Michaux: 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.
Michaux
Largest movements
- Tangible fixed assets -€12,166
down €12,166 (-8.1%), from €150,976 to €138,810
of which Land and buildings: -€13,233
- Receivables within one year -€10,334
down €10,334 (-38.1%), from €27,138 to €16,804
of which Trade receivables: -€5,610
- Cash -€3,856
down €3,856 (-75.6%), from €5,098 to €1,242
mainly Investment in fixed assets (net) (-€45,486) and Net result for the year (-€26,810)
- Profit (loss) carried forward -€26,810
down €26,810 (-4.9%), from -€542,061 to -€568,871
- Other debts +€7,399
up €7,399 (+10.3%), from €72,069 to €79,467
- Debts after one year -€3,614
down €3,614 (-3.3%), from €108,609 to €104,995
of which Financial debts: -€3,614
- Trade debts -€3,475
down €3,475 (-23.7%), from €14,653 to €11,177
- Turnover -€20,263
down €20,263 (-27.7%), from €73,144 to €52,882
- Gross operating margin -€14,466
down €14,466 (-25.8%), from €56,152 to €41,686
- Other operating charges +€9,411
up €9,411 (+1,464%), from €643 to €10,054
- Purchases and services -€4,818
down €4,818 (-28.4%), from €16,992 to €12,174
- Depreciation +€3,334
up €3,334 (+6.1%), from €54,318 to €57,652
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 | €183,213 | €156,857 | -€26,356 | -14.4% |
| Fixed assets | 21/28 | €150,976 | €138,810 | -€12,166 | -8.1% |
| Tangible fixed assets | 22/27 | €150,976 | €138,810 | -€12,166 | -8.1% |
| Land and buildings | 22 | €130,144 | €116,911 | -€13,233 | -10.2% |
| Plant, machinery and equipment | 23 | €14,052 | €18,606 | +€4,555 | +32.4% |
| Furniture and vehicles | 24 | €6,780 | €3,293 | -€3,487 | -51.4% |
| Current assets | 29/58 | €32,237 | €18,047 | -€14,190 | -44.0% |
| Amounts receivable within one year | 40/41 | €27,138 | €16,804 | -€10,334 | -38.1% |
| Trade receivables | 40 | €20,611 | €15,001 | -€5,610 | -27.2% |
| Other amounts receivable | 41 | €6,527 | €1,804 | -€4,724 | -72.4% |
| Cash at bank and in hand | 54/58 | €5,098 | €1,242 | -€3,856 | -75.6% |
| Total equity and liabilities | 10/49 | €183,213 | €156,857 | -€26,356 | -14.4% |
| Equity | 10/15 | -€15,869 | -€42,679 | -€26,810 | -169% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Capital | 10 | €525,000 | - | -€525,000 | |
| Issued capital | 100 | €525,000 | - | -€525,000 | |
| Reserves | 13 | €1,192 | €1,192 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,192 | €1,192 | = | 0.0% |
| Legal reserve | 130 | €1,192 | - | -€1,192 | |
| Reserves not available under the articles | 1311 | - | €1,192 | +€1,192 | |
| Profit (loss) carried forward | 14 | -€542,061 | -€568,871 | -€26,810 | -4.9% |
| Amounts payable | 17/49 | €199,082 | €199,536 | +€455 | +0.2% |
| Amounts payable after more than one year | 17 | €108,609 | €104,995 | -€3,614 | -3.3% |
| Financial debts | 170/4 | €9,451 | €5,837 | -€3,614 | -38.2% |
| Other amounts payable | 178/9 | €99,157 | €99,157 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,473 | €94,542 | +€4,069 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €3,600 | €3,600 | = | 0.0% |
| Financial debts | 43 | €152 | - | -€152 | |
| Credit institutions | 430/8 | €152 | - | -€152 | |
| Trade debts | 44 | €14,653 | €11,177 | -€3,475 | -23.7% |
| Suppliers | 440/4 | €14,653 | €11,177 | -€3,475 | -23.7% |
| Taxes, remuneration and social security | 45 | - | €297 | +€297 | |
| Taxes | 450/3 | - | €297 | +€297 | |
| Other amounts payable | 47/48 | €72,069 | €79,467 | +€7,399 | +10.3% |
| Turnover | 70 | €73,144 | €52,882 | -€20,263 | -27.7% |
| Non-recurring operating income | 76A | - | €979 | +€979 | |
| Goods, raw materials, services and sundry goods | 60/61 | €16,992 | €12,174 | -€4,818 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,318 | €57,652 | +€3,334 | +6.1% |
| Other operating charges | 640/8 | €643 | €10,054 | +€9,411 | +1,464% |
| Gross operating margin | 9900 | €56,152 | €41,686 | -€14,466 | -25.8% |
| Operating profit (loss) | 9901 | €1,191 | -€26,020 | -€27,211 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €986 | €803 | -€183 | -18.5% |
| Recurring financial charges | 65 | €986 | €803 | -€183 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €205 | -€26,810 | -€27,015 | |
| Profit (loss) for the period | 9904 | €205 | -€26,810 | -€27,015 | |
| Profit (loss) for the period to be appropriated | 9905 | €205 | -€26,810 | -€27,015 |
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 24 October 2026 via checked.be.