Michiel Colson: 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 Colson
Largest movements
- Receivables within one year +€58,766
up €58,766 (+61.8%), from €95,120 to €153,886
of which Trade receivables: +€31,631
- Tangible fixed assets +€23,852
up €23,852 (+6.3%), from €380,050 to €403,902
of which Land and buildings: +€28,753
- Cash -€17,389
down €17,389 (-16.7%), from €104,346 to €86,957
mainly Contributions, distributions and other (-€200,000) and Receivables within one year (-€58,766)
- Other debts +€189,437
up €189,437 (+1,793%), from €10,563 to €200,000
- Profit (loss) carried forward -€154,792
down €154,792 (-65.1%), from €237,640 to €82,848
- Advances received +€51,136
up €51,136 (+151%), from €33,939 to €85,075
- Debts after one year -€16,991
down €16,991 (-7.9%), from €215,829 to €198,837
- Gross operating margin -€43,043
down €43,043 (-37.6%), from €114,339 to €71,296
- Taxes -€8,936
down €8,936 (-45.9%), from €19,450 to €10,513
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 | €581,304 | €646,089 | +€64,786 | +11.1% |
| Fixed assets | 21/28 | €380,050 | €403,902 | +€23,852 | +6.3% |
| Tangible fixed assets | 22/27 | €380,050 | €403,902 | +€23,852 | +6.3% |
| Land and buildings | 22 | €363,147 | €391,899 | +€28,753 | +7.9% |
| Plant, machinery and equipment | 23 | €11,763 | €6,760 | -€5,003 | -42.5% |
| Furniture and vehicles | 24 | €5,141 | €5,243 | +€102 | +2.0% |
| Current assets | 29/58 | €201,253 | €242,188 | +€40,934 | +20.3% |
| Amounts receivable within one year | 40/41 | €95,120 | €153,886 | +€58,766 | +61.8% |
| Trade receivables | 40 | €85,046 | €116,677 | +€31,631 | +37.2% |
| Other amounts receivable | 41 | €10,073 | €37,208 | +€27,135 | +269% |
| Cash at bank and in hand | 54/58 | €104,346 | €86,957 | -€17,389 | -16.7% |
| Deferred charges and accrued income | 490/1 | €1,788 | €1,345 | -€443 | -24.8% |
| Total equity and liabilities | 10/49 | €581,304 | €646,089 | +€64,786 | +11.1% |
| Equity | 10/15 | €247,640 | €92,848 | -€154,792 | -62.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,640 | €82,848 | -€154,792 | -65.1% |
| Amounts payable | 17/49 | €333,664 | €553,242 | +€219,577 | +65.8% |
| Amounts payable after more than one year | 17 | €215,829 | €198,837 | -€16,991 | -7.9% |
| Financial debts | 170/4 | €215,829 | €198,837 | -€16,991 | -7.9% |
| Amounts payable within one year | 42/48 | €117,836 | €354,404 | +€236,569 | +201% |
| Current portion of amounts payable after more than one year | 42 | €16,796 | €16,991 | +€195 | +1.2% |
| Trade debts | 44 | €39,387 | €37,939 | -€1,448 | -3.7% |
| Suppliers | 440/4 | €39,387 | €37,939 | -€1,448 | -3.7% |
| Advances received on contracts in progress | 46 | €33,939 | €85,075 | +€51,136 | +151% |
| Taxes, remuneration and social security | 45 | €17,150 | €14,398 | -€2,752 | -16.0% |
| Taxes | 450/3 | €17,150 | €14,398 | -€2,752 | -16.0% |
| Other amounts payable | 47/48 | €10,563 | €200,000 | +€189,437 | +1,793% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,160 | €17,743 | -€418 | -2.3% |
| Other operating charges | 640/8 | €589 | €307 | -€282 | -47.8% |
| Gross operating margin | 9900 | €114,339 | €71,296 | -€43,043 | -37.6% |
| Operating profit (loss) | 9901 | €95,590 | €53,246 | -€42,344 | -44.3% |
| Financial income | 75/76B | €5,691 | €6,381 | +€691 | +12.1% |
| Recurring financial income | 75 | €5,691 | €6,381 | +€691 | +12.1% |
| Financial charges | 65/66B | €3,391 | €3,905 | +€514 | +15.2% |
| Recurring financial charges | 65 | €3,391 | €3,905 | +€514 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €97,889 | €55,722 | -€42,167 | -43.1% |
| Income taxes | 67/77 | €19,450 | €10,513 | -€8,936 | -45.9% |
| Profit (loss) for the period | 9904 | €78,439 | €45,208 | -€33,231 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,439 | €45,208 | -€33,231 | -42.4% |
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.