MICHEL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€24,490
up €24,490 (+949%), from €2,580 to €27,070
mainly Depreciation (+€53,244) and Tax, wage and social debts (+€52,404)
- Tax, wage and social debts +€52,404
up €52,404 (+85.0%), from €61,680 to €114,085
of which Taxes: +€33,500
- Trade debts -€42,556
down €42,556 (-64.1%), from €66,437 to €23,881
- Other debts +€25,000
up €25,000 (+31.7%), from €78,764 to €103,764
- Debts after one year -€24,164
down €24,164 (-13.5%), from €178,647 to €154,483
of which Financial debts: -€24,164
- Profit (loss) carried forward +€14,871
up €14,871 (+9.0%), from €165,366 to €180,237
- Turnover -€459,750
no longer reported in 2025 (was €459,750)
- Purchases and services -€268,243
no longer reported in 2025 (was €268,243)
- Gross operating margin +€55,882
up €55,882 (+22.1%), from €253,018 to €308,899
- Taxes +€14,522
up €14,522 (+469%), from €3,094 to €17,617
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 | €896,526 | €908,613 | +€12,087 | +1.3% |
| Fixed assets | 21/28 | €804,151 | €796,270 | -€7,882 | -1.0% |
| Tangible fixed assets | 22/27 | €800,470 | €792,588 | -€7,882 | -1.0% |
| Land and buildings | 22 | €783,561 | €750,881 | -€32,681 | -4.2% |
| Furniture and vehicles | 24 | €1,243 | €41,708 | +€40,465 | +3,255% |
| Leasing and similar rights | 25 | €15,666 | €0 | -€15,666 | -100% |
| Financial fixed assets | 28 | €3,681 | €3,681 | = | 0.0% |
| Current assets | 29/58 | €92,375 | €112,344 | +€19,969 | +21.6% |
| Amounts receivable within one year | 40/41 | €80,993 | €74,158 | -€6,835 | -8.4% |
| Trade receivables | 40 | €52,350 | €46,098 | -€6,252 | -11.9% |
| Other amounts receivable | 41 | €28,642 | €28,060 | -€583 | -2.0% |
| Cash at bank and in hand | 54/58 | €2,580 | €27,070 | +€24,490 | +949% |
| Deferred charges and accrued income | 490/1 | €8,803 | €11,116 | +€2,313 | +26.3% |
| Total equity and liabilities | 10/49 | €896,526 | €908,613 | +€12,087 | +1.3% |
| Equity | 10/15 | €473,366 | €488,237 | +€14,871 | +3.1% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €28,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,000 | €28,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €165,366 | €180,237 | +€14,871 | +9.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €423,161 | €420,377 | -€2,784 | -0.7% |
| Amounts payable after more than one year | 17 | €178,647 | €154,483 | -€24,164 | -13.5% |
| Financial debts | 170/4 | €177,147 | €152,983 | -€24,164 | -13.6% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €244,514 | €265,894 | +€21,380 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €37,632 | €24,164 | -€13,468 | -35.8% |
| Trade debts | 44 | €66,437 | €23,881 | -€42,556 | -64.1% |
| Suppliers | 440/4 | €66,437 | €23,881 | -€42,556 | -64.1% |
| Taxes, remuneration and social security | 45 | €61,680 | €114,085 | +€52,404 | +85.0% |
| Taxes | 450/3 | €32,561 | €66,061 | +€33,500 | +103% |
| Remuneration and social security | 454/9 | €29,120 | €48,024 | +€18,904 | +64.9% |
| Other amounts payable | 47/48 | €78,764 | €103,764 | +€25,000 | +31.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €459,750 | - | -€459,750 | |
| Non-recurring operating income | 76A | €2,814 | €17,500 | +€14,686 | +522% |
| Goods, raw materials, services and sundry goods | 60/61 | €268,243 | - | -€268,243 | |
| Remuneration, social security and pensions | 62 | €194,234 | €194,692 | +€458 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,979 | €53,244 | -€2,735 | -4.9% |
| Other operating charges | 640/8 | €20,253 | €18,986 | -€1,267 | -6.3% |
| Non-recurring operating charges | 66A | €700 | €1,544 | +€844 | +121% |
| Gross operating margin | 9900 | €253,018 | €308,899 | +€55,882 | +22.1% |
| Operating profit (loss) | 9901 | -€18,148 | €40,434 | +€58,582 | |
| Financial charges | 65/66B | €8,482 | €7,947 | -€535 | -6.3% |
| Recurring financial charges | 65 | €8,482 | €7,947 | -€535 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€26,629 | €32,488 | +€59,117 | |
| Transfer from deferred taxes | 780 | €731 | €0 | -€731 | -100% |
| Income taxes | 67/77 | €3,094 | €17,617 | +€14,522 | +469% |
| Profit (loss) for the period | 9904 | -€28,992 | €14,871 | +€43,863 | |
| Transfer from tax-exempt reserves | 789 | €2,925 | €0 | -€2,925 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,068 | €14,871 | +€40,939 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.