MICHEL LOGISTICS: 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.
What changed
MICHEL LOGISTICS
NACE 62.100, Computer programming
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€303,426
2024 · €36,610+€266,816
Equity
€1.9m
2024 · €1.7m+€276,205
Cash
€142,262
2024 · €35,145+€107,117
Balance sheet total
€3.3m
2024 · €2.8m+€475,207
Largest movements
Assets
- Receivables within one year +€528,255
up €528,255 (+70.9%), from €745,543 to €1.3m
of which Other amounts receivable: +€476,461
- Tangible fixed assets -€133,414
down €133,414 (-8.4%), from €1.6m to €1.5m
of which Land and buildings: -€215,769
- Current investments -€110,000
down €110,000 (-32.8%), from €335,000 to €225,000
- Deferred charges and accrued income +€107,118
up €107,118 (+485%), from €22,094 to €129,212
- Cash +€107,117
up €107,117 (+305%), from €35,145 to €142,262
mainly Net result for the year (+€303,426) and Depreciation (+€290,025)
Equity and liabilities
- Profit (loss) carried forward +€303,426
up €303,426 (+30.2%), from €1.0m to €1.3m
- Debts after one year +€90,599
up €90,599 (+90.5%), from €100,082 to €190,682
- Tax, wage and social debts +€56,645
up €56,645 (+39.3%), from €144,047 to €200,692
of which Taxes: +€32,543
Income statement
- Gross operating margin +€512,984
up €512,984 (+32.0%), from €1.6m to €2.1m
- Staff costs +€105,107
up €105,107 (+9.6%), from €1.1m to €1.2m
- Taxes +€94,646
up €94,646 (+57,570%), from €164 to €94,810
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.
Result 2024
€36,610
Gross operating margin
+€512,984
Staff costs
-€105,107
Depreciation
-€18,011
Write-downs
-€13,691
Other operating charges
-€7,992
Other operating items
-€2,200
Financial income
-€1,329
Financial charges
-€3,192
Taxes
-€94,646
Result 2025
€303,426
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€50,688
Investment
-€46,611
Financing
+€103,039
Cash 2024
€35,145
From operations (derived)
+€50,688
Net result for the year
+€303,426
Depreciation
+€290,025
Stocks and contracts
+€23,868
Receivables within one year
-€528,255
Deferred charges and accrued income
-€107,118
Trade debts
+€17,934
Tax, wage and social debts
+€56,645
Other debts
-€8,387
Accrued charges and deferred income
+€2,550
Investment (derived)
-€46,611
Investment in fixed assets (net)
-€156,611
Current investments
+€110,000
Financing
+€103,039
Debts after one year
+€90,599
Current portion of long-term debt
+€29,044
Short-term financial debts
+€10,617
Contributions, distributions and other
-€27,222
Cash 2025
€142,262
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,840,884 | €3,316,091 | +€475,207 | +16.7% |
| Fixed assets | 21/28 | €1,595,606 | €1,462,192 | -€133,414 | -8.4% |
| Tangible fixed assets | 22/27 | €1,588,956 | €1,455,542 | -€133,414 | -8.4% |
| Land and buildings | 22 | €1,487,793 | €1,272,023 | -€215,769 | -14.5% |
| Plant, machinery and equipment | 23 | €71,564 | €54,257 | -€17,307 | -24.2% |
| Furniture and vehicles | 24 | €29,600 | €129,262 | +€99,662 | +337% |
| Financial fixed assets | 28 | €6,650 | €6,650 | = | 0.0% |
| Current assets | 29/58 | €1,245,277 | €1,853,899 | +€608,622 | +48.9% |
| Stocks and contracts in progress | 3 | €107,495 | €83,627 | -€23,868 | -22.2% |
| Stocks | 30/36 | €107,495 | €83,627 | -€23,868 | -22.2% |
| Amounts receivable within one year | 40/41 | €745,543 | €1,273,798 | +€528,255 | +70.9% |
| Trade receivables | 40 | €686,180 | €737,973 | +€51,793 | +7.5% |
| Other amounts receivable | 41 | €59,363 | €535,825 | +€476,461 | +803% |
| Current investments | 50/53 | €335,000 | €225,000 | -€110,000 | -32.8% |
| Cash at bank and in hand | 54/58 | €35,145 | €142,262 | +€107,117 | +305% |
| Deferred charges and accrued income | 490/1 | €22,094 | €129,212 | +€107,118 | +485% |
| Total equity and liabilities | 10/49 | €2,840,884 | €3,316,091 | +€475,207 | +16.7% |
| Equity | 10/15 | €1,669,760 | €1,945,965 | +€276,205 | +16.5% |
| Contributions | 10/11 | €74,500 | €74,500 | = | 0.0% |
| Capital | 10 | €74,500 | €74,500 | = | 0.0% |
| Issued capital | 100 | €74,500 | €74,500 | = | 0.0% |
| Reserves | 13 | €407,450 | €407,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,450 | €7,450 | = | 0.0% |
| Legal reserve | 130 | €7,450 | €7,450 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,004,978 | €1,308,405 | +€303,426 | +30.2% |
| Investment grants | 15 | €182,832 | €155,610 | -€27,222 | -14.9% |
| Provisions and deferred taxes | 16 | €26,114 | €26,114 | = | 0.0% |
| Deferred taxes | 168 | €26,114 | €26,114 | = | 0.0% |
| Amounts payable | 17/49 | €1,145,009 | €1,344,012 | +€199,003 | +17.4% |
| Amounts payable after more than one year | 17 | €100,082 | €190,682 | +€90,599 | +90.5% |
| Financial debts | 170/4 | €100,082 | €190,682 | +€90,599 | +90.5% |
| Amounts payable within one year | 42/48 | €1,042,877 | €1,148,730 | +€105,853 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €14,093 | €43,138 | +€29,044 | +206% |
| Financial debts | 43 | €494,351 | €504,968 | +€10,617 | +2.1% |
| Credit institutions | 430/8 | €494,351 | €504,968 | +€10,617 | +2.1% |
| Trade debts | 44 | €377,149 | €395,083 | +€17,934 | +4.8% |
| Suppliers | 440/4 | €377,149 | €395,083 | +€17,934 | +4.8% |
| Taxes, remuneration and social security | 45 | €144,047 | €200,692 | +€56,645 | +39.3% |
| Taxes | 450/3 | €27,191 | €59,734 | +€32,543 | +120% |
| Remuneration and social security | 454/9 | €116,857 | €140,958 | +€24,101 | +20.6% |
| Other amounts payable | 47/48 | €13,237 | €4,850 | -€8,387 | -63.4% |
| Accrued charges and deferred income | 492/3 | €2,050 | €4,600 | +€2,550 | +124% |
| Non-recurring operating income | 76A | €337 | €0 | -€337 | -100% |
| Remuneration, social security and pensions | 62 | €1,095,441 | €1,200,548 | +€105,107 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,014 | €290,025 | +€18,011 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,630 | €32,321 | +€13,691 | +73.5% |
| Other operating charges | 640/8 | €175,773 | €183,765 | +€7,992 | +4.5% |
| Non-recurring operating charges | 66A | €6,646 | €8,846 | +€2,200 | +33.1% |
| Gross operating margin | 9900 | €1,603,417 | €2,116,401 | +€512,984 | +32.0% |
| Operating profit (loss) | 9901 | €34,913 | €400,896 | +€365,983 | +1,048% |
| Financial income | 75/76B | €28,551 | €27,222 | -€1,329 | -4.7% |
| Recurring financial income | 75 | €28,551 | €27,222 | -€1,329 | -4.7% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €26,689 | €29,882 | +€3,192 | +12.0% |
| Recurring financial charges | 65 | €26,689 | €29,882 | +€3,192 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €36,775 | €398,236 | +€361,462 | +983% |
| Income taxes | 67/77 | €164 | €94,810 | +€94,646 | +57,570% |
| Profit (loss) for the period | 9904 | €36,610 | €303,426 | +€266,816 | +729% |
| Profit (loss) for the period to be appropriated | 9905 | €36,610 | €303,426 | +€266,816 | +729% |
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 19 October 2026 via checked.be.