Michel Constructions: 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 Constructions
Largest movements
- Deferred charges and accrued income +€26,773
new in 2025: €26,773
- Receivables within one year -€24,997
down €24,997 (-55.2%), from €45,287 to €20,290
of which Trade receivables: -€24,634
- Tangible fixed assets -€8,198
down €8,198 (-40.8%), from €20,111 to €11,913
of which Furniture and vehicles: -€9,227
- Cash -€2,519
down €2,519 (-64.3%), from €3,918 to €1,399
mainly Deferred charges and accrued income (-€26,773) and Debts after one year (-€9,246)
- Debts after one year -€9,246
no longer reported in 2025 (was €9,246)
- Other debts -€9,227
down €9,227 (-55.6%), from €16,587 to €7,360
- Trade debts +€8,340
up €8,340 (+767%), from €1,088 to €9,428
- Profit (loss) carried forward +€1,417
up €1,417 (+8.8%), from €16,075 to €17,492
- Current portion of long-term debt -€1,235
down €1,235 (-11.8%), from €10,481 to €9,246
- Purchases and services +€14,269
up €14,269 (+5.1%), from €281,389 to €295,658
- Turnover +€9,086
up €9,086 (+3.0%), from €299,455 to €308,541
- Depreciation -€3,496
down €3,496 (-24.5%), from €14,297 to €10,801
- Gross operating margin -€3,393
down €3,393 (-17.4%), from €19,490 to €16,097
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 | €69,316 | €60,375 | -€8,941 | -12.9% |
| Fixed assets | 21/28 | €20,111 | €11,913 | -€8,198 | -40.8% |
| Tangible fixed assets | 22/27 | €20,111 | €11,913 | -€8,198 | -40.8% |
| Plant, machinery and equipment | 23 | - | €1,029 | +€1,029 | |
| Furniture and vehicles | 24 | €20,111 | €10,884 | -€9,227 | -45.9% |
| Current assets | 29/58 | €49,205 | €48,462 | -€743 | -1.5% |
| Amounts receivable within one year | 40/41 | €45,287 | €20,290 | -€24,997 | -55.2% |
| Trade receivables | 40 | €44,923 | €20,290 | -€24,634 | -54.8% |
| Other amounts receivable | 41 | €363 | - | -€363 | |
| Cash at bank and in hand | 54/58 | €3,918 | €1,399 | -€2,519 | -64.3% |
| Deferred charges and accrued income | 490/1 | - | €26,773 | +€26,773 | |
| Total equity and liabilities | 10/49 | €69,316 | €60,375 | -€8,941 | -12.9% |
| Equity | 10/15 | €24,135 | €25,552 | +€1,417 | +5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,075 | €17,492 | +€1,417 | +8.8% |
| Amounts payable | 17/49 | €45,181 | €34,823 | -€10,358 | -22.9% |
| Amounts payable after more than one year | 17 | €9,246 | - | -€9,246 | |
| Financial debts | 170/4 | €9,246 | - | -€9,246 | |
| Amounts payable within one year | 42/48 | €35,935 | €34,823 | -€1,112 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €10,481 | €9,246 | -€1,235 | -11.8% |
| Trade debts | 44 | €1,088 | €9,428 | +€8,340 | +767% |
| Suppliers | 440/4 | €1,088 | €9,428 | +€8,340 | +767% |
| Taxes, remuneration and social security | 45 | €7,779 | €8,789 | +€1,010 | +13.0% |
| Taxes | 450/3 | €1,779 | €3,789 | +€2,010 | +113% |
| Remuneration and social security | 454/9 | €6,000 | €5,000 | -€1,000 | -16.7% |
| Other amounts payable | 47/48 | €16,587 | €7,360 | -€9,227 | -55.6% |
| Turnover | 70 | €299,455 | €308,541 | +€9,086 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €281,389 | €295,658 | +€14,269 | +5.1% |
| Remuneration, social security and pensions | 62 | €1,231 | €594 | -€638 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,297 | €10,801 | -€3,496 | -24.5% |
| Other operating charges | 640/8 | €1,294 | €1,842 | +€548 | +42.3% |
| Gross operating margin | 9900 | €19,490 | €16,097 | -€3,393 | -17.4% |
| Operating profit (loss) | 9901 | €2,667 | €2,860 | +€193 | +7.2% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €379 | €265 | -€114 | -30.1% |
| Recurring financial charges | 65 | €379 | €265 | -€114 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €2,288 | €2,599 | +€311 | +13.6% |
| Income taxes | 67/77 | €901 | €1,182 | +€281 | +31.2% |
| Profit (loss) for the period | 9904 | €1,387 | €1,417 | +€29 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,387 | €1,417 | +€29 | +2.1% |
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 20 October 2026 via checked.be.