MICHEL BARBIER: 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 BARBIER
Largest movements
- Cash -€71,553
down €71,553 (-53.2%), from €134,607 to €63,054
mainly Current investments (-€58,462) and Receivables within one year (-€18,971)
- Current investments +€58,462
new in 2025: €58,462
- Tangible fixed assets -€19,381
down €19,381 (-71.1%), from €27,256 to €7,875
of which Furniture and vehicles: -€18,233
- Receivables within one year +€18,971
up €18,971 (+24.4%), from €77,614 to €96,585
of which Trade receivables: +€13,747
- Stocks and contracts +€10,686
up €10,686 (+122%), from €8,778 to €19,464
- Reserves +€20,000
up €20,000 (+200%), from €10,000 to €30,000
- Trade debts -€11,747
down €11,747 (-53.8%), from €21,852 to €10,105
- Other debts -€5,833
down €5,833 (-52.3%), from €11,147 to €5,314
- Current portion of long-term debt -€4,094
no longer reported in 2025 (was €4,094)
- Tax, wage and social debts -€2,548
down €2,548 (-63.7%), from €4,000 to €1,452
- Gross operating margin +€25,368
up €25,368 (+67.9%), from €37,348 to €62,716
- Taxes +€2,565
up €2,565 (+42.3%), from €6,061 to €8,626
- Financial income +€1,475
up €1,475 (+644%), from €229 to €1,704
of which Non-recurring financial income: +€1,083
- Other operating charges +€1,010
up €1,010 (+86.9%), from €1,161 to €2,171
- Depreciation -€928
down €928 (-4.3%), from €21,526 to €20,598
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 | €252,312 | €249,217 | -€3,095 | -1.2% |
| Formation expenses | 20 | €882 | €657 | -€225 | -25.5% |
| Fixed assets | 21/28 | €27,410 | €8,087 | -€19,323 | -70.5% |
| Tangible fixed assets | 22/27 | €27,256 | €7,875 | -€19,381 | -71.1% |
| Plant, machinery and equipment | 23 | €708 | €1,388 | +€680 | +95.9% |
| Furniture and vehicles | 24 | €19,591 | €1,358 | -€18,233 | -93.1% |
| Other tangible fixed assets | 26 | €6,957 | €5,129 | -€1,828 | -26.3% |
| Financial fixed assets | 28 | €154 | €212 | +€58 | +38.1% |
| Current assets | 29/58 | €224,020 | €240,473 | +€16,453 | +7.3% |
| Stocks and contracts in progress | 3 | €8,778 | €19,464 | +€10,686 | +122% |
| Stocks | 30/36 | €8,778 | €19,464 | +€10,686 | +122% |
| Amounts receivable within one year | 40/41 | €77,614 | €96,585 | +€18,971 | +24.4% |
| Trade receivables | 40 | €69,356 | €83,103 | +€13,747 | +19.8% |
| Other amounts receivable | 41 | €8,258 | €13,482 | +€5,224 | +63.3% |
| Current investments | 50/53 | - | €58,462 | +€58,462 | |
| Cash at bank and in hand | 54/58 | €134,607 | €63,054 | -€71,553 | -53.2% |
| Deferred charges and accrued income | 490/1 | €3,021 | €2,908 | -€113 | -3.7% |
| Total equity and liabilities | 10/49 | €252,312 | €249,217 | -€3,095 | -1.2% |
| Equity | 10/15 | €203,086 | €223,577 | +€20,491 | +10.1% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €30,000 | +€20,000 | +200% |
| Distributable reserves | 133 | €10,000 | €30,000 | +€20,000 | +200% |
| Profit (loss) carried forward | 14 | €171,086 | €171,577 | +€491 | +0.3% |
| Amounts payable | 17/49 | €49,227 | €25,640 | -€23,587 | -47.9% |
| Amounts payable within one year | 42/48 | €49,227 | €25,640 | -€23,587 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €4,094 | - | -€4,094 | |
| Financial debts | 43 | €3,634 | €4,269 | +€635 | +17.5% |
| Credit institutions | 430/8 | €3,634 | €4,269 | +€635 | +17.5% |
| Trade debts | 44 | €21,852 | €10,105 | -€11,747 | -53.8% |
| Suppliers | 440/4 | €21,852 | €10,105 | -€11,747 | -53.8% |
| Advances received on contracts in progress | 46 | €4,500 | €4,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,000 | €1,452 | -€2,548 | -63.7% |
| Taxes | 450/3 | €4,000 | €1,452 | -€2,548 | -63.7% |
| Other amounts payable | 47/48 | €11,147 | €5,314 | -€5,833 | -52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,526 | €20,598 | -€928 | -4.3% |
| Other operating charges | 640/8 | €1,161 | €2,171 | +€1,010 | +86.9% |
| Non-recurring operating charges | 66A | - | €1,992 | +€1,992 | |
| Gross operating margin | 9900 | €37,348 | €62,716 | +€25,368 | +67.9% |
| Operating profit (loss) | 9901 | €14,661 | €37,955 | +€23,294 | +159% |
| Financial income | 75/76B | €229 | €1,704 | +€1,475 | +644% |
| Recurring financial income | 75 | €229 | €621 | +€392 | +171% |
| Non-recurring financial income | 76B | - | €1,083 | +€1,083 | |
| Financial charges | 65/66B | €805 | €542 | -€263 | -32.7% |
| Recurring financial charges | 65 | €805 | €542 | -€263 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €14,085 | €39,117 | +€25,032 | +178% |
| Income taxes | 67/77 | €6,061 | €8,626 | +€2,565 | +42.3% |
| Profit (loss) for the period | 9904 | €8,023 | €30,491 | +€22,468 | +280% |
| Profit (loss) for the period to be appropriated | 9905 | €8,023 | €30,491 | +€22,468 | +280% |
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 24 October 2026 via checked.be.