Michels-Lecloux: 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-Lecloux
Largest movements
- Cash +€101,988
up €101,988 (+15.6%), from €653,009 to €754,997
mainly Net result for the year (+€105,036) and Other debts (+€99,665)
- Receivables within one year +€14,090
up €14,090 (+152%), from €9,252 to €23,342
- Tangible fixed assets -€8,632
down €8,632 (-30.9%), from €27,969 to €19,338
of which Plant, machinery and equipment: -€7,857
- Other debts +€99,665
up €99,665 (+4,886%), from €2,040 to €101,705
- Reserves +€8,803
up €8,803 (+1.4%), from €649,196 to €657,999
of which Distributable reserves: +€8,803
- Gross operating margin -€7,072
down €7,072 (-4.1%), from €174,432 to €167,360
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 | €693,627 | €801,684 | +€108,057 | +15.6% |
| Fixed assets | 21/28 | €27,969 | €19,338 | -€8,632 | -30.9% |
| Tangible fixed assets | 22/27 | €27,969 | €19,338 | -€8,632 | -30.9% |
| Plant, machinery and equipment | 23 | €25,949 | €18,091 | -€7,857 | -30.3% |
| Furniture and vehicles | 24 | €2,021 | €1,246 | -€774 | -38.3% |
| Current assets | 29/58 | €665,658 | €782,347 | +€116,689 | +17.5% |
| Amounts receivable within one year | 40/41 | €9,252 | €23,342 | +€14,090 | +152% |
| Trade receivables | 40 | €9,252 | €23,342 | +€14,090 | +152% |
| Cash at bank and in hand | 54/58 | €653,009 | €754,997 | +€101,988 | +15.6% |
| Deferred charges and accrued income | 490/1 | €3,397 | €4,008 | +€611 | +18.0% |
| Total equity and liabilities | 10/49 | €693,627 | €801,684 | +€108,057 | +15.6% |
| Equity | 10/15 | €667,796 | €676,599 | +€8,803 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €649,196 | €657,999 | +€8,803 | +1.4% |
| 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 | €647,336 | €656,139 | +€8,803 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,831 | €125,085 | +€99,254 | +384% |
| Amounts payable within one year | 42/48 | €25,831 | €125,085 | +€99,254 | +384% |
| Trade debts | 44 | €2,177 | €4,954 | +€2,777 | +128% |
| Suppliers | 440/4 | €2,177 | €4,954 | +€2,777 | +128% |
| Taxes, remuneration and social security | 45 | €21,614 | €18,426 | -€3,188 | -14.7% |
| Taxes | 450/3 | €16,289 | €14,875 | -€1,414 | -8.7% |
| Remuneration and social security | 454/9 | €5,325 | €3,551 | -€1,774 | -33.3% |
| Other amounts payable | 47/48 | €2,040 | €101,705 | +€99,665 | +4,886% |
| Remuneration, social security and pensions | 62 | €6,835 | €6,906 | +€71 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,841 | €8,632 | -€1,209 | -12.3% |
| Other operating charges | 640/8 | €640 | €527 | -€113 | -17.7% |
| Gross operating margin | 9900 | €174,432 | €167,360 | -€7,072 | -4.1% |
| Operating profit (loss) | 9901 | €157,116 | €151,295 | -€5,820 | -3.7% |
| Financial income | 75/76B | €79 | €86 | +€8 | +9.7% |
| Recurring financial income | 75 | €79 | €86 | +€8 | +9.7% |
| Financial charges | 65/66B | €3,876 | €2,652 | -€1,224 | -31.6% |
| Recurring financial charges | 65 | €3,876 | €2,652 | -€1,224 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €153,319 | €148,730 | -€4,589 | -3.0% |
| Income taxes | 67/77 | €45,378 | €43,694 | -€1,685 | -3.7% |
| Profit (loss) for the period | 9904 | €107,940 | €105,036 | -€2,904 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,940 | €105,036 | -€2,904 | -2.7% |
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 30 October 2026 via checked.be.