MICHAELIS-MERTES: 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.
MICHAELIS-MERTES
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash +€193,727
up €193,727 (+76.9%), from €251,907 to €445,634
mainly Other debts (+€382,622) and Net result for the year (+€141,203)
- Receivables within one year -€53,399
down €53,399 (-5.5%), from €978,914 to €925,515
of which Trade receivables: -€53,849
- Stocks and contracts +€29,012
up €29,012 (+9.9%), from €292,835 to €321,847
- Other debts +€382,622
up €382,622 (+142%), from €269,580 to €652,202
- Profit (loss) carried forward +€141,203
up €141,203 (+17.9%), from €787,182 to €928,384
- Reserves -€137,420
down €137,420 (-23.0%), from €598,084 to €460,664
of which Distributable reserves: -€137,420
- Debts after one year -€51,374
down €51,374 (-17.8%), from €288,754 to €237,381
- Trade debts +€51,011
up €51,011 (+32.2%), from €158,562 to €209,572
- Staff costs -€18,749
down €18,749 (-41.5%), from €45,198 to €26,449
- Depreciation -€12,749
down €12,749 (-22.3%), from €57,188 to €44,439
- Financial charges +€8,647
up €8,647 (+34.7%), from €24,899 to €33,546
- Gross operating margin +€8,602
up €8,602 (+3.0%), from €284,109 to €292,712
- Write-downs -€3,984
down €3,984, from €2,179 to -€1,805
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 | €2,260,736 | €2,654,319 | +€393,583 | +17.4% |
| Fixed assets | 21/28 | €733,411 | €707,866 | -€25,545 | -3.5% |
| Tangible fixed assets | 22/27 | €733,411 | €707,866 | -€25,545 | -3.5% |
| Land and buildings | 22 | €689,587 | €670,831 | -€18,756 | -2.7% |
| Plant, machinery and equipment | 23 | €5,759 | €7,663 | +€1,904 | +33.1% |
| Furniture and vehicles | 24 | €38,064 | €29,372 | -€8,693 | -22.8% |
| Current assets | 29/58 | €1,527,325 | €1,946,453 | +€419,128 | +27.4% |
| Stocks and contracts in progress | 3 | €292,835 | €321,847 | +€29,012 | +9.9% |
| Stocks | 30/36 | €292,835 | €321,847 | +€29,012 | +9.9% |
| Amounts receivable within one year | 40/41 | €978,914 | €925,515 | -€53,399 | -5.5% |
| Trade receivables | 40 | €977,464 | €923,615 | -€53,849 | -5.5% |
| Other amounts receivable | 41 | €1,450 | €1,900 | +€450 | +31.0% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €251,907 | €445,634 | +€193,727 | +76.9% |
| Deferred charges and accrued income | 490/1 | €3,670 | €3,456 | -€213 | -5.8% |
| Total equity and liabilities | 10/49 | €2,260,736 | €2,654,319 | +€393,583 | +17.4% |
| Equity | 10/15 | €1,411,561 | €1,415,051 | +€3,490 | +0.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €598,084 | €460,664 | -€137,420 | -23.0% |
| Tax-exempt reserves | 132 | €32,010 | €32,010 | = | 0.0% |
| Distributable reserves | 133 | €566,074 | €428,654 | -€137,420 | -24.3% |
| Profit (loss) carried forward | 14 | €787,182 | €928,384 | +€141,203 | +17.9% |
| Investment grants | 15 | €7,703 | €7,410 | -€293 | -3.8% |
| Amounts payable | 17/49 | €849,175 | €1,239,268 | +€390,093 | +45.9% |
| Amounts payable after more than one year | 17 | €288,754 | €237,381 | -€51,374 | -17.8% |
| Financial debts | 170/4 | €288,754 | €237,381 | -€51,374 | -17.8% |
| Amounts payable within one year | 42/48 | €560,421 | €1,001,745 | +€441,325 | +78.7% |
| Current portion of amounts payable after more than one year | 42 | €50,790 | €51,374 | +€584 | +1.1% |
| Trade debts | 44 | €158,562 | €209,572 | +€51,011 | +32.2% |
| Suppliers | 440/4 | €158,562 | €209,572 | +€51,011 | +32.2% |
| Taxes, remuneration and social security | 45 | €81,489 | €88,598 | +€7,108 | +8.7% |
| Taxes | 450/3 | €72,804 | €83,098 | +€10,294 | +14.1% |
| Remuneration and social security | 454/9 | €8,685 | €5,500 | -€3,185 | -36.7% |
| Other amounts payable | 47/48 | €269,580 | €652,202 | +€382,622 | +142% |
| Accrued charges and deferred income | 492/3 | - | €142 | +€142 | |
| Remuneration, social security and pensions | 62 | €45,198 | €26,449 | -€18,749 | -41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,188 | €44,439 | -€12,749 | -22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,179 | -€1,805 | -€3,984 | |
| Other operating charges | 640/8 | €9,199 | €10,873 | +€1,674 | +18.2% |
| Gross operating margin | 9900 | €284,109 | €292,712 | +€8,602 | +3.0% |
| Operating profit (loss) | 9901 | €170,346 | €212,756 | +€42,410 | +24.9% |
| Financial income | 75/76B | €9,384 | €8,922 | -€462 | -4.9% |
| Recurring financial income | 75 | €9,384 | €8,922 | -€462 | -4.9% |
| Financial charges | 65/66B | €24,899 | €33,546 | +€8,647 | +34.7% |
| Recurring financial charges | 65 | €24,899 | €33,546 | +€8,647 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €154,831 | €188,132 | +€33,301 | +21.5% |
| Income taxes | 67/77 | €47,313 | €46,929 | -€384 | -0.8% |
| Profit (loss) for the period | 9904 | €107,518 | €141,203 | +€33,685 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €107,518 | €141,203 | +€33,685 | +31.3% |
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 23 October 2026 via checked.be.