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
- Stocks and contracts -€90,230
no longer reported in 2025 (was €90,230)
- Receivables within one year -€4,054
down €4,054 (-17.2%), from €23,517 to €19,463
of which Trade receivables: -€3,341
- Cash -€2,162
down €2,162 (-99.3%), from €2,179 to €16
mainly Net result for the year (-€85,613) and Other debts (-€21,648)
- Tangible fixed assets -€1,876
down €1,876 (-59.5%), from €3,153 to €1,277
of which Furniture and vehicles: -€1,642
- Profit (loss) carried forward -€85,613
down €85,613 (-58.7%), from -€145,825 to -€231,438
- Other debts -€21,648
down €21,648 (-43.2%), from €50,079 to €28,431
- Short-term financial debts +€8,668
up €8,668 (+53.4%), from €16,217 to €24,885
- Accrued charges and deferred income +€1,674
up €1,674 (+28.4%), from €5,885 to €7,559
- Gross operating margin -€70,793
down €70,793 (-1161.0%), from -€6,097 to -€76,890
- Other operating charges -€2,472
down €2,472 (-39.8%), from €6,207 to €3,735
- Financial charges +€2,157
up €2,157 (+111.2%), from €1,940 to €4,097
- Depreciation -€1,031
down €1,031 (-87.0%), from €1,185 to €154
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 | €120,487 | €21,931 | -€98,556 | -81.8% |
| Fixed assets | 21/28 | €4,178 | €1,277 | -€2,901 | -69.4% |
| Tangible fixed assets | 22/27 | €3,153 | €1,277 | -€1,876 | -59.5% |
| Plant, machinery and equipment | 23 | €80 | - | -€80 | |
| Furniture and vehicles | 24 | €1,642 | - | -€1,642 | |
| Other tangible fixed assets | 26 | €1,431 | €1,277 | -€154 | -10.8% |
| Financial fixed assets | 28 | €1,025 | - | -€1,025 | |
| Current assets | 29/58 | €116,309 | €20,653 | -€95,655 | -82.2% |
| Stocks and contracts in progress | 3 | €90,230 | - | -€90,230 | |
| Stocks | 30/36 | €90,230 | - | -€90,230 | |
| Amounts receivable within one year | 40/41 | €23,517 | €19,463 | -€4,054 | -17.2% |
| Trade receivables | 40 | €22,698 | €19,357 | -€3,341 | -14.7% |
| Other amounts receivable | 41 | €819 | €106 | -€713 | -87.0% |
| Cash at bank and in hand | 54/58 | €2,179 | €16 | -€2,162 | -99.3% |
| Deferred charges and accrued income | 490/1 | €383 | €1,174 | +€791 | +206.6% |
| Total equity and liabilities | 10/49 | €120,487 | €21,931 | -€98,556 | -81.8% |
| Equity | 10/15 | €45,077 | -€40,536 | -€85,613 | |
| Contributions | 10/11 | €187,184 | €187,184 | = | 0.0% |
| Reserves | 13 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €3,718 | €3,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,825 | -€231,438 | -€85,613 | -58.7% |
| Amounts payable | 17/49 | €75,409 | €62,466 | -€12,943 | -17.2% |
| Amounts payable within one year | 42/48 | €69,524 | €54,907 | -€14,617 | -21.0% |
| Financial debts | 43 | €16,217 | €24,885 | +€8,668 | +53.4% |
| Credit institutions | 430/8 | €16,217 | €24,885 | +€8,668 | +53.4% |
| Trade debts | 44 | €1,828 | €1,310 | -€518 | -28.4% |
| Suppliers | 440/4 | €1,828 | €1,310 | -€518 | -28.4% |
| Taxes, remuneration and social security | 45 | €1,400 | €282 | -€1,118 | -79.9% |
| Taxes | 450/3 | - | €282 | +€282 | |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €50,079 | €28,431 | -€21,648 | -43.2% |
| Accrued charges and deferred income | 492/3 | €5,885 | €7,559 | +€1,674 | +28.4% |
| Non-recurring operating income | 76A | - | €12,429 | +€12,429 | |
| Remuneration, social security and pensions | 62 | - | €295 | +€295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,185 | €154 | -€1,031 | -87.0% |
| Other operating charges | 640/8 | €6,207 | €3,735 | -€2,472 | -39.8% |
| Non-recurring operating charges | 66A | €1,500 | €1,395 | -€105 | -7.0% |
| Gross operating margin | 9900 | -€6,097 | -€76,890 | -€70,793 | -1161.0% |
| Operating profit (loss) | 9901 | -€14,989 | -€82,469 | -€67,480 | -450.2% |
| Financial income | 75/76B | €1,672 | €953 | -€718 | -43.0% |
| Recurring financial income | 75 | €1,672 | €953 | -€718 | -43.0% |
| Financial charges | 65/66B | €1,940 | €4,097 | +€2,157 | +111.2% |
| Recurring financial charges | 65 | €1,940 | €4,097 | +€2,157 | +111.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,257 | -€85,613 | -€70,356 | -461.1% |
| Profit (loss) for the period | 9904 | -€15,257 | -€85,613 | -€70,356 | -461.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,257 | -€85,613 | -€70,356 | -461.1% |
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 2 October 2026 via checked.be.