MICHAEL VAN GILS: 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 VAN GILS
Largest movements
- Financial fixed assets +€156,800
up €156,800 (+21.6%), from €727,200 to €884,000
- Reserves +€99,820
up €99,820 (+14.0%), from €715,103 to €814,924
of which Distributable reserves: +€99,820
- Short-term financial debts +€59,900
up €59,900 (+13.0%), from €460,833 to €520,733
- Gross operating margin +€39,490
up €39,490 (+6.8%), from €577,564 to €617,054
- Taxes +€12,801
up €12,801 (+9.3%), from €138,257 to €151,058
- Financial income +€8,561
up €8,561 (+49.6%), from €17,253 to €25,814
of which Financial income: +€4,997
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 | €1,294,853 | €1,452,060 | +€157,207 | +12.1% |
| Fixed assets | 21/28 | €737,605 | €892,086 | +€154,481 | +20.9% |
| Tangible fixed assets | 22/27 | €10,405 | €8,086 | -€2,319 | -22.3% |
| Furniture and vehicles | 24 | €5,443 | €4,753 | -€690 | -12.7% |
| Other tangible fixed assets | 26 | €4,962 | €3,333 | -€1,629 | -32.8% |
| Financial fixed assets | 28 | €727,200 | €884,000 | +€156,800 | +21.6% |
| Current assets | 29/58 | €557,248 | €559,974 | +€2,726 | +0.5% |
| Amounts receivable within one year | 40/41 | €25,468 | €36,801 | +€11,333 | +44.5% |
| Other amounts receivable | 41 | €25,468 | €36,801 | +€11,333 | +44.5% |
| Cash at bank and in hand | 54/58 | €516,301 | €504,034 | -€12,266 | -2.4% |
| Deferred charges and accrued income | 490/1 | €15,480 | €19,138 | +€3,659 | +23.6% |
| Total equity and liabilities | 10/49 | €1,294,853 | €1,452,060 | +€157,207 | +12.1% |
| Equity | 10/15 | €760,103 | €859,924 | +€99,820 | +13.1% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €715,103 | €814,924 | +€99,820 | +14.0% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Other | 1319 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €710,603 | €810,424 | +€99,820 | +14.0% |
| Amounts payable | 17/49 | €534,750 | €592,136 | +€57,387 | +10.7% |
| Amounts payable within one year | 42/48 | €510,148 | €566,234 | +€56,086 | +11.0% |
| Financial debts | 43 | €460,833 | €520,733 | +€59,900 | +13.0% |
| Other loans | 439 | €460,833 | €520,733 | +€59,900 | +13.0% |
| Trade debts | 44 | €9,720 | €4,442 | -€5,277 | -54.3% |
| Suppliers | 440/4 | €9,720 | €4,442 | -€5,277 | -54.3% |
| Taxes, remuneration and social security | 45 | €39,595 | €41,058 | +€1,463 | +3.7% |
| Taxes | 450/3 | €39,595 | €41,058 | +€1,463 | +3.7% |
| Accrued charges and deferred income | 492/3 | €24,602 | €25,902 | +€1,301 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,478 | €2,319 | -€159 | -6.4% |
| Other operating charges | 640/8 | €2,490 | €6,985 | +€4,495 | +180.5% |
| Gross operating margin | 9900 | €577,564 | €617,054 | +€39,490 | +6.8% |
| Operating profit (loss) | 9901 | €572,596 | €607,750 | +€35,155 | +6.1% |
| Financial income | 75/76B | €17,253 | €25,814 | +€8,561 | +49.6% |
| Recurring financial income | 75 | €17,253 | €22,250 | +€4,997 | +29.0% |
| Non-recurring financial income | 76B | - | €3,564 | +€3,564 | |
| Financial charges | 65/66B | €26,975 | €32,686 | +€5,711 | +21.2% |
| Recurring financial charges | 65 | €26,975 | €32,686 | +€5,711 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €562,874 | €600,878 | +€38,004 | +6.8% |
| Income taxes | 67/77 | €138,257 | €151,058 | +€12,801 | +9.3% |
| Profit (loss) for the period | 9904 | €424,617 | €449,820 | +€25,203 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €424,617 | €449,820 | +€25,203 | +5.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.