MICHEL HOLDING: what changed
What changed
MICHEL HOLDING
NACE 66.300, Activities auxiliary to financial services and insurance activities
filed annual accounts (NBB)
Net result for the year
€104,508
2024 · -€1,516+€106,024
Equity
€8.6m
2024 · €9.2m-€604,492
Cash
€70,752
2024 · €15,323+€55,429
Balance sheet total
€16.0m
2024 · €16.3m-€350,638
Largest movements
Assets
- Receivables within one year -€250,409
down €250,409 (-53.0%), from €472,780 to €222,371
of which Other amounts receivable: -€179,981
- Tangible fixed assets -€164,215
down €164,215 (-2.6%), from €6.3m to €6.1m
of which Land and buildings: -€136,601
Equity and liabilities
- Reserves -€604,139
down €604,139 (-13.8%), from €4.4m to €3.8m
of which Distributable reserves: -€588,200
- Other debts +€491,487
up €491,487 (+10.7%), from €4.6m to €5.1m
- Debts after one year -€299,446
down €299,446 (-14.6%), from €2.1m to €1.8m
Income statement
- Depreciation -€123,243
down €123,243 (-41.3%), from €298,581 to €175,337
- Taxes +€34,396
up €34,396 (+399%), from €8,624 to €43,020
of which Taxes: +€34,876
- Staff costs -€28,622
down €28,622 (-8.5%), from €338,303 to €309,681
- Services and other goods +€21,111
up €21,111 (+6.0%), from €353,648 to €374,759
- Turnover +€9,396
up €9,396 (+1.2%), from €797,573 to €806,969
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1,516
Turnover
+€9,396
Other operating income
+€7,586
Services and other goods
-€21,111
Staff costs
+€28,622
Depreciation
+€123,243
Other operating charges
-€1,702
Financial income
-€1,054
Financial charges
-€4,545
Taxes
-€34,396
Deferred taxes and other
-€15
Result 2025
€104,508
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.1m
Investment
-€11,122
Financing
-€1.0m
Cash 2024
€15,323
From operations (derived)
+€1.1m
Net result for the year
+€104,508
Depreciation
+€175,337
Receivables within one year
+€250,409
Deferred charges and accrued income
-€8,557
Provisions
-€5,313
Trade debts
-€32,763
Tax, wage and social debts
+€93,536
Other debts
+€491,487
Accrued charges and deferred income
-€641
Investment (derived)
-€11,122
Investment in fixed assets (net)
-€11,122
Financing
-€1.0m
Debts after one year
-€299,446
Current portion of long-term debt
+€6,994
Contributions, distributions and other
-€709,000
Cash 2025
€70,752
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,327,829 | €15,977,191 | -€350,638 | -2.1% |
| Fixed assets | 21/28 | €15,773,408 | €15,609,193 | -€164,215 | -1.0% |
| Tangible fixed assets | 22/27 | €6,270,525 | €6,106,310 | -€164,215 | -2.6% |
| Land and buildings | 22 | €6,099,935 | €5,963,333 | -€136,601 | -2.2% |
| Plant, machinery and equipment | 23 | €151,454 | €129,879 | -€21,575 | -14.2% |
| Furniture and vehicles | 24 | €19,137 | €13,098 | -€6,039 | -31.6% |
| Financial fixed assets | 28 | €9,502,883 | €9,502,883 | = | 0.0% |
| Affiliated companies | 280/1 | €9,502,883 | €9,502,883 | = | 0.0% |
| Participating interests | 280 | €9,502,883 | €9,502,883 | = | 0.0% |
| Current assets | 29/58 | €554,421 | €367,998 | -€186,423 | -33.6% |
| Amounts receivable within one year | 40/41 | €472,780 | €222,371 | -€250,409 | -53.0% |
| Trade receivables | 40 | €148,573 | €78,144 | -€70,429 | -47.4% |
| Other amounts receivable | 41 | €324,208 | €144,227 | -€179,981 | -55.5% |
| Cash at bank and in hand | 54/58 | €15,323 | €70,752 | +€55,429 | +362% |
| Deferred charges and accrued income | 490/1 | €66,317 | €74,874 | +€8,557 | +12.9% |
| Total equity and liabilities | 10/49 | €16,327,829 | €15,977,191 | -€350,638 | -2.1% |
| Equity | 10/15 | €9,227,972 | €8,623,480 | -€604,492 | -6.6% |
| Contributions | 10/11 | €4,836,911 | €4,836,911 | = | 0.0% |
| Capital | 10 | €4,836,911 | €4,836,911 | = | 0.0% |
| Issued capital | 100 | €4,886,490 | €4,886,490 | = | 0.0% |
| Uncalled capital | 101 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €4,390,680 | €3,786,541 | -€604,139 | -13.8% |
| Non-distributable reserves | 130/1 | €489,155 | €489,155 | = | 0.0% |
| Legal reserve | 130 | €487,178 | €487,178 | = | 0.0% |
| Financial assistance | 1313 | €1,977 | €1,977 | = | 0.0% |
| Tax-exempt reserves | 132 | €264,524 | €248,585 | -€15,939 | -6.0% |
| Distributable reserves | 133 | €3,637,000 | €3,048,800 | -€588,200 | -16.2% |
| Profit (loss) carried forward | 14 | €382 | €28 | -€353 | -92.6% |
| Provisions and deferred taxes | 16 | €86,318 | €81,005 | -€5,313 | -6.2% |
| Deferred taxes | 168 | €86,318 | €81,005 | -€5,313 | -6.2% |
| Amounts payable | 17/49 | €7,013,539 | €7,272,706 | +€259,167 | +3.7% |
| Amounts payable after more than one year | 17 | €2,050,770 | €1,751,324 | -€299,446 | -14.6% |
| Financial debts | 170/4 | €2,050,770 | €1,751,324 | -€299,446 | -14.6% |
| Credit institutions | 173 | €2,050,770 | €1,751,324 | -€299,446 | -14.6% |
| Amounts payable within one year | 42/48 | €4,962,128 | €5,521,382 | +€559,254 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €292,453 | €299,446 | +€6,994 | +2.4% |
| Trade debts | 44 | €43,459 | €10,696 | -€32,763 | -75.4% |
| Suppliers | 440/4 | €43,459 | €10,696 | -€32,763 | -75.4% |
| Taxes, remuneration and social security | 45 | €47,736 | €141,272 | +€93,536 | +196% |
| Taxes | 450/3 | €9,136 | €105,672 | +€96,536 | +1,057% |
| Remuneration and social security | 454/9 | €38,600 | €35,600 | -€3,000 | -7.8% |
| Other amounts payable | 47/48 | €4,578,480 | €5,069,967 | +€491,487 | +10.7% |
| Accrued charges and deferred income | 492/3 | €641 | - | -€641 | |
| Operating income | 70/76A | €1,128,858 | €1,145,841 | +€16,982 | +1.5% |
| Turnover | 70 | €797,573 | €806,969 | +€9,396 | +1.2% |
| Other operating income | 74 | €331,286 | €338,872 | +€7,586 | +2.3% |
| Operating charges | 60/66A | €1,039,069 | €910,017 | -€129,051 | -12.4% |
| Services and other goods | 61 | €353,648 | €374,759 | +€21,111 | +6.0% |
| Remuneration, social security and pensions | 62 | €338,303 | €309,681 | -€28,622 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298,581 | €175,337 | -€123,243 | -41.3% |
| Other operating charges | 640/8 | €48,537 | €50,239 | +€1,702 | +3.5% |
| Operating profit (loss) | 9901 | €89,790 | €235,823 | +€146,034 | +163% |
| Financial income | 75/76B | €1,064 | €10 | -€1,054 | -99.1% |
| Recurring financial income | 75 | €1,064 | €10 | -€1,054 | -99.1% |
| Income from current assets | 751 | €1,064 | €10 | -€1,054 | -99.1% |
| Financial charges | 65/66B | €89,073 | €93,619 | +€4,545 | +5.1% |
| Recurring financial charges | 65 | €89,073 | €93,619 | +€4,545 | +5.1% |
| Debt charges | 650 | €88,751 | €93,619 | +€4,867 | +5.5% |
| Other financial charges | 652/9 | €322 | - | -€322 | |
| Profit (loss) for the period before taxes | 9903 | €1,781 | €142,215 | +€140,434 | +7,886% |
| Transfer from deferred taxes | 780 | €5,328 | €5,313 | -€15 | -0.3% |
| Income taxes | 67/77 | €8,624 | €43,020 | +€34,396 | +399% |
| Taxes | 670/3 | €8,624 | €43,500 | +€34,876 | +404% |
| Tax adjustments and reversals of tax provisions | 77 | - | €480 | +€480 | |
| Profit (loss) for the period | 9904 | -€1,516 | €104,508 | +€106,024 | |
| Transfer from tax-exempt reserves | 789 | €15,983 | €15,939 | -€44 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,467 | €120,447 | +€105,980 | +733% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.