MICHEL TAHON: 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 TAHON
Largest movements
- Receivables within one year -€88,937
down €88,937 (-65.4%), from €135,925 to €46,988
of which Trade receivables: -€96,375
- Cash +€69,477
up €69,477 (+423%), from €16,431 to €85,909
mainly Net result for the year (+€129,598) and Receivables within one year (+€88,937)
- Tangible fixed assets -€27,679
down €27,679 (-21.4%), from €129,250 to €101,571
of which Furniture and vehicles: -€25,441
- Other debts -€105,320
down €105,320 (-77.5%), from €135,848 to €30,528
- Reserves +€86,500
new in 2025: €86,500
- Tax, wage and social debts -€28,676
down €28,676 (-37.1%), from €77,236 to €48,561
- Debts after one year -€17,092
down €17,092 (-33.9%), from €50,469 to €33,377
- Trade debts +€16,039
up €16,039 (+1,683%), from €953 to €16,992
- Depreciation +€15,032
up €15,032 (+119%), from €12,647 to €27,679
- Taxes +€4,340
up €4,340 (+9.6%), from €45,354 to €49,694
- Financial charges +€3,408
up €3,408 (+237%), from €1,436 to €4,844
- Gross operating margin +€2,413
up €2,413 (+1.1%), from €210,785 to €213,198
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 | €281,606 | €234,468 | -€47,138 | -16.7% |
| Fixed assets | 21/28 | €129,250 | €101,571 | -€27,679 | -21.4% |
| Tangible fixed assets | 22/27 | €129,250 | €101,571 | -€27,679 | -21.4% |
| Land and buildings | 22 | €5,026 | €3,061 | -€1,965 | -39.1% |
| Plant, machinery and equipment | 23 | €2,638 | €2,365 | -€273 | -10.3% |
| Furniture and vehicles | 24 | €121,586 | €96,145 | -€25,441 | -20.9% |
| Current assets | 29/58 | €152,356 | €132,897 | -€19,459 | -12.8% |
| Amounts receivable within one year | 40/41 | €135,925 | €46,988 | -€88,937 | -65.4% |
| Trade receivables | 40 | €135,925 | €39,550 | -€96,375 | -70.9% |
| Other amounts receivable | 41 | - | €7,439 | +€7,439 | |
| Cash at bank and in hand | 54/58 | €16,431 | €85,909 | +€69,477 | +423% |
| Total equity and liabilities | 10/49 | €281,606 | €234,468 | -€47,138 | -16.7% |
| Equity | 10/15 | €1,320 | €87,919 | +€86,598 | +6,559% |
| Reserves | 13 | - | €86,500 | +€86,500 | |
| Distributable reserves | 133 | - | €86,500 | +€86,500 | |
| Profit (loss) carried forward | 14 | €1,320 | €1,419 | +€98 | +7.4% |
| Amounts payable | 17/49 | €280,286 | €146,549 | -€133,737 | -47.7% |
| Amounts payable after more than one year | 17 | €50,469 | €33,377 | -€17,092 | -33.9% |
| Financial debts | 170/4 | €50,469 | €33,377 | -€17,092 | -33.9% |
| Amounts payable within one year | 42/48 | €229,817 | €113,173 | -€116,645 | -50.8% |
| Current portion of amounts payable after more than one year | 42 | €15,780 | €17,092 | +€1,312 | +8.3% |
| Trade debts | 44 | €953 | €16,992 | +€16,039 | +1,683% |
| Suppliers | 440/4 | €953 | €16,992 | +€16,039 | +1,683% |
| Taxes, remuneration and social security | 45 | €77,236 | €48,561 | -€28,676 | -37.1% |
| Taxes | 450/3 | €77,236 | €48,561 | -€28,676 | -37.1% |
| Other amounts payable | 47/48 | €135,848 | €30,528 | -€105,320 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,647 | €27,679 | +€15,032 | +119% |
| Other operating charges | 640/8 | €1,613 | €1,384 | -€229 | -14.2% |
| Gross operating margin | 9900 | €210,785 | €213,198 | +€2,413 | +1.1% |
| Operating profit (loss) | 9901 | €196,525 | €184,135 | -€12,390 | -6.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +250% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +250% |
| Financial charges | 65/66B | €1,436 | €4,844 | +€3,408 | +237% |
| Recurring financial charges | 65 | €1,436 | €4,844 | +€3,408 | +237% |
| Profit (loss) for the period before taxes | 9903 | €195,089 | €179,293 | -€15,797 | -8.1% |
| Income taxes | 67/77 | €45,354 | €49,694 | +€4,340 | +9.6% |
| Profit (loss) for the period | 9904 | €149,735 | €129,598 | -€20,137 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,735 | €129,598 | -€20,137 | -13.4% |
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 21 October 2026 via checked.be.