MICHEL PONCIN PARTNER: 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 PONCIN PARTNER
Largest movements
- Cash +€49,865
up €49,865 (+94.5%), from €52,791 to €102,656
mainly Net result for the year (+€51,562) and Depreciation (+€16,635)
- Tangible fixed assets -€15,280
down €15,280 (-37.1%), from €41,233 to €25,953
of which Furniture and vehicles: -€13,107
- Receivables within one year +€5,378
up €5,378 (+21.0%), from €25,637 to €31,015
of which Trade receivables: +€8,956
- Reserves +€39,560
up €39,560 (+61.7%), from €64,155 to €103,715
- Tax, wage and social debts +€9,470
up €9,470 (+149%), from €6,367 to €15,837
- Debts after one year -€9,145
down €9,145 (-70.4%), from €12,983 to €3,838
- Other debts +€3,240
up €3,240 (+37.0%), from €8,760 to €12,000
- Current portion of long-term debt -€2,543
down €2,543 (-21.8%), from €11,688 to €9,145
- Gross operating margin +€42,019
up €42,019 (+79.7%), from €52,690 to €94,709
- Taxes +€15,155
up €15,155 (+145%), from €10,446 to €25,601
- Depreciation +€1,935
up €1,935 (+13.2%), from €14,700 to €16,635
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 | €119,940 | €159,911 | +€39,971 | +33.3% |
| Fixed assets | 21/28 | €41,233 | €25,953 | -€15,280 | -37.1% |
| Tangible fixed assets | 22/27 | €41,233 | €25,953 | -€15,280 | -37.1% |
| Plant, machinery and equipment | 23 | €376 | €218 | -€158 | -42.0% |
| Furniture and vehicles | 24 | €33,028 | €19,921 | -€13,107 | -39.7% |
| Other tangible fixed assets | 26 | €7,830 | €5,814 | -€2,016 | -25.7% |
| Current assets | 29/58 | €78,706 | €133,958 | +€55,252 | +70.2% |
| Amounts receivable within one year | 40/41 | €25,637 | €31,015 | +€5,378 | +21.0% |
| Trade receivables | 40 | €20,571 | €29,527 | +€8,956 | +43.5% |
| Other amounts receivable | 41 | €5,065 | €1,488 | -€3,578 | -70.6% |
| Cash at bank and in hand | 54/58 | €52,791 | €102,656 | +€49,865 | +94.5% |
| Deferred charges and accrued income | 490/1 | €279 | €287 | +€8 | +3.0% |
| Total equity and liabilities | 10/49 | €119,940 | €159,911 | +€39,971 | +33.3% |
| Equity | 10/15 | €76,555 | €116,116 | +€39,562 | +51.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €64,155 | €103,715 | +€39,560 | +61.7% |
| Distributable reserves | 133 | €64,155 | €103,715 | +€39,560 | +61.7% |
| Profit (loss) carried forward | 14 | - | €2 | +€2 | |
| Amounts payable | 17/49 | €43,385 | €43,794 | +€410 | +0.9% |
| Amounts payable after more than one year | 17 | €12,983 | €3,838 | -€9,145 | -70.4% |
| Financial debts | 170/4 | €12,983 | €3,838 | -€9,145 | -70.4% |
| Amounts payable within one year | 42/48 | €30,112 | €39,657 | +€9,545 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €11,688 | €9,145 | -€2,543 | -21.8% |
| Trade debts | 44 | €3,297 | €2,675 | -€622 | -18.9% |
| Suppliers | 440/4 | €3,297 | €2,675 | -€622 | -18.9% |
| Taxes, remuneration and social security | 45 | €6,367 | €15,837 | +€9,470 | +149% |
| Taxes | 450/3 | €6,367 | €15,837 | +€9,470 | +149% |
| Other amounts payable | 47/48 | €8,760 | €12,000 | +€3,240 | +37.0% |
| Accrued charges and deferred income | 492/3 | €291 | €300 | +€9 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,700 | €16,635 | +€1,935 | +13.2% |
| Other operating charges | 640/8 | €297 | €425 | +€128 | +43.3% |
| Gross operating margin | 9900 | €52,690 | €94,709 | +€42,019 | +79.7% |
| Operating profit (loss) | 9901 | €37,694 | €77,649 | +€39,955 | +106% |
| Financial income | 75/76B | €1 | €3 | +€2 | +112% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +112% |
| Financial charges | 65/66B | €754 | €489 | -€265 | -35.2% |
| Recurring financial charges | 65 | €754 | €489 | -€265 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €36,941 | €77,163 | +€40,222 | +109% |
| Income taxes | 67/77 | €10,446 | €25,601 | +€15,155 | +145% |
| Profit (loss) for the period | 9904 | €26,495 | €51,562 | +€25,067 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,495 | €51,562 | +€25,067 | +94.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.