MICHEL HACKING: 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 HACKING
Largest movements
- Receivables within one year -€71,731
down €71,731 (-20.9%), from €342,860 to €271,130
of which Other amounts receivable: -€62,721
- Reserves -€74,300
down €74,300 (-39.7%), from €187,260 to €112,960
of which Distributable reserves: -€74,300
- Financial charges +€12,300
up €12,300 (+631%), from €1,951 to €14,251
- Gross operating margin +€10,731
up €10,731 (+24.6%), from €43,645 to €54,376
- Financial income -€3,372
down €3,372 (-17.2%), from €19,634 to €16,262
- Taxes -€1,902
down €1,902 (-9.1%), from €20,998 to €19,096
- Other operating charges -€1,083
down €1,083 (-81.4%), from €1,330 to €247
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 | €345,354 | €275,160 | -€70,194 | -20.3% |
| Fixed assets | 21/28 | €2,465 | €3,012 | +€547 | +22.2% |
| Tangible fixed assets | 22/27 | €2,465 | €3,012 | +€547 | +22.2% |
| Furniture and vehicles | 24 | €2,465 | €3,012 | +€547 | +22.2% |
| Current assets | 29/58 | €342,889 | €272,148 | -€70,741 | -20.6% |
| Amounts receivable within one year | 40/41 | €342,860 | €271,130 | -€71,731 | -20.9% |
| Trade receivables | 40 | €11,548 | €2,538 | -€9,009 | -78.0% |
| Other amounts receivable | 41 | €331,313 | €268,591 | -€62,721 | -18.9% |
| Cash at bank and in hand | 54/58 | - | €989 | +€989 | |
| Deferred charges and accrued income | 490/1 | €29 | €30 | +€1 | +3.3% |
| Total equity and liabilities | 10/49 | €345,354 | €275,160 | -€70,194 | -20.3% |
| Equity | 10/15 | €290,189 | €215,925 | -€74,264 | -25.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €187,260 | €112,960 | -€74,300 | -39.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €185,400 | €111,100 | -€74,300 | -40.1% |
| Profit (loss) carried forward | 14 | €96,729 | €96,765 | +€36 | 0.0% |
| Amounts payable | 17/49 | €55,165 | €59,235 | +€4,071 | +7.4% |
| Amounts payable within one year | 42/48 | €55,165 | €59,235 | +€4,071 | +7.4% |
| Financial debts | 43 | €160 | - | -€160 | |
| Credit institutions | 430/8 | €160 | - | -€160 | |
| Trade debts | 44 | €762 | €3,457 | +€2,695 | +354% |
| Suppliers | 440/4 | €762 | €3,457 | +€2,695 | +354% |
| Taxes, remuneration and social security | 45 | €49,243 | €50,779 | +€1,536 | +3.1% |
| Taxes | 450/3 | €49,243 | €50,779 | +€1,536 | +3.1% |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474 | €1,108 | +€635 | +134% |
| Other operating charges | 640/8 | €1,330 | €247 | -€1,083 | -81.4% |
| Gross operating margin | 9900 | €43,645 | €54,376 | +€10,731 | +24.6% |
| Operating profit (loss) | 9901 | €41,841 | €53,020 | +€11,180 | +26.7% |
| Financial income | 75/76B | €19,634 | €16,262 | -€3,372 | -17.2% |
| Recurring financial income | 75 | €19,634 | €16,262 | -€3,372 | -17.2% |
| Financial charges | 65/66B | €1,951 | €14,251 | +€12,300 | +631% |
| Recurring financial charges | 65 | €1,951 | €14,251 | +€12,300 | +631% |
| Profit (loss) for the period before taxes | 9903 | €59,525 | €55,031 | -€4,493 | -7.5% |
| Income taxes | 67/77 | €20,998 | €19,096 | -€1,902 | -9.1% |
| Profit (loss) for the period | 9904 | €38,527 | €35,936 | -€2,591 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,527 | €35,936 | -€2,591 | -6.7% |
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 15 October 2026 via checked.be.