MICHAEL PHIL: what changed
Two fiscal 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.
What changed
MICHAEL PHIL
NACE 49.410, Freight transport by road
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,319
2024 · -€1,476+€2,795
Equity
€149,593
2024 · €148,274+€1,319
Cash
€10,007
2024 · €8,637+€1,370
Balance sheet total
€321,502
2024 · €342,027-€20,525
Largest movements
Assets
- Tangible fixed assets -€23,630
down €23,630 (-7.3%), from €324,447 to €300,817
of which Land and buildings: -€12,940
Equity and liabilities
- Current portion of long-term debt -€16,121
down €16,121 (-69.7%), from €23,137 to €7,017
- Other debts +€6,775
up €6,775 (+10.3%), from €65,907 to €72,682
- Debts after one year -€6,333
down €6,333 (-7.7%), from €81,729 to €75,395
Income statement
- Depreciation -€5,379
down €5,379 (-18.5%), from €29,009 to €23,630
- Gross operating margin -€4,140
down €4,140 (-9.4%), from €44,040 to €39,900
- Financial charges -€2,224
down €2,224 (-35.8%), from €6,211 to €3,987
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.
Result 2024
-€1,476
Gross operating margin
-€4,140
Depreciation
+€5,379
Other operating charges
-€295
Financial income
-€0
Financial charges
+€2,224
Taxes
-€373
Result 2025
€1,319
Cash bridge derived
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.
From operations
+€23,824
Investment
€0
Financing
-€22,454
Cash 2024
€8,637
From operations (derived)
+€23,824
Net result for the year
+€1,319
Depreciation
+€23,630
Receivables within one year
-€1,698
Deferred charges and accrued income
-€36
Trade debts
-€3,060
Tax, wage and social debts
-€189
Other debts
+€6,775
Accrued charges and deferred income
-€2,917
Financing
-€22,454
Debts after one year
-€6,333
Current portion of long-term debt
-€16,121
Cash 2025
€10,007
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €342,027 | €321,502 | -€20,525 | -6.0% |
| Fixed assets | 21/28 | €324,447 | €300,817 | -€23,630 | -7.3% |
| Tangible fixed assets | 22/27 | €324,447 | €300,817 | -€23,630 | -7.3% |
| Land and buildings | 22 | €307,514 | €294,574 | -€12,940 | -4.2% |
| Furniture and vehicles | 24 | €7,909 | €1,678 | -€6,231 | -78.8% |
| Other tangible fixed assets | 26 | €9,023 | €4,564 | -€4,458 | -49.4% |
| Current assets | 29/58 | €17,580 | €20,685 | +€3,104 | +17.7% |
| Amounts receivable within one year | 40/41 | €8,391 | €10,089 | +€1,698 | +20.2% |
| Trade receivables | 40 | €8,391 | €9,716 | +€1,325 | +15.8% |
| Other amounts receivable | 41 | - | €373 | +€373 | |
| Cash at bank and in hand | 54/58 | €8,637 | €10,007 | +€1,370 | +15.9% |
| Deferred charges and accrued income | 490/1 | €552 | €588 | +€36 | +6.6% |
| Total equity and liabilities | 10/49 | €342,027 | €321,502 | -€20,525 | -6.0% |
| Equity | 10/15 | €148,274 | €149,593 | +€1,319 | +0.9% |
| 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 | €9,112 | €9,112 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €2,962 | €2,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,661 | €78,980 | +€1,319 | +1.7% |
| Provisions and deferred taxes | 16 | €7,672 | €7,672 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,672 | €7,672 | = | 0.0% |
| Major repairs and maintenance | 162 | €7,672 | €7,672 | = | 0.0% |
| Amounts payable | 17/49 | €186,082 | €164,237 | -€21,844 | -11.7% |
| Amounts payable after more than one year | 17 | €81,729 | €75,395 | -€6,333 | -7.7% |
| Financial debts | 170/4 | €81,729 | €75,395 | -€6,333 | -7.7% |
| Amounts payable within one year | 42/48 | €99,976 | €87,382 | -€12,594 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €23,137 | €7,017 | -€16,121 | -69.7% |
| Trade debts | 44 | €8,585 | €5,525 | -€3,060 | -35.6% |
| Suppliers | 440/4 | €8,585 | €5,525 | -€3,060 | -35.6% |
| Taxes, remuneration and social security | 45 | €2,346 | €2,158 | -€189 | -8.0% |
| Taxes | 450/3 | €2,346 | €2,158 | -€189 | -8.0% |
| Other amounts payable | 47/48 | €65,907 | €72,682 | +€6,775 | +10.3% |
| Accrued charges and deferred income | 492/3 | €4,377 | €1,460 | -€2,917 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,009 | €23,630 | -€5,379 | -18.5% |
| Other operating charges | 640/8 | €9,532 | €9,827 | +€295 | +3.1% |
| Gross operating margin | 9900 | €44,040 | €39,900 | -€4,140 | -9.4% |
| Operating profit (loss) | 9901 | €5,500 | €6,444 | +€943 | +17.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €6,211 | €3,987 | -€2,224 | -35.8% |
| Recurring financial charges | 65 | €6,211 | €3,987 | -€2,224 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | -€711 | €2,457 | +€3,168 | |
| Income taxes | 67/77 | €765 | €1,138 | +€373 | +48.7% |
| Profit (loss) for the period | 9904 | -€1,476 | €1,319 | +€2,795 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,476 | €1,319 | +€2,795 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.