Michel ALLAEYS: 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 ALLAEYS
Largest movements
- Cash -€169,748
down €169,748 (-37.8%), from €449,106 to €279,359
mainly Contributions, distributions and other (-€185,000) and Receivables within one year (-€137,709)
- Receivables within one year +€137,709
up €137,709 (+114%), from €120,862 to €258,571
of which Trade receivables: +€140,197
- Stocks and contracts +€67,186
up €67,186 (+34.9%), from €192,787 to €259,973
- Tangible fixed assets -€22,957
down €22,957 (-30.2%), from €75,937 to €52,981
of which Plant, machinery and equipment: -€14,742
- Other debts +€185,000
new in 2025: €185,000
- Debts after one year -€134,076
down €134,076 (-87.8%), from €152,646 to €18,570
of which Other amounts payable: -€112,949
- Reserves -€87,982
down €87,982 (-22.8%), from €385,831 to €297,849
- Trade debts +€30,925
up €30,925 (+12.8%), from €241,673 to €272,598
- Tax, wage and social debts +€29,304
up €29,304 (+194%), from €15,071 to €44,376
of which Taxes: +€28,686
- Gross operating margin -€75,077
down €75,077 (-26.0%), from €288,825 to €213,748
- Taxes -€22,130
down €22,130 (-40.5%), from €54,683 to €32,553
- Financial income -€7,708
down €7,708 (-81.3%), from €9,476 to €1,768
- Staff costs +€7,355
up €7,355 (+15.4%), from €47,845 to €55,200
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.
Derived cash bridge
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 | €861,645 | €870,537 | +€8,892 | +1.0% |
| Fixed assets | 21/28 | €82,269 | €57,312 | -€24,957 | -30.3% |
| Intangible fixed assets | 21 | €6,131 | €4,131 | -€2,000 | -32.6% |
| Tangible fixed assets | 22/27 | €75,937 | €52,981 | -€22,957 | -30.2% |
| Plant, machinery and equipment | 23 | €47,172 | €32,430 | -€14,742 | -31.3% |
| Furniture and vehicles | 24 | €28,765 | €20,551 | -€8,215 | -28.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €779,376 | €813,225 | +€33,849 | +4.3% |
| Stocks and contracts in progress | 3 | €192,787 | €259,973 | +€67,186 | +34.9% |
| Stocks | 30/36 | €192,787 | €259,973 | +€67,186 | +34.9% |
| Amounts receivable within one year | 40/41 | €120,862 | €258,571 | +€137,709 | +114% |
| Trade receivables | 40 | €100,397 | €240,594 | +€140,197 | +140% |
| Other amounts receivable | 41 | €20,466 | €17,978 | -€2,488 | -12.2% |
| Cash at bank and in hand | 54/58 | €449,106 | €279,359 | -€169,748 | -37.8% |
| Deferred charges and accrued income | 490/1 | €16,621 | €15,322 | -€1,299 | -7.8% |
| Total equity and liabilities | 10/49 | €861,645 | €870,537 | +€8,892 | +1.0% |
| Equity | 10/15 | €416,817 | €328,835 | -€87,982 | -21.1% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €385,831 | €297,849 | -€87,982 | -22.8% |
| Distributable reserves | 133 | €385,831 | €297,849 | -€87,982 | -22.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €444,828 | €541,702 | +€96,874 | +21.8% |
| Amounts payable after more than one year | 17 | €152,646 | €18,570 | -€134,076 | -87.8% |
| Financial debts | 170/4 | €39,431 | €18,305 | -€21,127 | -53.6% |
| Other amounts payable | 178/9 | €113,214 | €265 | -€112,949 | -99.8% |
| Amounts payable within one year | 42/48 | €292,142 | €523,100 | +€230,958 | +79.1% |
| Current portion of amounts payable after more than one year | 42 | €24,148 | €21,127 | -€3,021 | -12.5% |
| Financial debts | 43 | €11,250 | €0 | -€11,250 | -100% |
| Credit institutions | 430/8 | €11,250 | €0 | -€11,250 | -100% |
| Trade debts | 44 | €241,673 | €272,598 | +€30,925 | +12.8% |
| Suppliers | 440/4 | €241,673 | €272,598 | +€30,925 | +12.8% |
| Taxes, remuneration and social security | 45 | €15,071 | €44,376 | +€29,304 | +194% |
| Taxes | 450/3 | €7,706 | €36,392 | +€28,686 | +372% |
| Remuneration and social security | 454/9 | €7,366 | €7,984 | +€618 | +8.4% |
| Other amounts payable | 47/48 | - | €185,000 | +€185,000 | |
| Accrued charges and deferred income | 492/3 | €40 | €32 | -€8 | -20.0% |
| Remuneration, social security and pensions | 62 | €47,845 | €55,200 | +€7,355 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,736 | €24,957 | +€221 | +0.9% |
| Other operating charges | 640/8 | €1,679 | €1,353 | -€326 | -19.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €288,825 | €213,748 | -€75,077 | -26.0% |
| Operating profit (loss) | 9901 | €214,564 | €132,238 | -€82,326 | -38.4% |
| Financial income | 75/76B | €9,476 | €1,768 | -€7,708 | -81.3% |
| Recurring financial income | 75 | €9,476 | €1,768 | -€7,708 | -81.3% |
| Financial charges | 65/66B | €5,498 | €4,436 | -€1,062 | -19.3% |
| Recurring financial charges | 65 | €5,498 | €4,436 | -€1,062 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €218,542 | €129,570 | -€88,972 | -40.7% |
| Income taxes | 67/77 | €54,683 | €32,553 | -€22,130 | -40.5% |
| Profit (loss) for the period | 9904 | €163,860 | €97,018 | -€66,842 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €163,860 | €97,018 | -€66,842 | -40.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.