Michaël Pandelaers: what changed
What changed
Michaël Pandelaers
NACE 69.101, Activities of lawyers
filed annual accounts (NBB)
Net result for the year
€194,696
2024 · €248,615-€53,919
Equity
€145,692
2024 · €98,055+€47,637
Cash
€134,583
2024 · €487,096-€352,512
Balance sheet total
€184,154
2024 · €532,909-€348,756
Largest movements
Assets
- Cash -€352,512
down €352,512 (-72.4%), from €487,096 to €134,583
mainly Other debts (-€393,188) and Contributions, distributions and other (-€147,059)
- Receivables within one year -€27,490
down €27,490 (-63.1%), from €43,579 to €16,088
of which Trade receivables: -€14,649
- Receivables after one year +€26,710
new in 2025: €26,710
Equity and liabilities
- Other debts -€393,188
down €393,188 (-98.1%), from €400,638 to €7,450
- Reserves +€47,637
up €47,637 (+49.3%), from €96,555 to €144,192
Income statement
- Gross operating margin -€71,395
down €71,395 (-21.8%), from €328,162 to €256,767
- Taxes -€18,171
down €18,171 (-23.4%), from €77,667 to €59,496
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€248,615
Gross operating margin
-€71,395
Depreciation
+€622
Other operating charges
-€19
Other operating items
-€1,820
Financial income
+€621
Financial charges
-€98
Taxes
+€18,171
Result 2025
€194,696
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€200,924
Investment
-€4,530
Financing
-€147,059
Cash 2024
€487,096
From operations (derived)
-€200,924
Net result for the year
+€194,696
Depreciation
+€386
Receivables after one year
-€26,710
Receivables within one year
+€27,490
Smaller working-capital items
-€467
Tax, wage and social debts
-€3,131
Other debts
-€393,188
Investment (derived)
-€4,530
Investment in fixed assets (net)
-€4,530
Financing
-€147,059
Contributions, distributions and other
-€147,059
Cash 2025
€134,583
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €532,909 | €184,154 | -€348,756 | -65.4% |
| Fixed assets | 21/28 | €2,218 | €6,362 | +€4,144 | +187% |
| Tangible fixed assets | 22/27 | €2,218 | €6,362 | +€4,144 | +187% |
| Plant, machinery and equipment | 23 | €1,449 | €0 | -€1,449 | -100% |
| Furniture and vehicles | 24 | €398 | €3,502 | +€3,104 | +780% |
| Other tangible fixed assets | 26 | €371 | €2,860 | +€2,489 | +672% |
| Current assets | 29/58 | €530,692 | €177,792 | -€352,899 | -66.5% |
| Amounts receivable after more than one year | 29 | - | €26,710 | +€26,710 | |
| Other amounts receivable | 291 | - | €26,710 | +€26,710 | |
| Amounts receivable within one year | 40/41 | €43,579 | €16,088 | -€27,490 | -63.1% |
| Trade receivables | 40 | €30,718 | €16,069 | -€14,649 | -47.7% |
| Other amounts receivable | 41 | €12,861 | €20 | -€12,841 | -99.8% |
| Cash at bank and in hand | 54/58 | €487,096 | €134,583 | -€352,512 | -72.4% |
| Deferred charges and accrued income | 490/1 | €17 | €411 | +€393 | +2,304% |
| Total equity and liabilities | 10/49 | €532,909 | €184,154 | -€348,756 | -65.4% |
| Equity | 10/15 | €98,055 | €145,692 | +€47,637 | +48.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €96,555 | €144,192 | +€47,637 | +49.3% |
| Distributable reserves | 133 | €96,555 | €144,192 | +€47,637 | +49.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €434,854 | €38,462 | -€396,393 | -91.2% |
| Amounts payable within one year | 42/48 | €434,833 | €38,452 | -€396,381 | -91.2% |
| Trade debts | 44 | €636 | €575 | -€61 | -9.6% |
| Suppliers | 440/4 | €636 | €575 | -€61 | -9.6% |
| Taxes, remuneration and social security | 45 | €33,558 | €30,427 | -€3,131 | -9.3% |
| Taxes | 450/3 | €33,398 | €25,251 | -€8,148 | -24.4% |
| Remuneration and social security | 454/9 | €160 | €5,176 | +€5,016 | +3,135% |
| Other amounts payable | 47/48 | €400,638 | €7,450 | -€393,188 | -98.1% |
| Accrued charges and deferred income | 492/3 | €22 | €10 | -€12 | -55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,008 | €386 | -€622 | -61.7% |
| Other operating charges | 640/8 | €639 | €658 | +€19 | +3.0% |
| Non-recurring operating charges | 66A | - | €1,820 | +€1,820 | |
| Gross operating margin | 9900 | €328,162 | €256,767 | -€71,395 | -21.8% |
| Operating profit (loss) | 9901 | €326,515 | €253,903 | -€72,613 | -22.2% |
| Financial income | 75/76B | €0 | €621 | +€621 | |
| Recurring financial income | 75 | €0 | €621 | +€621 | |
| Financial charges | 65/66B | €233 | €331 | +€98 | +41.9% |
| Recurring financial charges | 65 | €233 | €331 | +€98 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €326,282 | €254,192 | -€72,090 | -22.1% |
| Income taxes | 67/77 | €77,667 | €59,496 | -€18,171 | -23.4% |
| Profit (loss) for the period | 9904 | €248,615 | €194,696 | -€53,919 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €248,615 | €194,696 | -€53,919 | -21.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.