MICHEL: 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.
MICHEL
Largest movements
- Cash +€52,849
up €52,849 (+115.6%), from €45,714 to €98,563
mainly Trade debts (+€381,914) and Net result for the year (+€76,390)
- Intangible fixed assets +€49,778
new in 2024: €49,778
- Tangible fixed assets +€45,914
up €45,914 (+25.0%), from €183,490 to €229,404
of which Plant, machinery and equipment: +€79,268
- Receivables within one year +€26,698
up €26,698 (+4.5%), from €593,682 to €620,381
of which Other amounts receivable: +€59,591
- Trade debts +€381,914
up €381,914 (+153.8%), from €248,244 to €630,158
- Accrued charges and deferred income -€264,765
down €264,765 (-75.8%), from €349,142 to €84,378
- Reserves +€76,390
up €76,390 (+25.2%), from €303,434 to €379,824
of which Distributable reserves: +€76,390
- Debts after one year -€21,667
down €21,667 (-34.2%), from €63,333 to €41,667
- Short-term financial debts -€21,193
no longer reported in 2024 (was €21,193)
- Gross operating margin +€137,355
up €137,355 (+22.4%), from €614,550 to €751,905
- Staff costs +€46,439
up €46,439 (+8.9%), from €520,329 to €566,768
- Depreciation +€34,754
up €34,754 (+142.6%), from €24,370 to €59,124
- Taxes +€26,245
up €26,245 (+696.6%), from €3,767 to €30,012
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,307,644 | €1,475,495 | +€167,851 | +12.8% |
| Fixed assets | 21/28 | €563,490 | €659,182 | +€95,692 | +17.0% |
| Intangible fixed assets | 21 | - | €49,778 | +€49,778 | |
| Tangible fixed assets | 22/27 | €183,490 | €229,404 | +€45,914 | +25.0% |
| Land and buildings | 22 | €4,955 | €4,361 | -€594 | -12.0% |
| Plant, machinery and equipment | 23 | €38,742 | €118,011 | +€79,268 | +204.6% |
| Furniture and vehicles | 24 | €127,505 | €101,610 | -€25,895 | -20.3% |
| Other tangible fixed assets | 26 | €12,288 | €5,423 | -€6,865 | -55.9% |
| Financial fixed assets | 28 | €380,000 | €380,000 | = | 0.0% |
| Current assets | 29/58 | €744,153 | €816,313 | +€72,159 | +9.7% |
| Stocks and contracts in progress | 3 | €63,205 | €65,883 | +€2,678 | +4.2% |
| Stocks | 30/36 | €63,205 | €65,883 | +€2,678 | +4.2% |
| Amounts receivable within one year | 40/41 | €593,682 | €620,381 | +€26,698 | +4.5% |
| Trade receivables | 40 | €424,479 | €391,587 | -€32,892 | -7.7% |
| Other amounts receivable | 41 | €169,203 | €228,794 | +€59,591 | +35.2% |
| Cash at bank and in hand | 54/58 | €45,714 | €98,563 | +€52,849 | +115.6% |
| Deferred charges and accrued income | 490/1 | €41,552 | €31,486 | -€10,066 | -24.2% |
| Total equity and liabilities | 10/49 | €1,307,644 | €1,475,495 | +€167,851 | +12.8% |
| Equity | 10/15 | €545,434 | €621,824 | +€76,390 | +14.0% |
| Contributions | 10/11 | €242,000 | €242,000 | = | 0.0% |
| Reserves | 13 | €303,434 | €379,824 | +€76,390 | +25.2% |
| Non-distributable reserves | 130/1 | €24,200 | €24,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,200 | €24,200 | = | 0.0% |
| Distributable reserves | 133 | €279,234 | €355,624 | +€76,390 | +27.4% |
| Amounts payable | 17/49 | €762,210 | €853,671 | +€91,461 | +12.0% |
| Amounts payable after more than one year | 17 | €63,333 | €41,667 | -€21,667 | -34.2% |
| Financial debts | 170/4 | €63,333 | €41,667 | -€21,667 | -34.2% |
| Amounts payable within one year | 42/48 | €349,734 | €727,627 | +€377,893 | +108.1% |
| Current portion of amounts payable after more than one year | 42 | €21,955 | €20,000 | -€1,955 | -8.9% |
| Financial debts | 43 | €21,193 | - | -€21,193 | |
| Credit institutions | 430/8 | €21,193 | - | -€21,193 | |
| Trade debts | 44 | €248,244 | €630,158 | +€381,914 | +153.8% |
| Suppliers | 440/4 | €248,244 | €630,158 | +€381,914 | +153.8% |
| Taxes, remuneration and social security | 45 | €58,343 | €77,469 | +€19,126 | +32.8% |
| Taxes | 450/3 | €8,447 | €37,455 | +€29,007 | +343.4% |
| Remuneration and social security | 454/9 | €49,895 | €40,014 | -€9,881 | -19.8% |
| Accrued charges and deferred income | 492/3 | €349,142 | €84,378 | -€264,765 | -75.8% |
| Remuneration, social security and pensions | 62 | €520,329 | €566,768 | +€46,439 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,370 | €59,124 | +€34,754 | +142.6% |
| Other operating charges | 640/8 | €12,940 | €6,937 | -€6,003 | -46.4% |
| Gross operating margin | 9900 | €614,550 | €751,905 | +€137,355 | +22.4% |
| Operating profit (loss) | 9901 | €56,911 | €119,076 | +€62,165 | +109.2% |
| Financial income | 75/76B | €2 | €1,169 | +€1,166 | +49422.5% |
| Recurring financial income | 75 | €2 | €1,169 | +€1,166 | +49422.5% |
| Financial charges | 65/66B | €8,533 | €13,843 | +€5,310 | +62.2% |
| Recurring financial charges | 65 | €8,533 | €13,843 | +€5,310 | +62.2% |
| Profit (loss) for the period before taxes | 9903 | €48,380 | €106,402 | +€58,022 | +119.9% |
| Income taxes | 67/77 | €3,767 | €30,012 | +€26,245 | +696.6% |
| Profit (loss) for the period | 9904 | €44,613 | €76,390 | +€31,777 | +71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,613 | €76,390 | +€31,777 | +71.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.