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
- Intangible fixed assets -€32,061
down €32,061 (-12.5%), from €256,487 to €224,426
- Receivables within one year -€25,243
down €25,243 (-79.0%), from €31,972 to €6,729
of which Trade receivables: -€25,060
- Cash +€8,386
new in 2025: €8,386
mainly Depreciation (+€34,034) and Receivables within one year (+€25,243)
- Trade debts -€19,435
down €19,435 (-92.4%), from €21,041 to €1,606
- Debts after one year -€16,000
down €16,000 (-10.1%), from €158,334 to €142,334
- Short-term financial debts -€14,443
down €14,443 (-34.8%), from €41,537 to €27,094
- Reserves +€6,000
up €6,000 (+6.2%), from €97,500 to €103,500
- Other debts -€5,982
down €5,982 (-14.7%), from €40,659 to €34,677
- Gross operating margin +€21,872
up €21,872 (+69.9%), from €31,293 to €53,164
- Financial charges +€8,197
up €8,197 (+380.1%), from €2,157 to €10,354
- Depreciation -€1,138
down €1,138 (-3.2%), from €35,172 to €34,034
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 | €393,903 | €343,818 | -€50,085 | -12.7% |
| Fixed assets | 21/28 | €341,931 | €307,897 | -€34,034 | -10.0% |
| Intangible fixed assets | 21 | €256,487 | €224,426 | -€32,061 | -12.5% |
| Tangible fixed assets | 22/27 | €82,907 | €80,934 | -€1,973 | -2.4% |
| Land and buildings | 22 | €79,747 | €79,747 | = | 0.0% |
| Plant, machinery and equipment | 23 | €980 | €381 | -€599 | -61.1% |
| Furniture and vehicles | 24 | €370 | €0 | -€370 | -100.0% |
| Other tangible fixed assets | 26 | €1,810 | €806 | -€1,004 | -55.5% |
| Financial fixed assets | 28 | €2,537 | €2,537 | = | 0.0% |
| Current assets | 29/58 | €51,972 | €35,921 | -€16,051 | -30.9% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,972 | €6,729 | -€25,243 | -79.0% |
| Trade receivables | 40 | €26,367 | €1,307 | -€25,060 | -95.0% |
| Other amounts receivable | 41 | €5,605 | €5,423 | -€182 | -3.3% |
| Cash at bank and in hand | 54/58 | - | €8,386 | +€8,386 | |
| Deferred charges and accrued income | 490/1 | - | €806 | +€806 | |
| Total equity and liabilities | 10/49 | €393,903 | €343,818 | -€50,085 | -12.7% |
| Equity | 10/15 | €116,332 | €122,107 | +€5,775 | +5.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €97,500 | €103,500 | +€6,000 | +6.2% |
| Distributable reserves | 133 | €97,500 | €103,500 | +€6,000 | +6.2% |
| Profit (loss) carried forward | 14 | €240 | €15 | -€225 | -93.7% |
| Amounts payable | 17/49 | €277,571 | €221,711 | -€55,860 | -20.1% |
| Amounts payable after more than one year | 17 | €158,334 | €142,334 | -€16,000 | -10.1% |
| Financial debts | 170/4 | €158,334 | €142,334 | -€16,000 | -10.1% |
| Amounts payable within one year | 42/48 | €119,237 | €79,377 | -€39,860 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | = | 0.0% |
| Financial debts | 43 | €41,537 | €27,094 | -€14,443 | -34.8% |
| Credit institutions | 430/8 | €41,537 | €27,094 | -€14,443 | -34.8% |
| Trade debts | 44 | €21,041 | €1,606 | -€19,435 | -92.4% |
| Suppliers | 440/4 | €21,041 | €1,606 | -€19,435 | -92.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €40,659 | €34,677 | -€5,982 | -14.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,172 | €34,034 | -€1,138 | -3.2% |
| Other operating charges | 640/8 | €3,419 | €3,002 | -€417 | -12.2% |
| Gross operating margin | 9900 | €31,293 | €53,164 | +€21,872 | +69.9% |
| Operating profit (loss) | 9901 | -€7,298 | €16,129 | +€23,427 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €2,157 | €10,354 | +€8,197 | +380.1% |
| Recurring financial charges | 65 | €2,157 | €10,354 | +€8,197 | +380.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,455 | €5,775 | +€15,229 | |
| Income taxes | 67/77 | -€1 | €0 | +€1 | |
| Profit (loss) for the period | 9904 | -€9,453 | €5,775 | +€15,228 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,453 | €5,775 | +€15,228 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.