Michelle 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.
Michelle Consult
Largest movements
- Receivables within one year +€35,071
up €35,071 (+35.9%), from €97,669 to €132,740
of which Trade receivables: +€26,201
- Cash +€22,015
up €22,015 (+55.2%), from €39,879 to €61,894
mainly Net result for the year (+€57,785) and Depreciation (+€10,865)
- Tangible fixed assets -€6,865
down €6,865 (-4.5%), from €152,564 to €145,699
of which Other tangible fixed assets: -€4,472
- Deferred charges and accrued income +€5,490
up €5,490 (+1,018%), from €539 to €6,030
- Reserves +€57,785
up €57,785 (+35.9%), from €160,766 to €218,551
- Debts after one year -€18,964
down €18,964 (-31.8%), from €59,568 to €40,605
- Trade debts +€9,755
up €9,755 (+81.5%), from €11,969 to €21,724
- Tax, wage and social debts +€4,211
up €4,211 (+14.2%), from €29,644 to €33,855
of which Taxes: +€2,889
- Staff costs -€76,839
down €76,839 (-38.8%), from €198,156 to €121,317
- Taxes +€19,802
up €19,802 (+729%), from €2,716 to €22,518
- Gross operating margin -€17,781
down €17,781 (-7.6%), from €234,425 to €216,644
- Financial income +€3,163
up €3,163 (+80.7%), from €3,918 to €7,081
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 | €303,191 | €355,848 | +€52,656 | +17.4% |
| Fixed assets | 21/28 | €152,564 | €145,699 | -€6,865 | -4.5% |
| Tangible fixed assets | 22/27 | €152,564 | €145,699 | -€6,865 | -4.5% |
| Land and buildings | 22 | €15,127 | €14,742 | -€385 | -2.5% |
| Plant, machinery and equipment | 23 | €7,963 | €5,304 | -€2,659 | -33.4% |
| Furniture and vehicles | 24 | €3,390 | €4,041 | +€651 | +19.2% |
| Other tangible fixed assets | 26 | €126,084 | €121,611 | -€4,472 | -3.5% |
| Current assets | 29/58 | €150,628 | €210,149 | +€59,521 | +39.5% |
| Stocks and contracts in progress | 3 | €12,540 | €9,485 | -€3,055 | -24.4% |
| Stocks | 30/36 | €12,540 | €9,485 | -€3,055 | -24.4% |
| Amounts receivable within one year | 40/41 | €97,669 | €132,740 | +€35,071 | +35.9% |
| Trade receivables | 40 | €23,808 | €50,009 | +€26,201 | +110% |
| Other amounts receivable | 41 | €73,861 | €82,731 | +€8,869 | +12.0% |
| Cash at bank and in hand | 54/58 | €39,879 | €61,894 | +€22,015 | +55.2% |
| Deferred charges and accrued income | 490/1 | €539 | €6,030 | +€5,490 | +1,018% |
| Total equity and liabilities | 10/49 | €303,191 | €355,848 | +€52,656 | +17.4% |
| Equity | 10/15 | €179,366 | €237,151 | +€57,785 | +32.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €160,766 | €218,551 | +€57,785 | +35.9% |
| Distributable reserves | 133 | €160,766 | €218,551 | +€57,785 | +35.9% |
| Amounts payable | 17/49 | €123,825 | €118,696 | -€5,129 | -4.1% |
| Amounts payable after more than one year | 17 | €59,568 | €40,605 | -€18,964 | -31.8% |
| Financial debts | 170/4 | €59,568 | €40,605 | -€18,964 | -31.8% |
| Amounts payable within one year | 42/48 | €64,257 | €78,092 | +€13,835 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €18,123 | €18,964 | +€841 | +4.6% |
| Financial debts | 43 | €4,428 | €3,549 | -€879 | -19.9% |
| Credit institutions | 430/8 | €4,428 | €3,549 | -€879 | -19.9% |
| Trade debts | 44 | €11,969 | €21,724 | +€9,755 | +81.5% |
| Suppliers | 440/4 | €11,969 | €21,724 | +€9,755 | +81.5% |
| Taxes, remuneration and social security | 45 | €29,644 | €33,855 | +€4,211 | +14.2% |
| Taxes | 450/3 | €15,884 | €18,773 | +€2,889 | +18.2% |
| Remuneration and social security | 454/9 | €13,759 | €15,082 | +€1,322 | +9.6% |
| Other amounts payable | 47/48 | €92 | €0 | -€92 | -100% |
| Non-recurring operating income | 76A | €12,190 | €0 | -€12,190 | -100% |
| Remuneration, social security and pensions | 62 | €198,156 | €121,317 | -€76,839 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,734 | €10,865 | +€1,131 | +11.6% |
| Other operating charges | 640/8 | €2,452 | €2,997 | +€545 | +22.2% |
| Non-recurring operating charges | 66A | €120 | €344 | +€224 | +187% |
| Gross operating margin | 9900 | €234,425 | €216,644 | -€17,781 | -7.6% |
| Operating profit (loss) | 9901 | €23,964 | €81,121 | +€57,157 | +239% |
| Financial income | 75/76B | €3,918 | €7,081 | +€3,163 | +80.7% |
| Recurring financial income | 75 | €3,918 | €7,081 | +€3,163 | +80.7% |
| Financial charges | 65/66B | €6,759 | €7,900 | +€1,141 | +16.9% |
| Recurring financial charges | 65 | €6,759 | €7,900 | +€1,141 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €21,123 | €80,303 | +€59,179 | +280% |
| Income taxes | 67/77 | €2,716 | €22,518 | +€19,802 | +729% |
| Profit (loss) for the period | 9904 | €18,408 | €57,785 | +€39,377 | +214% |
| Profit (loss) for the period to be appropriated | 9905 | €18,408 | €57,785 | +€39,377 | +214% |
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 24 October 2026 via checked.be.