MICHEL SOBCZAK: 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 SOBCZAK
Largest movements
- Cash +€54,264
up €54,264 (+50.7%), from €106,994 to €161,258
mainly Net result for the year (+€69,773) and Accrued charges and deferred income (+€798)
- Receivables within one year +€5,213
up €5,213 (+36,815%), from €14 to €5,227
of which Trade receivables: +€5,213
- Reserves +€69,773
up €69,773 (+94.4%), from €73,900 to €143,673
- Tax, wage and social debts -€9,879
down €9,879 (-66.3%), from €14,894 to €5,015
of which Taxes: -€9,879
- Gross operating margin +€39,927
up €39,927 (+69.0%), from €57,835 to €97,762
- Taxes +€10,275
up €10,275 (+64.4%), from €15,955 to €26,230
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 | €107,722 | €168,404 | +€60,682 | +56.3% |
| Formation expenses | 20 | €602 | €396 | -€206 | -34.3% |
| Fixed assets | 21/28 | - | €1,350 | +€1,350 | |
| Tangible fixed assets | 22/27 | - | €1,350 | +€1,350 | |
| Furniture and vehicles | 24 | - | €1,350 | +€1,350 | |
| Current assets | 29/58 | €107,120 | €166,659 | +€59,539 | +55.6% |
| Amounts receivable within one year | 40/41 | €14 | €5,227 | +€5,213 | +36,815% |
| Trade receivables | 40 | €14 | €5,227 | +€5,213 | +36,815% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €106,994 | €161,258 | +€54,264 | +50.7% |
| Deferred charges and accrued income | 490/1 | €112 | €173 | +€61 | +54.6% |
| Total equity and liabilities | 10/49 | €107,722 | €168,404 | +€60,682 | +56.3% |
| Equity | 10/15 | €82,426 | €152,199 | +€69,773 | +84.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €73,900 | €143,673 | +€69,773 | +94.4% |
| Distributable reserves | 133 | €73,900 | €143,673 | +€69,773 | +94.4% |
| Profit (loss) carried forward | 14 | €7,026 | €7,026 | = | 0.0% |
| Amounts payable | 17/49 | €25,296 | €16,205 | -€9,091 | -35.9% |
| Amounts payable within one year | 42/48 | €25,296 | €15,407 | -€9,889 | -39.1% |
| Trade debts | 44 | €12 | €152 | +€141 | +1,203% |
| Suppliers | 440/4 | €12 | €152 | +€141 | +1,203% |
| Taxes, remuneration and social security | 45 | €14,894 | €5,015 | -€9,879 | -66.3% |
| Taxes | 450/3 | €14,894 | €5,015 | -€9,879 | -66.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €10,390 | €10,239 | -€151 | -1.5% |
| Accrued charges and deferred income | 492/3 | - | €798 | +€798 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206 | €465 | +€259 | +125% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €57,835 | €97,762 | +€39,927 | +69.0% |
| Operating profit (loss) | 9901 | €57,628 | €96,897 | +€39,269 | +68.1% |
| Financial charges | 65/66B | €99 | €894 | +€795 | +807% |
| Recurring financial charges | 65 | €99 | €894 | +€795 | +807% |
| Profit (loss) for the period before taxes | 9903 | €57,530 | €96,003 | +€38,474 | +66.9% |
| Income taxes | 67/77 | €15,955 | €26,230 | +€10,275 | +64.4% |
| Profit (loss) for the period | 9904 | €41,575 | €69,773 | +€28,199 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,575 | €69,773 | +€28,199 | +67.8% |
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 22 October 2026 via checked.be.