Michiels: what changed
Two fiscal 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.
Michiels
Largest movements
- Current investments -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Receivables within one year +€951,975
up €951,975 (+42.5%), from €2.2m to €3.2m
of which Trade receivables: +€931,765
- Tangible fixed assets -€331,830
down €331,830 (-99.8%), from €332,393 to €563
of which Land and buildings: -€309,735
- Cash +€174,061
up €174,061 (+14.2%), from €1.2m to €1.4m
mainly Current investments (+€1.4m) and Net result for the year (+€342,003)
- Deferred charges and accrued income -€96,871
down €96,871 (-83.4%), from €116,152 to €19,281
- Other debts -€695,357
down €695,357 (-100.0%), from €695,357 to €0
- Profit (loss) carried forward +€403,769
up €403,769 (+18.1%), from €2.2m to €2.6m
- Trade debts -€354,932
down €354,932 (-24.8%), from €1.4m to €1.1m
- Reserves -€61,763
down €61,763 (-5.5%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€61,763
- Gross operating margin +€327,358
up €327,358 (+45.6%), from €718,622 to €1.0m
- Financial charges +€130,297
up €130,297 (+184.9%), from €70,468 to €200,765
of which Financial charges: +€130,594
- Taxes +€117,051
up €117,051 (+363.2%), from €32,228 to €149,279
- Staff costs -€105,000
down €105,000 (-21.2%), from €495,800 to €390,800
- Depreciation -€50,216
down €50,216 (-93.9%), from €53,458 to €3,242
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.
Cash bridge derived
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 | €5,719,089 | €5,002,452 | -€716,637 | -12.5% |
| Fixed assets | 21/28 | €332,393 | €563 | -€331,830 | -99.8% |
| Tangible fixed assets | 22/27 | €332,393 | €563 | -€331,830 | -99.8% |
| Land and buildings | 22 | €309,735 | €0 | -€309,735 | -100.0% |
| Plant, machinery and equipment | 23 | €2,044 | €0 | -€2,044 | -100.0% |
| Furniture and vehicles | 24 | €19,995 | €563 | -€19,432 | -97.2% |
| Other tangible fixed assets | 26 | €619 | €0 | -€619 | -100.0% |
| Current assets | 29/58 | €5,386,696 | €5,001,889 | -€384,807 | -7.1% |
| Stocks and contracts in progress | 3 | €374,000 | €389,003 | +€15,003 | +4.0% |
| Stocks | 30/36 | €374,000 | €389,003 | +€15,003 | +4.0% |
| Amounts receivable within one year | 40/41 | €2,238,941 | €3,190,917 | +€951,975 | +42.5% |
| Trade receivables | 40 | €2,218,344 | €3,150,109 | +€931,765 | +42.0% |
| Other amounts receivable | 41 | €20,597 | €40,808 | +€20,211 | +98.1% |
| Current investments | 50/53 | €1,428,976 | €0 | -€1.4m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,228,627 | €1,402,688 | +€174,061 | +14.2% |
| Deferred charges and accrued income | 490/1 | €116,152 | €19,281 | -€96,871 | -83.4% |
| Total equity and liabilities | 10/49 | €5,719,089 | €5,002,452 | -€716,637 | -12.5% |
| Equity | 10/15 | €3,430,725 | €3,772,010 | +€341,285 | +9.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,129,661 | €1,067,897 | -€61,763 | -5.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,763 | €0 | -€61,763 | -100.0% |
| Distributable reserves | 133 | €1,061,697 | €1,061,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,231,851 | €2,635,620 | +€403,769 | +18.1% |
| Investment grants | 15 | €7,213 | €6,492 | -€721 | -10.0% |
| Provisions and deferred taxes | 16 | €35,533 | €3,344 | -€32,189 | -90.6% |
| Deferred taxes | 168 | €35,533 | €3,344 | -€32,189 | -90.6% |
| Amounts payable | 17/49 | €2,252,831 | €1,227,098 | -€1.0m | -45.5% |
| Amounts payable within one year | 42/48 | €2,252,831 | €1,227,098 | -€1.0m | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €22,677 | €0 | -€22,677 | -100.0% |
| Financial debts | 43 | €2,289 | €0 | -€2,289 | -100.0% |
| Credit institutions | 430/8 | €2,289 | €0 | -€2,289 | -100.0% |
| Trade debts | 44 | €1,432,411 | €1,077,478 | -€354,932 | -24.8% |
| Suppliers | 440/4 | €1,432,411 | €1,077,478 | -€354,932 | -24.8% |
| Taxes, remuneration and social security | 45 | €100,097 | €149,620 | +€49,523 | +49.5% |
| Taxes | 450/3 | €42,427 | €115,509 | +€73,082 | +172.3% |
| Remuneration and social security | 454/9 | €57,671 | €34,111 | -€23,559 | -40.9% |
| Other amounts payable | 47/48 | €695,357 | €0 | -€695,357 | -100.0% |
| Non-recurring operating income | 76A | - | €1,094 | +€1,094 | |
| Remuneration, social security and pensions | 62 | €495,800 | €390,800 | -€105,000 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,458 | €3,242 | -€50,216 | -93.9% |
| Other operating charges | 640/8 | €10,815 | €18,706 | +€7,891 | +73.0% |
| Non-recurring operating charges | 66A | - | €98 | +€98 | |
| Gross operating margin | 9900 | €718,622 | €1,045,980 | +€327,358 | +45.6% |
| Operating profit (loss) | 9901 | €158,549 | €633,134 | +€474,585 | +299.3% |
| Financial income | 75/76B | €24,231 | €26,724 | +€2,493 | +10.3% |
| Recurring financial income | 75 | €24,231 | €26,724 | +€2,493 | +10.3% |
| Financial charges | 65/66B | €70,468 | €200,765 | +€130,297 | +184.9% |
| Recurring financial charges | 65 | €70,171 | €200,765 | +€130,594 | +186.1% |
| Non-recurring financial charges | 66B | €297 | - | -€297 | |
| Profit (loss) for the period before taxes | 9903 | €112,311 | €459,093 | +€346,781 | +308.8% |
| Transfer from deferred taxes | 780 | €2,869 | €32,189 | +€29,320 | +1021.8% |
| Income taxes | 67/77 | €32,228 | €149,279 | +€117,051 | +363.2% |
| Profit (loss) for the period | 9904 | €82,952 | €342,003 | +€259,051 | +312.3% |
| Transfer from tax-exempt reserves | 789 | €4,849 | €61,763 | +€56,915 | +1173.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,801 | €403,766 | +€315,965 | +359.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.