MICHAEL HOMERIN: 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 HOMERIN
Largest movements
- Receivables within one year -€202,829
down €202,829 (-30.5%), from €665,007 to €462,177
of which Other amounts receivable: -€132,555
- Cash -€87,394
down €87,394 (-43.1%), from €202,763 to €115,369
mainly Net result for the year (-€474,265) and Investment in fixed assets (net) (-€53,021)
- Deferred charges and accrued income +€40,111
up €40,111 (+2,050%), from €1,957 to €42,067
- Tangible fixed assets -€33,035
down €33,035 (-6.2%), from €533,928 to €500,893
of which Furniture and vehicles: -€27,613
- Profit (loss) carried forward -€474,265
down €474,265 (-270%), from -€175,966 to -€650,231
- Trade debts +€113,710
up €113,710 (+22.7%), from €501,740 to €615,450
- Tax, wage and social debts +€53,528
up €53,528 (+15.6%), from €342,847 to €396,375
of which Remuneration and social security: +€59,158
- Current portion of long-term debt +€42,450
up €42,450 (+70.2%), from €60,457 to €102,907
- Debts after one year -€25,039
down €25,039 (-5.4%), from €466,981 to €441,942
of which Financial debts: -€25,039
- Gross operating margin -€246,860
down €246,860 (-12.5%), from €2.0m to €1.7m
- Other operating charges +€129,744
up €129,744 (+335%), from €38,727 to €168,471
- Staff costs -€67,627
down €67,627 (-3.4%), from €2.0m to €1.9m
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 | €1,450,060 | €1,160,443 | -€289,617 | -20.0% |
| Fixed assets | 21/28 | €534,187 | €501,153 | -€33,035 | -6.2% |
| Tangible fixed assets | 22/27 | €533,928 | €500,893 | -€33,035 | -6.2% |
| Land and buildings | 22 | €381,216 | €382,126 | +€910 | +0.2% |
| Plant, machinery and equipment | 23 | €19,517 | €13,185 | -€6,332 | -32.4% |
| Furniture and vehicles | 24 | €133,194 | €105,582 | -€27,613 | -20.7% |
| Financial fixed assets | 28 | €259 | €259 | = | 0.0% |
| Current assets | 29/58 | €915,873 | €659,290 | -€256,582 | -28.0% |
| Stocks and contracts in progress | 3 | €46,146 | €39,677 | -€6,470 | -14.0% |
| Stocks | 30/36 | €46,146 | €39,677 | -€6,470 | -14.0% |
| Amounts receivable within one year | 40/41 | €665,007 | €462,177 | -€202,829 | -30.5% |
| Trade receivables | 40 | €521,926 | €451,652 | -€70,274 | -13.5% |
| Other amounts receivable | 41 | €143,080 | €10,526 | -€132,555 | -92.6% |
| Cash at bank and in hand | 54/58 | €202,763 | €115,369 | -€87,394 | -43.1% |
| Deferred charges and accrued income | 490/1 | €1,957 | €42,067 | +€40,111 | +2,050% |
| Total equity and liabilities | 10/49 | €1,450,060 | €1,160,443 | -€289,617 | -20.0% |
| Equity | 10/15 | €78,034 | -€396,231 | -€474,265 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €234,000 | €234,000 | = | 0.0% |
| Distributable reserves | 133 | €234,000 | €234,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€175,966 | -€650,231 | -€474,265 | -270% |
| Amounts payable | 17/49 | €1,372,026 | €1,556,674 | +€184,648 | +13.5% |
| Amounts payable after more than one year | 17 | €466,981 | €441,942 | -€25,039 | -5.4% |
| Financial debts | 170/4 | €464,981 | €439,942 | -€25,039 | -5.4% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €905,044 | €1,114,732 | +€209,688 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €60,457 | €102,907 | +€42,450 | +70.2% |
| Trade debts | 44 | €501,740 | €615,450 | +€113,710 | +22.7% |
| Suppliers | 440/4 | €501,740 | €615,450 | +€113,710 | +22.7% |
| Taxes, remuneration and social security | 45 | €342,847 | €396,375 | +€53,528 | +15.6% |
| Taxes | 450/3 | €33,829 | €28,199 | -€5,630 | -16.6% |
| Remuneration and social security | 454/9 | €309,018 | €368,176 | +€59,158 | +19.1% |
| Remuneration, social security and pensions | 62 | €2,010,307 | €1,942,680 | -€67,627 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,645 | €86,055 | +€1,411 | +1.7% |
| Other operating charges | 640/8 | €38,727 | €168,471 | +€129,744 | +335% |
| Non-recurring operating charges | 66A | €1,338 | -€146 | -€1,485 | |
| Gross operating margin | 9900 | €1,981,044 | €1,734,185 | -€246,860 | -12.5% |
| Operating profit (loss) | 9901 | -€153,972 | -€462,875 | -€308,902 | -201% |
| Financial income | 75/76B | €1,957 | €16,425 | +€14,468 | +739% |
| Recurring financial income | 75 | €1,957 | €16,425 | +€14,468 | +739% |
| Financial charges | 65/66B | €23,567 | €27,422 | +€3,855 | +16.4% |
| Recurring financial charges | 65 | €23,567 | €27,422 | +€3,855 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | -€175,583 | -€473,872 | -€298,290 | -170% |
| Income taxes | 67/77 | €428 | €393 | -€35 | -8.3% |
| Profit (loss) for the period | 9904 | -€176,011 | -€474,265 | -€298,254 | -169% |
| Profit (loss) for the period to be appropriated | 9905 | -€176,011 | -€474,265 | -€298,254 | -169% |
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.