MICHAEL PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€59,394
up €59,394 (+1,049%), from €5,660 to €65,053
of which Furniture and vehicles: +€55,740
- Receivables within one year +€26,827
up €26,827 (+27.0%), from €99,347 to €126,175
of which Trade receivables: +€32,579
- Cash +€17,975
up €17,975 (+177%), from €10,159 to €28,134
mainly Trade debts (+€81,569) and Debts after one year (+€24,591)
- Trade debts +€81,569
up €81,569 (+544%), from €14,993 to €96,562
- Debts after one year +€24,591
new in 2025: €24,591
- Accrued charges and deferred income -€9,915
no longer reported in 2025 (was €9,915)
- Current portion of long-term debt +€6,643
new in 2025: €6,643
- Profit (loss) carried forward +€4,854
up €4,854 (+8.3%), from €58,230 to €63,084
- Gross operating margin +€9,360
up €9,360 (+82.7%), from €11,321 to €20,681
- Depreciation +€5,686
up €5,686 (+171%), from €3,332 to €9,017
- Other operating charges +€1,039
up €1,039 (+41.3%), from €2,513 to €3,552
- Financial charges -€219
down €219 (-8.6%), from €2,541 to €2,322
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 | €118,515 | €224,039 | +€105,524 | +89.0% |
| Fixed assets | 21/28 | €6,760 | €66,153 | +€59,394 | +879% |
| Tangible fixed assets | 22/27 | €5,660 | €65,053 | +€59,394 | +1,049% |
| Plant, machinery and equipment | 23 | €34 | €3,689 | +€3,654 | +10,614% |
| Furniture and vehicles | 24 | €5,625 | €61,365 | +€55,740 | +991% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €111,756 | €157,886 | +€46,130 | +41.3% |
| Amounts receivable within one year | 40/41 | €99,347 | €126,175 | +€26,827 | +27.0% |
| Trade receivables | 40 | €91,644 | €124,223 | +€32,579 | +35.5% |
| Other amounts receivable | 41 | €7,703 | €1,952 | -€5,751 | -74.7% |
| Cash at bank and in hand | 54/58 | €10,159 | €28,134 | +€17,975 | +177% |
| Deferred charges and accrued income | 490/1 | €2,249 | €3,577 | +€1,328 | +59.1% |
| Total equity and liabilities | 10/49 | €118,515 | €224,039 | +€105,524 | +89.0% |
| Equity | 10/15 | €66,290 | €71,144 | +€4,854 | +7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,230 | €63,084 | +€4,854 | +8.3% |
| Amounts payable | 17/49 | €52,225 | €152,896 | +€100,670 | +193% |
| Amounts payable after more than one year | 17 | - | €24,591 | +€24,591 | |
| Financial debts | 170/4 | - | €24,591 | +€24,591 | |
| Amounts payable within one year | 42/48 | €42,311 | €128,304 | +€85,994 | +203% |
| Current portion of amounts payable after more than one year | 42 | - | €6,643 | +€6,643 | |
| Trade debts | 44 | €14,993 | €96,562 | +€81,569 | +544% |
| Suppliers | 440/4 | €14,993 | €96,562 | +€81,569 | +544% |
| Other amounts payable | 47/48 | €27,318 | €25,099 | -€2,218 | -8.1% |
| Accrued charges and deferred income | 492/3 | €9,915 | - | -€9,915 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,332 | €9,017 | +€5,686 | +171% |
| Other operating charges | 640/8 | €2,513 | €3,552 | +€1,039 | +41.3% |
| Gross operating margin | 9900 | €11,321 | €20,681 | +€9,360 | +82.7% |
| Operating profit (loss) | 9901 | €5,476 | €8,112 | +€2,636 | +48.1% |
| Financial income | 75/76B | €12 | €10 | -€2 | -14.0% |
| Recurring financial income | 75 | €12 | €10 | -€2 | -14.0% |
| Financial charges | 65/66B | €2,541 | €2,322 | -€219 | -8.6% |
| Recurring financial charges | 65 | €2,541 | €2,322 | -€219 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €2,947 | €5,800 | +€2,854 | +96.8% |
| Income taxes | 67/77 | €1,103 | €946 | -€157 | -14.2% |
| Profit (loss) for the period | 9904 | €1,844 | €4,854 | +€3,010 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €1,844 | €4,854 | +€3,010 | +163% |
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 16 October 2026 via checked.be.