MICHEL-VALVERDE: 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-VALVERDE
Largest movements
- Stocks and contracts +€41,521
up €41,521 (+29.8%), from €139,326 to €180,846
- Receivables within one year -€40,350
down €40,350 (-78.9%), from €51,122 to €10,772
of which Trade receivables: -€43,679
- Cash -€26,402
down €26,402 (-61.0%), from €43,251 to €16,849
mainly Investment in fixed assets (net) (-€62,801) and Debts after one year (-€46,587)
- Tangible fixed assets +€17,585
up €17,585 (+5.8%), from €301,399 to €318,983
of which Plant, machinery and equipment: +€14,494
- Debts after one year -€46,587
down €46,587 (-37.7%), from €123,660 to €77,073
of which Other amounts payable: -€33,000
- Profit (loss) carried forward +€27,639
up €27,639 (+48.1%), from €57,446 to €85,085
- Trade debts +€25,042
up €25,042 (+17.9%), from €139,936 to €164,978
- Tax, wage and social debts -€8,137
down €8,137 (-99.3%), from €8,191 to €55
- Gross operating margin -€76,403
down €76,403 (-40.9%), from €186,643 to €110,240
- Other operating charges -€73,187
down €73,187 (-86.3%), from €84,786 to €11,599
- Depreciation +€12,781
up €12,781 (+39.1%), from €32,686 to €45,466
- Taxes +€3,690
up €3,690 (+28.9%), from €12,785 to €16,474
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 | €541,337 | €533,440 | -€7,897 | -1.5% |
| Fixed assets | 21/28 | €307,639 | €324,973 | +€17,335 | +5.6% |
| Tangible fixed assets | 22/27 | €301,399 | €318,983 | +€17,585 | +5.8% |
| Land and buildings | 22 | €238,431 | €230,098 | -€8,333 | -3.5% |
| Plant, machinery and equipment | 23 | €31,505 | €45,999 | +€14,494 | +46.0% |
| Furniture and vehicles | 24 | €31,463 | €42,886 | +€11,423 | +36.3% |
| Financial fixed assets | 28 | €6,240 | €5,990 | -€250 | -4.0% |
| Current assets | 29/58 | €233,698 | €208,467 | -€25,231 | -10.8% |
| Stocks and contracts in progress | 3 | €139,326 | €180,846 | +€41,521 | +29.8% |
| Stocks | 30/36 | €139,326 | €180,846 | +€41,521 | +29.8% |
| Amounts receivable within one year | 40/41 | €51,122 | €10,772 | -€40,350 | -78.9% |
| Trade receivables | 40 | €47,374 | €3,696 | -€43,679 | -92.2% |
| Other amounts receivable | 41 | €3,747 | €7,076 | +€3,329 | +88.8% |
| Cash at bank and in hand | 54/58 | €43,251 | €16,849 | -€26,402 | -61.0% |
| Total equity and liabilities | 10/49 | €541,337 | €533,440 | -€7,897 | -1.5% |
| Equity | 10/15 | €244,823 | €272,463 | +€27,639 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Revaluation surpluses | 12 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €8,778 | €8,778 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,278 | €2,278 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,278 | €2,278 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,446 | €85,085 | +€27,639 | +48.1% |
| Amounts payable | 17/49 | €296,513 | €260,977 | -€35,536 | -12.0% |
| Amounts payable after more than one year | 17 | €123,660 | €77,073 | -€46,587 | -37.7% |
| Financial debts | 170/4 | €35,024 | €21,437 | -€13,587 | -38.8% |
| Other amounts payable | 178/9 | €88,636 | €55,636 | -€33,000 | -37.2% |
| Amounts payable within one year | 42/48 | €172,853 | €183,904 | +€11,051 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €21,909 | €18,433 | -€3,476 | -15.9% |
| Trade debts | 44 | €139,936 | €164,978 | +€25,042 | +17.9% |
| Suppliers | 440/4 | €139,936 | €164,978 | +€25,042 | +17.9% |
| Taxes, remuneration and social security | 45 | €8,191 | €55 | -€8,137 | -99.3% |
| Taxes | 450/3 | €8,191 | €55 | -€8,137 | -99.3% |
| Other amounts payable | 47/48 | €2,817 | €438 | -€2,379 | -84.5% |
| Non-recurring operating income | 76A | - | €16,529 | +€16,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,686 | €45,466 | +€12,781 | +39.1% |
| Other operating charges | 640/8 | €84,786 | €11,599 | -€73,187 | -86.3% |
| Gross operating margin | 9900 | €186,643 | €110,240 | -€76,403 | -40.9% |
| Operating profit (loss) | 9901 | €69,171 | €53,175 | -€15,996 | -23.1% |
| Financial income | 75/76B | €0 | €114 | +€114 | +37,857% |
| Recurring financial income | 75 | €0 | €114 | +€114 | +37,857% |
| Financial charges | 65/66B | €9,610 | €9,175 | -€435 | -4.5% |
| Recurring financial charges | 65 | €9,610 | €9,175 | -€435 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €59,561 | €44,113 | -€15,448 | -25.9% |
| Income taxes | 67/77 | €12,785 | €16,474 | +€3,690 | +28.9% |
| Profit (loss) for the period | 9904 | €46,777 | €27,639 | -€19,137 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,777 | €27,639 | -€19,137 | -40.9% |
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 27 October 2026 via checked.be.