MICHEL D: 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 D
Largest movements
- Receivables within one year +€11,923
up €11,923 (+1,886%), from €632 to €12,555
- Cash -€4,956
down €4,956 (-34.5%), from €14,379 to €9,422
mainly Receivables within one year (-€11,923) and Net result for the year (-€2,738)
- Tangible fixed assets -€329
down €329 (-47.5%), from €692 to €363
- Other debts +€9,458
up €9,458 (+224%), from €4,229 to €13,687
- Profit (loss) carried forward -€2,738
down €2,738 (-5.5%), from -€49,446 to -€52,184
- Tax, wage and social debts -€2,421
down €2,421 (-57.5%), from €4,208 to €1,787
of which Taxes: -€1,221
- Trade debts +€1,452
up €1,452 (+14.2%), from €10,250 to €11,702
of which Suppliers: +€1,452
- Debts after one year +€928
up €928 (+3.2%), from €29,211 to €30,139
- Gross operating margin +€6,667
up €6,667 (+99.7%), from -€6,690 to -€23
- Other operating charges +€520
up €520 (+46.1%), from €1,128 to €1,648
- Taxes +€170
new in 2025: €170
- Financial charges -€87
down €87 (-13.2%), from €655 to €568
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 | €17,044 | €23,723 | +€6,679 | +39.2% |
| Fixed assets | 21/28 | €1,288 | €959 | -€329 | -25.5% |
| Tangible fixed assets | 22/27 | €692 | €363 | -€329 | -47.5% |
| Furniture and vehicles | 24 | €692 | €363 | -€329 | -47.5% |
| Financial fixed assets | 28 | €596 | €596 | = | 0.0% |
| Current assets | 29/58 | €15,756 | €22,764 | +€7,008 | +44.5% |
| Amounts receivable within one year | 40/41 | €632 | €12,555 | +€11,923 | +1,886% |
| Trade receivables | 40 | €632 | €12,555 | +€11,923 | +1,886% |
| Cash at bank and in hand | 54/58 | €14,379 | €9,422 | -€4,956 | -34.5% |
| Deferred charges and accrued income | 490/1 | €745 | €786 | +€41 | +5.5% |
| Total equity and liabilities | 10/49 | €17,044 | €23,723 | +€6,679 | +39.2% |
| Equity | 10/15 | -€30,854 | -€33,592 | -€2,738 | -8.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,446 | -€52,184 | -€2,738 | -5.5% |
| Amounts payable | 17/49 | €47,898 | €57,315 | +€9,417 | +19.7% |
| Amounts payable after more than one year | 17 | €29,211 | €30,139 | +€928 | +3.2% |
| Other amounts payable | 178/9 | €29,211 | €30,139 | +€928 | +3.2% |
| Amounts payable within one year | 42/48 | €18,687 | €27,176 | +€8,489 | +45.4% |
| Trade debts | 44 | €10,250 | €11,702 | +€1,452 | +14.2% |
| Suppliers | 440/4 | €1,550 | €3,002 | +€1,452 | +93.7% |
| Bills of exchange payable | 441 | €8,700 | €8,700 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,208 | €1,787 | -€2,421 | -57.5% |
| Taxes | 450/3 | €3,008 | €1,787 | -€1,221 | -40.6% |
| Remuneration and social security | 454/9 | €1,200 | - | -€1,200 | |
| Other amounts payable | 47/48 | €4,229 | €13,687 | +€9,458 | +224% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305 | €329 | +€24 | +8.0% |
| Other operating charges | 640/8 | €1,128 | €1,648 | +€520 | +46.1% |
| Gross operating margin | 9900 | -€6,690 | -€23 | +€6,667 | +99.7% |
| Operating profit (loss) | 9901 | -€8,122 | -€2,000 | +€6,122 | +75.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €655 | €568 | -€87 | -13.2% |
| Recurring financial charges | 65 | €655 | €568 | -€87 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,777 | -€2,568 | +€6,209 | +70.7% |
| Income taxes | 67/77 | - | €170 | +€170 | |
| Profit (loss) for the period | 9904 | -€8,777 | -€2,738 | +€6,039 | +68.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,777 | -€2,738 | +€6,039 | +68.8% |
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.