
down €16,000 (-48.0%), from €33,333 to €17,333
- Other debts +€7,189
up €7,189 (+18.4%), from €39,103 to €46,292
- Short-term financial debts -€7,000
no longer reported in 2025 (was €7,000)
- Gross operating margin -€29,585
down €29,585 (-21.5%), from €137,466 to €107,880
- Taxes -€6,199
down €6,199 (-26.4%), from €23,492 to €17,293
- Depreciation -€5,363
down €5,363 (-13.9%), from €38,525 to €33,162
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 | €303,514 | €341,585 | +€38,071 | +12.5% |
| Fixed assets | 21/28 | €194,333 | €128,163 | -€66,170 | -34.0% |
| Tangible fixed assets | 22/27 | €194,333 | €128,163 | -€66,170 | -34.0% |
| Plant, machinery and equipment | 23 | €194,333 | €128,163 | -€66,170 | -34.0% |
| Current assets | 29/58 | €109,181 | €213,422 | +€104,240 | +95.5% |
| Stocks and contracts in progress | 3 | €3,642 | €6,784 | +€3,143 | +86.3% |
| Stocks | 30/36 | €3,642 | €6,784 | +€3,143 | +86.3% |
| Amounts receivable within one year | 40/41 | €54,623 | €58,921 | +€4,298 | +7.9% |
| Trade receivables | 40 | €53,422 | €56,182 | +€2,761 | +5.2% |
| Other amounts receivable | 41 | €1,201 | €2,738 | +€1,537 | +128% |
| Cash at bank and in hand | 54/58 | €50,916 | €147,716 | +€96,800 | +190% |
| Total equity and liabilities | 10/49 | €303,514 | €341,585 | +€38,071 | +12.5% |
| Equity | 10/15 | €204,272 | €255,830 | +€51,559 | +25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €185,672 | €237,230 | +€51,559 | +27.8% |
| Distributable reserves | 133 | €185,672 | €237,230 | +€51,559 | +27.8% |
| Amounts payable | 17/49 | €99,242 | €85,755 | -€13,488 | -13.6% |
| Amounts payable after more than one year | 17 | €33,333 | €17,333 | -€16,000 | -48.0% |
| Financial debts | 170/4 | €33,333 | €17,333 | -€16,000 | -48.0% |
| Amounts payable within one year | 42/48 | €65,909 | €68,422 | +€2,512 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | -€0 | 0.0% |
| Financial debts | 43 | €7,000 | - | -€7,000 | |
| Credit institutions | 430/8 | €7,000 | - | -€7,000 | |
| Trade debts | 44 | €3,160 | €4,598 | +€1,438 | +45.5% |
| Suppliers | 440/4 | €3,160 | €4,598 | +€1,438 | +45.5% |
| Taxes, remuneration and social security | 45 | €646 | €1,532 | +€886 | +137% |
| Taxes | 450/3 | €646 | €1,532 | +€886 | +137% |
| Other amounts payable | 47/48 | €39,103 | €46,292 | +€7,189 | +18.4% |
| Remuneration, social security and pensions | 62 | €788 | €205 | -€583 | -74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,525 | €33,162 | -€5,363 | -13.9% |
| Other operating charges | 640/8 | €826 | €823 | -€4 | -0.4% |
| Gross operating margin | 9900 | €137,466 | €107,880 | -€29,585 | -21.5% |
| Operating profit (loss) | 9901 | €97,326 | €73,691 | -€23,636 | -24.3% |
| Financial income | 75/76B | €841 | €688 | -€154 | -18.3% |
| Recurring financial income | 75 | €841 | €688 | -€154 | -18.3% |
| Financial charges | 65/66B | €4,425 | €5,527 | +€1,102 | +24.9% |
| Recurring financial charges | 65 | €4,425 | €5,527 | +€1,102 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €93,743 | €68,852 | -€24,891 | -26.6% |
| Income taxes | 67/77 | €23,492 | €17,293 | -€6,199 | -26.4% |
| Profit (loss) for the period | 9904 | €70,251 | €51,559 | -€18,692 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,251 | €51,559 | -€18,692 | -26.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.