MICHIELS DANNY: 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 DANNY
Largest movements
- Cash -€14,860
down €14,860 (-31.9%), from €46,638 to €31,778
mainly Investment in fixed assets (net) (-€46,272) and Debts after one year (-€28,721)
- Debts after one year -€28,721
down €28,721 (-8.1%), from €355,422 to €326,701
- Trade debts +€27,511
up €27,511 (+39.5%), from €69,690 to €97,201
- Short-term financial debts -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Reserves +€17,408
up €17,408 (+18.7%), from €93,018 to €110,426
of which Distributable reserves: +€17,408
- Other debts -€14,883
down €14,883 (-6.7%), from €222,096 to €207,213
- Other operating charges +€6,685
up €6,685 (+505%), from €1,323 to €8,008
- Gross operating margin +€5,009
up €5,009 (+3.2%), from €157,709 to €162,718
- Financial charges +€3,492
up €3,492 (+29.1%), from €11,986 to €15,478
- Depreciation +€3,489
up €3,489 (+7.2%), from €48,163 to €51,652
- Staff costs +€2,908
up €2,908 (+4.6%), from €63,357 to €66,265
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 | €894,006 | €876,102 | -€17,904 | -2.0% |
| Fixed assets | 21/28 | €694,477 | €689,097 | -€5,380 | -0.8% |
| Tangible fixed assets | 22/27 | €694,477 | €689,097 | -€5,380 | -0.8% |
| Land and buildings | 22 | €653,611 | €639,679 | -€13,932 | -2.1% |
| Plant, machinery and equipment | 23 | €10,267 | €27,644 | +€17,377 | +169% |
| Furniture and vehicles | 24 | €9,344 | €16,367 | +€7,023 | +75.2% |
| Leasing and similar rights | 25 | €21,255 | €5,407 | -€15,848 | -74.6% |
| Current assets | 29/58 | €199,529 | €187,005 | -€12,524 | -6.3% |
| Stocks and contracts in progress | 3 | €77,521 | €73,548 | -€3,973 | -5.1% |
| Stocks | 30/36 | €77,521 | €73,548 | -€3,973 | -5.1% |
| Amounts receivable within one year | 40/41 | €68,777 | €75,127 | +€6,350 | +9.2% |
| Trade receivables | 40 | €62,880 | €63,372 | +€492 | +0.8% |
| Other amounts receivable | 41 | €5,897 | €11,755 | +€5,858 | +99.4% |
| Cash at bank and in hand | 54/58 | €46,638 | €31,778 | -€14,860 | -31.9% |
| Deferred charges and accrued income | 490/1 | €6,594 | €6,552 | -€42 | -0.6% |
| Total equity and liabilities | 10/49 | €894,006 | €876,102 | -€17,904 | -2.0% |
| Equity | 10/15 | €111,610 | €129,018 | +€17,408 | +15.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €93,018 | €110,426 | +€17,408 | +18.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €91,159 | €108,567 | +€17,408 | +19.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €782,396 | €747,084 | -€35,312 | -4.5% |
| Amounts payable after more than one year | 17 | €355,422 | €326,701 | -€28,721 | -8.1% |
| Financial debts | 170/4 | €355,422 | €326,701 | -€28,721 | -8.1% |
| Amounts payable within one year | 42/48 | €426,975 | €420,383 | -€6,591 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €55,056 | €56,215 | +€1,159 | +2.1% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Other loans | 439 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €69,690 | €97,201 | +€27,511 | +39.5% |
| Suppliers | 440/4 | €69,690 | €97,201 | +€27,511 | +39.5% |
| Taxes, remuneration and social security | 45 | €5,133 | €9,754 | +€4,622 | +90.1% |
| Taxes | 450/3 | €4,409 | €8,338 | +€3,930 | +89.1% |
| Remuneration and social security | 454/9 | €724 | €1,416 | +€692 | +95.7% |
| Other amounts payable | 47/48 | €222,096 | €207,213 | -€14,883 | -6.7% |
| Remuneration, social security and pensions | 62 | €63,357 | €66,265 | +€2,908 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,163 | €51,652 | +€3,489 | +7.2% |
| Other operating charges | 640/8 | €1,323 | €8,008 | +€6,685 | +505% |
| Gross operating margin | 9900 | €157,709 | €162,718 | +€5,009 | +3.2% |
| Operating profit (loss) | 9901 | €44,866 | €36,793 | -€8,073 | -18.0% |
| Financial income | 75/76B | €11 | €24 | +€14 | +125% |
| Recurring financial income | 75 | €11 | €24 | +€14 | +125% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €11,986 | €15,478 | +€3,492 | +29.1% |
| Recurring financial charges | 65 | €11,986 | €15,478 | +€3,492 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €32,891 | €21,339 | -€11,552 | -35.1% |
| Income taxes | 67/77 | €3,500 | €3,931 | +€431 | +12.3% |
| Profit (loss) for the period | 9904 | €29,391 | €17,408 | -€11,983 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,391 | €17,408 | -€11,983 | -40.8% |
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 24 October 2026 via checked.be.