Michiel Schurmans: 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 Schurmans
Largest movements
- Current investments -€80,000
no longer reported in 2025 (was €80,000)
- Cash -€47,444
down €47,444 (-78.7%), from €60,255 to €12,810
mainly Contributions, distributions and other (-€288,796) and Investment in fixed assets (net) (-€8,797)
- Tangible fixed assets -€20,337
down €20,337 (-27.8%), from €73,099 to €52,762
of which Furniture and vehicles: -€19,841
- Receivables within one year -€7,492
down €7,492 (-17.1%), from €43,846 to €36,354
of which Trade receivables: -€11,813
- Deferred charges and accrued income +€4,739
up €4,739 (+885%), from €535 to €5,274
- Reserves -€220,931
no longer reported in 2025 (was €220,931)
- Other debts +€67,335
up €67,335 (+12,701%), from €530 to €67,865
- Tax, wage and social debts +€4,042
up €4,042 (+13.3%), from €30,282 to €34,324
of which Taxes: +€3,042
- Gross operating margin -€12,119
down €12,119 (-9.6%), from €126,304 to €114,186
- Depreciation +€2,454
up €2,454 (+9.2%), from €26,680 to €29,134
- Financial income +€2,374
up €2,374 (+1,939%), from €122 to €2,497
- Taxes -€2,249
down €2,249 (-10.5%), from €21,326 to €19,078
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 | €257,736 | €107,201 | -€150,535 | -58.4% |
| Fixed assets | 21/28 | €73,099 | €52,762 | -€20,337 | -27.8% |
| Tangible fixed assets | 22/27 | €73,099 | €52,762 | -€20,337 | -27.8% |
| Plant, machinery and equipment | 23 | €975 | €479 | -€496 | -50.9% |
| Furniture and vehicles | 24 | €72,125 | €52,283 | -€19,841 | -27.5% |
| Current assets | 29/58 | €184,636 | €54,438 | -€130,198 | -70.5% |
| Amounts receivable within one year | 40/41 | €43,846 | €36,354 | -€7,492 | -17.1% |
| Trade receivables | 40 | €43,846 | €32,034 | -€11,813 | -26.9% |
| Other amounts receivable | 41 | - | €4,321 | +€4,321 | |
| Current investments | 50/53 | €80,000 | - | -€80,000 | |
| Cash at bank and in hand | 54/58 | €60,255 | €12,810 | -€47,444 | -78.7% |
| Deferred charges and accrued income | 490/1 | €535 | €5,274 | +€4,739 | +885% |
| Total equity and liabilities | 10/49 | €257,736 | €107,201 | -€150,535 | -58.4% |
| Equity | 10/15 | €222,931 | €2,000 | -€220,931 | -99.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €220,931 | - | -€220,931 | |
| Distributable reserves | 133 | €220,931 | - | -€220,931 | |
| Amounts payable | 17/49 | €34,804 | €105,201 | +€70,396 | +202% |
| Amounts payable within one year | 42/48 | €33,179 | €104,545 | +€71,365 | +215% |
| Trade debts | 44 | €2,367 | €2,356 | -€11 | -0.5% |
| Suppliers | 440/4 | €2,367 | €2,356 | -€11 | -0.5% |
| Taxes, remuneration and social security | 45 | €30,282 | €34,324 | +€4,042 | +13.3% |
| Taxes | 450/3 | €30,282 | €33,324 | +€3,042 | +10.0% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €530 | €67,865 | +€67,335 | +12,701% |
| Accrued charges and deferred income | 492/3 | €1,625 | €656 | -€969 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,680 | €29,134 | +€2,454 | +9.2% |
| Other operating charges | 640/8 | €64 | €535 | +€471 | +739% |
| Gross operating margin | 9900 | €126,304 | €114,186 | -€12,119 | -9.6% |
| Operating profit (loss) | 9901 | €99,560 | €84,516 | -€15,044 | -15.1% |
| Financial income | 75/76B | €122 | €2,497 | +€2,374 | +1,939% |
| Recurring financial income | 75 | €122 | €2,497 | +€2,374 | +1,939% |
| Financial charges | 65/66B | €69 | €70 | +€1 | +2.0% |
| Recurring financial charges | 65 | €69 | €70 | +€1 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €99,614 | €86,943 | -€12,671 | -12.7% |
| Income taxes | 67/77 | €21,326 | €19,078 | -€2,249 | -10.5% |
| Profit (loss) for the period | 9904 | €78,287 | €67,865 | -€10,422 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,287 | €67,865 | -€10,422 | -13.3% |
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 28 October 2026 via checked.be.