Michiels Dakwerken: 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 Dakwerken
Largest movements
- Receivables within one year +€38,008
up €38,008 (+41.7%), from €91,144 to €129,152
of which Trade receivables: +€35,129
- Tangible fixed assets +€34,635
up €34,635 (+113%), from €30,536 to €65,172
of which Leasing and similar rights: +€41,637
- Cash +€22,931
up €22,931 (+64.2%), from €35,705 to €58,636
mainly Net result for the year (+€33,463) and Debts after one year (+€25,065)
- Stocks and contracts -€7,820
down €7,820 (-7.7%), from €101,260 to €93,440
of which Contracts in progress: -€9,870
- Reserves +€32,055
up €32,055 (+41.5%), from €77,186 to €109,241
of which Distributable reserves: +€33,463
- Debts after one year +€25,065
up €25,065 (+194%), from €12,916 to €37,981
- Trade debts +€20,777
up €20,777 (+16.5%), from €125,855 to €146,632
- Current portion of long-term debt +€8,604
up €8,604 (+106%), from €8,146 to €16,750
- Gross operating margin -€49,192
down €49,192 (-41.9%), from €117,491 to €68,299
- Taxes -€14,427
down €14,427 (-43.1%), from €33,451 to €19,024
- Depreciation +€3,483
up €3,483 (+61.0%), from €5,711 to €9,193
- Write-downs -€2,500
down €2,500 (-100%), from €2,500 to €0
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 | €258,646 | €346,400 | +€87,754 | +33.9% |
| Fixed assets | 21/28 | €30,536 | €65,172 | +€34,635 | +113% |
| Tangible fixed assets | 22/27 | €30,536 | €65,172 | +€34,635 | +113% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €30,536 | €23,534 | -€7,002 | -22.9% |
| Leasing and similar rights | 25 | - | €41,637 | +€41,637 | |
| Current assets | 29/58 | €228,110 | €281,228 | +€53,118 | +23.3% |
| Stocks and contracts in progress | 3 | €101,260 | €93,440 | -€7,820 | -7.7% |
| Stocks | 30/36 | €15,140 | €17,190 | +€2,050 | +13.5% |
| Contracts in progress | 37 | €86,120 | €76,250 | -€9,870 | -11.5% |
| Amounts receivable within one year | 40/41 | €91,144 | €129,152 | +€38,008 | +41.7% |
| Trade receivables | 40 | €81,731 | €116,860 | +€35,129 | +43.0% |
| Other amounts receivable | 41 | €9,414 | €12,292 | +€2,878 | +30.6% |
| Cash at bank and in hand | 54/58 | €35,705 | €58,636 | +€22,931 | +64.2% |
| Total equity and liabilities | 10/49 | €258,646 | €346,400 | +€87,754 | +33.9% |
| Equity | 10/15 | €95,778 | €129,241 | +€33,463 | +34.9% |
| Contributions | 10/11 | €18,592 | €20,000 | +€1,408 | +7.6% |
| Reserves | 13 | €77,186 | €109,241 | +€32,055 | +41.5% |
| Non-distributable reserves | 130/1 | €1,408 | €0 | -€1,408 | -100% |
| Reserves not available under the articles | 1311 | €1,408 | €0 | -€1,408 | -100% |
| Distributable reserves | 133 | €75,778 | €109,241 | +€33,463 | +44.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €162,868 | €217,159 | +€54,291 | +33.3% |
| Amounts payable after more than one year | 17 | €12,916 | €37,981 | +€25,065 | +194% |
| Financial debts | 170/4 | €12,916 | €37,981 | +€25,065 | +194% |
| Amounts payable within one year | 42/48 | €149,952 | €179,178 | +€29,226 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €8,146 | €16,750 | +€8,604 | +106% |
| Trade debts | 44 | €125,855 | €146,632 | +€20,777 | +16.5% |
| Suppliers | 440/4 | €125,855 | €146,632 | +€20,777 | +16.5% |
| Taxes, remuneration and social security | 45 | €13,442 | €13,837 | +€395 | +2.9% |
| Taxes | 450/3 | €13,442 | €13,837 | +€395 | +2.9% |
| Other amounts payable | 47/48 | €2,509 | €1,959 | -€550 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,711 | €9,193 | +€3,483 | +61.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,500 | €0 | -€2,500 | -100% |
| Other operating charges | 640/8 | €3,178 | €2,695 | -€484 | -15.2% |
| Non-recurring operating charges | 66A | €875 | €0 | -€875 | -100% |
| Gross operating margin | 9900 | €117,491 | €68,299 | -€49,192 | -41.9% |
| Operating profit (loss) | 9901 | €105,227 | €56,411 | -€48,816 | -46.4% |
| Financial income | 75/76B | €404 | €0 | -€404 | -100% |
| Recurring financial income | 75 | €404 | €0 | -€404 | -100% |
| Financial charges | 65/66B | €4,758 | €3,925 | -€833 | -17.5% |
| Recurring financial charges | 65 | €4,758 | €3,925 | -€833 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €100,874 | €52,486 | -€48,387 | -48.0% |
| Income taxes | 67/77 | €33,451 | €19,024 | -€14,427 | -43.1% |
| Profit (loss) for the period | 9904 | €67,423 | €33,463 | -€33,960 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,423 | €33,463 | -€33,960 | -50.4% |
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 27 October 2026 via checked.be.