Michaux Nicolas: what changed
Michaux Nicolas
Largest movements
- Receivables within one year -€37,041
down €37,041 (-83.3%), from €44,473 to €7,432
of which Trade receivables: -€36,339
- Stocks and contracts +€22,131
up €22,131 (+154%), from €14,369 to €36,500
of which Contracts in progress: +€20,431
- Tangible fixed assets -€10,638
down €10,638 (-24.1%), from €44,191 to €33,553
of which Furniture and vehicles: -€10,431
- Cash -€4,839
down €4,839 (-13.6%), from €35,465 to €30,626
mainly Trade debts (-€25,890) and Stocks and contracts (-€22,131)
- Deferred charges and accrued income -€3,327
down €3,327 (-79.2%), from €4,200 to €873
- Trade debts -€25,890
down €25,890 (-36.7%), from €70,621 to €44,731
- Debts after one year -€7,186
down €7,186 (-41.7%), from €17,249 to €10,063
- Tax, wage and social debts -€2,981
down €2,981 (-16.2%), from €18,425 to €15,444
of which Taxes: -€2,059
- Other debts +€1,619
up €1,619 (+52.2%), from €3,102 to €4,721
- Staff costs +€16,612
up €16,612 (+11.0%), from €151,041 to €167,653
- Gross operating margin +€15,308
up €15,308 (+9.0%), from €169,691 to €184,999
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,061 | €109,347 | -€33,714 | -23.6% |
| Fixed assets | 21/28 | €44,554 | €33,916 | -€10,638 | -23.9% |
| Tangible fixed assets | 22/27 | €44,191 | €33,553 | -€10,638 | -24.1% |
| Plant, machinery and equipment | 23 | €3,649 | €3,442 | -€207 | -5.7% |
| Furniture and vehicles | 24 | €40,542 | €30,111 | -€10,431 | -25.7% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €98,507 | €75,431 | -€23,076 | -23.4% |
| Stocks and contracts in progress | 3 | €14,369 | €36,500 | +€22,131 | +154% |
| Stocks | 30/36 | - | €1,700 | +€1,700 | |
| Contracts in progress | 37 | €14,369 | €34,800 | +€20,431 | +142% |
| Amounts receivable within one year | 40/41 | €44,473 | €7,432 | -€37,041 | -83.3% |
| Trade receivables | 40 | €38,507 | €2,168 | -€36,339 | -94.4% |
| Other amounts receivable | 41 | €5,966 | €5,264 | -€702 | -11.8% |
| Cash at bank and in hand | 54/58 | €35,465 | €30,626 | -€4,839 | -13.6% |
| Deferred charges and accrued income | 490/1 | €4,200 | €873 | -€3,327 | -79.2% |
| Total equity and liabilities | 10/49 | €143,061 | €109,347 | -€33,714 | -23.6% |
| Equity | 10/15 | €26,689 | €27,155 | +€466 | +1.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,689 | €22,155 | +€466 | +2.1% |
| Distributable reserves | 133 | €21,689 | €22,155 | +€466 | +2.1% |
| Amounts payable | 17/49 | €116,372 | €82,192 | -€34,180 | -29.4% |
| Amounts payable after more than one year | 17 | €17,249 | €10,063 | -€7,186 | -41.7% |
| Financial debts | 170/4 | €17,249 | €10,063 | -€7,186 | -41.7% |
| Amounts payable within one year | 42/48 | €99,039 | €72,082 | -€26,957 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €6,891 | €7,186 | +€295 | +4.3% |
| Trade debts | 44 | €70,621 | €44,731 | -€25,890 | -36.7% |
| Suppliers | 440/4 | €70,621 | €44,731 | -€25,890 | -36.7% |
| Taxes, remuneration and social security | 45 | €18,425 | €15,444 | -€2,981 | -16.2% |
| Taxes | 450/3 | €4,805 | €2,746 | -€2,059 | -42.9% |
| Remuneration and social security | 454/9 | €13,620 | €12,698 | -€922 | -6.8% |
| Other amounts payable | 47/48 | €3,102 | €4,721 | +€1,619 | +52.2% |
| Accrued charges and deferred income | 492/3 | €84 | €47 | -€37 | -44.0% |
| Remuneration, social security and pensions | 62 | €151,041 | €167,653 | +€16,612 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,730 | €13,858 | +€128 | +0.9% |
| Other operating charges | 640/8 | €928 | €876 | -€52 | -5.6% |
| Gross operating margin | 9900 | €169,691 | €184,999 | +€15,308 | +9.0% |
| Operating profit (loss) | 9901 | €3,992 | €2,612 | -€1,380 | -34.6% |
| Financial income | 75/76B | €59 | €208 | +€149 | +253% |
| Recurring financial income | 75 | €59 | €208 | +€149 | +253% |
| Financial charges | 65/66B | €2,224 | €1,847 | -€377 | -17.0% |
| Recurring financial charges | 65 | €2,224 | €1,847 | -€377 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €1,827 | €973 | -€854 | -46.7% |
| Income taxes | 67/77 | €1,535 | €507 | -€1,028 | -67.0% |
| Profit (loss) for the period | 9904 | €292 | €466 | +€174 | +59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €292 | €466 | +€174 | +59.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.