Michel: 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.
Michel
Largest movements
- Receivables within one year -€20,991
down €20,991 (-71.8%), from €29,227 to €8,237
of which Trade receivables: -€15,434
- Stocks and contracts +€2,185
up €2,185 (+8.4%), from €26,070 to €28,255
- Cash -€1,529
down €1,529 (-27.1%), from €5,636 to €4,106
mainly Trade debts (-€11,545) and Net result for the year (-€6,530)
- Trade debts -€11,545
down €11,545 (-67.9%), from €16,992 to €5,446
- Profit (loss) carried forward -€6,530
down €6,530 (-63.1%), from -€10,355 to -€16,885
- Tax, wage and social debts -€2,353
down €2,353 (-12.5%), from €18,785 to €16,432
of which Taxes: -€2,953
- Gross operating margin -€11,321
down €11,321 (-89.2%), from €12,693 to €1,373
- Other operating charges +€565
up €565 (+111.4%), from €507 to €1,072
- Financial charges -€148
down €148 (-12.2%), from €1,214 to €1,065
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,933 | €41,164 | -€19,768 | -32.4% |
| Current assets | 29/58 | €60,933 | €41,164 | -€19,768 | -32.4% |
| Stocks and contracts in progress | 3 | €26,070 | €28,255 | +€2,185 | +8.4% |
| Stocks | 30/36 | €26,070 | €28,255 | +€2,185 | +8.4% |
| Amounts receivable within one year | 40/41 | €29,227 | €8,237 | -€20,991 | -71.8% |
| Trade receivables | 40 | €19,870 | €4,437 | -€15,434 | -77.7% |
| Other amounts receivable | 41 | €9,357 | €3,800 | -€5,557 | -59.4% |
| Cash at bank and in hand | 54/58 | €5,636 | €4,106 | -€1,529 | -27.1% |
| Deferred charges and accrued income | 490/1 | - | €567 | +€567 | |
| Total equity and liabilities | 10/49 | €60,933 | €41,164 | -€19,768 | -32.4% |
| Equity | 10/15 | €25,156 | €18,625 | -€6,530 | -26.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €16,919 | €16,919 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €15,059 | €15,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,355 | -€16,885 | -€6,530 | -63.1% |
| Amounts payable | 17/49 | €35,777 | €22,539 | -€13,238 | -37.0% |
| Amounts payable within one year | 42/48 | €35,777 | €21,982 | -€13,795 | -38.6% |
| Trade debts | 44 | €16,992 | €5,446 | -€11,545 | -67.9% |
| Suppliers | 440/4 | €16,992 | €5,446 | -€11,545 | -67.9% |
| Taxes, remuneration and social security | 45 | €18,785 | €16,432 | -€2,353 | -12.5% |
| Taxes | 450/3 | €16,485 | €13,532 | -€2,953 | -17.9% |
| Remuneration and social security | 454/9 | €2,300 | €2,900 | +€600 | +26.1% |
| Other amounts payable | 47/48 | - | €103 | +€103 | |
| Accrued charges and deferred income | 492/3 | - | €557 | +€557 | |
| Non-recurring operating income | 76A | - | €1,272 | +€1,272 | |
| Other operating charges | 640/8 | €507 | €1,072 | +€565 | +111.4% |
| Non-recurring operating charges | 66A | €1,216 | €5,589 | +€4,373 | +359.6% |
| Gross operating margin | 9900 | €12,693 | €1,373 | -€11,321 | -89.2% |
| Operating profit (loss) | 9901 | €10,970 | -€5,289 | -€16,259 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -83.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -83.0% |
| Financial charges | 65/66B | €1,214 | €1,065 | -€148 | -12.2% |
| Recurring financial charges | 65 | €1,214 | €1,065 | -€148 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €9,756 | -€6,354 | -€16,111 | |
| Income taxes | 67/77 | €283 | €176 | -€107 | -37.8% |
| Profit (loss) for the period | 9904 | €9,473 | -€6,530 | -€16,004 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,473 | -€6,530 | -€16,004 |
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 4 October 2026 via checked.be.