MICHIEL OSTYN: what changed
MICHIEL OSTYN
Largest movements
- Tangible fixed assets +€156,235
up €156,235 (+976%), from €16,006 to €172,241
of which Land and buildings: +€162,593
- Cash -€58,052
down €58,052 (-82.8%), from €70,147 to €12,096
mainly Investment in fixed assets (net) (-€174,591) and Receivables within one year (-€30,030)
- Receivables within one year +€30,030
up €30,030 (+97.3%), from €30,877 to €60,907
of which Trade receivables: +€34,446
- Stocks and contracts +€13,562
up €13,562 (+79.9%), from €16,981 to €30,543
of which Contracts in progress: +€13,824
- Debts after one year +€110,534
new in 2025: €110,534
- Accrued charges and deferred income +€44,250
new in 2025: €44,250
- Trade debts -€19,012
down €19,012 (-98.8%), from €19,235 to €223
- Tax, wage and social debts -€13,267
down €13,267 (-73.3%), from €18,093 to €4,826
- Reserves +€10,153
up €10,153 (+21.4%), from €47,554 to €57,707
- Gross operating margin -€28,451
down €28,451 (-23.9%), from €118,852 to €90,402
- Taxes -€6,110
down €6,110 (-63.4%), from €9,630 to €3,521
- Staff costs +€5,077
up €5,077 (+10.7%), from €47,254 to €52,331
- Depreciation +€4,229
up €4,229 (+29.9%), from €14,153 to €18,381
- Financial charges +€2,616
up €2,616 (+510%), from €513 to €3,129
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €135,107 | €276,936 | +€141,829 | +105% |
| Formation expenses | 20 | €26 | €0 | -€26 | -100% |
| Fixed assets | 21/28 | €16,006 | €172,241 | +€156,235 | +976% |
| Tangible fixed assets | 22/27 | €16,006 | €172,241 | +€156,235 | +976% |
| Land and buildings | 22 | €291 | €162,884 | +€162,593 | +55,897% |
| Plant, machinery and equipment | 23 | €4,338 | €5,294 | +€957 | +22.1% |
| Furniture and vehicles | 24 | €11,378 | €4,063 | -€7,314 | -64.3% |
| Current assets | 29/58 | €119,075 | €104,694 | -€14,380 | -12.1% |
| Stocks and contracts in progress | 3 | €16,981 | €30,543 | +€13,562 | +79.9% |
| Stocks | 30/36 | €2,545 | €2,283 | -€261 | -10.3% |
| Contracts in progress | 37 | €14,436 | €28,260 | +€13,824 | +95.8% |
| Amounts receivable within one year | 40/41 | €30,877 | €60,907 | +€30,030 | +97.3% |
| Trade receivables | 40 | €26,423 | €60,869 | +€34,446 | +130% |
| Other amounts receivable | 41 | €4,454 | €38 | -€4,417 | -99.2% |
| Cash at bank and in hand | 54/58 | €70,147 | €12,096 | -€58,052 | -82.8% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,149 | +€80 | +7.4% |
| Total equity and liabilities | 10/49 | €135,107 | €276,936 | +€141,829 | +105% |
| Equity | 10/15 | €59,554 | €69,707 | +€10,153 | +17.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €47,554 | €57,707 | +€10,153 | +21.4% |
| Distributable reserves | 133 | €47,554 | €57,707 | +€10,153 | +21.4% |
| Amounts payable | 17/49 | €75,553 | €207,228 | +€131,676 | +174% |
| Amounts payable after more than one year | 17 | - | €110,534 | +€110,534 | |
| Financial debts | 170/4 | - | €110,534 | +€110,534 | |
| Amounts payable within one year | 42/48 | €75,553 | €52,444 | -€23,108 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | - | €6,374 | +€6,374 | |
| Trade debts | 44 | €19,235 | €223 | -€19,012 | -98.8% |
| Suppliers | 440/4 | €19,235 | €223 | -€19,012 | -98.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,093 | €4,826 | -€13,267 | -73.3% |
| Taxes | 450/3 | €18,093 | €4,826 | -€13,267 | -73.3% |
| Other amounts payable | 47/48 | €38,225 | €41,022 | +€2,797 | +7.3% |
| Accrued charges and deferred income | 492/3 | - | €44,250 | +€44,250 | |
| Remuneration, social security and pensions | 62 | €47,254 | €52,331 | +€5,077 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,153 | €18,381 | +€4,229 | +29.9% |
| Other operating charges | 640/8 | €2,508 | €2,896 | +€389 | +15.5% |
| Gross operating margin | 9900 | €118,852 | €90,402 | -€28,451 | -23.9% |
| Operating profit (loss) | 9901 | €54,938 | €16,793 | -€38,145 | -69.4% |
| Financial income | 75/76B | €0 | €11 | +€11 | |
| Recurring financial income | 75 | €0 | €11 | +€11 | |
| Financial charges | 65/66B | €513 | €3,129 | +€2,616 | +510% |
| Recurring financial charges | 65 | €513 | €3,129 | +€2,616 | +510% |
| Profit (loss) for the period before taxes | 9903 | €54,424 | €13,674 | -€40,750 | -74.9% |
| Income taxes | 67/77 | €9,630 | €3,521 | -€6,110 | -63.4% |
| Profit (loss) for the period | 9904 | €44,794 | €10,153 | -€34,641 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,794 | €10,153 | -€34,641 | -77.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.