MICHIELS BORINGEN: what changed
What changed
MICHIELS BORINGEN
NACE 43.130, Specialised construction activities
filed annual accounts (NBB)
Net result for the year
€64,964
2024 · €147,940-€82,976
Equity
€457,347
2024 · €429,920+€27,427
Cash
€167,879
2024 · €191,125-€23,245
Balance sheet total
€1.4m
2024 · €1.6m-€158,947
Largest movements
Assets
- Tangible fixed assets -€148,660
down €148,660 (-17.1%), from €868,916 to €720,257
of which Leasing and similar rights: -€145,503
- Receivables within one year +€30,002
up €30,002 (+9.5%), from €314,382 to €344,384
of which Other amounts receivable: +€51,445
- Cash -€23,245
down €23,245 (-12.2%), from €191,125 to €167,879
mainly Debts after one year (-€98,687) and Investment in fixed assets (net) (-€79,150)
- Stocks and contracts -€16,541
down €16,541 (-9.5%), from €174,843 to €158,302
Equity and liabilities
- Debts after one year -€98,687
down €98,687 (-12.4%), from €793,690 to €695,002
- Trade debts -€35,492
down €35,492 (-44.5%), from €79,713 to €44,221
- Tax, wage and social debts -€32,346
down €32,346 (-87.1%), from €37,149 to €4,804
of which Taxes: -€33,884
- Reserves +€27,427
up €27,427 (+6.6%), from €417,420 to €444,847
of which Distributable reserves: +€27,427
- Current portion of long-term debt -€24,439
down €24,439 (-13.4%), from €182,681 to €158,243
Income statement
- Gross operating margin -€33,761
down €33,761 (-5.5%), from €618,967 to €585,207
- Staff costs +€30,482
up €30,482 (+20.2%), from €150,622 to €181,104
- Taxes -€23,472
down €23,472 (-49.5%), from €47,415 to €23,942
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€147,940
Gross operating margin
-€33,761
Staff costs
-€30,482
Depreciation
+€4,433
Other operating charges
-€3,787
Other operating items
-€44,494
Financial income
-€1,573
Financial charges
+€3,216
Taxes
+€23,472
Result 2025
€64,964
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€210,601
Investment
-€79,150
Financing
-€154,697
Cash 2024
€191,125
From operations (derived)
+€210,601
Net result for the year
+€64,964
Depreciation
+€229,391
Stocks and contracts
+€16,541
Receivables within one year
-€30,002
Deferred charges and accrued income
-€1,079
Trade debts
-€35,492
Tax, wage and social debts
-€32,346
Accrued charges and deferred income
-€1,377
Investment (derived)
-€79,150
Investment in fixed assets (net)
-€79,150
Financing
-€154,697
Debts after one year
-€98,687
Current portion of long-term debt
-€24,439
Short-term financial debts
+€5,966
Contributions, distributions and other
-€37,537
Cash 2025
€167,879
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,559,667 | €1,400,720 | -€158,947 | -10.2% |
| Fixed assets | 21/28 | €875,845 | €725,603 | -€150,242 | -17.2% |
| Intangible fixed assets | 21 | €5,678 | €4,071 | -€1,607 | -28.3% |
| Tangible fixed assets | 22/27 | €868,916 | €720,257 | -€148,660 | -17.1% |
| Land and buildings | 22 | €200,225 | €181,896 | -€18,329 | -9.2% |
| Plant, machinery and equipment | 23 | €138,791 | €208,026 | +€69,235 | +49.9% |
| Furniture and vehicles | 24 | €379,888 | €328,080 | -€51,808 | -13.6% |
| Leasing and similar rights | 25 | €145,503 | €0 | -€145,503 | -100% |
| Other tangible fixed assets | 26 | €4,509 | €2,255 | -€2,255 | -50.0% |
| Financial fixed assets | 28 | €1,250 | €1,275 | +€25 | +2.0% |
| Current assets | 29/58 | €683,823 | €675,117 | -€8,705 | -1.3% |
| Stocks and contracts in progress | 3 | €174,843 | €158,302 | -€16,541 | -9.5% |
| Contracts in progress | 37 | €174,843 | €158,302 | -€16,541 | -9.5% |
| Amounts receivable within one year | 40/41 | €314,382 | €344,384 | +€30,002 | +9.5% |
| Trade receivables | 40 | €255,456 | €234,013 | -€21,443 | -8.4% |
| Other amounts receivable | 41 | €58,927 | €110,371 | +€51,445 | +87.3% |
| Cash at bank and in hand | 54/58 | €191,125 | €167,879 | -€23,245 | -12.2% |
| Deferred charges and accrued income | 490/1 | €3,472 | €4,552 | +€1,079 | +31.1% |
| Total equity and liabilities | 10/49 | €1,559,667 | €1,400,720 | -€158,947 | -10.2% |
| Equity | 10/15 | €429,920 | €457,347 | +€27,427 | +6.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €417,420 | €444,847 | +€27,427 | +6.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €415,560 | €442,987 | +€27,427 | +6.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €26,000 | €26,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €26,000 | €26,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €26,000 | €26,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,103,748 | €917,373 | -€186,374 | -16.9% |
| Amounts payable after more than one year | 17 | €793,690 | €695,002 | -€98,687 | -12.4% |
| Financial debts | 170/4 | €793,690 | €695,002 | -€98,687 | -12.4% |
| Amounts payable within one year | 42/48 | €299,544 | €213,234 | -€86,310 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €182,681 | €158,243 | -€24,439 | -13.4% |
| Financial debts | 43 | €0 | €5,966 | +€5,966 | |
| Credit institutions | 430/8 | €0 | €5,966 | +€5,966 | |
| Trade debts | 44 | €79,713 | €44,221 | -€35,492 | -44.5% |
| Suppliers | 440/4 | €79,713 | €44,221 | -€35,492 | -44.5% |
| Taxes, remuneration and social security | 45 | €37,149 | €4,804 | -€32,346 | -87.1% |
| Taxes | 450/3 | €33,884 | €0 | -€33,884 | -100% |
| Remuneration and social security | 454/9 | €3,266 | €4,804 | +€1,538 | +47.1% |
| Accrued charges and deferred income | 492/3 | €10,514 | €9,138 | -€1,377 | -13.1% |
| Non-recurring operating income | 76A | €5,643 | €2,863 | -€2,780 | -49.3% |
| Remuneration, social security and pensions | 62 | €150,622 | €181,104 | +€30,482 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,824 | €229,391 | -€4,433 | -1.9% |
| Other operating charges | 640/8 | €10,605 | €14,392 | +€3,787 | +35.7% |
| Non-recurring operating charges | 66A | €0 | €44,494 | +€44,494 | |
| Gross operating margin | 9900 | €618,967 | €585,207 | -€33,761 | -5.5% |
| Operating profit (loss) | 9901 | €223,917 | €115,825 | -€108,092 | -48.3% |
| Financial income | 75/76B | €2,644 | €1,071 | -€1,573 | -59.5% |
| Recurring financial income | 75 | €2,644 | €1,071 | -€1,573 | -59.5% |
| Financial charges | 65/66B | €31,206 | €27,990 | -€3,216 | -10.3% |
| Recurring financial charges | 65 | €31,206 | €27,990 | -€3,216 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €195,355 | €88,906 | -€106,449 | -54.5% |
| Income taxes | 67/77 | €47,415 | €23,942 | -€23,472 | -49.5% |
| Profit (loss) for the period | 9904 | €147,940 | €64,964 | -€82,976 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €147,940 | €64,964 | -€82,976 | -56.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.