MICHIEL VERGAUWE: 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 VERGAUWE
Largest movements
- Tangible fixed assets +€18,262
new in 2025: €18,262
of which Land and buildings: +€9,679
- Cash -€16,996
down €16,996 (-43.0%), from €39,486 to €22,490
mainly Investment in fixed assets (net) (-€19,379) and Receivables within one year (-€15,936)
- Receivables within one year +€15,936
up €15,936 (+101%), from €15,781 to €31,717
of which Trade receivables: +€16,049
- Deferred charges and accrued income -€1,636
no longer reported in 2025 (was €1,636)
- Reserves +€13,964
up €13,964 (+40.5%), from €34,484 to €48,448
- Tax, wage and social debts -€2,729
down €2,729 (-56.8%), from €4,803 to €2,074
- Other debts +€2,489
up €2,489 (+54.3%), from €4,582 to €7,070
- Trade debts +€1,843
up €1,843 (+22.9%), from €8,035 to €9,878
- Gross operating margin -€27,364
down €27,364 (-55.2%), from €49,540 to €22,177
- Taxes -€7,939
down €7,939 (-55.0%), from €14,430 to €6,491
- Depreciation +€1,117
new in 2025: €1,117
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 | €56,903 | €72,469 | +€15,566 | +27.4% |
| Fixed assets | 21/28 | - | €18,262 | +€18,262 | |
| Tangible fixed assets | 22/27 | - | €18,262 | +€18,262 | |
| Land and buildings | 22 | - | €9,679 | +€9,679 | |
| Plant, machinery and equipment | 23 | - | €8,583 | +€8,583 | |
| Current assets | 29/58 | €56,903 | €54,207 | -€2,696 | -4.7% |
| Amounts receivable within one year | 40/41 | €15,781 | €31,717 | +€15,936 | +101% |
| Trade receivables | 40 | €8,762 | €24,811 | +€16,049 | +183% |
| Other amounts receivable | 41 | €7,019 | €6,906 | -€112 | -1.6% |
| Cash at bank and in hand | 54/58 | €39,486 | €22,490 | -€16,996 | -43.0% |
| Deferred charges and accrued income | 490/1 | €1,636 | - | -€1,636 | |
| Total equity and liabilities | 10/49 | €56,903 | €72,469 | +€15,566 | +27.4% |
| Equity | 10/15 | €39,484 | €53,448 | +€13,964 | +35.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,484 | €48,448 | +€13,964 | +40.5% |
| Distributable reserves | 133 | €34,484 | €48,448 | +€13,964 | +40.5% |
| Amounts payable | 17/49 | €17,419 | €19,021 | +€1,602 | +9.2% |
| Amounts payable within one year | 42/48 | €17,419 | €19,021 | +€1,602 | +9.2% |
| Trade debts | 44 | €8,035 | €9,878 | +€1,843 | +22.9% |
| Suppliers | 440/4 | €8,035 | €9,878 | +€1,843 | +22.9% |
| Taxes, remuneration and social security | 45 | €4,803 | €2,074 | -€2,729 | -56.8% |
| Taxes | 450/3 | €4,803 | €2,074 | -€2,729 | -56.8% |
| Other amounts payable | 47/48 | €4,582 | €7,070 | +€2,489 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,117 | +€1,117 | |
| Other operating charges | 640/8 | €578 | €550 | -€28 | -4.9% |
| Gross operating margin | 9900 | €49,540 | €22,177 | -€27,364 | -55.2% |
| Operating profit (loss) | 9901 | €48,963 | €20,510 | -€28,452 | -58.1% |
| Financial income | 75/76B | €15 | €1 | -€14 | -95.1% |
| Recurring financial income | 75 | €15 | €1 | -€14 | -95.1% |
| Financial charges | 65/66B | €64 | €56 | -€8 | -12.2% |
| Recurring financial charges | 65 | €64 | €56 | -€8 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €48,913 | €20,455 | -€28,459 | -58.2% |
| Income taxes | 67/77 | €14,430 | €6,491 | -€7,939 | -55.0% |
| Profit (loss) for the period | 9904 | €34,484 | €13,964 | -€20,520 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,484 | €13,964 | -€20,520 | -59.5% |
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 31 October 2026 via checked.be.