MICHELS: 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.
MICHELS
Largest movements
- Cash -€52,028
down €52,028 (-43.2%), from €120,499 to €68,472
mainly Investment in fixed assets (net) (-€35,055) and Receivables within one year (-€20,560)
- Tangible fixed assets +€22,807
up €22,807 (+93.8%), from €24,305 to €47,111
of which Furniture and vehicles: +€25,161
- Receivables within one year +€20,560
up €20,560 (+1,006%), from €2,044 to €22,604
of which Trade receivables: +€20,068
- Receivables after one year +€20,000
new in 2025: €20,000
- Reserves +€13,613
up €13,613 (+18.5%), from €73,761 to €87,374
- Debts after one year -€7,668
down €7,668 (-30.3%), from €25,302 to €17,634
- Tax, wage and social debts +€3,394
up €3,394 (+24.9%), from €13,627 to €17,021
of which Taxes: +€3,394
- Gross operating margin +€5,272
up €5,272 (+19.1%), from €27,642 to €32,914
- Depreciation +€4,047
up €4,047 (+49.3%), from €8,202 to €12,249
- Taxes +€2,000
up €2,000 (+47.1%), from €4,248 to €6,248
- Financial charges -€689
down €689 (-48.2%), from €1,430 to €741
- Other operating charges -€533
down €533 (-89.4%), from €596 to €63
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 | €147,446 | €158,852 | +€11,406 | +7.7% |
| Fixed assets | 21/28 | €24,305 | €47,111 | +€22,807 | +93.8% |
| Tangible fixed assets | 22/27 | €24,305 | €47,111 | +€22,807 | +93.8% |
| Land and buildings | 22 | €2,495 | €1,216 | -€1,280 | -51.3% |
| Plant, machinery and equipment | 23 | €3,153 | €2,078 | -€1,075 | -34.1% |
| Furniture and vehicles | 24 | €18,656 | €43,817 | +€25,161 | +135% |
| Current assets | 29/58 | €123,141 | €111,740 | -€11,401 | -9.3% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €2,044 | €22,604 | +€20,560 | +1,006% |
| Trade receivables | 40 | €2,044 | €22,112 | +€20,068 | +982% |
| Other amounts receivable | 41 | - | €492 | +€492 | |
| Cash at bank and in hand | 54/58 | €120,499 | €68,472 | -€52,028 | -43.2% |
| Deferred charges and accrued income | 490/1 | €597 | €664 | +€67 | +11.2% |
| Total equity and liabilities | 10/49 | €147,446 | €158,852 | +€11,406 | +7.7% |
| Equity | 10/15 | €92,353 | €105,966 | +€13,613 | +14.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €73,761 | €87,374 | +€13,613 | +18.5% |
| Distributable reserves | 133 | €73,761 | €87,374 | +€13,613 | +18.5% |
| Amounts payable | 17/49 | €55,093 | €52,886 | -€2,207 | -4.0% |
| Amounts payable after more than one year | 17 | €25,302 | €17,634 | -€7,668 | -30.3% |
| Financial debts | 170/4 | €25,302 | €17,634 | -€7,668 | -30.3% |
| Amounts payable within one year | 42/48 | €29,791 | €35,252 | +€5,461 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €7,524 | €7,652 | +€128 | +1.7% |
| Trade debts | 44 | €4,072 | €4,938 | +€866 | +21.3% |
| Suppliers | 440/4 | €4,072 | €4,938 | +€866 | +21.3% |
| Taxes, remuneration and social security | 45 | €13,627 | €17,021 | +€3,394 | +24.9% |
| Taxes | 450/3 | €7,813 | €11,207 | +€3,394 | +43.4% |
| Remuneration and social security | 454/9 | €5,814 | €5,814 | = | 0.0% |
| Other amounts payable | 47/48 | €4,567 | €5,641 | +€1,074 | +23.5% |
| Non-recurring operating income | 76A | - | €6,064 | +€6,064 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,202 | €12,249 | +€4,047 | +49.3% |
| Other operating charges | 640/8 | €596 | €63 | -€533 | -89.4% |
| Gross operating margin | 9900 | €27,642 | €32,914 | +€5,272 | +19.1% |
| Operating profit (loss) | 9901 | €18,844 | €20,602 | +€1,758 | +9.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -93.1% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -93.1% |
| Financial charges | 65/66B | €1,430 | €741 | -€689 | -48.2% |
| Recurring financial charges | 65 | €1,430 | €741 | -€689 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €17,415 | €19,861 | +€2,446 | +14.0% |
| Income taxes | 67/77 | €4,248 | €6,248 | +€2,000 | +47.1% |
| Profit (loss) for the period | 9904 | €13,167 | €13,613 | +€446 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,167 | €13,613 | +€446 | +3.4% |
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 13 October 2026 via checked.be.