Michel Blanckaert: 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 Blanckaert
Largest movements
- Current investments +€25,000
up €25,000 (+17.9%), from €140,000 to €165,000
- Tangible fixed assets +€23,820
up €23,820 (+26.8%), from €89,014 to €112,833
of which Plant, machinery and equipment: +€41,169
- Cash +€12,542
up €12,542 (+27.7%), from €45,349 to €57,891
mainly Net result for the year (+€57,825) and Depreciation (+€25,838)
- Reserves +€57,825
up €57,825 (+33.9%), from €170,609 to €228,434
- Gross operating margin +€16,438
up €16,438 (+13.2%), from €124,505 to €140,943
- Taxes +€3,711
up €3,711 (+15.7%), from €23,644 to €27,355
- Depreciation +€2,475
up €2,475 (+10.6%), from €23,363 to €25,838
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 | €294,462 | €355,645 | +€61,183 | +20.8% |
| Fixed assets | 21/28 | €91,814 | €115,633 | +€23,820 | +25.9% |
| Tangible fixed assets | 22/27 | €89,014 | €112,833 | +€23,820 | +26.8% |
| Plant, machinery and equipment | 23 | €36,094 | €77,263 | +€41,169 | +114% |
| Furniture and vehicles | 24 | €52,919 | €35,570 | -€17,349 | -32.8% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €202,648 | €240,012 | +€37,364 | +18.4% |
| Stocks and contracts in progress | 3 | €516 | - | -€516 | |
| Stocks | 30/36 | €516 | - | -€516 | |
| Amounts receivable within one year | 40/41 | €16,783 | €17,121 | +€338 | +2.0% |
| Trade receivables | 40 | €2,810 | €70 | -€2,740 | -97.5% |
| Other amounts receivable | 41 | €13,973 | €17,051 | +€3,078 | +22.0% |
| Current investments | 50/53 | €140,000 | €165,000 | +€25,000 | +17.9% |
| Cash at bank and in hand | 54/58 | €45,349 | €57,891 | +€12,542 | +27.7% |
| Total equity and liabilities | 10/49 | €294,462 | €355,645 | +€61,183 | +20.8% |
| Equity | 10/15 | €224,609 | €282,434 | +€57,825 | +25.7% |
| Contributions | 10/11 | €54,000 | €54,000 | = | 0.0% |
| Reserves | 13 | €170,609 | €228,434 | +€57,825 | +33.9% |
| Distributable reserves | 133 | €170,609 | €228,434 | +€57,825 | +33.9% |
| Amounts payable | 17/49 | €69,853 | €73,211 | +€3,358 | +4.8% |
| Amounts payable after more than one year | 17 | €54,000 | €54,000 | = | 0.0% |
| Other amounts payable | 178/9 | €54,000 | €54,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,867 | €16,287 | +€3,421 | +26.6% |
| Trade debts | 44 | €718 | €899 | +€181 | +25.3% |
| Suppliers | 440/4 | €718 | €899 | +€181 | +25.3% |
| Taxes, remuneration and social security | 45 | €10,844 | €14,083 | +€3,239 | +29.9% |
| Taxes | 450/3 | €8,844 | €14,083 | +€5,239 | +59.2% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €1,305 | €1,305 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,987 | €2,924 | -€63 | -2.1% |
| Non-recurring operating income | 76A | €6,085 | - | -€6,085 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,363 | €25,838 | +€2,475 | +10.6% |
| Other operating charges | 640/8 | €30,320 | €30,870 | +€549 | +1.8% |
| Gross operating margin | 9900 | €124,505 | €140,943 | +€16,438 | +13.2% |
| Operating profit (loss) | 9901 | €70,822 | €84,236 | +€13,414 | +18.9% |
| Financial income | 75/76B | €4,094 | €3,720 | -€374 | -9.1% |
| Recurring financial income | 75 | €4,094 | €3,720 | -€374 | -9.1% |
| Financial charges | 65/66B | €2,783 | €2,775 | -€8 | -0.3% |
| Recurring financial charges | 65 | €2,783 | €2,775 | -€8 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €72,133 | €85,181 | +€13,048 | +18.1% |
| Income taxes | 67/77 | €23,644 | €27,355 | +€3,711 | +15.7% |
| Profit (loss) for the period | 9904 | €48,489 | €57,825 | +€9,337 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,489 | €57,825 | +€9,337 | +19.3% |
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 27 October 2026 via checked.be.