MICHELET CONSULT: 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.
MICHELET CONSULT
Largest movements
- Tangible fixed assets +€94,802
up €94,802 (+6.4%), from €1.5m to €1.6m
of which Other tangible fixed assets: +€70,286
- Receivables within one year +€68,702
up €68,702 (+119.1%), from €57,692 to €126,395
of which Trade receivables: +€72,511
- Reserves -€500,000
down €500,000 (-97.1%), from €514,750 to €14,750
of which Distributable reserves: -€500,000
- Other debts +€495,760
up €495,760 (+610.5%), from €81,205 to €576,965
- Trade debts +€179,556
up €179,556 (+113.7%), from €157,881 to €337,437
- Profit (loss) carried forward -€35,430
down €35,430 (-7.6%), from €465,213 to €429,783
- Debts after one year -€27,520
down €27,520 (-7.3%), from €379,071 to €351,551
- Gross operating margin -€155,375
down €155,375 (-66.7%), from €233,010 to €77,635
- Write-downs -€15,000
no longer reported in 2024 (was €15,000)
- Depreciation +€10,662
up €10,662 (+11.5%), from €93,106 to €103,768
- Other operating charges -€4,135
down €4,135 (-80.7%), from €5,123 to €988
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,716,157 | €1,855,755 | +€139,598 | +8.1% |
| Fixed assets | 21/28 | €1,629,511 | €1,708,392 | +€78,882 | +4.8% |
| Intangible fixed assets | 21 | €37,299 | €21,379 | -€15,920 | -42.7% |
| Tangible fixed assets | 22/27 | €1,479,689 | €1,574,491 | +€94,802 | +6.4% |
| Land and buildings | 22 | €259,185 | €259,185 | = | 0.0% |
| Furniture and vehicles | 24 | €2,101 | €26,617 | +€24,516 | +1166.8% |
| Other tangible fixed assets | 26 | €1,218,403 | €1,288,689 | +€70,286 | +5.8% |
| Financial fixed assets | 28 | €112,523 | €112,523 | = | 0.0% |
| Current assets | 29/58 | €86,646 | €147,362 | +€60,716 | +70.1% |
| Amounts receivable within one year | 40/41 | €57,692 | €126,395 | +€68,702 | +119.1% |
| Trade receivables | 40 | €43,870 | €116,381 | +€72,511 | +165.3% |
| Other amounts receivable | 41 | €13,822 | €10,013 | -€3,808 | -27.6% |
| Cash at bank and in hand | 54/58 | €27,816 | €19,293 | -€8,522 | -30.6% |
| Deferred charges and accrued income | 490/1 | €1,139 | €1,674 | +€536 | +47.0% |
| Total equity and liabilities | 10/49 | €1,716,157 | €1,855,755 | +€139,598 | +8.1% |
| Equity | 10/15 | €1,070,981 | €535,550 | -€535,430 | -50.0% |
| Contributions | 10/11 | €91,018 | €91,018 | = | 0.0% |
| Reserves | 13 | €514,750 | €14,750 | -€500,000 | -97.1% |
| Non-distributable reserves | 130/1 | €14,000 | €14,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,000 | €14,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €750 | €750 | = | 0.0% |
| Distributable reserves | 133 | €500,000 | - | -€500,000 | |
| Profit (loss) carried forward | 14 | €465,213 | €429,783 | -€35,430 | -7.6% |
| Amounts payable | 17/49 | €645,176 | €1,320,204 | +€675,028 | +104.6% |
| Amounts payable after more than one year | 17 | €379,071 | €351,551 | -€27,520 | -7.3% |
| Financial debts | 170/4 | €379,071 | €351,551 | -€27,520 | -7.3% |
| Amounts payable within one year | 42/48 | €266,106 | €968,654 | +€702,548 | +264.0% |
| Current portion of amounts payable after more than one year | 42 | €27,020 | €27,520 | +€500 | +1.9% |
| Trade debts | 44 | €157,881 | €337,437 | +€179,556 | +113.7% |
| Suppliers | 440/4 | €157,881 | €337,437 | +€179,556 | +113.7% |
| Taxes, remuneration and social security | 45 | - | €26,732 | +€26,732 | |
| Taxes | 450/3 | - | €26,732 | +€26,732 | |
| Other amounts payable | 47/48 | €81,205 | €576,965 | +€495,760 | +610.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,106 | €103,768 | +€10,662 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,000 | - | -€15,000 | |
| Other operating charges | 640/8 | €5,123 | €988 | -€4,135 | -80.7% |
| Gross operating margin | 9900 | €233,010 | €77,635 | -€155,375 | -66.7% |
| Operating profit (loss) | 9901 | €119,782 | -€27,121 | -€146,903 | |
| Financial income | 75/76B | €553 | €3 | -€550 | -99.5% |
| Recurring financial income | 75 | €553 | €3 | -€550 | -99.5% |
| Financial charges | 65/66B | €8,618 | €7,966 | -€652 | -7.6% |
| Recurring financial charges | 65 | €8,618 | €7,966 | -€652 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €111,717 | -€35,084 | -€146,801 | |
| Income taxes | 67/77 | - | €346 | +€346 | |
| Profit (loss) for the period | 9904 | €111,717 | -€35,430 | -€147,147 | |
| Transfer to tax-exempt reserves | 689 | €750 | - | -€750 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,967 | -€35,430 | -€146,397 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.