MICHIEL: 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.
MICHIEL
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-7.1%), from €14.9m to €13.8m
of which Other tangible fixed assets: -€669,067
- Current investments +€931,970
up €931,970 (+1.7%), from €55.0m to €55.9m
- Profit (loss) carried forward +€1.9m
up €1.9m (+66.8%), from €2.9m to €4.8m
- Reserves -€1.5m
down €1.5m (-2.2%), from €70.7m to €69.2m
- Financial income +€1.7m
up €1.7m (+110.8%), from €1.6m to €3.3m
- Depreciation -€245,425
down €245,425 (-18.9%), from €1.3m to €1.1m
- Purchases and services +€187,706
up €187,706 (+59.4%), from €316,103 to €503,809
- Gross operating margin -€175,984
down €175,984, from €127,800 to -€48,184
- Financial charges +€168,341
up €168,341, from -€52,883 to €115,457
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 | €79,374,341 | €79,409,056 | +€34,715 | 0.0% |
| Fixed assets | 21/28 | €14,864,368 | €13,812,221 | -€1.1m | -7.1% |
| Tangible fixed assets | 22/27 | €14,864,368 | €13,812,221 | -€1.1m | -7.1% |
| Land and buildings | 22 | €4,618,984 | €4,255,166 | -€363,818 | -7.9% |
| Plant, machinery and equipment | 23 | €75,287 | €59,571 | -€15,715 | -20.9% |
| Furniture and vehicles | 24 | €3,548 | €0 | -€3,548 | -100.0% |
| Other tangible fixed assets | 26 | €10,166,550 | €9,497,483 | -€669,067 | -6.6% |
| Current assets | 29/58 | €64,509,973 | €65,596,835 | +€1.1m | +1.7% |
| Amounts receivable after more than one year | 29 | €3,525,475 | €3,338,143 | -€187,331 | -5.3% |
| Other amounts receivable | 291 | €3,525,475 | €3,338,143 | -€187,331 | -5.3% |
| Amounts receivable within one year | 40/41 | €5,616,344 | €5,616,344 | = | 0.0% |
| Other amounts receivable | 41 | €5,616,344 | €5,616,344 | = | 0.0% |
| Current investments | 50/53 | €54,957,726 | €55,889,696 | +€931,970 | +1.7% |
| Cash at bank and in hand | 54/58 | €410,175 | €752,652 | +€342,477 | +83.5% |
| Deferred charges and accrued income | 490/1 | €253 | - | -€253 | |
| Total equity and liabilities | 10/49 | €79,374,341 | €79,409,056 | +€34,715 | 0.0% |
| Equity | 10/15 | €78,834,081 | €79,221,693 | +€387,612 | +0.5% |
| Contributions | 10/11 | €5,264,953 | €5,264,953 | = | 0.0% |
| Capital | 10 | €5,264,953 | €5,264,953 | = | 0.0% |
| Reserves | 13 | €70,689,391 | €69,154,009 | -€1.5m | -2.2% |
| Profit (loss) carried forward | 14 | €2,879,737 | €4,802,730 | +€1.9m | +66.8% |
| Amounts payable | 17/49 | €540,260 | €187,363 | -€352,897 | -65.3% |
| Amounts payable within one year | 42/48 | €58,760 | €60,653 | +€1,892 | +3.2% |
| Trade debts | 44 | €51,026 | €55,530 | +€4,504 | +8.8% |
| Suppliers | 440/4 | €51,026 | €55,530 | +€4,504 | +8.8% |
| Taxes, remuneration and social security | 45 | €7,735 | €5,123 | -€2,612 | -33.8% |
| Taxes | 450/3 | €7,735 | €5,123 | -€2,612 | -33.8% |
| Accrued charges and deferred income | 492/3 | €481,500 | €126,711 | -€354,789 | -73.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €316,103 | €503,809 | +€187,706 | +59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,297,573 | €1,052,148 | -€245,425 | -18.9% |
| Other operating charges | 640/8 | €1,768,132 | €1,702,822 | -€65,310 | -3.7% |
| Gross operating margin | 9900 | €127,800 | -€48,184 | -€175,984 | |
| Operating profit (loss) | 9901 | -€2,937,905 | -€2,803,153 | +€134,752 | +4.6% |
| Financial income | 75/76B | €1,570,910 | €3,311,202 | +€1.7m | +110.8% |
| Recurring financial income | 75 | €1,570,910 | €3,311,202 | +€1.7m | +110.8% |
| Financial charges | 65/66B | -€52,883 | €115,457 | +€168,341 | |
| Recurring financial charges | 65 | -€52,883 | €115,457 | +€168,341 | |
| Profit (loss) for the period before taxes | 9903 | -€1,314,112 | €392,591 | +€1.7m | |
| Income taxes | 67/77 | €7,591 | €4,979 | -€2,612 | -34.4% |
| Profit (loss) for the period | 9904 | -€1,321,703 | €387,612 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,321,703 | €387,612 | +€1.7m |
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 8 October 2026 via checked.be.