MICHIEL AERTS: 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.
MICHIEL AERTS
Largest movements
- Tangible fixed assets +€89,600
up €89,600 (+57.9%), from €154,697 to €244,297
of which Plant, machinery and equipment: +€71,750
- Cash +€54,060
up €54,060 (+325%), from €16,659 to €70,719
mainly Debts after one year (+€149,112) and Current portion of long-term debt (+€43,564)
- Receivables within one year +€11,062
up €11,062 (+30.4%), from €36,423 to €47,485
of which Trade receivables: +€12,056
- Debts after one year +€149,112
new in 2025: €149,112
- Other debts -€48,813
down €48,813 (-84.1%), from €58,045 to €9,232
- Current portion of long-term debt +€43,564
new in 2025: €43,564
- Trade debts -€39,260
down €39,260 (-53.3%), from €73,628 to €34,369
- Reserves +€34,986
up €34,986 (+63.9%), from €54,721 to €89,708
- Gross operating margin +€24,967
up €24,967 (+29.8%), from €83,756 to €108,723
- Depreciation +€24,002
up €24,002 (+241%), from €9,974 to €33,976
- Staff costs +€18,056
new in 2025: €18,056
- Financial charges +€8,105
up €8,105 (+629%), from €1,288 to €9,392
- Taxes -€6,220
down €6,220 (-36.3%), from €17,135 to €10,915
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 | €209,280 | €365,015 | +€155,735 | +74.4% |
| Fixed assets | 21/28 | €154,697 | €244,297 | +€89,600 | +57.9% |
| Tangible fixed assets | 22/27 | €154,697 | €244,297 | +€89,600 | +57.9% |
| Plant, machinery and equipment | 23 | €141,451 | €213,201 | +€71,750 | +50.7% |
| Furniture and vehicles | 24 | €13,246 | €24,222 | +€10,976 | +82.9% |
| Other tangible fixed assets | 26 | - | €6,874 | +€6,874 | |
| Current assets | 29/58 | €54,584 | €120,719 | +€66,135 | +121% |
| Amounts receivable within one year | 40/41 | €36,423 | €47,485 | +€11,062 | +30.4% |
| Trade receivables | 40 | €15,398 | €27,454 | +€12,056 | +78.3% |
| Other amounts receivable | 41 | €21,024 | €20,030 | -€994 | -4.7% |
| Cash at bank and in hand | 54/58 | €16,659 | €70,719 | +€54,060 | +325% |
| Deferred charges and accrued income | 490/1 | €1,502 | €2,515 | +€1,013 | +67.5% |
| Total equity and liabilities | 10/49 | €209,280 | €365,015 | +€155,735 | +74.4% |
| Equity | 10/15 | €59,721 | €94,708 | +€34,986 | +58.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €54,721 | €89,708 | +€34,986 | +63.9% |
| Distributable reserves | 133 | €54,721 | €89,708 | +€34,986 | +63.9% |
| Amounts payable | 17/49 | €149,559 | €270,308 | +€120,749 | +80.7% |
| Amounts payable after more than one year | 17 | - | €149,112 | +€149,112 | |
| Financial debts | 170/4 | - | €149,112 | +€149,112 | |
| Amounts payable within one year | 42/48 | €149,559 | €121,196 | -€28,363 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | - | €43,564 | +€43,564 | |
| Financial debts | 43 | €631 | €2,277 | +€1,647 | +261% |
| Credit institutions | 430/8 | €631 | €2,277 | +€1,647 | +261% |
| Trade debts | 44 | €73,628 | €34,369 | -€39,260 | -53.3% |
| Suppliers | 440/4 | €73,628 | €34,369 | -€39,260 | -53.3% |
| Taxes, remuneration and social security | 45 | €17,255 | €31,754 | +€14,499 | +84.0% |
| Taxes | 450/3 | €17,255 | €28,692 | +€11,438 | +66.3% |
| Remuneration and social security | 454/9 | - | €3,062 | +€3,062 | |
| Other amounts payable | 47/48 | €58,045 | €9,232 | -€48,813 | -84.1% |
| Remuneration, social security and pensions | 62 | - | €18,056 | +€18,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,974 | €33,976 | +€24,002 | +241% |
| Other operating charges | 640/8 | €653 | €957 | +€303 | +46.4% |
| Non-recurring operating charges | 66A | - | €484 | +€484 | |
| Gross operating margin | 9900 | €83,756 | €108,723 | +€24,967 | +29.8% |
| Operating profit (loss) | 9901 | €73,129 | €55,250 | -€17,879 | -24.4% |
| Financial income | 75/76B | €16 | €43 | +€28 | +178% |
| Recurring financial income | 75 | €16 | €43 | +€28 | +178% |
| Financial charges | 65/66B | €1,288 | €9,392 | +€8,105 | +629% |
| Recurring financial charges | 65 | €1,288 | €9,392 | +€8,105 | +629% |
| Profit (loss) for the period before taxes | 9903 | €71,857 | €45,901 | -€25,955 | -36.1% |
| Income taxes | 67/77 | €17,135 | €10,915 | -€6,220 | -36.3% |
| Profit (loss) for the period | 9904 | €54,721 | €34,986 | -€19,735 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,721 | €34,986 | -€19,735 | -36.1% |
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 24 October 2026 via checked.be.