MICHEL STRUYS: 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 STRUYS
Largest movements
- Receivables within one year -€155,797
down €155,797 (-99.8%), from €156,107 to €310
- Deferred charges and accrued income -€11,746
no longer reported in 2025 (was €11,746)
- Cash -€5,408
down €5,408 (-71.4%), from €7,574 to €2,165
mainly Contributions, distributions and other (-€240,000) and Net result for the year (-€13,425)
- Reserves -€240,000
down €240,000 (-60.8%), from €395,000 to €155,000
- Other debts +€81,900
new in 2025: €81,900
- Profit (loss) carried forward -€13,425
down €13,425, from €158 to -€13,268
- Financial income -€10,308
down €10,308 (-85.4%), from €12,071 to €1,763
- Financial charges +€2,461
up €2,461 (+253%), from €971 to €3,432
- Gross operating margin -€749
down €749 (-7.7%), from -€9,708 to -€10,457
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 | €408,849 | €236,432 | -€172,417 | -42.2% |
| Fixed assets | 21/28 | €10,242 | €9,637 | -€605 | -5.9% |
| Tangible fixed assets | 22/27 | €10,242 | €9,637 | -€605 | -5.9% |
| Land and buildings | 22 | €10,242 | €9,637 | -€605 | -5.9% |
| Current assets | 29/58 | €398,607 | €226,795 | -€171,812 | -43.1% |
| Amounts receivable within one year | 40/41 | €156,107 | €310 | -€155,797 | -99.8% |
| Other amounts receivable | 41 | €156,107 | €310 | -€155,797 | -99.8% |
| Current investments | 50/53 | €223,180 | €224,319 | +€1,139 | +0.5% |
| Cash at bank and in hand | 54/58 | €7,574 | €2,165 | -€5,408 | -71.4% |
| Deferred charges and accrued income | 490/1 | €11,746 | - | -€11,746 | |
| Total equity and liabilities | 10/49 | €408,849 | €236,432 | -€172,417 | -42.2% |
| Equity | 10/15 | €407,558 | €154,132 | -€253,425 | -62.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €395,000 | €155,000 | -€240,000 | -60.8% |
| Distributable reserves | 133 | €395,000 | €155,000 | -€240,000 | -60.8% |
| Profit (loss) carried forward | 14 | €158 | -€13,268 | -€13,425 | |
| Amounts payable | 17/49 | €1,291 | €82,300 | +€81,008 | +6,274% |
| Amounts payable within one year | 42/48 | €1,291 | €82,300 | +€81,008 | +6,274% |
| Trade debts | 44 | €1,291 | €400 | -€891 | -69.0% |
| Suppliers | 440/4 | €1,291 | €400 | -€891 | -69.0% |
| Other amounts payable | 47/48 | - | €81,900 | +€81,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €605 | €605 | = | 0.0% |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Gross operating margin | 9900 | -€9,708 | -€10,457 | -€749 | -7.7% |
| Operating profit (loss) | 9901 | -€10,986 | -€11,757 | -€771 | -7.0% |
| Financial income | 75/76B | €12,071 | €1,763 | -€10,308 | -85.4% |
| Recurring financial income | 75 | €12,071 | €1,763 | -€10,308 | -85.4% |
| Financial charges | 65/66B | €971 | €3,432 | +€2,461 | +253% |
| Recurring financial charges | 65 | €971 | €3,432 | +€2,461 | +253% |
| Profit (loss) for the period before taxes | 9903 | €114 | -€13,425 | -€13,539 | |
| Profit (loss) for the period | 9904 | €114 | -€13,425 | -€13,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €114 | -€13,425 | -€13,539 |
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 16 October 2026 via checked.be.