Michael Sherwin: 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.
Michael Sherwin
Largest movements
- Cash +€111,340
up €111,340 (+53.6%), from €207,853 to €319,192
mainly Net result for the year (+€66,196) and Other debts (+€54,461)
- Receivables within one year -€32,056
no longer reported in 2025 (was €32,056)
of which Other amounts receivable: -€16,810
- Tangible fixed assets -€9,680
down €9,680 (-23.6%), from €40,935 to €31,255
of which Furniture and vehicles: -€9,341
- Other debts +€54,461
up €54,461 (+355.0%), from €15,341 to €69,803
- Reserves +€11,196
up €11,196 (+5.1%), from €220,403 to €231,600
of which Distributable reserves: +€11,196
- Tax, wage and social debts +€3,981
up €3,981 (+108.2%), from €3,679 to €7,660
- Gross operating margin +€15,099
up €15,099 (+17.3%), from €87,116 to €102,215
- Taxes +€3,475
up €3,475 (+15.9%), from €21,850 to €25,326
- Depreciation +€2,214
up €2,214 (+29.7%), from €7,466 to €9,680
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 | €280,844 | €350,447 | +€69,603 | +24.8% |
| Fixed assets | 21/28 | €40,935 | €31,255 | -€9,680 | -23.6% |
| Tangible fixed assets | 22/27 | €40,935 | €31,255 | -€9,680 | -23.6% |
| Plant, machinery and equipment | 23 | €1,447 | €1,108 | -€339 | -23.4% |
| Furniture and vehicles | 24 | €39,488 | €30,147 | -€9,341 | -23.7% |
| Current assets | 29/58 | €239,909 | €319,192 | +€79,283 | +33.0% |
| Amounts receivable within one year | 40/41 | €32,056 | - | -€32,056 | |
| Trade receivables | 40 | €15,246 | - | -€15,246 | |
| Other amounts receivable | 41 | €16,810 | - | -€16,810 | |
| Cash at bank and in hand | 54/58 | €207,853 | €319,192 | +€111,340 | +53.6% |
| Total equity and liabilities | 10/49 | €280,844 | €350,447 | +€69,603 | +24.8% |
| Equity | 10/15 | €261,564 | €272,760 | +€11,196 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €220,403 | €231,600 | +€11,196 | +5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €218,543 | €229,740 | +€11,196 | +5.1% |
| Profit (loss) carried forward | 14 | €28,760 | €28,760 | = | 0.0% |
| Amounts payable | 17/49 | €19,280 | €77,687 | +€58,407 | +302.9% |
| Amounts payable within one year | 42/48 | €19,280 | €77,687 | +€58,407 | +302.9% |
| Trade debts | 44 | €260 | €224 | -€36 | -13.8% |
| Suppliers | 440/4 | €260 | €224 | -€36 | -13.8% |
| Taxes, remuneration and social security | 45 | €3,679 | €7,660 | +€3,981 | +108.2% |
| Taxes | 450/3 | €3,679 | €7,660 | +€3,981 | +108.2% |
| Other amounts payable | 47/48 | €15,341 | €69,803 | +€54,461 | +355.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,466 | €9,680 | +€2,214 | +29.7% |
| Other operating charges | 640/8 | €384 | €888 | +€504 | +131.0% |
| Gross operating margin | 9900 | €87,116 | €102,215 | +€15,099 | +17.3% |
| Operating profit (loss) | 9901 | €79,266 | €91,646 | +€12,381 | +15.6% |
| Financial charges | 65/66B | €242 | €125 | -€117 | -48.5% |
| Recurring financial charges | 65 | €242 | €125 | -€117 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €79,024 | €91,522 | +€12,498 | +15.8% |
| Income taxes | 67/77 | €21,850 | €25,326 | +€3,475 | +15.9% |
| Profit (loss) for the period | 9904 | €57,173 | €66,196 | +€9,023 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,173 | €66,196 | +€9,023 | +15.8% |
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 4 October 2026 via checked.be.