Michel Guerrero: 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 Guerrero
Largest movements
- Cash +€2,911
up €2,911 (+19.0%), from €15,292 to €18,202
mainly Tax, wage and social debts (+€7,414) and Trade debts (+€4,126)
- Receivables within one year -€1,833
down €1,833 (-46.1%), from €3,979 to €2,146
- Tangible fixed assets +€913
up €913 (+12.4%), from €7,343 to €8,256
of which Other tangible fixed assets: +€1,184
- Formation expenses -€534
no longer reported in 2025 (was €534)
- Tax, wage and social debts +€7,414
up €7,414 (+169%), from €4,397 to €11,810
of which Remuneration and social security: +€4,193
- Profit (loss) carried forward -€6,033
down €6,033 (-19.7%), from -€30,661 to -€36,694
- Debts after one year -€4,879
down €4,879 (-26.5%), from €18,407 to €13,528
- Trade debts +€4,126
up €4,126 (+74.6%), from €5,533 to €9,659
- Other debts +€549
up €549 (+1.8%), from €30,323 to €30,872
- Gross operating margin +€45,738
up €45,738, from -€24,938 to €20,800
- Staff costs +€17,766
up €17,766 (+535%), from €3,324 to €21,090
- Other operating charges +€1,468
up €1,468 (+379%), from €387 to €1,855
- Depreciation +€1,453
up €1,453 (+120%), from €1,213 to €2,665
- Financial charges +€424
up €424 (+52.3%), from €811 to €1,235
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 | €42,690 | €44,055 | +€1,364 | +3.2% |
| Formation expenses | 20 | €534 | - | -€534 | |
| Fixed assets | 21/28 | €22,793 | €23,706 | +€913 | +4.0% |
| Tangible fixed assets | 22/27 | €7,343 | €8,256 | +€913 | +12.4% |
| Furniture and vehicles | 24 | €2,252 | €1,981 | -€271 | -12.0% |
| Other tangible fixed assets | 26 | €5,091 | €6,276 | +€1,184 | +23.3% |
| Financial fixed assets | 28 | €15,450 | €15,450 | = | 0.0% |
| Current assets | 29/58 | €19,363 | €20,348 | +€985 | +5.1% |
| Amounts receivable within one year | 40/41 | €3,979 | €2,146 | -€1,833 | -46.1% |
| Trade receivables | 40 | €3,979 | €2,146 | -€1,833 | -46.1% |
| Cash at bank and in hand | 54/58 | €15,292 | €18,202 | +€2,911 | +19.0% |
| Deferred charges and accrued income | 490/1 | €93 | - | -€93 | |
| Total equity and liabilities | 10/49 | €42,690 | €44,055 | +€1,364 | +3.2% |
| Equity | 10/15 | -€20,661 | -€26,694 | -€6,033 | -29.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,661 | -€36,694 | -€6,033 | -19.7% |
| Amounts payable | 17/49 | €63,351 | €70,748 | +€7,397 | +11.7% |
| Amounts payable after more than one year | 17 | €18,407 | €13,528 | -€4,879 | -26.5% |
| Financial debts | 170/4 | €18,407 | €13,528 | -€4,879 | -26.5% |
| Amounts payable within one year | 42/48 | €44,944 | €57,221 | +€12,277 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €4,692 | €4,879 | +€188 | +4.0% |
| Trade debts | 44 | €5,533 | €9,659 | +€4,126 | +74.6% |
| Suppliers | 440/4 | €5,533 | €9,659 | +€4,126 | +74.6% |
| Taxes, remuneration and social security | 45 | €4,397 | €11,810 | +€7,414 | +169% |
| Taxes | 450/3 | €4,051 | €7,272 | +€3,221 | +79.5% |
| Remuneration and social security | 454/9 | €346 | €4,538 | +€4,193 | +1,213% |
| Other amounts payable | 47/48 | €30,323 | €30,872 | +€549 | +1.8% |
| Remuneration, social security and pensions | 62 | €3,324 | €21,090 | +€17,766 | +535% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,213 | €2,665 | +€1,453 | +120% |
| Other operating charges | 640/8 | €387 | €1,855 | +€1,468 | +379% |
| Gross operating margin | 9900 | -€24,938 | €20,800 | +€45,738 | |
| Operating profit (loss) | 9901 | -€29,862 | -€4,810 | +€25,052 | +83.9% |
| Financial income | 75/76B | €12 | €13 | +€0 | +2.1% |
| Recurring financial income | 75 | €12 | €13 | +€0 | +2.1% |
| Financial charges | 65/66B | €811 | €1,235 | +€424 | +52.3% |
| Recurring financial charges | 65 | €811 | €1,235 | +€424 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,661 | -€6,033 | +€24,628 | +80.3% |
| Profit (loss) for the period | 9904 | -€30,661 | -€6,033 | +€24,628 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,661 | -€6,033 | +€24,628 | +80.3% |
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 25 October 2026 via checked.be.