MICHELLE NEVEN: 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 NEVEN
Largest movements
- Cash +€14,232
up €14,232 (+147%), from €9,652 to €23,884
mainly Net result for the year (+€17,954) and Receivables within one year (+€10,756)
- Receivables within one year -€10,756
down €10,756 (-60.7%), from €17,718 to €6,962
of which Trade receivables: -€14,639
- Tangible fixed assets -€4,072
down €4,072 (-50.0%), from €8,143 to €4,072
- Formation expenses -€462
no longer reported in 2025 (was €462)
- Current portion of long-term debt -€4,162
down €4,162 (-35.1%), from €11,858 to €7,696
- Tax, wage and social debts +€2,127
up €2,127 (+52.9%), from €4,023 to €6,150
- Other debts +€1,003
up €1,003 (+16.6%), from €6,028 to €7,030
- Gross operating margin +€9,669
up €9,669 (+45.5%), from €21,234 to €30,903
- Other operating charges +€1,707
up €1,707 (+170%), from €1,005 to €2,712
- Taxes +€1,487
up €1,487 (+41.0%), from €3,631 to €5,118
- Depreciation +€462
up €462 (+11.3%), from €4,072 to €4,533
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 | €35,975 | €34,917 | -€1,057 | -2.9% |
| Formation expenses | 20 | €462 | - | -€462 | |
| Fixed assets | 21/28 | €8,143 | €4,072 | -€4,072 | -50.0% |
| Tangible fixed assets | 22/27 | €8,143 | €4,072 | -€4,072 | -50.0% |
| Furniture and vehicles | 24 | €8,143 | €4,072 | -€4,072 | -50.0% |
| Current assets | 29/58 | €27,370 | €30,846 | +€3,476 | +12.7% |
| Amounts receivable within one year | 40/41 | €17,718 | €6,962 | -€10,756 | -60.7% |
| Trade receivables | 40 | €17,718 | €3,080 | -€14,639 | -82.6% |
| Other amounts receivable | 41 | - | €3,882 | +€3,882 | |
| Cash at bank and in hand | 54/58 | €9,652 | €23,884 | +€14,232 | +147% |
| Total equity and liabilities | 10/49 | €35,975 | €34,917 | -€1,057 | -2.9% |
| Equity | 10/15 | €13,737 | €14,041 | +€304 | +2.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,737 | €12,041 | +€304 | +2.6% |
| Distributable reserves | 133 | €11,737 | €12,041 | +€304 | +2.6% |
| Amounts payable | 17/49 | €22,238 | €20,876 | -€1,362 | -6.1% |
| Amounts payable within one year | 42/48 | €22,238 | €20,876 | -€1,362 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €11,858 | €7,696 | -€4,162 | -35.1% |
| Trade debts | 44 | €329 | - | -€329 | |
| Suppliers | 440/4 | €329 | - | -€329 | |
| Taxes, remuneration and social security | 45 | €4,023 | €6,150 | +€2,127 | +52.9% |
| Taxes | 450/3 | €4,023 | €6,150 | +€2,127 | +52.9% |
| Other amounts payable | 47/48 | €6,028 | €7,030 | +€1,003 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,072 | €4,533 | +€462 | +11.3% |
| Other operating charges | 640/8 | €1,005 | €2,712 | +€1,707 | +170% |
| Gross operating margin | 9900 | €21,234 | €30,903 | +€9,669 | +45.5% |
| Operating profit (loss) | 9901 | €16,157 | €23,658 | +€7,501 | +46.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €563 | €586 | +€23 | +4.0% |
| Recurring financial charges | 65 | €563 | €586 | +€23 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €15,594 | €23,072 | +€7,478 | +48.0% |
| Income taxes | 67/77 | €3,631 | €5,118 | +€1,487 | +41.0% |
| Profit (loss) for the period | 9904 | €11,964 | €17,954 | +€5,991 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,964 | €17,954 | +€5,991 | +50.1% |
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 29 October 2026 via checked.be.