MICHEL DETHIER: 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 DETHIER
Largest movements
- Tangible fixed assets -€20,976
down €20,976 (-14.1%), from €148,893 to €127,917
of which Furniture and vehicles: -€10,720
- Receivables within one year -€15,774
down €15,774 (-17.4%), from €90,488 to €74,713
of which Trade receivables: -€33,756
- Cash +€7,549
up €7,549 (+148%), from €5,113 to €12,661
mainly Depreciation (+€22,132) and Other debts (+€21,366)
- Reserves -€31,690
down €31,690 (-12.6%), from €251,979 to €220,288
of which Distributable reserves: -€31,690
- Other debts +€21,366
up €21,366 (+1,543%), from €1,384 to €22,750
- Trade debts -€11,805
down €11,805 (-44.7%), from €26,391 to €14,586
- Gross operating margin -€22,565
down €22,565 (-31.0%), from €72,758 to €50,194
- Depreciation -€10,946
down €10,946 (-33.1%), from €33,078 to €22,132
- Staff costs -€7,188
down €7,188 (-35.1%), from €20,487 to €13,300
- Financial charges -€4,002
down €4,002 (-36.2%), from €11,044 to €7,042
- Taxes +€2,946
up €2,946 (+189%), from €1,559 to €4,505
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 | €559,111 | €530,087 | -€29,025 | -5.2% |
| Fixed assets | 21/28 | €216,172 | €193,241 | -€22,931 | -10.6% |
| Tangible fixed assets | 22/27 | €148,893 | €127,917 | -€20,976 | -14.1% |
| Plant, machinery and equipment | 23 | €130,375 | €120,886 | -€9,489 | -7.3% |
| Furniture and vehicles | 24 | €14,004 | €3,284 | -€10,720 | -76.5% |
| Other tangible fixed assets | 26 | €4,515 | €3,747 | -€767 | -17.0% |
| Financial fixed assets | 28 | €67,278 | €65,324 | -€1,955 | -2.9% |
| Current assets | 29/58 | €342,940 | €336,846 | -€6,094 | -1.8% |
| Stocks and contracts in progress | 3 | €229,504 | €234,377 | +€4,873 | +2.1% |
| Stocks | 30/36 | €179,504 | €209,377 | +€29,873 | +16.6% |
| Contracts in progress | 37 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €90,488 | €74,713 | -€15,774 | -17.4% |
| Trade receivables | 40 | €80,976 | €47,220 | -€33,756 | -41.7% |
| Other amounts receivable | 41 | €9,511 | €27,494 | +€17,982 | +189% |
| Cash at bank and in hand | 54/58 | €5,113 | €12,661 | +€7,549 | +148% |
| Deferred charges and accrued income | 490/1 | €17,836 | €15,094 | -€2,742 | -15.4% |
| Total equity and liabilities | 10/49 | €559,111 | €530,087 | -€29,025 | -5.2% |
| Equity | 10/15 | €401,979 | €370,288 | -€31,690 | -7.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €251,979 | €220,288 | -€31,690 | -12.6% |
| Non-distributable reserves | 130/1 | €19,552 | €19,552 | = | 0.0% |
| Legal reserve | 130 | €19,552 | €19,552 | = | 0.0% |
| Distributable reserves | 133 | €232,426 | €200,736 | -€31,690 | -13.6% |
| Amounts payable | 17/49 | €157,133 | €159,798 | +€2,666 | +1.7% |
| Amounts payable within one year | 42/48 | €156,422 | €159,220 | +€2,797 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €3,406 | - | -€3,406 | |
| Financial debts | 43 | €114,000 | €109,000 | -€5,000 | -4.4% |
| Credit institutions | 430/8 | €114,000 | €109,000 | -€5,000 | -4.4% |
| Trade debts | 44 | €26,391 | €14,586 | -€11,805 | -44.7% |
| Suppliers | 440/4 | €26,391 | €14,586 | -€11,805 | -44.7% |
| Taxes, remuneration and social security | 45 | €11,241 | €12,883 | +€1,642 | +14.6% |
| Taxes | 450/3 | €10,582 | €12,883 | +€2,301 | +21.7% |
| Remuneration and social security | 454/9 | €659 | - | -€659 | |
| Other amounts payable | 47/48 | €1,384 | €22,750 | +€21,366 | +1,543% |
| Accrued charges and deferred income | 492/3 | €711 | €579 | -€132 | -18.5% |
| Remuneration, social security and pensions | 62 | €20,487 | €13,300 | -€7,188 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,078 | €22,132 | -€10,946 | -33.1% |
| Other operating charges | 640/8 | €6,878 | €4,995 | -€1,884 | -27.4% |
| Gross operating margin | 9900 | €72,758 | €50,194 | -€22,565 | -31.0% |
| Operating profit (loss) | 9901 | €12,315 | €9,767 | -€2,547 | -20.7% |
| Financial income | 75/76B | €541 | €2,589 | +€2,048 | +379% |
| Recurring financial income | 75 | €541 | €2,589 | +€2,048 | +379% |
| Financial charges | 65/66B | €11,044 | €7,042 | -€4,002 | -36.2% |
| Recurring financial charges | 65 | €11,044 | €7,042 | -€4,002 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €1,811 | €5,315 | +€3,504 | +193% |
| Income taxes | 67/77 | €1,559 | €4,505 | +€2,946 | +189% |
| Profit (loss) for the period | 9904 | €252 | €810 | +€558 | +222% |
| Profit (loss) for the period to be appropriated | 9905 | €252 | €810 | +€558 | +222% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.