MICHELDENOLF: what changed
Two fiscal 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.
MICHELDENOLF
Largest movements
- Stocks and contracts +€115,296
up €115,296 (+17.9%), from €643,681 to €758,977
- Receivables within one year -€32,897
down €32,897 (-22.1%), from €149,166 to €116,269
of which Trade receivables: -€32,800
- Cash -€31,981
down €31,981 (-39.7%), from €80,615 to €48,635
mainly Stocks and contracts (-€115,296) and Investment in fixed assets (net) (-€34,641)
- Deferred charges and accrued income +€13,461
up €13,461, from €0 to €13,461
- Tangible fixed assets +€10,508
up €10,508 (+15.1%), from €69,606 to €80,114
of which Plant, machinery and equipment: +€14,445
- Profit (loss) carried forward +€33,536
up €33,536 (+39.3%), from -€85,428 to -€51,892
- Debts after one year +€19,952
up €19,952 (+3.0%), from €674,181 to €694,133
- Trade debts +€16,682
up €16,682 (+32.2%), from €51,836 to €68,518
- Gross operating margin -€85,783
down €85,783 (-10.3%), from €832,709 to €746,926
- Staff costs -€20,611
down €20,611 (-3.2%), from €651,291 to €630,680
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.
Cash bridge derived
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 | €943,068 | €1,017,456 | +€74,387 | +7.9% |
| Fixed assets | 21/28 | €69,606 | €80,114 | +€10,508 | +15.1% |
| Tangible fixed assets | 22/27 | €69,606 | €80,114 | +€10,508 | +15.1% |
| Land and buildings | 22 | €7,628 | €7,355 | -€273 | -3.6% |
| Plant, machinery and equipment | 23 | €52,387 | €66,831 | +€14,445 | +27.6% |
| Furniture and vehicles | 24 | €9,592 | €5,928 | -€3,664 | -38.2% |
| Current assets | 29/58 | €873,462 | €937,341 | +€63,880 | +7.3% |
| Stocks and contracts in progress | 3 | €643,681 | €758,977 | +€115,296 | +17.9% |
| Stocks | 30/36 | €643,681 | €758,977 | +€115,296 | +17.9% |
| Amounts receivable within one year | 40/41 | €149,166 | €116,269 | -€32,897 | -22.1% |
| Trade receivables | 40 | €118,474 | €85,673 | -€32,800 | -27.7% |
| Other amounts receivable | 41 | €30,692 | €30,596 | -€96 | -0.3% |
| Cash at bank and in hand | 54/58 | €80,615 | €48,635 | -€31,981 | -39.7% |
| Deferred charges and accrued income | 490/1 | €0 | €13,461 | +€13,461 | |
| Total equity and liabilities | 10/49 | €943,068 | €1,017,456 | +€74,387 | +7.9% |
| Equity | 10/15 | €165,059 | €198,595 | +€33,536 | +20.3% |
| Contributions | 10/11 | €246,000 | €246,000 | = | 0.0% |
| Capital | 10 | €246,000 | €246,000 | = | 0.0% |
| Issued capital | 100 | €246,000 | €246,000 | = | 0.0% |
| Reserves | 13 | €4,487 | €4,487 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,487 | €4,487 | = | 0.0% |
| Legal reserve | 130 | €4,487 | €4,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,428 | -€51,892 | +€33,536 | +39.3% |
| Amounts payable | 17/49 | €778,009 | €818,861 | +€40,852 | +5.3% |
| Amounts payable after more than one year | 17 | €674,181 | €694,133 | +€19,952 | +3.0% |
| Financial debts | 170/4 | €674,181 | €694,133 | +€19,952 | +3.0% |
| Amounts payable within one year | 42/48 | €81,965 | €93,311 | +€11,346 | +13.8% |
| Trade debts | 44 | €51,836 | €68,518 | +€16,682 | +32.2% |
| Suppliers | 440/4 | €51,836 | €68,518 | +€16,682 | +32.2% |
| Taxes, remuneration and social security | 45 | €29,297 | €24,792 | -€4,504 | -15.4% |
| Taxes | 450/3 | €15,452 | €11,257 | -€4,195 | -27.1% |
| Remuneration and social security | 454/9 | €13,845 | €13,535 | -€310 | -2.2% |
| Other amounts payable | 47/48 | €832 | €0 | -€832 | -100.0% |
| Accrued charges and deferred income | 492/3 | €21,864 | €31,417 | +€9,554 | +43.7% |
| Remuneration, social security and pensions | 62 | €651,291 | €630,680 | -€20,611 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,522 | €24,133 | +€1,611 | +7.2% |
| Other operating charges | 640/8 | €41,740 | €43,298 | +€1,557 | +3.7% |
| Gross operating margin | 9900 | €832,709 | €746,926 | -€85,783 | -10.3% |
| Operating profit (loss) | 9901 | €117,156 | €48,816 | -€68,340 | -58.3% |
| Financial income | 75/76B | €708 | €0 | -€708 | -100.0% |
| Recurring financial income | 75 | €708 | €0 | -€708 | -100.0% |
| Financial charges | 65/66B | €12,786 | €15,280 | +€2,494 | +19.5% |
| Recurring financial charges | 65 | €12,786 | €15,280 | +€2,494 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €105,078 | €33,536 | -€71,542 | -68.1% |
| Profit (loss) for the period | 9904 | €105,078 | €33,536 | -€71,542 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,078 | €33,536 | -€71,542 | -68.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.