Michiels: 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.
Michiels
Largest movements
- Cash +€32,376
up €32,376 (+980%), from €3,305 to €35,680
mainly Other debts (+€36,340) and Trade debts (+€9,004)
- Receivables within one year +€24,198
up €24,198 (+7.2%), from €338,224 to €362,422
of which Other amounts receivable: +€16,990
- Stocks and contracts -€8,899
down €8,899 (-42.2%), from €21,073 to €12,174
- Other debts +€36,340
up €36,340 (+26.1%), from €139,102 to €175,442
- Trade debts +€9,004
up €9,004 (+4.0%), from €225,547 to €234,551
- Gross operating margin +€5,449
up €5,449 (+18,466%), from €30 to €5,479
- Depreciation -€554
down €554 (-26.5%), from €2,093 to €1,539
- Financial income -€137
down €137 (-98.4%), from €139 to €2
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 | €364,868 | €411,868 | +€47,000 | +12.9% |
| Fixed assets | 21/28 | €2,039 | €1,315 | -€724 | -35.5% |
| Tangible fixed assets | 22/27 | €2,039 | €1,315 | -€724 | -35.5% |
| Plant, machinery and equipment | 23 | €867 | €467 | -€400 | -46.2% |
| Furniture and vehicles | 24 | €1,172 | €849 | -€324 | -27.6% |
| Current assets | 29/58 | €362,829 | €410,553 | +€47,724 | +13.2% |
| Stocks and contracts in progress | 3 | €21,073 | €12,174 | -€8,899 | -42.2% |
| Stocks | 30/36 | €21,073 | €12,174 | -€8,899 | -42.2% |
| Amounts receivable within one year | 40/41 | €338,224 | €362,422 | +€24,198 | +7.2% |
| Trade receivables | 40 | €117,984 | €125,192 | +€7,208 | +6.1% |
| Other amounts receivable | 41 | €220,240 | €237,231 | +€16,990 | +7.7% |
| Cash at bank and in hand | 54/58 | €3,305 | €35,680 | +€32,376 | +980% |
| Deferred charges and accrued income | 490/1 | €227 | €276 | +€49 | +21.7% |
| Total equity and liabilities | 10/49 | €364,868 | €411,868 | +€47,000 | +12.9% |
| Equity | 10/15 | -€1,869 | €1,470 | +€3,340 | |
| Contributions | 10/11 | €2,231 | €2,231 | = | 0.0% |
| Reserves | 13 | €16,421 | €16,421 | = | 0.0% |
| Non-distributable reserves | 130/1 | €322 | €322 | = | 0.0% |
| Reserves not available under the articles | 1311 | €322 | €322 | = | 0.0% |
| Distributable reserves | 133 | €16,099 | €16,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,522 | -€17,182 | +€3,340 | +16.3% |
| Amounts payable | 17/49 | €366,737 | €410,398 | +€43,661 | +11.9% |
| Amounts payable within one year | 42/48 | €366,737 | €410,398 | +€43,661 | +11.9% |
| Trade debts | 44 | €225,547 | €234,551 | +€9,004 | +4.0% |
| Suppliers | 440/4 | €225,547 | €234,551 | +€9,004 | +4.0% |
| Advances received on contracts in progress | 46 | €37 | €75 | +€38 | +101% |
| Taxes, remuneration and social security | 45 | €2,051 | €330 | -€1,721 | -83.9% |
| Taxes | 450/3 | €2,051 | €330 | -€1,721 | -83.9% |
| Other amounts payable | 47/48 | €139,102 | €175,442 | +€36,340 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,093 | €1,539 | -€554 | -26.5% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Non-recurring operating charges | 66A | - | €10 | +€10 | |
| Gross operating margin | 9900 | €30 | €5,479 | +€5,449 | +18,466% |
| Operating profit (loss) | 9901 | -€2,181 | €3,810 | +€5,991 | |
| Financial income | 75/76B | €139 | €2 | -€137 | -98.4% |
| Recurring financial income | 75 | €139 | €2 | -€137 | -98.4% |
| Financial charges | 65/66B | €430 | €473 | +€43 | +10.0% |
| Recurring financial charges | 65 | €430 | €473 | +€43 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,472 | €3,340 | +€5,812 | |
| Profit (loss) for the period | 9904 | -€2,472 | €3,340 | +€5,812 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,472 | €3,340 | +€5,812 |
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 15 October 2026 via checked.be.