Michel & Co: 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 & Co
Largest movements
- Tangible fixed assets -€48,232
down €48,232 (-7.3%), from €661,504 to €613,272
- Cash -€13,172
down €13,172 (-46.8%), from €28,151 to €14,979
mainly Debts after one year (-€89,406) and Net result for the year (-€8,228)
- Debts after one year -€89,406
down €89,406 (-27.6%), from €323,928 to €234,522
- Trade debts +€10,049
up €10,049 (+11.1%), from €90,826 to €100,875
- Other debts +€9,995
up €9,995 (+22.1%), from €45,130 to €55,125
- Profit (loss) carried forward -€8,228
down €8,228 (-13.1%), from €62,887 to €54,659
- Gross operating margin +€24,586
up €24,586 (+8.2%), from €298,081 to €322,668
- Depreciation +€24,062
up €24,062 (+99.6%), from €24,169 to €48,232
- Staff costs -€8,206
down €8,206 (-3.1%), from €267,312 to €259,105
- Financial charges -€3,334
down €3,334 (-17.5%), from €19,070 to €15,736
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 | €735,571 | €667,885 | -€67,686 | -9.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €661,504 | €613,272 | -€48,232 | -7.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €661,504 | €613,272 | -€48,232 | -7.3% |
| Land and buildings | 22 | €579,374 | €555,311 | -€24,062 | -4.2% |
| Plant, machinery and equipment | 23 | €779 | €584 | -€195 | -25.0% |
| Furniture and vehicles | 24 | €81,351 | €57,376 | -€23,975 | -29.5% |
| Current assets | 29/58 | €74,067 | €54,613 | -€19,454 | -26.3% |
| Stocks and contracts in progress | 3 | €32,309 | €28,831 | -€3,478 | -10.8% |
| Stocks | 30/36 | €32,309 | €28,831 | -€3,478 | -10.8% |
| Amounts receivable within one year | 40/41 | €13,608 | €10,803 | -€2,805 | -20.6% |
| Trade receivables | 40 | €2,170 | €3,127 | +€956 | +44.1% |
| Other amounts receivable | 41 | €11,438 | €7,677 | -€3,761 | -32.9% |
| Cash at bank and in hand | 54/58 | €28,151 | €14,979 | -€13,172 | -46.8% |
| Total equity and liabilities | 10/49 | €735,571 | €667,885 | -€67,686 | -9.2% |
| Equity | 10/15 | €93,676 | €85,449 | -€8,228 | -8.8% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €10,958 | €10,958 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,887 | €54,659 | -€8,228 | -13.1% |
| Provisions and deferred taxes | 16 | €53,138 | €53,138 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €53,138 | €53,138 | = | 0.0% |
| Pensions and similar obligations | 160 | €53,138 | €53,138 | = | 0.0% |
| Amounts payable | 17/49 | €588,757 | €529,298 | -€59,459 | -10.1% |
| Amounts payable after more than one year | 17 | €323,928 | €234,522 | -€89,406 | -27.6% |
| Financial debts | 170/4 | €323,928 | €234,522 | -€89,406 | -27.6% |
| Amounts payable within one year | 42/48 | €264,828 | €294,776 | +€29,948 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €86,158 | €89,406 | +€3,248 | +3.8% |
| Financial debts | 43 | €5,664 | €5,756 | +€92 | +1.6% |
| Credit institutions | 430/8 | €5,664 | €5,756 | +€92 | +1.6% |
| Trade debts | 44 | €90,826 | €100,875 | +€10,049 | +11.1% |
| Suppliers | 440/4 | €90,826 | €100,875 | +€10,049 | +11.1% |
| Taxes, remuneration and social security | 45 | €37,050 | €43,613 | +€6,563 | +17.7% |
| Taxes | 450/3 | €12,619 | €11,873 | -€745 | -5.9% |
| Remuneration and social security | 454/9 | €24,432 | €31,740 | +€7,308 | +29.9% |
| Other amounts payable | 47/48 | €45,130 | €55,125 | +€9,995 | +22.1% |
| Remuneration, social security and pensions | 62 | €267,312 | €259,105 | -€8,206 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,169 | €48,232 | +€24,062 | +99.6% |
| Other operating charges | 640/8 | €7,202 | €7,476 | +€274 | +3.8% |
| Gross operating margin | 9900 | €298,081 | €322,668 | +€24,586 | +8.2% |
| Operating profit (loss) | 9901 | -€602 | €7,854 | +€8,456 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €19,070 | €15,736 | -€3,334 | -17.5% |
| Recurring financial charges | 65 | €19,070 | €15,736 | -€3,334 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,669 | -€7,882 | +€11,787 | +59.9% |
| Income taxes | 67/77 | €377 | €346 | -€31 | -8.2% |
| Profit (loss) for the period | 9904 | -€20,046 | -€8,228 | +€11,818 | +59.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,046 | -€8,228 | +€11,818 | +59.0% |
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 18 October 2026 via checked.be.