MICHELS CONSTRUCT: 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 CONSTRUCT
Largest movements
- Stocks and contracts +€164,615
up €164,615 (+92.0%), from €179,000 to €343,615
- Cash -€89,086
down €89,086 (-88.8%), from €100,292 to €11,206
mainly Stocks and contracts (-€164,615) and Trade debts (-€158,679)
- Receivables within one year -€11,469
down €11,469 (-23.2%), from €49,519 to €38,049
of which Other amounts receivable: -€13,857
- Tangible fixed assets -€8,435
down €8,435 (-28.8%), from €29,301 to €20,866
of which Furniture and vehicles: -€6,250
- Other debts +€200,000
up €200,000 (+400.0%), from €50,000 to €250,000
- Trade debts -€158,679
down €158,679 (-87.4%), from €181,619 to €22,940
- Profit (loss) carried forward +€29,093
up €29,093 (+35.9%), from €80,968 to €110,061
- Debts after one year -€8,762
no longer reported in 2025 (was €8,762)
- Tax, wage and social debts -€4,507
down €4,507 (-67.8%), from €6,652 to €2,145
of which Remuneration and social security: -€4,159
- Staff costs +€57,970
up €57,970 (+304.9%), from €19,015 to €76,985
- Gross operating margin +€22,424
up €22,424 (+20.4%), from €109,801 to €132,225
- Taxes +€16,234
new in 2025: €16,234
- Depreciation +€1,689
up €1,689 (+24.0%), from €7,039 to €8,728
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 | €358,577 | €413,908 | +€55,331 | +15.4% |
| Formation expenses | 20 | €465 | €172 | -€293 | -63.1% |
| Fixed assets | 21/28 | €29,301 | €20,866 | -€8,435 | -28.8% |
| Tangible fixed assets | 22/27 | €29,301 | €20,866 | -€8,435 | -28.8% |
| Plant, machinery and equipment | 23 | €10,568 | €8,383 | -€2,185 | -20.7% |
| Furniture and vehicles | 24 | €18,733 | €12,483 | -€6,250 | -33.4% |
| Current assets | 29/58 | €328,811 | €392,870 | +€64,060 | +19.5% |
| Stocks and contracts in progress | 3 | €179,000 | €343,615 | +€164,615 | +92.0% |
| Contracts in progress | 37 | €179,000 | €343,615 | +€164,615 | +92.0% |
| Amounts receivable within one year | 40/41 | €49,519 | €38,049 | -€11,469 | -23.2% |
| Trade receivables | 40 | - | €2,388 | +€2,388 | |
| Other amounts receivable | 41 | €49,519 | €35,662 | -€13,857 | -28.0% |
| Cash at bank and in hand | 54/58 | €100,292 | €11,206 | -€89,086 | -88.8% |
| Total equity and liabilities | 10/49 | €358,577 | €413,908 | +€55,331 | +15.4% |
| Equity | 10/15 | €100,968 | €130,061 | +€29,093 | +28.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,968 | €110,061 | +€29,093 | +35.9% |
| Amounts payable | 17/49 | €257,609 | €283,848 | +€26,238 | +10.2% |
| Amounts payable after more than one year | 17 | €8,762 | - | -€8,762 | |
| Financial debts | 170/4 | €8,762 | - | -€8,762 | |
| Amounts payable within one year | 42/48 | €246,597 | €283,848 | +€37,251 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €8,326 | €8,762 | +€436 | +5.2% |
| Trade debts | 44 | €181,619 | €22,940 | -€158,679 | -87.4% |
| Suppliers | 440/4 | €181,619 | €22,940 | -€158,679 | -87.4% |
| Taxes, remuneration and social security | 45 | €6,652 | €2,145 | -€4,507 | -67.8% |
| Taxes | 450/3 | €349 | - | -€349 | |
| Remuneration and social security | 454/9 | €6,304 | €2,145 | -€4,159 | -66.0% |
| Other amounts payable | 47/48 | €50,000 | €250,000 | +€200,000 | +400.0% |
| Accrued charges and deferred income | 492/3 | €2,250 | - | -€2,250 | |
| Remuneration, social security and pensions | 62 | €19,015 | €76,985 | +€57,970 | +304.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,039 | €8,728 | +€1,689 | +24.0% |
| Other operating charges | 640/8 | €746 | €420 | -€326 | -43.7% |
| Gross operating margin | 9900 | €109,801 | €132,225 | +€22,424 | +20.4% |
| Operating profit (loss) | 9901 | €83,001 | €46,092 | -€36,909 | -44.5% |
| Financial income | 75/76B | - | €70 | +€70 | |
| Recurring financial income | 75 | - | €70 | +€70 | |
| Financial charges | 65/66B | €2,034 | €835 | -€1,199 | -59.0% |
| Recurring financial charges | 65 | €2,034 | €835 | -€1,199 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | €80,968 | €45,327 | -€35,640 | -44.0% |
| Income taxes | 67/77 | - | €16,234 | +€16,234 | |
| Profit (loss) for the period | 9904 | €80,968 | €29,093 | -€51,875 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,968 | €29,093 | -€51,875 | -64.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.