MICHEL DURANT: 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 DURANT
Largest movements
- Tangible fixed assets -€20,297
down €20,297 (-5.4%), from €376,847 to €356,551
of which Land and buildings: -€19,406
- Stocks and contracts -€19,799
down €19,799 (-52.3%), from €37,839 to €18,040
- Intangible fixed assets -€10,400
down €10,400 (-96.3%), from €10,799 to €399
- Debts after one year -€22,397
down €22,397 (-47.4%), from €47,265 to €24,868
- Other debts -€17,270
down €17,270 (-9.6%), from €179,963 to €162,692
- Profit (loss) carried forward -€11,571
down €11,571 (-4.5%), from -€256,102 to -€267,673
- Gross operating margin -€30,932
down €30,932 (-48.8%), from €63,438 to €32,506
- Financial charges -€7,870
down €7,870 (-84.5%), from €9,312 to €1,442
- Write-downs -€6,600
down €6,600 (-50.0%), from €13,199 to €6,599
- Other operating charges -€2,770
down €2,770 (-34.2%), from €8,110 to €5,340
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 | €429,122 | €379,047 | -€50,075 | -11.7% |
| Fixed assets | 21/28 | €388,285 | €356,950 | -€31,335 | -8.1% |
| Intangible fixed assets | 21 | €10,799 | €399 | -€10,400 | -96.3% |
| Tangible fixed assets | 22/27 | €376,847 | €356,551 | -€20,297 | -5.4% |
| Land and buildings | 22 | €375,446 | €356,040 | -€19,406 | -5.2% |
| Furniture and vehicles | 24 | €1,402 | €511 | -€891 | -63.6% |
| Financial fixed assets | 28 | €639 | €0 | -€639 | -100% |
| Current assets | 29/58 | €40,837 | €22,097 | -€18,740 | -45.9% |
| Stocks and contracts in progress | 3 | €37,839 | €18,040 | -€19,799 | -52.3% |
| Stocks | 30/36 | €37,839 | €18,040 | -€19,799 | -52.3% |
| Amounts receivable within one year | 40/41 | €193 | €224 | +€30 | +15.7% |
| Trade receivables | 40 | €193 | €224 | +€30 | +15.7% |
| Cash at bank and in hand | 54/58 | €2,805 | €3,833 | +€1,028 | +36.7% |
| Total equity and liabilities | 10/49 | €429,122 | €379,047 | -€50,075 | -11.7% |
| Equity | 10/15 | €164,349 | €152,778 | -€11,571 | -7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€256,102 | -€267,673 | -€11,571 | -4.5% |
| Amounts payable | 17/49 | €264,773 | €226,269 | -€38,504 | -14.5% |
| Amounts payable after more than one year | 17 | €47,265 | €24,868 | -€22,397 | -47.4% |
| Financial debts | 170/4 | €47,265 | €24,868 | -€22,397 | -47.4% |
| Amounts payable within one year | 42/48 | €206,912 | €189,400 | -€17,512 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €21,874 | €22,397 | +€523 | +2.4% |
| Trade debts | 44 | - | €626 | +€626 | |
| Suppliers | 440/4 | - | €626 | +€626 | |
| Taxes, remuneration and social security | 45 | €5,076 | €3,684 | -€1,392 | -27.4% |
| Taxes | 450/3 | €5,076 | €3,684 | -€1,392 | -27.4% |
| Other amounts payable | 47/48 | €179,963 | €162,692 | -€17,270 | -9.6% |
| Accrued charges and deferred income | 492/3 | €10,595 | €12,000 | +€1,405 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,808 | €30,697 | -€111 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,199 | €6,599 | -€6,600 | -50.0% |
| Other operating charges | 640/8 | €8,110 | €5,340 | -€2,770 | -34.2% |
| Gross operating margin | 9900 | €63,438 | €32,506 | -€30,932 | -48.8% |
| Operating profit (loss) | 9901 | €11,321 | -€10,130 | -€21,451 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €9,312 | €1,442 | -€7,870 | -84.5% |
| Recurring financial charges | 65 | €9,312 | €1,442 | -€7,870 | -84.5% |
| Profit (loss) for the period before taxes | 9903 | €2,009 | -€11,571 | -€13,580 | |
| Profit (loss) for the period | 9904 | €2,009 | -€11,571 | -€13,580 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,009 | -€11,571 | -€13,580 |
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.