Michelle Deceuninck: 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 Deceuninck
Largest movements
- Cash +€33,762
up €33,762 (+58.9%), from €57,318 to €91,081
mainly Other debts (+€52,898) and Net result for the year (+€38,343)
- Tangible fixed assets -€11,292
down €11,292 (-43.7%), from €25,840 to €14,548
of which Furniture and vehicles: -€9,720
- Intangible fixed assets -€8,571
down €8,571 (-25.0%), from €34,286 to €25,714
- Deferred charges and accrued income +€6,008
up €6,008 (+72.0%), from €8,342 to €14,350
- Other debts +€52,898
up €52,898 (+124%), from €42,789 to €95,687
- Reserves -€35,028
down €35,028 (-48.3%), from €72,537 to €37,510
- Accrued charges and deferred income +€2,708
up €2,708 (+116%), from €2,344 to €5,052
- Current portion of long-term debt -€2,479
no longer reported in 2025 (was €2,479)
- Gross operating margin +€27,212
up €27,212 (+49.8%), from €54,663 to €81,875
- Taxes +€8,704
up €8,704 (+126%), from €6,891 to €15,594
- Financial charges +€1,623
up €1,623 (+43.7%), from €3,717 to €5,340
- Depreciation -€1,001
down €1,001 (-4.4%), from €22,702 to €21,701
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 | €125,786 | €145,693 | +€19,907 | +15.8% |
| Fixed assets | 21/28 | €60,126 | €40,262 | -€19,864 | -33.0% |
| Intangible fixed assets | 21 | €34,286 | €25,714 | -€8,571 | -25.0% |
| Tangible fixed assets | 22/27 | €25,840 | €14,548 | -€11,292 | -43.7% |
| Furniture and vehicles | 24 | €13,378 | €3,658 | -€9,720 | -72.7% |
| Other tangible fixed assets | 26 | €12,462 | €10,890 | -€1,572 | -12.6% |
| Current assets | 29/58 | €65,660 | €105,431 | +€39,770 | +60.6% |
| Cash at bank and in hand | 54/58 | €57,318 | €91,081 | +€33,762 | +58.9% |
| Deferred charges and accrued income | 490/1 | €8,342 | €14,350 | +€6,008 | +72.0% |
| Total equity and liabilities | 10/49 | €125,786 | €145,693 | +€19,907 | +15.8% |
| Equity | 10/15 | €75,537 | €40,510 | -€35,028 | -46.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,537 | €37,510 | -€35,028 | -48.3% |
| Distributable reserves | 133 | €72,537 | €37,510 | -€35,028 | -48.3% |
| Amounts payable | 17/49 | €50,249 | €105,183 | +€54,934 | +109% |
| Amounts payable within one year | 42/48 | €47,905 | €100,132 | +€52,227 | +109% |
| Current portion of amounts payable after more than one year | 42 | €2,479 | - | -€2,479 | |
| Trade debts | 44 | €1,242 | €2,292 | +€1,051 | +84.6% |
| Suppliers | 440/4 | €1,242 | €2,292 | +€1,051 | +84.6% |
| Taxes, remuneration and social security | 45 | €1,395 | €2,152 | +€757 | +54.2% |
| Taxes | 450/3 | €1,395 | €2,152 | +€757 | +54.2% |
| Other amounts payable | 47/48 | €42,789 | €95,687 | +€52,898 | +124% |
| Accrued charges and deferred income | 492/3 | €2,344 | €5,052 | +€2,708 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,702 | €21,701 | -€1,001 | -4.4% |
| Other operating charges | 640/8 | €878 | €905 | +€26 | +3.0% |
| Gross operating margin | 9900 | €54,663 | €81,875 | +€27,212 | +49.8% |
| Operating profit (loss) | 9901 | €31,083 | €59,270 | +€28,187 | +90.7% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €3,717 | €5,340 | +€1,623 | +43.7% |
| Recurring financial charges | 65 | €3,717 | €5,340 | +€1,623 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €27,366 | €53,937 | +€26,571 | +97.1% |
| Income taxes | 67/77 | €6,891 | €15,594 | +€8,704 | +126% |
| Profit (loss) for the period | 9904 | €20,475 | €38,343 | +€17,867 | +87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,475 | €38,343 | +€17,867 | +87.3% |
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 21 October 2026 via checked.be.