MICHELS: 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.
MICHELS
Largest movements
- Cash -€40,865
down €40,865 (-7.6%), from €534,796 to €493,931
mainly Trade debts (-€49,420) and Tax, wage and social debts (-€19,507)
- Receivables within one year -€25,417
down €25,417 (-17.6%), from €144,625 to €119,207
of which Other amounts receivable: -€13,793
- Trade debts -€49,420
down €49,420 (-82.0%), from €60,240 to €10,820
- Tax, wage and social debts -€19,507
down €19,507 (-93.8%), from €20,788 to €1,281
of which Taxes: -€19,004
- Gross operating margin -€17,249
down €17,249 (-51.3%), from €33,626 to €16,378
- Taxes -€4,533
down €4,533 (-67.0%), from €6,770 to €2,237
- Other operating charges -€3,233
down €3,233 (-67.6%), from €4,781 to €1,548
- Staff costs -€977
down €977 (-31.1%), from €3,143 to €2,166
- Financial income -€444
down €444 (-95.9%), from €464 to €19
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 | €698,620 | €633,107 | -€65,513 | -9.4% |
| Fixed assets | 21/28 | €8,417 | €4,751 | -€3,666 | -43.6% |
| Tangible fixed assets | 22/27 | €8,417 | €4,751 | -€3,666 | -43.6% |
| Land and buildings | 22 | €8,362 | €4,751 | -€3,611 | -43.2% |
| Furniture and vehicles | 24 | €55 | €0 | -€55 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €690,203 | €628,356 | -€61,847 | -9.0% |
| Stocks and contracts in progress | 3 | €5,991 | €10,138 | +€4,147 | +69.2% |
| Stocks | 30/36 | €5,991 | €10,138 | +€4,147 | +69.2% |
| Amounts receivable within one year | 40/41 | €144,625 | €119,207 | -€25,417 | -17.6% |
| Trade receivables | 40 | €117,099 | €105,474 | -€11,625 | -9.9% |
| Other amounts receivable | 41 | €27,526 | €13,733 | -€13,793 | -50.1% |
| Cash at bank and in hand | 54/58 | €534,796 | €493,931 | -€40,865 | -7.6% |
| Deferred charges and accrued income | 490/1 | €4,792 | €5,080 | +€288 | +6.0% |
| Total equity and liabilities | 10/49 | €698,620 | €633,107 | -€65,513 | -9.4% |
| Equity | 10/15 | €574,187 | €577,884 | +€3,697 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €555,587 | €559,284 | +€3,697 | +0.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €553,727 | €557,424 | +€3,697 | +0.7% |
| Amounts payable | 17/49 | €124,433 | €55,224 | -€69,210 | -55.6% |
| Amounts payable within one year | 42/48 | €124,433 | €55,224 | -€69,210 | -55.6% |
| Trade debts | 44 | €60,240 | €10,820 | -€49,420 | -82.0% |
| Suppliers | 440/4 | €60,240 | €10,820 | -€49,420 | -82.0% |
| Taxes, remuneration and social security | 45 | €20,788 | €1,281 | -€19,507 | -93.8% |
| Taxes | 450/3 | €20,285 | €1,281 | -€19,004 | -93.7% |
| Remuneration and social security | 454/9 | €503 | €0 | -€503 | -100.0% |
| Other amounts payable | 47/48 | €43,405 | €43,122 | -€283 | -0.7% |
| Remuneration, social security and pensions | 62 | €3,143 | €2,166 | -€977 | -31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,959 | €3,666 | -€293 | -7.4% |
| Other operating charges | 640/8 | €4,781 | €1,548 | -€3,233 | -67.6% |
| Gross operating margin | 9900 | €33,626 | €16,378 | -€17,249 | -51.3% |
| Operating profit (loss) | 9901 | €21,744 | €8,998 | -€12,746 | -58.6% |
| Financial income | 75/76B | €464 | €19 | -€444 | -95.9% |
| Recurring financial income | 75 | €464 | €19 | -€444 | -95.9% |
| Financial charges | 65/66B | €3,424 | €3,084 | -€340 | -9.9% |
| Recurring financial charges | 65 | €3,424 | €3,084 | -€340 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €18,784 | €5,934 | -€12,850 | -68.4% |
| Income taxes | 67/77 | €6,770 | €2,237 | -€4,533 | -67.0% |
| Profit (loss) for the period | 9904 | €12,013 | €3,697 | -€8,317 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,013 | €3,697 | -€8,317 | -69.2% |
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 4 October 2026 via checked.be.