MICHEL S: what changed
What changed
MICHEL S
NACE 47.741, Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
filed annual accounts (NBB)
Net result for the year
€31,975
2024 · -€12,088+€44,063
Equity
€94,694
2024 · €107,442-€12,747
Cash
€72,232
2024 · €18,956+€53,276
Balance sheet total
€238,976
2024 · €261,891-€22,915
Largest movements
Assets
- Cash +€53,276
up €53,276 (+281%), from €18,956 to €72,232
mainly Depreciation (+€53,178) and Receivables within one year (+€36,362)
- Tangible fixed assets -€50,197
down €50,197 (-39.8%), from €126,075 to €75,878
of which Plant, machinery and equipment: -€28,518
- Receivables within one year -€36,362
down €36,362 (-43.6%), from €83,456 to €47,094
- Stocks and contracts +€7,995
up €7,995 (+27.1%), from €29,527 to €37,522
- Deferred charges and accrued income +€3,004
up €3,004 (+131%), from €2,284 to €5,288
Equity and liabilities
- Current portion of long-term debt -€19,126
down €19,126 (-75.6%), from €25,313 to €6,186
- Reserves -€12,520
down €12,520 (-23.3%), from €53,689 to €41,169
- Other debts +€8,452
up €8,452 (+10.1%), from €84,042 to €92,494
- Tax, wage and social debts +€6,595
up €6,595 (+17.9%), from €36,825 to €43,420
of which Taxes: +€7,226
- Debts after one year -€6,186
no longer reported in 2025 (was €6,186)
Income statement
- Gross operating margin +€63,470
up €63,470 (+31.5%), from €201,289 to €264,760
- Taxes +€18,197
up €18,197 (+2,814%), from €647 to €18,843
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
-€12,088
Gross operating margin
+€63,470
Staff costs
-€1,110
Depreciation
-€396
Other operating charges
-€3
Financial income
+€221
Financial charges
+€77
Taxes
-€18,197
Result 2025
€31,975
raises the resultlowers the result
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
+€125,661
Investment
-€2,351
Financing
-€70,035
Cash 2024
€18,956
From operations (derived)
+€125,661
Net result for the year
+€31,975
Depreciation
+€53,178
Stocks and contracts
-€7,995
Receivables within one year
+€36,362
Deferred charges and accrued income
-€3,004
Trade debts
+€98
Tax, wage and social debts
+€6,595
Other debts
+€8,452
Investment (derived)
-€2,351
Investment in fixed assets (net)
-€2,351
Financing
-€70,035
Debts after one year
-€6,186
Current portion of long-term debt
-€19,126
Short-term financial debts
+€0
Contributions, distributions and other
-€44,722
Cash 2025
€72,232
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,891 | €238,976 | -€22,915 | -8.7% |
| Fixed assets | 21/28 | €127,667 | €76,840 | -€50,827 | -39.8% |
| Intangible fixed assets | 21 | €1,592 | €962 | -€630 | -39.6% |
| Tangible fixed assets | 22/27 | €126,075 | €75,878 | -€50,197 | -39.8% |
| Plant, machinery and equipment | 23 | €75,717 | €47,199 | -€28,518 | -37.7% |
| Furniture and vehicles | 24 | €50,358 | €28,679 | -€21,679 | -43.0% |
| Current assets | 29/58 | €134,224 | €162,136 | +€27,913 | +20.8% |
| Stocks and contracts in progress | 3 | €29,527 | €37,522 | +€7,995 | +27.1% |
| Stocks | 30/36 | €29,527 | €37,522 | +€7,995 | +27.1% |
| Amounts receivable within one year | 40/41 | €83,456 | €47,094 | -€36,362 | -43.6% |
| Other amounts receivable | 41 | €83,456 | €47,094 | -€36,362 | -43.6% |
| Cash at bank and in hand | 54/58 | €18,956 | €72,232 | +€53,276 | +281% |
| Deferred charges and accrued income | 490/1 | €2,284 | €5,288 | +€3,004 | +131% |
| Total equity and liabilities | 10/49 | €261,891 | €238,976 | -€22,915 | -8.7% |
| Equity | 10/15 | €107,442 | €94,694 | -€12,747 | -11.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €53,689 | €41,169 | -€12,520 | -23.3% |
| Distributable reserves | 133 | €53,689 | €41,169 | -€12,520 | -23.3% |
| Profit (loss) carried forward | 14 | €34,477 | €34,477 | = | 0.0% |
| Investment grants | 15 | €684 | €456 | -€228 | -33.3% |
| Amounts payable | 17/49 | €154,449 | €144,282 | -€10,167 | -6.6% |
| Amounts payable after more than one year | 17 | €6,186 | - | -€6,186 | |
| Financial debts | 170/4 | €6,186 | - | -€6,186 | |
| Amounts payable within one year | 42/48 | €148,263 | €144,282 | -€3,981 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €25,313 | €6,186 | -€19,126 | -75.6% |
| Financial debts | 43 | €667 | €667 | +€0 | 0.0% |
| Credit institutions | 430/8 | €667 | €667 | +€0 | 0.0% |
| Trade debts | 44 | €1,416 | €1,515 | +€98 | +6.9% |
| Suppliers | 440/4 | €1,416 | €1,515 | +€98 | +6.9% |
| Taxes, remuneration and social security | 45 | €36,825 | €43,420 | +€6,595 | +17.9% |
| Taxes | 450/3 | €18,439 | €25,664 | +€7,226 | +39.2% |
| Remuneration and social security | 454/9 | €18,387 | €17,756 | -€631 | -3.4% |
| Other amounts payable | 47/48 | €84,042 | €92,494 | +€8,452 | +10.1% |
| Remuneration, social security and pensions | 62 | €157,323 | €158,433 | +€1,110 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,782 | €53,178 | +€396 | +0.8% |
| Other operating charges | 640/8 | €944 | €947 | +€3 | +0.3% |
| Gross operating margin | 9900 | €201,289 | €264,760 | +€63,470 | +31.5% |
| Operating profit (loss) | 9901 | -€9,760 | €52,201 | +€61,961 | |
| Financial income | 75/76B | €446 | €667 | +€221 | +49.5% |
| Recurring financial income | 75 | €446 | €667 | +€221 | +49.5% |
| Financial charges | 65/66B | €2,128 | €2,050 | -€77 | -3.6% |
| Recurring financial charges | 65 | €2,128 | €2,050 | -€77 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,441 | €50,818 | +€62,259 | |
| Income taxes | 67/77 | €647 | €18,843 | +€18,197 | +2,814% |
| Profit (loss) for the period | 9904 | -€12,088 | €31,975 | +€44,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,088 | €31,975 | +€44,063 |
Next steps
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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 2 November 2026 via checked.be.