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 -€50,920
down €50,920 (-86.5%), from €58,856 to €7,936
mainly Net result for the year (-€48,120) and Stocks and contracts (-€40,717)
- Stocks and contracts +€40,717
up €40,717 (+23.9%), from €170,472 to €211,189
- Receivables within one year +€29,958
up €29,958 (+31.9%), from €94,036 to €123,994
of which Other amounts receivable: +€31,218
- Tangible fixed assets +€11,917
up €11,917 (+52.2%), from €22,836 to €34,753
of which Furniture and vehicles: +€20,633
- Trade debts +€52,573
up €52,573 (+277.6%), from €18,941 to €71,514
- Profit (loss) carried forward -€48,120
down €48,120 (-16.2%), from €297,551 to €249,431
- Tax, wage and social debts +€12,300
up €12,300 (+1025.0%), from €1,200 to €13,500
of which Remuneration and social security: +€13,500
- Debts after one year +€9,996
up €9,996 (+111.5%), from €8,968 to €18,964
- Current portion of long-term debt +€4,923
up €4,923 (+70.1%), from €7,020 to €11,943
- Gross operating margin -€68,539
down €68,539, from €59,425 to -€9,114
- Taxes +€14,812
new in 2024: €14,812
- Other operating charges +€6,276
up €6,276 (+198.4%), from €3,164 to €9,440
- Staff costs -€1,448
no longer reported in 2024 (was €1,448)
- Depreciation +€876
up €876 (+6.9%), from €12,707 to €13,583
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 | €347,940 | €379,612 | +€31,672 | +9.1% |
| Fixed assets | 21/28 | €24,576 | €36,493 | +€11,917 | +48.5% |
| Tangible fixed assets | 22/27 | €22,836 | €34,753 | +€11,917 | +52.2% |
| Plant, machinery and equipment | 23 | €21,226 | €12,510 | -€8,716 | -41.1% |
| Furniture and vehicles | 24 | €1,610 | €22,243 | +€20,633 | +1281.6% |
| Financial fixed assets | 28 | €1,740 | €1,740 | = | 0.0% |
| Current assets | 29/58 | €323,364 | €343,119 | +€19,755 | +6.1% |
| Stocks and contracts in progress | 3 | €170,472 | €211,189 | +€40,717 | +23.9% |
| Stocks | 30/36 | €170,472 | €211,189 | +€40,717 | +23.9% |
| Amounts receivable within one year | 40/41 | €94,036 | €123,994 | +€29,958 | +31.9% |
| Trade receivables | 40 | €65,968 | €64,708 | -€1,260 | -1.9% |
| Other amounts receivable | 41 | €28,068 | €59,286 | +€31,218 | +111.2% |
| Cash at bank and in hand | 54/58 | €58,856 | €7,936 | -€50,920 | -86.5% |
| Total equity and liabilities | 10/49 | €347,940 | €379,612 | +€31,672 | +9.1% |
| Equity | 10/15 | €311,811 | €263,691 | -€48,120 | -15.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €297,551 | €249,431 | -€48,120 | -16.2% |
| Amounts payable | 17/49 | €36,129 | €115,921 | +€79,792 | +220.9% |
| Amounts payable after more than one year | 17 | €8,968 | €18,964 | +€9,996 | +111.5% |
| Financial debts | 170/4 | €8,968 | €18,964 | +€9,996 | +111.5% |
| Amounts payable within one year | 42/48 | €27,161 | €96,957 | +€69,796 | +257.0% |
| Current portion of amounts payable after more than one year | 42 | €7,020 | €11,943 | +€4,923 | +70.1% |
| Trade debts | 44 | €18,941 | €71,514 | +€52,573 | +277.6% |
| Suppliers | 440/4 | €18,941 | €71,514 | +€52,573 | +277.6% |
| Taxes, remuneration and social security | 45 | €1,200 | €13,500 | +€12,300 | +1025.0% |
| Taxes | 450/3 | €1,200 | - | -€1,200 | |
| Remuneration and social security | 454/9 | - | €13,500 | +€13,500 | |
| Remuneration, social security and pensions | 62 | €1,448 | - | -€1,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,707 | €13,583 | +€876 | +6.9% |
| Other operating charges | 640/8 | €3,164 | €9,440 | +€6,276 | +198.4% |
| Gross operating margin | 9900 | €59,425 | -€9,114 | -€68,539 | |
| Operating profit (loss) | 9901 | €42,106 | -€32,137 | -€74,243 | |
| Financial income | 75/76B | €531 | €536 | +€5 | +0.9% |
| Recurring financial income | 75 | €531 | €536 | +€5 | +0.9% |
| Financial charges | 65/66B | €950 | €1,707 | +€757 | +79.7% |
| Recurring financial charges | 65 | €950 | €1,707 | +€757 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | €41,687 | -€33,308 | -€74,995 | |
| Income taxes | 67/77 | - | €14,812 | +€14,812 | |
| Profit (loss) for the period | 9904 | €41,687 | -€48,120 | -€89,807 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,687 | -€48,120 | -€89,807 |
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.