MICHAËL DE BOEY: 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 DE BOEY
Largest movements
- Cash -€63,283
down €63,283 (-37.2%), from €170,127 to €106,843
mainly Contributions, distributions and other (-€133,938) and Receivables within one year (-€47,874)
- Receivables within one year +€47,874
up €47,874 (+10,194%), from €470 to €48,344
of which Trade receivables: +€48,344
- Reserves -€156,643
down €156,643 (-100%), from €156,643 to €0
- Other debts +€113,893
up €113,893, from €0 to €113,893
- Tax, wage and social debts +€27,555
up €27,555 (+212%), from €13,026 to €40,581
- Gross operating margin -€85,423
down €85,423, from €66,822 to -€18,601
- Taxes -€12,864
down €12,864 (-98.8%), from €13,026 to €162
- Financial charges -€982
down €982 (-27.8%), from €3,536 to €2,554
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 | €177,755 | €160,748 | -€17,006 | -9.6% |
| Fixed assets | 21/28 | €3,633 | €2,786 | -€847 | -23.3% |
| Tangible fixed assets | 22/27 | €3,633 | €2,786 | -€847 | -23.3% |
| Furniture and vehicles | 24 | €780 | €383 | -€398 | -51.0% |
| Other tangible fixed assets | 26 | €2,852 | €2,403 | -€449 | -15.7% |
| Current assets | 29/58 | €174,122 | €157,962 | -€16,160 | -9.3% |
| Amounts receivable within one year | 40/41 | €470 | €48,344 | +€47,874 | +10,194% |
| Trade receivables | 40 | €0 | €48,344 | +€48,344 | |
| Other amounts receivable | 41 | €470 | €0 | -€470 | -100% |
| Cash at bank and in hand | 54/58 | €170,127 | €106,843 | -€63,283 | -37.2% |
| Deferred charges and accrued income | 490/1 | €3,526 | €2,775 | -€751 | -21.3% |
| Total equity and liabilities | 10/49 | €177,755 | €160,748 | -€17,006 | -9.6% |
| Equity | 10/15 | €160,643 | €4,000 | -€156,643 | -97.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €156,643 | €0 | -€156,643 | -100% |
| Distributable reserves | 133 | €156,643 | €0 | -€156,643 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €17,111 | €156,748 | +€139,637 | +816% |
| Amounts payable within one year | 42/48 | €15,469 | €155,381 | +€139,912 | +904% |
| Trade debts | 44 | €2,443 | €907 | -€1,536 | -62.9% |
| Suppliers | 440/4 | €2,443 | €907 | -€1,536 | -62.9% |
| Taxes, remuneration and social security | 45 | €13,026 | €40,581 | +€27,555 | +212% |
| Taxes | 450/3 | €13,026 | €40,581 | +€27,555 | +212% |
| Other amounts payable | 47/48 | €0 | €113,893 | +€113,893 | |
| Accrued charges and deferred income | 492/3 | €1,642 | €1,367 | -€275 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €813 | €847 | +€33 | +4.1% |
| Other operating charges | 640/8 | €141 | €544 | +€403 | +287% |
| Gross operating margin | 9900 | €66,822 | -€18,601 | -€85,423 | |
| Operating profit (loss) | 9901 | €65,869 | -€19,992 | -€85,860 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +136% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +136% |
| Financial charges | 65/66B | €3,536 | €2,554 | -€982 | -27.8% |
| Recurring financial charges | 65 | €3,536 | €2,554 | -€982 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €62,334 | -€22,543 | -€84,876 | |
| Income taxes | 67/77 | €13,026 | €162 | -€12,864 | -98.8% |
| Profit (loss) for the period | 9904 | €49,307 | -€22,705 | -€72,012 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,307 | -€22,705 | -€72,012 |
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 29 October 2026 via checked.be.