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.
What changed
Michiels
NACE 68.121, Development of residential building projects
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2023 · €25,587+€1.1m
Equity
€260,109
2023 · €237,644+€22,465
Cash
€32,089
2023 · €54,477-€22,389
Balance sheet total
€4.7m
2023 · €2.8m+€1.8m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+152.2%), from €1.5m to €3.8m
of which Trade receivables: +€2.4m
- Stocks and contracts -€474,583
down €474,583 (-38.6%), from €1.2m to €755,281
of which Contracts in progress: -€545,600
Equity and liabilities
- Other debts +€1.4m
new in 2024: €1.4m
- Current portion of long-term debt +€700,000
new in 2024: €700,000
- Trade debts -€148,638
down €148,638 (-11.4%), from €1.3m to €1.2m
- Accrued charges and deferred income -€81,848
down €81,848 (-100.0%), from €81,848 to €0
- Debts after one year -€77,700
down €77,700 (-100.0%), from €77,700 to €0
Income statement
- Gross operating margin +€943,046
up €943,046 (+345.8%), from €272,721 to €1.2m
- Staff costs -€75,984
down €75,984 (-46.1%), from €164,828 to €88,844
- Financial charges -€53,057
down €53,057 (-81.0%), from €65,464 to €12,407
- Financial income +€26,631
up €26,631 (+837.4%), from €3,180 to €29,811
From the 2023 result to the 2024 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.
Result 2023
€25,587
Gross operating margin
+€943,046
Staff costs
+€75,984
Depreciation
-€2,418
Other operating charges
+€579
Financial income
+€26,631
Financial charges
+€53,057
Result 2024
€1.1m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€461,869
Investment
-€6,558
Financing
-€477,700
Cash 2023
€54,477
From operations (derived)
+€461,869
Net result for the year
+€1.1m
Depreciation
+€6,906
Receivables after one year
+€842
Stocks and contracts
+€474,583
Receivables within one year
-€2.3m
Deferred charges and accrued income
-€26,975
Trade debts
-€148,638
Tax, wage and social debts
-€9,971
Other debts
+€1.4m
Accrued charges and deferred income
-€81,848
Investment (derived)
-€6,558
Investment in fixed assets (net)
-€6,558
Financing
-€477,700
Debts after one year
-€77,700
Current portion of long-term debt
+€700,000
Contributions, distributions and other
-€1.1m
Cash 2024
€32,089
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,840,148 | €4,686,038 | +€1.8m | +65.0% |
| Fixed assets | 21/28 | €22,933 | €22,585 | -€348 | -1.5% |
| Tangible fixed assets | 22/27 | €22,933 | €22,585 | -€348 | -1.5% |
| Land and buildings | 22 | €9,496 | €8,994 | -€503 | -5.3% |
| Plant, machinery and equipment | 23 | €2,343 | €7,274 | +€4,931 | +210.5% |
| Furniture and vehicles | 24 | €11,094 | €6,318 | -€4,777 | -43.1% |
| Current assets | 29/58 | €2,817,214 | €4,663,453 | +€1.8m | +65.5% |
| Amounts receivable after more than one year | 29 | €7,809 | €6,968 | -€842 | -10.8% |
| Other amounts receivable | 291 | €7,809 | €6,968 | -€842 | -10.8% |
| Stocks and contracts in progress | 3 | €1,229,864 | €755,281 | -€474,583 | -38.6% |
| Stocks | 30/36 | €354,181 | €425,198 | +€71,017 | +20.1% |
| Contracts in progress | 37 | €875,683 | €330,083 | -€545,600 | -62.3% |
| Amounts receivable within one year | 40/41 | €1,522,697 | €3,839,774 | +€2.3m | +152.2% |
| Trade receivables | 40 | €1,385,639 | €3,767,357 | +€2.4m | +171.9% |
| Other amounts receivable | 41 | €137,058 | €72,417 | -€64,641 | -47.2% |
| Cash at bank and in hand | 54/58 | €54,477 | €32,089 | -€22,389 | -41.1% |
| Deferred charges and accrued income | 490/1 | €2,367 | €29,342 | +€26,975 | +1139.5% |
| Total equity and liabilities | 10/49 | €2,840,148 | €4,686,038 | +€1.8m | +65.0% |
| Equity | 10/15 | €237,644 | €260,109 | +€22,465 | +9.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €218,644 | €241,109 | +€22,465 | +10.3% |
| Distributable reserves | 133 | €218,644 | €241,109 | +€22,465 | +10.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,602,504 | €4,425,929 | +€1.8m | +70.1% |
| Amounts payable after more than one year | 17 | €77,700 | €0 | -€77,700 | -100.0% |
| Financial debts | 170/4 | €77,700 | €0 | -€77,700 | -100.0% |
| Amounts payable within one year | 42/48 | €2,442,956 | €4,425,929 | +€2.0m | +81.2% |
| Current portion of amounts payable after more than one year | 42 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €1,307,038 | €1,158,400 | -€148,638 | -11.4% |
| Suppliers | 440/4 | €1,307,038 | €1,158,400 | -€148,638 | -11.4% |
| Advances received on contracts in progress | 46 | €1,109,574 | €1,109,574 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €26,344 | €16,373 | -€9,971 | -37.8% |
| Taxes | 450/3 | €13,686 | €16,373 | +€2,687 | +19.6% |
| Remuneration and social security | 454/9 | €12,658 | €0 | -€12,658 | -100.0% |
| Other amounts payable | 47/48 | - | €1,441,582 | +€1.4m | |
| Accrued charges and deferred income | 492/3 | €81,848 | €0 | -€81,848 | -100.0% |
| Remuneration, social security and pensions | 62 | €164,828 | €88,844 | -€75,984 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,488 | €6,906 | +€2,418 | +53.9% |
| Other operating charges | 640/8 | €3,327 | €2,748 | -€579 | -17.4% |
| Gross operating margin | 9900 | €272,721 | €1,215,767 | +€943,046 | +345.8% |
| Operating profit (loss) | 9901 | €100,079 | €1,117,269 | +€1.0m | +1016.4% |
| Financial income | 75/76B | €3,180 | €29,811 | +€26,631 | +837.4% |
| Recurring financial income | 75 | €3,180 | €29,811 | +€26,631 | +837.4% |
| Financial charges | 65/66B | €65,464 | €12,407 | -€53,057 | -81.0% |
| Recurring financial charges | 65 | €65,464 | €12,407 | -€53,057 | -81.0% |
| Profit (loss) for the period before taxes | 9903 | €37,795 | €1,134,673 | +€1.1m | +2902.2% |
| Income taxes | 67/77 | €12,208 | €12,208 | = | 0.0% |
| Profit (loss) for the period | 9904 | €25,587 | €1,122,465 | +€1.1m | +4286.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,587 | €1,122,465 | +€1.1m | +4286.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.