MICHIEL RYCKALTS: what changed
MICHIEL RYCKALTS
Largest movements
- Cash -€216,022
down €216,022 (-63.1%), from €342,285 to €126,264
mainly Investment in fixed assets (net) (-€108,647) and Contributions, distributions and other (-€38,357)
- Financial fixed assets +€107,500
up €107,500 (+269%), from €40,000 to €147,500
- Receivables within one year +€17,225
up €17,225 (+59.3%), from €29,069 to €46,294
of which Trade receivables: +€17,093
- Deferred charges and accrued income +€6,153
new in 2025: €6,153
- Debts after one year -€27,597
down €27,597 (-49.8%), from €55,425 to €27,828
- Reserves -€25,921
down €25,921 (-9.9%), from €262,737 to €236,816
of which Distributable reserves: -€25,921
- Trade debts -€25,761
down €25,761 (-99.7%), from €25,835 to €75
- Other debts -€16,945
down €16,945 (-100%), from €16,945 to €0
- Tax, wage and social debts +€11,704
up €11,704 (+69.5%), from €16,844 to €28,548
- Gross operating margin -€140,196
down €140,196 (-86.0%), from €163,053 to €22,857
- Financial income -€105,506
down €105,506 (-92.6%), from €113,910 to €8,404
of which Non-recurring financial income: -€113,910
- Taxes -€52,130
down €52,130 (-92.2%), from €56,546 to €4,415
- Other operating charges -€15,277
down €15,277 (-95.5%), from €15,989 to €712
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 | €411,354 | €327,125 | -€84,229 | -20.5% |
| Fixed assets | 21/28 | €40,000 | €148,415 | +€108,415 | +271% |
| Tangible fixed assets | 22/27 | - | €915 | +€915 | |
| Furniture and vehicles | 24 | - | €915 | +€915 | |
| Financial fixed assets | 28 | €40,000 | €147,500 | +€107,500 | +269% |
| Current assets | 29/58 | €371,354 | €178,710 | -€192,644 | -51.9% |
| Amounts receivable within one year | 40/41 | €29,069 | €46,294 | +€17,225 | +59.3% |
| Trade receivables | 40 | €24,935 | €42,028 | +€17,093 | +68.6% |
| Other amounts receivable | 41 | €4,134 | €4,266 | +€132 | +3.2% |
| Cash at bank and in hand | 54/58 | €342,285 | €126,264 | -€216,022 | -63.1% |
| Deferred charges and accrued income | 490/1 | - | €6,153 | +€6,153 | |
| Total equity and liabilities | 10/49 | €411,354 | €327,125 | -€84,229 | -20.5% |
| Equity | 10/15 | €268,937 | €243,016 | -€25,921 | -9.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,737 | €236,816 | -€25,921 | -9.9% |
| 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 | €260,877 | €234,956 | -€25,921 | -9.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €142,417 | €84,109 | -€58,308 | -40.9% |
| Amounts payable after more than one year | 17 | €55,425 | €27,828 | -€27,597 | -49.8% |
| Financial debts | 170/4 | €55,425 | €27,828 | -€27,597 | -49.8% |
| Amounts payable within one year | 42/48 | €86,992 | €56,281 | -€30,711 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €27,367 | €27,597 | +€230 | +0.8% |
| Financial debts | 43 | - | €61 | +€61 | |
| Credit institutions | 430/8 | - | €61 | +€61 | |
| Trade debts | 44 | €25,835 | €75 | -€25,761 | -99.7% |
| Suppliers | 440/4 | €25,835 | €75 | -€25,761 | -99.7% |
| Taxes, remuneration and social security | 45 | €16,844 | €28,548 | +€11,704 | +69.5% |
| Taxes | 450/3 | €16,844 | €28,548 | +€11,704 | +69.5% |
| Other amounts payable | 47/48 | €16,945 | €0 | -€16,945 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €233 | +€233 | |
| Other operating charges | 640/8 | €15,989 | €712 | -€15,277 | -95.5% |
| Non-recurring operating charges | 66A | - | €12,318 | +€12,318 | |
| Gross operating margin | 9900 | €163,053 | €22,857 | -€140,196 | -86.0% |
| Operating profit (loss) | 9901 | €147,065 | €9,595 | -€137,470 | -93.5% |
| Financial income | 75/76B | €113,910 | €8,404 | -€105,506 | -92.6% |
| Recurring financial income | 75 | €113,910 | €8,404 | -€105,506 | -92.6% |
| Non-recurring financial income | 76B | €113,910 | €0 | -€113,910 | -100% |
| Financial charges | 65/66B | €2,558 | €1,148 | -€1,410 | -55.1% |
| Recurring financial charges | 65 | €2,558 | €1,148 | -€1,410 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €258,416 | €16,851 | -€241,566 | -93.5% |
| Income taxes | 67/77 | €56,546 | €4,415 | -€52,130 | -92.2% |
| Profit (loss) for the period | 9904 | €201,871 | €12,435 | -€189,435 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €201,871 | €12,435 | -€189,435 | -93.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.