Michaël Dupuis: 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 Dupuis
Largest movements
- Stocks and contracts -€55,780
down €55,780 (-16.7%), from €333,941 to €278,161
- Receivables within one year +€35,334
up €35,334 (+735%), from €4,810 to €40,144
of which Other amounts receivable: +€27,537
- Tangible fixed assets -€33,964
down €33,964 (-5.9%), from €576,866 to €542,902
of which Land and buildings: -€24,910
- Cash -€22,888
down €22,888 (-12.8%), from €178,380 to €155,492
mainly Contributions, distributions and other (-€71,810) and Debts after one year (-€69,066)
- Debts after one year -€69,066
down €69,066 (-14.3%), from €483,969 to €414,904
- Reserves -€44,862
down €44,862 (-16.7%), from €269,032 to €224,170
- Other debts +€26,532
up €26,532 (+45.7%), from €58,020 to €84,553
- Tax, wage and social debts -€16,046
down €16,046 (-22.4%), from €71,634 to €55,588
of which Taxes: -€9,826
- Trade debts +€11,943
up €11,943 (+12.2%), from €97,605 to €109,548
- Gross operating margin -€108,832
down €108,832 (-26.3%), from €413,422 to €304,589
- Taxes -€29,247
down €29,247 (-65.8%), from €44,439 to €15,192
- Depreciation -€4,591
down €4,591 (-9.4%), from €48,829 to €44,239
- Staff costs +€4,576
up €4,576 (+2.4%), from €191,597 to €196,173
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 | €1,102,356 | €1,021,302 | -€81,054 | -7.4% |
| Fixed assets | 21/28 | €583,820 | €545,348 | -€38,472 | -6.6% |
| Intangible fixed assets | 21 | €4,508 | - | -€4,508 | |
| Tangible fixed assets | 22/27 | €576,866 | €542,902 | -€33,964 | -5.9% |
| Land and buildings | 22 | €545,140 | €520,230 | -€24,910 | -4.6% |
| Plant, machinery and equipment | 23 | €19,641 | €16,720 | -€2,920 | -14.9% |
| Furniture and vehicles | 24 | €1,747 | €1,589 | -€158 | -9.1% |
| Other tangible fixed assets | 26 | €10,338 | €4,363 | -€5,975 | -57.8% |
| Financial fixed assets | 28 | €2,446 | €2,446 | = | 0.0% |
| Current assets | 29/58 | €518,536 | €475,954 | -€42,582 | -8.2% |
| Stocks and contracts in progress | 3 | €333,941 | €278,161 | -€55,780 | -16.7% |
| Stocks | 30/36 | €333,941 | €278,161 | -€55,780 | -16.7% |
| Amounts receivable within one year | 40/41 | €4,810 | €40,144 | +€35,334 | +735% |
| Trade receivables | 40 | €1,923 | €9,720 | +€7,798 | +406% |
| Other amounts receivable | 41 | €2,887 | €30,424 | +€27,537 | +954% |
| Cash at bank and in hand | 54/58 | €178,380 | €155,492 | -€22,888 | -12.8% |
| Deferred charges and accrued income | 490/1 | €1,405 | €2,157 | +€752 | +53.5% |
| Total equity and liabilities | 10/49 | €1,102,356 | €1,021,302 | -€81,054 | -7.4% |
| Equity | 10/15 | €309,032 | €264,170 | -€44,862 | -14.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €269,032 | €224,170 | -€44,862 | -16.7% |
| Distributable reserves | 133 | €269,032 | €224,170 | -€44,862 | -16.7% |
| Amounts payable | 17/49 | €793,324 | €757,132 | -€36,192 | -4.6% |
| Amounts payable after more than one year | 17 | €483,969 | €414,904 | -€69,066 | -14.3% |
| Financial debts | 170/4 | €483,969 | €414,904 | -€69,066 | -14.3% |
| Amounts payable within one year | 42/48 | €305,339 | €332,160 | +€26,821 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €78,080 | €82,471 | +€4,391 | +5.6% |
| Trade debts | 44 | €97,605 | €109,548 | +€11,943 | +12.2% |
| Suppliers | 440/4 | €97,605 | €109,548 | +€11,943 | +12.2% |
| Taxes, remuneration and social security | 45 | €71,634 | €55,588 | -€16,046 | -22.4% |
| Taxes | 450/3 | €38,294 | €28,467 | -€9,826 | -25.7% |
| Remuneration and social security | 454/9 | €33,340 | €27,121 | -€6,219 | -18.7% |
| Other amounts payable | 47/48 | €58,020 | €84,553 | +€26,532 | +45.7% |
| Accrued charges and deferred income | 492/3 | €4,015 | €10,068 | +€6,053 | +151% |
| Remuneration, social security and pensions | 62 | €191,597 | €196,173 | +€4,576 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,829 | €44,239 | -€4,591 | -9.4% |
| Other operating charges | 640/8 | €5,665 | €5,701 | +€35 | +0.6% |
| Gross operating margin | 9900 | €413,422 | €304,589 | -€108,832 | -26.3% |
| Operating profit (loss) | 9901 | €167,330 | €58,477 | -€108,853 | -65.1% |
| Financial income | 75/76B | €7,301 | €6,055 | -€1,246 | -17.1% |
| Recurring financial income | 75 | €7,301 | €6,055 | -€1,246 | -17.1% |
| Financial charges | 65/66B | €21,934 | €22,391 | +€457 | +2.1% |
| Recurring financial charges | 65 | €21,934 | €22,391 | +€457 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €152,698 | €42,141 | -€110,557 | -72.4% |
| Income taxes | 67/77 | €44,439 | €15,192 | -€29,247 | -65.8% |
| Profit (loss) for the period | 9904 | €108,259 | €26,949 | -€81,310 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,259 | €26,949 | -€81,310 | -75.1% |
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 18 October 2026 via checked.be.