MICHEL DE ROECK: 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 ROECK
Largest movements
- Tangible fixed assets -€3,950
down €3,950 (-85.5%), from €4,621 to €671
- Receivables within one year -€3,582
down €3,582 (-20.9%), from €17,118 to €13,535
- Cash +€1,853
up €1,853 (+47.1%), from €3,937 to €5,791
mainly Depreciation (+€3,950) and Receivables within one year (+€3,582)
- Deferred charges and accrued income -€515
down €515 (-80.3%), from €642 to €127
- Profit (loss) carried forward -€6,957
new in 2025: -€6,957
- Contributions +€1,900
up €1,900 (+12.5%), from €15,200 to €17,100
of which Contributions outside capital: +€17,100
- Reserves -€1,900
down €1,900 (-16.3%), from €11,686 to €9,786
of which Non-distributable reserves: -€1,900
- Trade debts +€1,367
new in 2025: €1,367
- Current portion of long-term debt -€605
no longer reported in 2025 (was €605)
- Gross operating margin -€4,410
down €4,410, from €2,535 to -€1,875
- Financial charges +€491
up €491 (+206%), from €238 to €728
- Other operating charges -€332
down €332 (-24.2%), from €1,369 to €1,037
- Financial income -€304
down €304 (-28.4%), from €1,070 to €766
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 | €27,642 | €21,447 | -€6,195 | -22.4% |
| Fixed assets | 21/28 | €5,945 | €1,995 | -€3,950 | -66.4% |
| Tangible fixed assets | 22/27 | €4,621 | €671 | -€3,950 | -85.5% |
| Furniture and vehicles | 24 | €4,621 | €671 | -€3,950 | -85.5% |
| Financial fixed assets | 28 | €1,324 | €1,324 | = | 0.0% |
| Current assets | 29/58 | €21,697 | €19,453 | -€2,245 | -10.3% |
| Amounts receivable within one year | 40/41 | €17,118 | €13,535 | -€3,582 | -20.9% |
| Other amounts receivable | 41 | €17,118 | €13,535 | -€3,582 | -20.9% |
| Cash at bank and in hand | 54/58 | €3,937 | €5,791 | +€1,853 | +47.1% |
| Deferred charges and accrued income | 490/1 | €642 | €127 | -€515 | -80.3% |
| Total equity and liabilities | 10/49 | €27,642 | €21,447 | -€6,195 | -22.4% |
| Equity | 10/15 | €26,886 | €19,930 | -€6,957 | -25.9% |
| Contributions | 10/11 | €15,200 | €17,100 | +€1,900 | +12.5% |
| Capital | 10 | €15,200 | - | -€15,200 | |
| Issued capital | 100 | €19,000 | - | -€19,000 | |
| Uncalled capital | 101 | €3,800 | - | -€3,800 | |
| Contributions outside capital | 11 | - | €17,100 | +€17,100 | |
| Other | 1109/19 | - | €17,100 | +€17,100 | |
| Reserves | 13 | €11,686 | €9,786 | -€1,900 | -16.3% |
| Non-distributable reserves | 130/1 | €1,900 | - | -€1,900 | |
| Legal reserve | 130 | €1,900 | - | -€1,900 | |
| Distributable reserves | 133 | €9,786 | €9,786 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,957 | -€6,957 | |
| Amounts payable | 17/49 | €755 | €1,517 | +€762 | +101% |
| Amounts payable within one year | 42/48 | €755 | €1,517 | +€762 | +101% |
| Current portion of amounts payable after more than one year | 42 | €605 | - | -€605 | |
| Trade debts | 44 | - | €1,367 | +€1,367 | |
| Suppliers | 440/4 | - | €1,367 | +€1,367 | |
| Taxes, remuneration and social security | 45 | €150 | €150 | = | 0.0% |
| Taxes | 450/3 | €150 | €150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,950 | €3,950 | = | 0.0% |
| Other operating charges | 640/8 | €1,369 | €1,037 | -€332 | -24.2% |
| Gross operating margin | 9900 | €2,535 | -€1,875 | -€4,410 | |
| Operating profit (loss) | 9901 | -€2,783 | -€6,862 | -€4,079 | -147% |
| Financial income | 75/76B | €1,070 | €766 | -€304 | -28.4% |
| Recurring financial income | 75 | €1,070 | €766 | -€304 | -28.4% |
| Financial charges | 65/66B | €238 | €728 | +€491 | +206% |
| Recurring financial charges | 65 | €238 | €728 | +€491 | +206% |
| Profit (loss) for the period before taxes | 9903 | -€1,951 | -€6,825 | -€4,873 | -250% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€2,079 | -€6,957 | -€4,877 | -235% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,079 | -€6,957 | -€4,877 | -235% |
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 29 October 2026 via checked.be.