MICHEL DURAND: 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 DURAND
Largest movements
- Tangible fixed assets +€112,840
up €112,840 (+34.4%), from €328,347 to €441,187
of which Furniture and vehicles: +€159,025
- Receivables within one year +€74,711
up €74,711 (+65.6%), from €113,848 to €188,559
of which Other amounts receivable: +€42,183
- Cash +€69,039
up €69,039 (+40.9%), from €168,765 to €237,805
mainly Debts after one year (+€128,334) and Depreciation (+€94,421)
- Stocks and contracts +€17,786
up €17,786 (+18.6%), from €95,867 to €113,653
- Debts after one year +€128,334
up €128,334 (+121%), from €105,877 to €234,211
- Tax, wage and social debts +€62,066
up €62,066 (+256%), from €24,252 to €86,319
of which Taxes: +€31,548
- Reserves +€36,506
up €36,506 (+8.9%), from €408,054 to €444,559
of which Distributable reserves: +€49,732
- Current portion of long-term debt +€20,180
up €20,180 (+44.4%), from €45,438 to €65,619
- Other debts +€10,000
up €10,000, from €0 to €10,000
- Gross operating margin +€90,598
up €90,598 (+24.6%), from €368,781 to €459,379
- Staff costs +€17,298
up €17,298 (+6.4%), from €270,685 to €287,983
- Depreciation +€16,306
up €16,306 (+20.9%), from €78,115 to €94,421
- Taxes +€15,569
up €15,569 (+444%), from €3,510 to €19,079
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 | €716,324 | €986,146 | +€269,822 | +37.7% |
| Fixed assets | 21/28 | €328,372 | €441,212 | +€112,840 | +34.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €328,347 | €441,187 | +€112,840 | +34.4% |
| Land and buildings | 22 | €61,299 | €54,760 | -€6,540 | -10.7% |
| Plant, machinery and equipment | 23 | €147,270 | €107,625 | -€39,645 | -26.9% |
| Furniture and vehicles | 24 | €119,777 | €278,802 | +€159,025 | +133% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €387,952 | €544,934 | +€156,981 | +40.5% |
| Stocks and contracts in progress | 3 | €95,867 | €113,653 | +€17,786 | +18.6% |
| Stocks | 30/36 | €95,867 | €113,653 | +€17,786 | +18.6% |
| Amounts receivable within one year | 40/41 | €113,848 | €188,559 | +€74,711 | +65.6% |
| Trade receivables | 40 | €91,308 | €123,836 | +€32,528 | +35.6% |
| Other amounts receivable | 41 | €22,540 | €64,723 | +€42,183 | +187% |
| Cash at bank and in hand | 54/58 | €168,765 | €237,805 | +€69,039 | +40.9% |
| Deferred charges and accrued income | 490/1 | €9,472 | €4,917 | -€4,556 | -48.1% |
| Total equity and liabilities | 10/49 | €716,324 | €986,146 | +€269,822 | +37.7% |
| Equity | 10/15 | €470,554 | €507,059 | +€36,506 | +7.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €408,054 | €444,559 | +€36,506 | +8.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €22,918 | €9,692 | -€13,226 | -57.7% |
| Distributable reserves | 133 | €385,136 | €434,867 | +€49,732 | +12.9% |
| Provisions and deferred taxes | 16 | €5,730 | €2,423 | -€3,307 | -57.7% |
| Deferred taxes | 168 | €5,730 | €2,423 | -€3,307 | -57.7% |
| Amounts payable | 17/49 | €240,041 | €476,663 | +€236,622 | +98.6% |
| Amounts payable after more than one year | 17 | €105,877 | €234,211 | +€128,334 | +121% |
| Financial debts | 170/4 | €105,877 | €234,211 | +€128,334 | +121% |
| Amounts payable within one year | 42/48 | €134,164 | €242,453 | +€108,289 | +80.7% |
| Current portion of amounts payable after more than one year | 42 | €45,438 | €65,619 | +€20,180 | +44.4% |
| Trade debts | 44 | €64,473 | €71,567 | +€7,094 | +11.0% |
| Suppliers | 440/4 | €64,473 | €71,567 | +€7,094 | +11.0% |
| Advances received on contracts in progress | 46 | - | €8,948 | +€8,948 | |
| Taxes, remuneration and social security | 45 | €24,252 | €86,319 | +€62,066 | +256% |
| Taxes | 450/3 | - | €31,548 | +€31,548 | |
| Remuneration and social security | 454/9 | €24,252 | €54,771 | +€30,518 | +126% |
| Other amounts payable | 47/48 | €0 | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €270,685 | €287,983 | +€17,298 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,115 | €94,421 | +€16,306 | +20.9% |
| Other operating charges | 640/8 | €12,965 | €8,717 | -€4,248 | -32.8% |
| Gross operating margin | 9900 | €368,781 | €459,379 | +€90,598 | +24.6% |
| Operating profit (loss) | 9901 | €7,016 | €68,259 | +€61,243 | +873% |
| Financial income | 75/76B | €109 | €221 | +€112 | +102% |
| Recurring financial income | 75 | €109 | €221 | +€112 | +102% |
| Financial charges | 65/66B | €5,013 | €6,202 | +€1,189 | +23.7% |
| Recurring financial charges | 65 | €5,013 | €6,202 | +€1,189 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €2,113 | €62,278 | +€60,165 | +2,848% |
| Transfer from deferred taxes | 780 | €3,307 | €16,533 | +€13,226 | +400% |
| Income taxes | 67/77 | €3,510 | €19,079 | +€15,569 | +444% |
| Profit (loss) for the period | 9904 | €1,909 | €59,732 | +€57,823 | +3,028% |
| Transfer from tax-exempt reserves | 789 | €13,226 | - | -€13,226 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,136 | €59,732 | +€44,596 | +295% |
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 24 October 2026 via checked.be.