MICHAËL DE LAET: 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 LAET
Largest movements
- Stocks and contracts -€15,899
down €15,899 (-94.1%), from €16,899 to €1,000
of which Contracts in progress: -€15,899
- Receivables within one year +€4,989
up €4,989 (+91.3%), from €5,462 to €10,450
of which Other amounts receivable: +€5,978
- Tangible fixed assets -€2,677
down €2,677 (-18.8%), from €14,209 to €11,532
- Accrued charges and deferred income -€8,080
no longer reported in 2025 (was €8,080)
- Short-term financial debts +€7,233
up €7,233 (+102%), from €7,123 to €14,356
- Profit (loss) carried forward -€4,775
down €4,775 (-24.0%), from -€19,877 to -€24,652
- Trade debts -€4,517
no longer reported in 2025 (was €4,517)
- Advances received -€2,820
no longer reported in 2025 (was €2,820)
- Gross operating margin -€1,546
down €1,546, from €608 to -€938
- Depreciation -€350
down €350 (-11.6%), from €3,027 to €2,677
- Other operating charges +€193
up €193 (+19.5%), from €988 to €1,181
- Financial income +€61
new in 2025: €61
- Financial charges +€40
new in 2025: €40
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,770 | €23,182 | -€13,587 | -37.0% |
| Fixed assets | 21/28 | €14,409 | €11,732 | -€2,677 | -18.6% |
| Tangible fixed assets | 22/27 | €14,209 | €11,532 | -€2,677 | -18.8% |
| Plant, machinery and equipment | 23 | €14,209 | €11,532 | -€2,677 | -18.8% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €22,361 | €11,450 | -€10,910 | -48.8% |
| Stocks and contracts in progress | 3 | €16,899 | €1,000 | -€15,899 | -94.1% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Contracts in progress | 37 | €15,899 | - | -€15,899 | |
| Amounts receivable within one year | 40/41 | €5,462 | €10,450 | +€4,989 | +91.3% |
| Trade receivables | 40 | €989 | - | -€989 | |
| Other amounts receivable | 41 | €4,473 | €10,450 | +€5,978 | +134% |
| Total equity and liabilities | 10/49 | €36,770 | €23,182 | -€13,587 | -37.0% |
| Equity | 10/15 | €13,454 | €8,679 | -€4,775 | -35.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €20,931 | €20,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,423 | €10,423 | = | 0.0% |
| Distributable reserves | 133 | €10,508 | €10,508 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,877 | -€24,652 | -€4,775 | -24.0% |
| Amounts payable | 17/49 | €23,316 | €14,503 | -€8,812 | -37.8% |
| Amounts payable within one year | 42/48 | €15,236 | €14,503 | -€732 | -4.8% |
| Financial debts | 43 | €7,123 | €14,356 | +€7,233 | +102% |
| Credit institutions | 430/8 | €7,123 | €14,356 | +€7,233 | +102% |
| Trade debts | 44 | €4,517 | - | -€4,517 | |
| Suppliers | 440/4 | €4,517 | - | -€4,517 | |
| Advances received on contracts in progress | 46 | €2,820 | - | -€2,820 | |
| Taxes, remuneration and social security | 45 | €775 | €147 | -€628 | -81.0% |
| Taxes | 450/3 | €775 | €147 | -€628 | -81.0% |
| Accrued charges and deferred income | 492/3 | €8,080 | - | -€8,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,027 | €2,677 | -€350 | -11.6% |
| Other operating charges | 640/8 | €988 | €1,181 | +€193 | +19.5% |
| Gross operating margin | 9900 | €608 | -€938 | -€1,546 | |
| Operating profit (loss) | 9901 | -€3,407 | -€4,796 | -€1,389 | -40.8% |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | - | €40 | +€40 | |
| Recurring financial charges | 65 | - | €40 | +€40 | |
| Profit (loss) for the period before taxes | 9903 | -€3,407 | -€4,775 | -€1,368 | -40.2% |
| Profit (loss) for the period | 9904 | -€3,407 | -€4,775 | -€1,368 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,407 | -€4,775 | -€1,368 | -40.2% |
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 27 October 2026 via checked.be.