MICHAEL HARTEEL: 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 HARTEEL
Largest movements
- Intangible fixed assets -€5,821
down €5,821 (-22.4%), from €26,016 to €20,194
- Receivables within one year +€3,438
up €3,438 (+176%), from €1,955 to €5,394
of which Trade receivables: +€4,231
- Cash +€1,608
up €1,608 (+92.1%), from €1,745 to €3,353
mainly Depreciation (+€5,821) and Trade debts (+€3,569)
- Deferred charges and accrued income +€1,500
new in 2025: €1,500
- Trade debts +€3,569
up €3,569 (+4,329%), from €82 to €3,651
- Profit (loss) carried forward -€3,434
new in 2025: -€3,434
- Tax, wage and social debts +€1,190
up €1,190 (+682%), from €174 to €1,364
- Other debts -€600
down €600 (-46.1%), from €1,301 to €701
- Depreciation +€2,730
up €2,730 (+88.3%), from €3,091 to €5,821
- Gross operating margin -€1,234
down €1,234 (-33.6%), from €3,668 to €2,434
- Financial charges -€280
down €280 (-85.8%), from €327 to €47
- Other operating charges -€50
down €50 (-100%), from €50 to €0
- Taxes -€42
down €42 (-100%), from €42 to €0
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 | €29,716 | €30,441 | +€725 | +2.4% |
| Fixed assets | 21/28 | €26,016 | €20,194 | -€5,821 | -22.4% |
| Intangible fixed assets | 21 | €26,016 | €20,194 | -€5,821 | -22.4% |
| Current assets | 29/58 | €3,701 | €10,247 | +€6,546 | +177% |
| Amounts receivable within one year | 40/41 | €1,955 | €5,394 | +€3,438 | +176% |
| Trade receivables | 40 | €1,162 | €5,394 | +€4,231 | +364% |
| Other amounts receivable | 41 | €793 | €0 | -€793 | -100% |
| Cash at bank and in hand | 54/58 | €1,745 | €3,353 | +€1,608 | +92.1% |
| Deferred charges and accrued income | 490/1 | - | €1,500 | +€1,500 | |
| Total equity and liabilities | 10/49 | €29,716 | €30,441 | +€725 | +2.4% |
| Equity | 10/15 | €3,158 | -€275 | -€3,434 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €158 | €158 | = | 0.0% |
| Distributable reserves | 133 | €158 | €158 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,434 | -€3,434 | |
| Amounts payable | 17/49 | €26,558 | €30,716 | +€4,159 | +15.7% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,558 | €5,716 | +€4,159 | +267% |
| Trade debts | 44 | €82 | €3,651 | +€3,569 | +4,329% |
| Suppliers | 440/4 | €82 | €3,651 | +€3,569 | +4,329% |
| Taxes, remuneration and social security | 45 | €174 | €1,364 | +€1,190 | +682% |
| Taxes | 450/3 | €174 | €1,364 | +€1,190 | +682% |
| Other amounts payable | 47/48 | €1,301 | €701 | -€600 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,091 | €5,821 | +€2,730 | +88.3% |
| Other operating charges | 640/8 | €50 | €0 | -€50 | -100% |
| Gross operating margin | 9900 | €3,668 | €2,434 | -€1,234 | -33.6% |
| Operating profit (loss) | 9901 | €527 | -€3,387 | -€3,914 | |
| Financial charges | 65/66B | €327 | €47 | -€280 | -85.8% |
| Recurring financial charges | 65 | €327 | €47 | -€280 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | €200 | -€3,434 | -€3,634 | |
| Income taxes | 67/77 | €42 | €0 | -€42 | -100% |
| Profit (loss) for the period | 9904 | €158 | -€3,434 | -€3,592 | |
| Profit (loss) for the period to be appropriated | 9905 | €158 | -€3,434 | -€3,592 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.