MICHAEL CHAUFFAGE: 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 CHAUFFAGE
Largest movements
- Receivables within one year +€127,547
up €127,547 (+143%), from €88,930 to €216,477
of which Trade receivables: +€136,698
- Cash -€36,120
down €36,120 (-29.8%), from €121,064 to €84,944
mainly Receivables within one year (-€127,547) and Investment in fixed assets (net) (-€58,397)
- Stocks and contracts -€8,592
down €8,592 (-58.2%), from €14,766 to €6,175
- Deferred charges and accrued income +€8,228
new in 2024: €8,228
- Tangible fixed assets +€5,679
up €5,679 (+2.6%), from €215,907 to €221,586
of which Furniture and vehicles: +€12,486
- Trade debts +€85,577
up €85,577 (+187%), from €45,831 to €131,408
- Reserves +€29,049
up €29,049 (+20.5%), from €141,860 to €170,909
of which Distributable reserves: +€29,049
- Debts after one year -€21,528
down €21,528 (-18.9%), from €114,001 to €92,472
- Current portion of long-term debt +€7,372
up €7,372 (+23.1%), from €31,920 to €39,291
- Taxes -€18,496
down €18,496 (-82.5%), from €22,423 to €3,927
- Depreciation +€9,751
up €9,751 (+22.7%), from €42,966 to €52,718
- Gross operating margin -€9,375
down €9,375 (-3.2%), from €289,531 to €280,156
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €442,972 | €539,715 | +€96,743 | +21.8% |
| Fixed assets | 21/28 | €218,212 | €223,891 | +€5,679 | +2.6% |
| Tangible fixed assets | 22/27 | €215,907 | €221,586 | +€5,679 | +2.6% |
| Land and buildings | 22 | €130,098 | €120,181 | -€9,917 | -7.6% |
| Plant, machinery and equipment | 23 | €308 | €3,418 | +€3,110 | +1,008% |
| Furniture and vehicles | 24 | €85,501 | €97,987 | +€12,486 | +14.6% |
| Financial fixed assets | 28 | €2,305 | €2,305 | = | 0.0% |
| Current assets | 29/58 | €224,760 | €315,824 | +€91,064 | +40.5% |
| Stocks and contracts in progress | 3 | €14,766 | €6,175 | -€8,592 | -58.2% |
| Stocks | 30/36 | €14,766 | €6,175 | -€8,592 | -58.2% |
| Amounts receivable within one year | 40/41 | €88,930 | €216,477 | +€127,547 | +143% |
| Trade receivables | 40 | €54,381 | €191,080 | +€136,698 | +251% |
| Other amounts receivable | 41 | €34,549 | €25,398 | -€9,151 | -26.5% |
| Cash at bank and in hand | 54/58 | €121,064 | €84,944 | -€36,120 | -29.8% |
| Deferred charges and accrued income | 490/1 | - | €8,228 | +€8,228 | |
| Total equity and liabilities | 10/49 | €442,972 | €539,715 | +€96,743 | +21.8% |
| Equity | 10/15 | €204,584 | €233,633 | +€29,049 | +14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,860 | €170,909 | +€29,049 | +20.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €169,049 | +€29,049 | +20.7% |
| Profit (loss) carried forward | 14 | €44,124 | €44,124 | = | 0.0% |
| Amounts payable | 17/49 | €238,389 | €306,082 | +€67,694 | +28.4% |
| Amounts payable after more than one year | 17 | €114,001 | €92,472 | -€21,528 | -18.9% |
| Financial debts | 170/4 | €114,001 | €92,472 | -€21,528 | -18.9% |
| Amounts payable within one year | 42/48 | €124,388 | €213,610 | +€89,222 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €31,920 | €39,291 | +€7,372 | +23.1% |
| Trade debts | 44 | €45,831 | €131,408 | +€85,577 | +187% |
| Suppliers | 440/4 | €45,831 | €131,408 | +€85,577 | +187% |
| Taxes, remuneration and social security | 45 | €45,965 | €42,911 | -€3,054 | -6.6% |
| Taxes | 450/3 | €21,323 | €19,360 | -€1,963 | -9.2% |
| Remuneration and social security | 454/9 | €24,641 | €23,551 | -€1,091 | -4.4% |
| Other amounts payable | 47/48 | €673 | - | -€673 | |
| Non-recurring operating income | 76A | €265 | €3,000 | +€2,735 | +1,032% |
| Remuneration, social security and pensions | 62 | €189,944 | €188,499 | -€1,445 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,966 | €52,718 | +€9,751 | +22.7% |
| Other operating charges | 640/8 | €5,893 | €3,625 | -€2,268 | -38.5% |
| Gross operating margin | 9900 | €289,531 | €280,156 | -€9,375 | -3.2% |
| Operating profit (loss) | 9901 | €50,728 | €35,315 | -€15,413 | -30.4% |
| Financial income | 75/76B | €619 | €878 | +€259 | +41.8% |
| Recurring financial income | 75 | €619 | €878 | +€259 | +41.8% |
| Financial charges | 65/66B | €4,332 | €3,217 | -€1,115 | -25.7% |
| Recurring financial charges | 65 | €4,332 | €3,217 | -€1,115 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €47,016 | €32,976 | -€14,040 | -29.9% |
| Income taxes | 67/77 | €22,423 | €3,927 | -€18,496 | -82.5% |
| Profit (loss) for the period | 9904 | €24,593 | €29,049 | +€4,456 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,593 | €29,049 | +€4,456 | +18.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.