Michel Damoiseau: 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 Damoiseau
Largest movements
- Current investments -€379,679
down €379,679 (-34.0%), from €1.1m to €738,407
- Cash +€49,159
up €49,159 (+105%), from €46,927 to €96,086
mainly Current investments (+€379,679) and Other debts (+€294,853)
- Receivables within one year -€43,717
down €43,717 (-3.0%), from €1.5m to €1.4m
of which Trade receivables: -€50,281
- Tangible fixed assets +€41,819
up €41,819 (+52.0%), from €80,374 to €122,192
of which Land and buildings: +€40,360
- Reserves -€656,000
down €656,000 (-44.5%), from €1.5m to €816,993
of which Distributable reserves: -€656,000
- Other debts +€294,853
up €294,853 (+53.8%), from €548,004 to €842,857
- Tax, wage and social debts +€36,650
up €36,650 (+531%), from €6,904 to €43,554
of which Taxes: +€37,591
- Gross operating margin -€30,411
down €30,411 (-35.7%), from €85,160 to €54,749
- Staff costs -€11,726
down €11,726 (-15.6%), from €75,306 to €63,580
- Other operating charges +€6,926
up €6,926 (+1,355%), from €511 to €7,437
- Financial income +€2,885
up €2,885 (+9.6%), from €30,210 to €33,095
- Financial charges -€2,001
down €2,001 (-61.8%), from €3,238 to €1,237
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 | €3,326,695 | €2,995,624 | -€331,071 | -10.0% |
| Fixed assets | 21/28 | €694,312 | €736,130 | +€41,819 | +6.0% |
| Tangible fixed assets | 22/27 | €80,374 | €122,192 | +€41,819 | +52.0% |
| Land and buildings | 22 | €80,374 | €120,734 | +€40,360 | +50.2% |
| Plant, machinery and equipment | 23 | - | €1,459 | +€1,459 | |
| Furniture and vehicles | 24 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €613,938 | €613,938 | = | 0.0% |
| Current assets | 29/58 | €2,632,384 | €2,259,494 | -€372,889 | -14.2% |
| Amounts receivable within one year | 40/41 | €1,467,314 | €1,423,597 | -€43,717 | -3.0% |
| Trade receivables | 40 | €125,356 | €75,076 | -€50,281 | -40.1% |
| Other amounts receivable | 41 | €1,341,958 | €1,348,521 | +€6,563 | +0.5% |
| Current investments | 50/53 | €1,118,086 | €738,407 | -€379,679 | -34.0% |
| Cash at bank and in hand | 54/58 | €46,927 | €96,086 | +€49,159 | +105% |
| Deferred charges and accrued income | 490/1 | €56 | €1,404 | +€1,348 | +2,412% |
| Total equity and liabilities | 10/49 | €3,326,695 | €2,995,624 | -€331,071 | -10.0% |
| Equity | 10/15 | €2,763,909 | €2,108,426 | -€655,483 | -23.7% |
| Contributions | 10/11 | €60,456 | €60,456 | = | 0.0% |
| Capital | 10 | €60,456 | €60,456 | = | 0.0% |
| Issued capital | 100 | €60,456 | €60,456 | = | 0.0% |
| Reserves | 13 | €1,472,993 | €816,993 | -€656,000 | -44.5% |
| Non-distributable reserves | 130/1 | €6,046 | €6,046 | = | 0.0% |
| Legal reserve | 130 | €6,046 | €6,046 | = | 0.0% |
| Distributable reserves | 133 | €1,466,947 | €810,947 | -€656,000 | -44.7% |
| Profit (loss) carried forward | 14 | €1,230,460 | €1,230,976 | +€517 | 0.0% |
| Amounts payable | 17/49 | €562,786 | €887,199 | +€324,412 | +57.6% |
| Amounts payable within one year | 42/48 | €562,786 | €887,199 | +€324,412 | +57.6% |
| Trade debts | 44 | €7,878 | €788 | -€7,091 | -90.0% |
| Suppliers | 440/4 | €7,878 | €788 | -€7,091 | -90.0% |
| Taxes, remuneration and social security | 45 | €6,904 | €43,554 | +€36,650 | +531% |
| Taxes | 450/3 | €5,490 | €43,081 | +€37,591 | +685% |
| Remuneration and social security | 454/9 | €1,414 | €473 | -€941 | -66.5% |
| Other amounts payable | 47/48 | €548,004 | €842,857 | +€294,853 | +53.8% |
| Non-recurring operating income | 76A | €365 | €0 | -€365 | -100% |
| Remuneration, social security and pensions | 62 | €75,306 | €63,580 | -€11,726 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,640 | €4,786 | +€146 | +3.1% |
| Other operating charges | 640/8 | €511 | €7,437 | +€6,926 | +1,355% |
| Non-recurring operating charges | 66A | €90 | €0 | -€90 | -100% |
| Gross operating margin | 9900 | €85,160 | €54,749 | -€30,411 | -35.7% |
| Operating profit (loss) | 9901 | €4,612 | -€21,055 | -€25,667 | |
| Financial income | 75/76B | €30,210 | €33,095 | +€2,885 | +9.6% |
| Recurring financial income | 75 | €30,210 | €33,095 | +€2,885 | +9.6% |
| Financial charges | 65/66B | €3,238 | €1,237 | -€2,001 | -61.8% |
| Recurring financial charges | 65 | €3,238 | €1,237 | -€2,001 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €31,584 | €10,803 | -€20,780 | -65.8% |
| Income taxes | 67/77 | €2,541 | €1,287 | -€1,254 | -49.4% |
| Profit (loss) for the period | 9904 | €29,043 | €9,517 | -€19,526 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,043 | €9,517 | -€19,526 | -67.2% |
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 14 October 2026 via checked.be.