MICHEL ENGINEERING: 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 ENGINEERING
Largest movements
- Cash +€26,996
up €26,996 (+4.8%), from €559,255 to €586,251
mainly Net result for the year (+€56,875) and Depreciation (+€9,812)
- Tangible fixed assets +€24,972
up €24,972 (+244.2%), from €10,227 to €35,199
- Profit (loss) carried forward +€56,875
up €56,875 (+10.1%), from €561,148 to €618,023
- Turnover -€34,776
down €34,776 (-19.9%), from €174,433 to €139,657
- Gross operating margin -€12,520
down €12,520 (-8.4%), from €149,841 to €137,321
- Purchases and services -€11,823
down €11,823 (-70.8%), from €16,709 to €4,886
- Depreciation +€6,403
up €6,403 (+187.8%), from €3,409 to €9,812
- Taxes -€4,336
down €4,336 (-23.7%), from €18,284 to €13,948
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.
Cash bridge derived
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 | €586,387 | €641,983 | +€55,596 | +9.5% |
| Fixed assets | 21/28 | €10,227 | €35,199 | +€24,972 | +244.2% |
| Tangible fixed assets | 22/27 | €10,227 | €35,199 | +€24,972 | +244.2% |
| Plant, machinery and equipment | 23 | €10,227 | €35,199 | +€24,972 | +244.2% |
| Current assets | 29/58 | €576,160 | €606,784 | +€30,623 | +5.3% |
| Amounts receivable within one year | 40/41 | €13,147 | €17,290 | +€4,143 | +31.5% |
| Trade receivables | 40 | €13,147 | €17,290 | +€4,143 | +31.5% |
| Cash at bank and in hand | 54/58 | €559,255 | €586,251 | +€26,996 | +4.8% |
| Deferred charges and accrued income | 490/1 | €3,758 | €3,242 | -€516 | -13.7% |
| Total equity and liabilities | 10/49 | €586,387 | €641,983 | +€55,596 | +9.5% |
| Equity | 10/15 | €581,608 | €638,483 | +€56,875 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €561,148 | €618,023 | +€56,875 | +10.1% |
| Amounts payable | 17/49 | €4,779 | €3,500 | -€1,279 | -26.8% |
| Amounts payable within one year | 42/48 | €4,779 | €3,500 | -€1,279 | -26.8% |
| Trade debts | 44 | €4,779 | €3,500 | -€1,279 | -26.8% |
| Suppliers | 440/4 | €1,279 | - | -€1,279 | |
| Bills of exchange payable | 441 | €3,500 | €3,500 | = | 0.0% |
| Turnover | 70 | €174,433 | €139,657 | -€34,776 | -19.9% |
| Non-recurring operating income | 76A | - | €7,960 | +€7,960 | |
| Goods, raw materials, services and sundry goods | 60/61 | €16,709 | €4,886 | -€11,823 | -70.8% |
| Remuneration, social security and pensions | 62 | €55,602 | €54,840 | -€762 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,409 | €9,812 | +€6,403 | +187.8% |
| Other operating charges | 640/8 | €490 | €3,659 | +€3,168 | +646.2% |
| Gross operating margin | 9900 | €149,841 | €137,321 | -€12,520 | -8.4% |
| Operating profit (loss) | 9901 | €90,339 | €69,010 | -€21,329 | -23.6% |
| Financial income | 75/76B | €1,942 | €1,865 | -€77 | -3.9% |
| Recurring financial income | 75 | €1,942 | €1,865 | -€77 | -3.9% |
| Financial charges | 65/66B | €64 | €54 | -€10 | -15.9% |
| Recurring financial charges | 65 | €64 | €54 | -€10 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €92,218 | €70,822 | -€21,395 | -23.2% |
| Income taxes | 67/77 | €18,284 | €13,948 | -€4,336 | -23.7% |
| Profit (loss) for the period | 9904 | €73,934 | €56,875 | -€17,059 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,934 | €56,875 | -€17,059 | -23.1% |
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 11 October 2026 via checked.be.