Michael Deferme: 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 Deferme
Largest movements
- Intangible fixed assets -€53,304
down €53,304 (-25.0%), from €213,216 to €159,912
- Cash +€19,761
up €19,761 (+94.5%), from €20,903 to €40,664
mainly Net result for the year (+€145,585) and Depreciation (+€55,655)
- Deferred charges and accrued income -€14,099
down €14,099 (-39.2%), from €35,947 to €21,847
- Other debts -€57,680
down €57,680 (-99.6%), from €57,934 to €253
- Debts after one year -€37,778
no longer reported in 2025 (was €37,778)
- Profit (loss) carried forward +€37,585
up €37,585 (+34.5%), from €108,868 to €146,453
- Tax, wage and social debts +€9,172
up €9,172 (+103.3%), from €8,878 to €18,050
of which Taxes: +€9,155
- Current portion of long-term debt -€3,187
down €3,187 (-7.8%), from €40,965 to €37,778
- Gross operating margin +€42,487
up €42,487 (+20.8%), from €204,509 to €246,996
- Taxes +€13,600
up €13,600 (+43.7%), from €31,125 to €44,726
- Depreciation -€9,650
down €9,650 (-14.8%), from €65,306 to €55,655
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.
Cash bridge derived
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 | €275,865 | €224,012 | -€51,853 | -18.8% |
| Fixed assets | 21/28 | €216,267 | €160,612 | -€55,655 | -25.7% |
| Intangible fixed assets | 21 | €213,216 | €159,912 | -€53,304 | -25.0% |
| Tangible fixed assets | 22/27 | €3,051 | €700 | -€2,351 | -77.1% |
| Plant, machinery and equipment | 23 | €52 | - | -€52 | |
| Furniture and vehicles | 24 | €2,999 | €700 | -€2,299 | -76.7% |
| Current assets | 29/58 | €59,598 | €63,400 | +€3,802 | +6.4% |
| Amounts receivable within one year | 40/41 | €2,749 | €889 | -€1,860 | -67.7% |
| Other amounts receivable | 41 | €2,749 | €889 | -€1,860 | -67.7% |
| Cash at bank and in hand | 54/58 | €20,903 | €40,664 | +€19,761 | +94.5% |
| Deferred charges and accrued income | 490/1 | €35,947 | €21,847 | -€14,099 | -39.2% |
| Total equity and liabilities | 10/49 | €275,865 | €224,012 | -€51,853 | -18.8% |
| Equity | 10/15 | €129,328 | €166,913 | +€37,585 | +29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,868 | €146,453 | +€37,585 | +34.5% |
| Amounts payable | 17/49 | €146,537 | €57,099 | -€89,438 | -61.0% |
| Amounts payable after more than one year | 17 | €37,778 | - | -€37,778 | |
| Financial debts | 170/4 | €37,778 | - | -€37,778 | |
| Amounts payable within one year | 42/48 | €108,760 | €57,099 | -€51,661 | -47.5% |
| Current portion of amounts payable after more than one year | 42 | €40,965 | €37,778 | -€3,187 | -7.8% |
| Trade debts | 44 | €984 | €1,018 | +€34 | +3.5% |
| Suppliers | 440/4 | €984 | €1,018 | +€34 | +3.5% |
| Taxes, remuneration and social security | 45 | €8,878 | €18,050 | +€9,172 | +103.3% |
| Taxes | 450/3 | €6,613 | €15,769 | +€9,155 | +138.4% |
| Remuneration and social security | 454/9 | €2,265 | €2,282 | +€17 | +0.7% |
| Other amounts payable | 47/48 | €57,934 | €253 | -€57,680 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,306 | €55,655 | -€9,650 | -14.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €204,509 | €246,996 | +€42,487 | +20.8% |
| Operating profit (loss) | 9901 | €138,816 | €190,941 | +€52,125 | +37.5% |
| Financial income | 75/76B | €1,895 | - | -€1,895 | |
| Recurring financial income | 75 | €1,895 | - | -€1,895 | |
| Financial charges | 65/66B | €806 | €630 | -€175 | -21.8% |
| Recurring financial charges | 65 | €806 | €630 | -€175 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €139,906 | €190,311 | +€50,405 | +36.0% |
| Income taxes | 67/77 | €31,125 | €44,726 | +€13,600 | +43.7% |
| Profit (loss) for the period | 9904 | €108,781 | €145,585 | +€36,805 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,781 | €145,585 | +€36,805 | +33.8% |
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 12 October 2026 via checked.be.