MICHELS ELECTRO: 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 ELECTRO
Largest movements
- Receivables within one year -€45,189
down €45,189 (-34.3%), from €131,830 to €86,641
of which Other amounts receivable: -€22,729
- Tangible fixed assets -€29,566
down €29,566 (-28.1%), from €105,320 to €75,755
of which Furniture and vehicles: -€18,980
- Cash +€27,001
up €27,001 (+37.2%), from €72,510 to €99,511
mainly Receivables within one year (+€45,189) and Net result for the year (+€43,653)
- Stocks and contracts -€11,620
down €11,620 (-78.2%), from €14,860 to €3,240
- Other debts -€45,586
down €45,586 (-98.0%), from €46,500 to €914
- Reserves +€42,900
up €42,900 (+27.7%), from €154,600 to €197,500
of which Distributable reserves: +€44,760
- Trade debts -€40,302
down €40,302 (-81.1%), from €49,688 to €9,385
- Debts after one year -€16,339
down €16,339 (-65.4%), from €24,977 to €8,638
- Current portion of long-term debt -€10,384
down €10,384 (-38.9%), from €26,722 to €16,339
- Gross operating margin +€35,417
up €35,417 (+60.9%), from €58,166 to €93,584
- Taxes +€15,322
up €15,322 (+232%), from €6,615 to €21,936
- Depreciation -€6,749
down €6,749 (-21.5%), from €31,394 to €24,645
- Financial charges -€2,366
down €2,366 (-65.0%), from €3,641 to €1,275
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 | €327,272 | €267,203 | -€60,069 | -18.4% |
| Fixed assets | 21/28 | €106,010 | €76,445 | -€29,566 | -27.9% |
| Tangible fixed assets | 22/27 | €105,320 | €75,755 | -€29,566 | -28.1% |
| Land and buildings | 22 | €45,354 | €39,006 | -€6,348 | -14.0% |
| Plant, machinery and equipment | 23 | €9,072 | €4,834 | -€4,238 | -46.7% |
| Furniture and vehicles | 24 | €50,894 | €31,914 | -€18,980 | -37.3% |
| Financial fixed assets | 28 | €690 | €690 | = | 0.0% |
| Current assets | 29/58 | €221,262 | €190,759 | -€30,503 | -13.8% |
| Stocks and contracts in progress | 3 | €14,860 | €3,240 | -€11,620 | -78.2% |
| Stocks | 30/36 | €14,860 | €3,240 | -€11,620 | -78.2% |
| Amounts receivable within one year | 40/41 | €131,830 | €86,641 | -€45,189 | -34.3% |
| Trade receivables | 40 | €89,026 | €66,565 | -€22,460 | -25.2% |
| Other amounts receivable | 41 | €42,805 | €20,076 | -€22,729 | -53.1% |
| Cash at bank and in hand | 54/58 | €72,510 | €99,511 | +€27,001 | +37.2% |
| Deferred charges and accrued income | 490/1 | €2,062 | €1,367 | -€695 | -33.7% |
| Total equity and liabilities | 10/49 | €327,272 | €267,203 | -€60,069 | -18.4% |
| Equity | 10/15 | €168,494 | €212,146 | +€43,653 | +25.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €154,600 | €197,500 | +€42,900 | +27.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €152,740 | €197,500 | +€44,760 | +29.3% |
| Profit (loss) carried forward | 14 | €1,394 | €2,146 | +€753 | +54.0% |
| Amounts payable | 17/49 | €158,779 | €55,057 | -€103,722 | -65.3% |
| Amounts payable after more than one year | 17 | €24,977 | €8,638 | -€16,339 | -65.4% |
| Financial debts | 170/4 | €24,977 | €8,638 | -€16,339 | -65.4% |
| Amounts payable within one year | 42/48 | €133,801 | €46,418 | -€87,383 | -65.3% |
| Current portion of amounts payable after more than one year | 42 | €26,722 | €16,339 | -€10,384 | -38.9% |
| Trade debts | 44 | €49,688 | €9,385 | -€40,302 | -81.1% |
| Suppliers | 440/4 | €49,688 | €9,385 | -€40,302 | -81.1% |
| Taxes, remuneration and social security | 45 | €10,891 | €19,781 | +€8,889 | +81.6% |
| Taxes | 450/3 | €10,891 | €19,781 | +€8,889 | +81.6% |
| Other amounts payable | 47/48 | €46,500 | €914 | -€45,586 | -98.0% |
| Non-recurring operating income | 76A | - | €5,079 | +€5,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,394 | €24,645 | -€6,749 | -21.5% |
| Other operating charges | 640/8 | €2,653 | €2,245 | -€408 | -15.4% |
| Gross operating margin | 9900 | €58,166 | €93,584 | +€35,417 | +60.9% |
| Operating profit (loss) | 9901 | €24,120 | €66,694 | +€42,575 | +177% |
| Financial income | 75/76B | €132 | €170 | +€39 | +29.3% |
| Recurring financial income | 75 | €132 | €170 | +€39 | +29.3% |
| Financial charges | 65/66B | €3,641 | €1,275 | -€2,366 | -65.0% |
| Recurring financial charges | 65 | €3,641 | €1,275 | -€2,366 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | €20,610 | €65,589 | +€44,979 | +218% |
| Income taxes | 67/77 | €6,615 | €21,936 | +€15,322 | +232% |
| Profit (loss) for the period | 9904 | €13,995 | €43,653 | +€29,657 | +212% |
| Profit (loss) for the period to be appropriated | 9905 | €13,995 | €43,653 | +€29,657 | +212% |
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 18 October 2026 via checked.be.