MICHAËL QUAREM: 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 QUAREM
Largest movements
- Cash +€36,415
up €36,415 (+114.8%), from €31,715 to €68,130
mainly Net result for the year (+€47,838) and Depreciation (+€3,628)
- Receivables within one year +€18,400
up €18,400 (+69.4%), from €26,516 to €44,916
of which Other amounts receivable: +€10,060
- Tangible fixed assets -€1,233
down €1,233 (-13.1%), from €9,381 to €8,148
of which Furniture and vehicles: -€3,407
- Reserves +€47,838
up €47,838 (+83.2%), from €57,494 to €105,332
- Trade debts +€3,228
up €3,228 (+2162.4%), from €149 to €3,378
- Tax, wage and social debts +€2,118
up €2,118 (+23.7%), from €8,953 to €11,071
of which Taxes: +€2,118
- Gross operating margin +€28,615
up €28,615 (+77.5%), from €36,920 to €65,535
- Taxes +€5,756
up €5,756 (+75.9%), from €7,583 to €13,338
- Depreciation +€1,661
up €1,661 (+84.4%), from €1,968 to €3,628
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,597 | €122,781 | +€53,185 | +76.4% |
| Fixed assets | 21/28 | €9,381 | €8,148 | -€1,233 | -13.1% |
| Tangible fixed assets | 22/27 | €9,381 | €8,148 | -€1,233 | -13.1% |
| Plant, machinery and equipment | 23 | €1,569 | €3,742 | +€2,174 | +138.6% |
| Furniture and vehicles | 24 | €7,813 | €4,406 | -€3,407 | -43.6% |
| Current assets | 29/58 | €60,215 | €114,633 | +€54,418 | +90.4% |
| Amounts receivable within one year | 40/41 | €26,516 | €44,916 | +€18,400 | +69.4% |
| Trade receivables | 40 | €22,506 | €30,846 | +€8,340 | +37.1% |
| Other amounts receivable | 41 | €4,010 | €14,070 | +€10,060 | +250.9% |
| Cash at bank and in hand | 54/58 | €31,715 | €68,130 | +€36,415 | +114.8% |
| Deferred charges and accrued income | 490/1 | €1,984 | €1,587 | -€397 | -20.0% |
| Total equity and liabilities | 10/49 | €69,597 | €122,781 | +€53,185 | +76.4% |
| Equity | 10/15 | €60,494 | €108,332 | +€47,838 | +79.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €57,494 | €105,332 | +€47,838 | +83.2% |
| Distributable reserves | 133 | €57,494 | €105,332 | +€47,838 | +83.2% |
| Amounts payable | 17/49 | €9,102 | €14,449 | +€5,346 | +58.7% |
| Amounts payable within one year | 42/48 | €9,102 | €14,449 | +€5,346 | +58.7% |
| Trade debts | 44 | €149 | €3,378 | +€3,228 | +2162.4% |
| Suppliers | 440/4 | €149 | €3,378 | +€3,228 | +2162.4% |
| Taxes, remuneration and social security | 45 | €8,953 | €11,071 | +€2,118 | +23.7% |
| Taxes | 450/3 | €6,253 | €8,371 | +€2,118 | +33.9% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,968 | €3,628 | +€1,661 | +84.4% |
| Other operating charges | 640/8 | €1,267 | €955 | -€312 | -24.6% |
| Non-recurring operating charges | 66A | €997 | - | -€997 | |
| Gross operating margin | 9900 | €36,920 | €65,535 | +€28,615 | +77.5% |
| Operating profit (loss) | 9901 | €32,688 | €60,951 | +€28,263 | +86.5% |
| Financial income | 75/76B | €602 | €630 | +€28 | +4.7% |
| Recurring financial income | 75 | €602 | €630 | +€28 | +4.7% |
| Financial charges | 65/66B | €500 | €405 | -€95 | -19.1% |
| Recurring financial charges | 65 | €500 | €405 | -€95 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €32,790 | €61,177 | +€28,387 | +86.6% |
| Income taxes | 67/77 | €7,583 | €13,338 | +€5,756 | +75.9% |
| Profit (loss) for the period | 9904 | €25,207 | €47,838 | +€22,631 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,207 | €47,838 | +€22,631 | +89.8% |
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 9 October 2026 via checked.be.