MICHEL DE BROUWER: what changed
MICHEL DE BROUWER
Largest movements
- Cash +€43,481
up €43,481 (+18.3%), from €237,219 to €280,700
mainly Net result for the year (+€37,077) and Depreciation (+€22,642)
- Tangible fixed assets -€16,989
down €16,989 (-35.7%), from €47,577 to €30,588
of which Furniture and vehicles: -€13,312
- Receivables within one year -€3,783
down €3,783 (-15.8%), from €23,947 to €20,164
of which Other amounts receivable: -€8,647
- Reserves +€37,077
up €37,077 (+15.1%), from €245,107 to €282,184
of which Distributable reserves: +€37,077
- Other debts -€10,249
down €10,249 (-26.1%), from €39,238 to €28,989
- Tax, wage and social debts -€5,315
down €5,315 (-42.6%), from €12,469 to €7,155
- Gross operating margin -€3,756
down €3,756 (-4.7%), from €80,338 to €76,581
- Depreciation -€1,663
down €1,663 (-6.8%), from €24,305 to €22,642
- Taxes -€909
down €909 (-5.0%), from €18,159 to €17,250
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €311,197 | €333,978 | +€22,782 | +7.3% |
| Fixed assets | 21/28 | €47,577 | €30,588 | -€16,989 | -35.7% |
| Tangible fixed assets | 22/27 | €47,577 | €30,588 | -€16,989 | -35.7% |
| Plant, machinery and equipment | 23 | €24,258 | €20,830 | -€3,428 | -14.1% |
| Furniture and vehicles | 24 | €21,415 | €8,104 | -€13,312 | -62.2% |
| Other tangible fixed assets | 26 | €1,904 | €1,655 | -€250 | -13.1% |
| Current assets | 29/58 | €263,619 | €303,390 | +€39,771 | +15.1% |
| Amounts receivable within one year | 40/41 | €23,947 | €20,164 | -€3,783 | -15.8% |
| Trade receivables | 40 | €15,300 | €20,164 | +€4,864 | +31.8% |
| Other amounts receivable | 41 | €8,647 | €0 | -€8,647 | -100% |
| Cash at bank and in hand | 54/58 | €237,219 | €280,700 | +€43,481 | +18.3% |
| Deferred charges and accrued income | 490/1 | €2,453 | €2,527 | +€74 | +3.0% |
| Total equity and liabilities | 10/49 | €311,197 | €333,978 | +€22,782 | +7.3% |
| Equity | 10/15 | €258,139 | €295,216 | +€37,077 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €245,107 | €282,184 | +€37,077 | +15.1% |
| Non-distributable reserves | 130/1 | €8,300 | €8,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,300 | €8,300 | = | 0.0% |
| Distributable reserves | 133 | €236,807 | €273,884 | +€37,077 | +15.7% |
| Profit (loss) carried forward | 14 | €632 | €632 | = | 0.0% |
| Amounts payable | 17/49 | €53,058 | €38,762 | -€14,295 | -26.9% |
| Amounts payable within one year | 42/48 | €52,050 | €38,762 | -€13,287 | -25.5% |
| Trade debts | 44 | €342 | €2,619 | +€2,277 | +666% |
| Suppliers | 440/4 | €342 | €2,619 | +€2,277 | +666% |
| Taxes, remuneration and social security | 45 | €12,469 | €7,155 | -€5,315 | -42.6% |
| Taxes | 450/3 | €12,469 | €7,155 | -€5,315 | -42.6% |
| Other amounts payable | 47/48 | €39,238 | €28,989 | -€10,249 | -26.1% |
| Accrued charges and deferred income | 492/3 | €1,008 | €0 | -€1,008 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,305 | €22,642 | -€1,663 | -6.8% |
| Other operating charges | 640/8 | €616 | €634 | +€18 | +2.9% |
| Gross operating margin | 9900 | €80,338 | €76,581 | -€3,756 | -4.7% |
| Operating profit (loss) | 9901 | €55,417 | €53,306 | -€2,111 | -3.8% |
| Financial income | 75/76B | €1,544 | €1,102 | -€442 | -28.6% |
| Recurring financial income | 75 | €1,544 | €1,102 | -€442 | -28.6% |
| Financial charges | 65/66B | €22 | €80 | +€59 | +270% |
| Recurring financial charges | 65 | €22 | €80 | +€59 | +270% |
| Profit (loss) for the period before taxes | 9903 | €56,939 | €54,327 | -€2,612 | -4.6% |
| Income taxes | 67/77 | €18,159 | €17,250 | -€909 | -5.0% |
| Profit (loss) for the period | 9904 | €38,780 | €37,077 | -€1,703 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,780 | €37,077 | -€1,703 | -4.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.