Michel Beirens Advisory: 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 Beirens Advisory
Largest movements
- Total assets +€28,733
up €28,733 (+6.3%), from €454,477 to €483,210
of which Current assets: +€29,657
- Total equity and liabilities +€28,733
up €28,733 (+6.3%), from €454,477 to €483,210
of which Equity: +€37,408
- Taxes +€11,364
up €11,364 (+166%), from €6,838 to €18,203
- Gross operating margin +€3,136
up €3,136 (+3.5%), from €88,572 to €91,709
From the 2010 result to the 2011 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2010 | 2011 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,477 | €483,210 | +€28,733 | +6.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €310,597 | €278,512 | -€32,085 | -10.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €310,597 | €278,512 | -€32,085 | -10.3% |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €175,965 | €205,621 | +€29,657 | +16.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €168,385 | €191,037 | +€22,652 | +13.5% |
| Current investments | 50/53 | €2,406 | €2,406 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,862 | €11,707 | -€6,154 | -34.5% |
| Total equity and liabilities | 10/49 | €454,477 | €483,210 | +€28,733 | +6.3% |
| Equity | 10/15 | €228,118 | €265,526 | +€37,408 | +16.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €198,000 | €228,000 | +€30,000 | +15.2% |
| Profit (loss) carried forward | 14 | €11,526 | €18,934 | +€7,408 | +64.3% |
| Provisions and deferred taxes | 16 | €32,500 | €36,000 | +€3,500 | +10.8% |
| Amounts payable | 17/49 | €223,550 | €193,860 | -€29,690 | -13.3% |
| Amounts payable after more than one year | 17 | €174,428 | €147,371 | -€27,056 | -15.5% |
| Amounts payable within one year | 42/48 | €49,122 | €59,858 | +€10,736 | +21.9% |
| Trade debts | 44 | €7,013 | €1,915 | -€5,098 | -72.7% |
| Turnover | 70 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,260 | €32,986 | +€725 | +2.2% |
| Gross operating margin | 9900 | €88,572 | €91,709 | +€3,136 | +3.5% |
| Operating profit (loss) | 9901 | €26,403 | €51,585 | +€25,182 | +95.4% |
| Recurring financial income | 75 | €9,669 | €12,171 | +€2,502 | +25.9% |
| Recurring financial charges | 65 | €10,471 | €9,551 | -€919 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €23,016 | €55,611 | +€32,594 | +142% |
| Income taxes | 67/77 | €6,838 | €18,203 | +€11,364 | +166% |
| Profit (loss) for the period | 9904 | €17,182 | €37,408 | +€20,226 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €17,182 | €37,408 | +€20,226 | +118% |
Source: filed annual accounts (NBB), financial years ended 31 December 2010 and 31 December 2011. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.