Michaël Liekens: 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 Liekens
Largest movements
- Cash +€59,075
up €59,075 (+66.1%), from €89,348 to €148,424
mainly Net result for the year (+€51,861) and Current investments (+€29,814)
- Current investments -€29,814
no longer reported in 2025 (was €29,814)
- Receivables within one year +€26,328
up €26,328 (+76.4%), from €34,453 to €60,781
of which Trade receivables: +€18,580
- Reserves +€51,861
up €51,861 (+46.4%), from €111,864 to €163,724
- Current portion of long-term debt +€16,708
new in 2025: €16,708
- Tax, wage and social debts -€8,258
down €8,258 (-18.0%), from €45,894 to €37,637
of which Taxes: -€7,134
- Other debts -€4,926
down €4,926 (-24.5%), from €20,092 to €15,165
- Financial income -€15,861
no longer reported in 2025 (was €15,861)
of which Non-recurring financial income: -€15,861
- Gross operating margin +€4,022
up €4,022 (+4.6%), from €87,598 to €91,620
- Taxes -€2,761
down €2,761 (-16.7%), from €16,546 to €13,785
- Depreciation +€1,809
up €1,809 (+38.0%), from €4,762 to €6,572
- Other operating charges -€1,048
down €1,048 (-5.2%), from €20,233 to €19,185
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 | €179,982 | €235,910 | +€55,928 | +31.1% |
| Fixed assets | 21/28 | €25,817 | €25,687 | -€130 | -0.5% |
| Tangible fixed assets | 22/27 | €25,817 | €25,687 | -€130 | -0.5% |
| Furniture and vehicles | 24 | €25,817 | €25,687 | -€130 | -0.5% |
| Current assets | 29/58 | €154,165 | €210,224 | +€56,059 | +36.4% |
| Amounts receivable within one year | 40/41 | €34,453 | €60,781 | +€26,328 | +76.4% |
| Trade receivables | 40 | €34,453 | €53,033 | +€18,580 | +53.9% |
| Other amounts receivable | 41 | - | €7,748 | +€7,748 | |
| Current investments | 50/53 | €29,814 | - | -€29,814 | |
| Cash at bank and in hand | 54/58 | €89,348 | €148,424 | +€59,075 | +66.1% |
| Deferred charges and accrued income | 490/1 | €550 | €1,019 | +€469 | +85.3% |
| Total equity and liabilities | 10/49 | €179,982 | €235,910 | +€55,928 | +31.1% |
| Equity | 10/15 | €112,864 | €164,724 | +€51,861 | +45.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €111,864 | €163,724 | +€51,861 | +46.4% |
| Distributable reserves | 133 | €111,864 | €163,724 | +€51,861 | +46.4% |
| Amounts payable | 17/49 | €67,118 | €71,186 | +€4,067 | +6.1% |
| Amounts payable within one year | 42/48 | €67,118 | €71,074 | +€3,955 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | - | €16,708 | +€16,708 | |
| Trade debts | 44 | €1,132 | €1,564 | +€432 | +38.2% |
| Suppliers | 440/4 | €1,132 | €1,564 | +€432 | +38.2% |
| Taxes, remuneration and social security | 45 | €45,894 | €37,637 | -€8,258 | -18.0% |
| Taxes | 450/3 | €25,972 | €18,839 | -€7,134 | -27.5% |
| Remuneration and social security | 454/9 | €19,922 | €18,798 | -€1,124 | -5.6% |
| Other amounts payable | 47/48 | €20,092 | €15,165 | -€4,926 | -24.5% |
| Accrued charges and deferred income | 492/3 | - | €112 | +€112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,762 | €6,572 | +€1,809 | +38.0% |
| Other operating charges | 640/8 | €20,233 | €19,185 | -€1,048 | -5.2% |
| Gross operating margin | 9900 | €87,598 | €91,620 | +€4,022 | +4.6% |
| Operating profit (loss) | 9901 | €62,602 | €65,863 | +€3,260 | +5.2% |
| Financial income | 75/76B | €15,861 | - | -€15,861 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €15,861 | - | -€15,861 | |
| Financial charges | 65/66B | €127 | €217 | +€90 | +70.9% |
| Recurring financial charges | 65 | €127 | €217 | +€90 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | €78,337 | €65,646 | -€12,691 | -16.2% |
| Income taxes | 67/77 | €16,546 | €13,785 | -€2,761 | -16.7% |
| Profit (loss) for the period | 9904 | €61,791 | €51,861 | -€9,930 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,791 | €51,861 | -€9,930 | -16.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.