MICHAUX: 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.
What changed
MICHAUX
NACE 66.220, Insurance agents and brokers
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€130,605
2024 · €116,620+€13,985
Equity
€498,751
2024 · €441,479+€57,272
Cash
€505,126
2024 · €496,278+€8,848
Balance sheet total
€1.2m
2024 · €1.3m-€46,239
Largest movements
Assets
- Tangible fixed assets -€65,880
down €65,880 (-8.9%), from €738,503 to €672,622
of which Land and buildings: -€44,621
Equity and liabilities
- Debts after one year -€84,606
down €84,606 (-19.3%), from €439,300 to €354,694
- Reserves +€57,272
up €57,272 (+14.9%), from €384,079 to €441,351
of which Distributable reserves: +€57,272
- Trade debts -€23,406
down €23,406 (-10.1%), from €230,855 to €207,449
of which Bills of exchange payable: -€16,343
Income statement
- Gross operating margin +€31,492
up €31,492 (+7.7%), from €407,389 to €438,881
- Staff costs +€21,614
up €21,614 (+24.4%), from €88,716 to €110,330
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.
Result 2024
€116,620
Gross operating margin
+€31,492
Staff costs
-€21,614
Depreciation
-€2,127
Other operating charges
+€2,077
Financial income
-€797
Financial charges
+€3,356
Taxes
+€1,598
Result 2025
€130,605
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.
From operations
+€206,442
Investment
-€27,396
Financing
-€170,198
Cash 2024
€496,278
From operations (derived)
+€206,442
Net result for the year
+€130,605
Depreciation
+€93,276
Receivables within one year
-€10,991
Deferred charges and accrued income
+€197
Trade debts
-€23,406
Tax, wage and social debts
+€5,982
Other debts
+€8,525
Accrued charges and deferred income
+€2,253
Investment (derived)
-€27,396
Investment in fixed assets (net)
-€27,396
Financing
-€170,198
Debts after one year
-€84,606
Current portion of long-term debt
-€12,260
Contributions, distributions and other
-€73,333
Cash 2025
€505,126
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,255,309 | €1,209,070 | -€46,239 | -3.7% |
| Fixed assets | 21/28 | €739,852 | €673,971 | -€65,880 | -8.9% |
| Tangible fixed assets | 22/27 | €738,503 | €672,622 | -€65,880 | -8.9% |
| Land and buildings | 22 | €581,719 | €537,098 | -€44,621 | -7.7% |
| Furniture and vehicles | 24 | €12,599 | €10,970 | -€1,629 | -12.9% |
| Other tangible fixed assets | 26 | €144,185 | €124,554 | -€19,631 | -13.6% |
| Financial fixed assets | 28 | €1,349 | €1,349 | = | 0.0% |
| Current assets | 29/58 | €515,457 | €535,099 | +€19,641 | +3.8% |
| Amounts receivable within one year | 40/41 | €16,314 | €27,304 | +€10,991 | +67.4% |
| Trade receivables | 40 | €16,314 | €27,304 | +€10,991 | +67.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €496,278 | €505,126 | +€8,848 | +1.8% |
| Deferred charges and accrued income | 490/1 | €2,866 | €2,668 | -€197 | -6.9% |
| Total equity and liabilities | 10/49 | €1,255,309 | €1,209,070 | -€46,239 | -3.7% |
| Equity | 10/15 | €441,479 | €498,751 | +€57,272 | +13.0% |
| Contributions | 10/11 | €57,400 | €57,400 | = | 0.0% |
| Reserves | 13 | €384,079 | €441,351 | +€57,272 | +14.9% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,400 | €6,400 | = | 0.0% |
| Distributable reserves | 133 | €377,679 | €434,951 | +€57,272 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €813,830 | €710,319 | -€103,511 | -12.7% |
| Amounts payable after more than one year | 17 | €439,300 | €354,694 | -€84,606 | -19.3% |
| Financial debts | 170/4 | €439,300 | €354,694 | -€84,606 | -19.3% |
| Amounts payable within one year | 42/48 | €361,609 | €340,451 | -€21,158 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €96,865 | €84,606 | -€12,260 | -12.7% |
| Trade debts | 44 | €230,855 | €207,449 | -€23,406 | -10.1% |
| Suppliers | 440/4 | €135,335 | €128,272 | -€7,063 | -5.2% |
| Bills of exchange payable | 441 | €95,520 | €79,177 | -€16,343 | -17.1% |
| Taxes, remuneration and social security | 45 | €33,889 | €39,871 | +€5,982 | +17.7% |
| Taxes | 450/3 | €20,259 | €31,560 | +€11,301 | +55.8% |
| Remuneration and social security | 454/9 | €13,630 | €8,311 | -€5,319 | -39.0% |
| Other amounts payable | 47/48 | - | €8,525 | +€8,525 | |
| Accrued charges and deferred income | 492/3 | €12,922 | €15,174 | +€2,253 | +17.4% |
| Remuneration, social security and pensions | 62 | €88,716 | €110,330 | +€21,614 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,150 | €93,276 | +€2,127 | +2.3% |
| Other operating charges | 640/8 | €12,782 | €10,705 | -€2,077 | -16.2% |
| Gross operating margin | 9900 | €407,389 | €438,881 | +€31,492 | +7.7% |
| Operating profit (loss) | 9901 | €214,741 | €224,569 | +€9,829 | +4.6% |
| Financial income | 75/76B | €6,618 | €5,821 | -€797 | -12.0% |
| Recurring financial income | 75 | €6,618 | €5,821 | -€797 | -12.0% |
| Financial charges | 65/66B | €24,370 | €21,014 | -€3,356 | -13.8% |
| Recurring financial charges | 65 | €24,370 | €21,014 | -€3,356 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €196,989 | €209,376 | +€12,387 | +6.3% |
| Income taxes | 67/77 | €80,368 | €78,771 | -€1,598 | -2.0% |
| Profit (loss) for the period | 9904 | €116,620 | €130,605 | +€13,985 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,620 | €130,605 | +€13,985 | +12.0% |
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 6 October 2026 via checked.be.