MICHAEL IS DEAD: 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 IS DEAD
Largest movements
- Cash -€320,103
down €320,103 (-81.3%), from €393,923 to €73,820
mainly Other debts (-€229,511) and Receivables within one year (-€97,248)
- Receivables within one year +€97,248
up €97,248 (+137%), from €71,058 to €168,306
of which Other amounts receivable: +€102,335
- Intangible fixed assets +€20,013
up €20,013 (+13,318%), from €150 to €20,164
- Tangible fixed assets -€14,246
down €14,246 (-5.2%), from €275,629 to €261,384
of which Plant, machinery and equipment: -€23,439
- Other debts -€229,511
down €229,511 (-56.5%), from €406,311 to €176,801
- Debts after one year -€30,459
down €30,459 (-33.5%), from €90,793 to €60,334
- Current portion of long-term debt +€18,864
up €18,864 (+33.2%), from €56,858 to €75,721
- Profit (loss) carried forward +€16,602
up €16,602 (+15.2%), from €109,490 to €126,091
- Tax, wage and social debts +€7,867
up €7,867 (+319%), from €2,470 to €10,337
of which Remuneration and social security: +€4,261
- Gross operating margin -€270,900
down €270,900 (-65.9%), from €410,835 to €139,934
- Taxes -€36,393
down €36,393 (-85.7%), from €42,470 to €6,077
- Staff costs -€28,312
down €28,312 (-47.0%), from €60,237 to €31,925
- Depreciation +€22,168
up €22,168 (+40.4%), from €54,833 to €77,001
- Financial charges +€7,737
up €7,737 (+160%), from €4,844 to €12,581
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 | €740,760 | €524,625 | -€216,136 | -29.2% |
| Fixed assets | 21/28 | €275,780 | €281,547 | +€5,768 | +2.1% |
| Intangible fixed assets | 21 | €150 | €20,164 | +€20,013 | +13,318% |
| Tangible fixed assets | 22/27 | €275,629 | €261,384 | -€14,246 | -5.2% |
| Land and buildings | 22 | €15,200 | €14,600 | -€600 | -3.9% |
| Plant, machinery and equipment | 23 | €96,445 | €73,006 | -€23,439 | -24.3% |
| Furniture and vehicles | 24 | €1,063 | €755 | -€308 | -29.0% |
| Leasing and similar rights | 25 | €162,922 | €173,023 | +€10,101 | +6.2% |
| Current assets | 29/58 | €464,981 | €243,077 | -€221,904 | -47.7% |
| Amounts receivable within one year | 40/41 | €71,058 | €168,306 | +€97,248 | +137% |
| Trade receivables | 40 | €68,902 | €63,815 | -€5,087 | -7.4% |
| Other amounts receivable | 41 | €2,157 | €104,492 | +€102,335 | +4,745% |
| Cash at bank and in hand | 54/58 | €393,923 | €73,820 | -€320,103 | -81.3% |
| Deferred charges and accrued income | 490/1 | - | €951 | +€951 | |
| Total equity and liabilities | 10/49 | €740,760 | €524,625 | -€216,136 | -29.2% |
| Equity | 10/15 | €177,140 | €193,741 | +€16,602 | +9.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,490 | €126,091 | +€16,602 | +15.2% |
| Amounts payable | 17/49 | €563,621 | €330,883 | -€232,737 | -41.3% |
| Amounts payable after more than one year | 17 | €90,793 | €60,334 | -€30,459 | -33.5% |
| Financial debts | 170/4 | €90,793 | €60,334 | -€30,459 | -33.5% |
| Amounts payable within one year | 42/48 | €472,828 | €270,550 | -€202,278 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €56,858 | €75,721 | +€18,864 | +33.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,189 | €7,690 | +€502 | +7.0% |
| Suppliers | 440/4 | €7,189 | €7,690 | +€502 | +7.0% |
| Taxes, remuneration and social security | 45 | €2,470 | €10,337 | +€7,867 | +319% |
| Taxes | 450/3 | €2,470 | €6,077 | +€3,607 | +146% |
| Remuneration and social security | 454/9 | €0 | €4,261 | +€4,261 | |
| Other amounts payable | 47/48 | €406,311 | €176,801 | -€229,511 | -56.5% |
| Remuneration, social security and pensions | 62 | €60,237 | €31,925 | -€28,312 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,833 | €77,001 | +€22,168 | +40.4% |
| Other operating charges | 640/8 | €233 | €240 | +€8 | +3.3% |
| Gross operating margin | 9900 | €410,835 | €139,934 | -€270,900 | -65.9% |
| Operating profit (loss) | 9901 | €295,532 | €30,768 | -€264,764 | -89.6% |
| Financial income | 75/76B | €388 | €4,492 | +€4,104 | +1,057% |
| Recurring financial income | 75 | €388 | €4,492 | +€4,104 | +1,057% |
| Financial charges | 65/66B | €4,844 | €12,581 | +€7,737 | +160% |
| Recurring financial charges | 65 | €4,844 | €12,581 | +€7,737 | +160% |
| Profit (loss) for the period before taxes | 9903 | €291,076 | €22,678 | -€268,397 | -92.2% |
| Income taxes | 67/77 | €42,470 | €6,077 | -€36,393 | -85.7% |
| Profit (loss) for the period | 9904 | €248,606 | €16,602 | -€232,004 | -93.3% |
| Profit (loss) for the period to be appropriated | 9905 | €248,606 | €16,602 | -€232,004 | -93.3% |
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 14 October 2026 via checked.be.