MICHAEL OSTLUND PROPERTY: 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 OSTLUND PROPERTY
Largest movements
- Cash -€5.7m
down €5.7m (-36.0%), from €15.9m to €10.2m
mainly Other debts (-€5.9m) and Deferred charges and accrued income (-€3.5m)
- Deferred charges and accrued income +€3.5m
up €3.5m (+158%), from €2.2m to €5.7m
- Tangible fixed assets -€2.0m
down €2.0m (-2.6%), from €78.0m to €76.0m
- Other debts -€5.9m
down €5.9m (-56.1%), from €10.5m to €4.6m
- Accrued charges and deferred income +€3.1m
up €3.1m (+289%), from €1.1m to €4.2m
- Gross operating margin +€2.3m
up €2.3m (+121%), from €1.9m to €4.3m
- Other operating charges -€305,119
down €305,119 (-99.2%), from €307,475 to €2,356
- Depreciation +€240,112
up €240,112 (+13.3%), from €1.8m to €2.0m
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 | €96,683,108 | €92,532,232 | -€4.2m | -4.3% |
| Fixed assets | 21/28 | €78,024,439 | €75,991,382 | -€2.0m | -2.6% |
| Tangible fixed assets | 22/27 | €78,022,481 | €75,989,424 | -€2.0m | -2.6% |
| Other tangible fixed assets | 26 | €78,022,481 | €75,989,424 | -€2.0m | -2.6% |
| Financial fixed assets | 28 | €1,958 | €1,958 | = | 0.0% |
| Current assets | 29/58 | €18,658,669 | €16,540,850 | -€2.1m | -11.4% |
| Amounts receivable within one year | 40/41 | €553,015 | €659,223 | +€106,208 | +19.2% |
| Trade receivables | 40 | €396,321 | €563,525 | +€167,204 | +42.2% |
| Other amounts receivable | 41 | €156,694 | €95,698 | -€60,996 | -38.9% |
| Cash at bank and in hand | 54/58 | €15,892,120 | €10,176,473 | -€5.7m | -36.0% |
| Deferred charges and accrued income | 490/1 | €2,213,534 | €5,705,154 | +€3.5m | +158% |
| Total equity and liabilities | 10/49 | €96,683,108 | €92,532,232 | -€4.2m | -4.3% |
| Equity | 10/15 | €12,007,061 | €11,358,074 | -€648,988 | -5.4% |
| Contributions | 10/11 | €18,600,000 | €18,600,000 | = | 0.0% |
| Capital | 10 | €18,600,000 | €18,600,000 | = | 0.0% |
| Issued capital | 100 | €18,600,000 | €18,600,000 | = | 0.0% |
| Reserves | 13 | €68,576 | €68,576 | = | 0.0% |
| Non-distributable reserves | 130/1 | €68,576 | €68,576 | = | 0.0% |
| Legal reserve | 130 | €68,576 | €68,576 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,661,515 | -€7,310,502 | -€648,988 | -9.7% |
| Amounts payable | 17/49 | €84,676,046 | €81,174,158 | -€3.5m | -4.1% |
| Amounts payable after more than one year | 17 | €71,743,000 | €71,743,000 | = | 0.0% |
| Financial debts | 170/4 | €71,743,000 | €71,743,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,850,065 | €5,215,063 | -€6.6m | -56.0% |
| Trade debts | 44 | €1,223,321 | €617,353 | -€605,968 | -49.5% |
| Suppliers | 440/4 | €1,223,321 | €617,353 | -€605,968 | -49.5% |
| Taxes, remuneration and social security | 45 | €159,313 | €0 | -€159,313 | -100% |
| Taxes | 450/3 | €159,313 | €0 | -€159,313 | -100% |
| Other amounts payable | 47/48 | €10,467,430 | €4,597,710 | -€5.9m | -56.1% |
| Accrued charges and deferred income | 492/3 | €1,082,982 | €4,216,095 | +€3.1m | +289% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,799,380 | €2,039,492 | +€240,112 | +13.3% |
| Other operating charges | 640/8 | €307,475 | €2,356 | -€305,119 | -99.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,927,201 | €4,266,896 | +€2.3m | +121% |
| Operating profit (loss) | 9901 | -€179,654 | €2,225,048 | +€2.4m | |
| Financial income | 75/76B | €26,625 | €0 | -€26,625 | -100% |
| Recurring financial income | 75 | €26,625 | €0 | -€26,625 | -100% |
| Financial charges | 65/66B | €2,879,465 | €2,874,036 | -€5,429 | -0.2% |
| Recurring financial charges | 65 | €2,879,465 | €2,874,036 | -€5,429 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,032,495 | -€648,988 | +€2.4m | +78.6% |
| Profit (loss) for the period | 9904 | -€3,032,495 | -€648,988 | +€2.4m | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,032,495 | -€648,988 | +€2.4m | +78.6% |
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 27 October 2026 via checked.be.