MICHEL DE RIDDER: 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 DE RIDDER
Largest movements
- Receivables within one year +€815,192
up €815,192 (+250%), from €325,608 to €1.1m
of which Other amounts receivable: +€748,392
- Receivables after one year -€680,000
no longer reported in 2025 (was €680,000)
- Cash +€133,770
up €133,770 (+26.3%), from €508,355 to €642,124
mainly Receivables after one year (+€680,000) and Other debts (+€504,483)
- Other debts +€504,483
up €504,483 (+82.3%), from €612,784 to €1.1m
- Reserves -€150,441
down €150,441 (-31.0%), from €484,991 to €334,550
- Debts after one year -€109,168
down €109,168 (-75.3%), from €145,017 to €35,849
- Tax, wage and social debts +€25,861
up €25,861 (+19.7%), from €131,462 to €157,323
- Gross operating margin +€162,868
up €162,868 (+32.2%), from €506,488 to €669,356
- Taxes +€40,884
up €40,884 (+34.1%), from €120,002 to €160,886
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 | €1,527,998 | €1,804,042 | +€276,044 | +18.1% |
| Fixed assets | 21/28 | €1,969 | €7,368 | +€5,399 | +274% |
| Tangible fixed assets | 22/27 | €1,969 | €7,368 | +€5,399 | +274% |
| Plant, machinery and equipment | 23 | €1,850 | €1,390 | -€460 | -24.9% |
| Furniture and vehicles | 24 | €119 | €5,978 | +€5,859 | +4,923% |
| Current assets | 29/58 | €1,526,029 | €1,796,674 | +€270,645 | +17.7% |
| Amounts receivable after more than one year | 29 | €680,000 | - | -€680,000 | |
| Other amounts receivable | 291 | €680,000 | - | -€680,000 | |
| Amounts receivable within one year | 40/41 | €325,608 | €1,140,800 | +€815,192 | +250% |
| Trade receivables | 40 | €292,000 | €358,800 | +€66,800 | +22.9% |
| Other amounts receivable | 41 | €33,608 | €782,000 | +€748,392 | +2,227% |
| Cash at bank and in hand | 54/58 | €508,355 | €642,124 | +€133,770 | +26.3% |
| Deferred charges and accrued income | 490/1 | €12,067 | €13,749 | +€1,683 | +13.9% |
| Total equity and liabilities | 10/49 | €1,527,998 | €1,804,042 | +€276,044 | +18.1% |
| Equity | 10/15 | €503,541 | €353,100 | -€150,441 | -29.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €484,991 | €334,550 | -€150,441 | -31.0% |
| Distributable reserves | 133 | €484,991 | €334,550 | -€150,441 | -31.0% |
| Amounts payable | 17/49 | €1,024,457 | €1,450,941 | +€426,485 | +41.6% |
| Amounts payable after more than one year | 17 | €145,017 | €35,849 | -€109,168 | -75.3% |
| Financial debts | 170/4 | €145,017 | €35,849 | -€109,168 | -75.3% |
| Amounts payable within one year | 42/48 | €855,943 | €1,390,023 | +€534,081 | +62.4% |
| Current portion of amounts payable after more than one year | 42 | €109,634 | €109,168 | -€466 | -0.4% |
| Trade debts | 44 | €2,062 | €6,265 | +€4,203 | +204% |
| Suppliers | 440/4 | €2,062 | €6,265 | +€4,203 | +204% |
| Taxes, remuneration and social security | 45 | €131,462 | €157,323 | +€25,861 | +19.7% |
| Taxes | 450/3 | €131,462 | €157,323 | +€25,861 | +19.7% |
| Other amounts payable | 47/48 | €612,784 | €1,117,267 | +€504,483 | +82.3% |
| Accrued charges and deferred income | 492/3 | €23,497 | €25,069 | +€1,572 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €740 | €659 | -€81 | -11.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €506,488 | €669,356 | +€162,868 | +32.2% |
| Operating profit (loss) | 9901 | €505,630 | €668,577 | +€162,947 | +32.2% |
| Financial income | 75/76B | €19,159 | €19,638 | +€479 | +2.5% |
| Recurring financial income | 75 | €19,159 | €19,638 | +€479 | +2.5% |
| Financial charges | 65/66B | €29,319 | €27,770 | -€1,549 | -5.3% |
| Recurring financial charges | 65 | €29,319 | €27,770 | -€1,549 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €495,470 | €660,445 | +€164,975 | +33.3% |
| Income taxes | 67/77 | €120,002 | €160,886 | +€40,884 | +34.1% |
| Profit (loss) for the period | 9904 | €375,467 | €499,559 | +€124,092 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €375,467 | €499,559 | +€124,092 | +33.0% |
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 30 October 2026 via checked.be.