Michiels Dirk: 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 Dirk
Largest movements
- Current investments -€27,012
no longer reported in 2025 (was €27,012)
- Receivables within one year -€24,448
down €24,448 (-91.2%), from €26,804 to €2,356
- Tangible fixed assets -€7,307
down €7,307 (-3.7%), from €198,290 to €190,983
of which Land and buildings: -€7,432
- Cash -€6,389
down €6,389 (-2.6%), from €247,561 to €241,172
mainly Contributions, distributions and other (-€200,000) and Accrued charges and deferred income (-€6,762)
- Reserves -€118,131
down €118,131 (-40.3%), from €293,229 to €175,098
of which Distributable reserves: -€118,131
- Other debts +€47,478
up €47,478 (+32.6%), from €145,739 to €193,217
- Tax, wage and social debts +€11,261
up €11,261 (+30.7%), from €36,721 to €47,982
- Accrued charges and deferred income -€6,762
no longer reported in 2025 (was €6,762)
- Gross operating margin -€112,892
down €112,892 (-51.9%), from €217,441 to €104,549
- Taxes -€23,833
down €23,833 (-55.0%), from €43,327 to €19,494
- Depreciation -€18,594
down €18,594 (-67.7%), from €27,458 to €8,864
- Financial income +€6,791
up €6,791 (+1,149%), from €591 to €7,382
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 | €501,965 | €435,206 | -€66,760 | -13.3% |
| Fixed assets | 21/28 | €198,540 | €191,233 | -€7,307 | -3.7% |
| Tangible fixed assets | 22/27 | €198,290 | €190,983 | -€7,307 | -3.7% |
| Land and buildings | 22 | €193,373 | €185,942 | -€7,432 | -3.8% |
| Plant, machinery and equipment | 23 | €1,691 | €1,378 | -€314 | -18.6% |
| Furniture and vehicles | 24 | €3,226 | €3,664 | +€439 | +13.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €303,425 | €243,972 | -€59,453 | -19.6% |
| Amounts receivable within one year | 40/41 | €26,804 | €2,356 | -€24,448 | -91.2% |
| Other amounts receivable | 41 | €26,804 | €2,356 | -€24,448 | -91.2% |
| Current investments | 50/53 | €27,012 | - | -€27,012 | |
| Cash at bank and in hand | 54/58 | €247,561 | €241,172 | -€6,389 | -2.6% |
| Deferred charges and accrued income | 490/1 | €2,049 | €444 | -€1,604 | -78.3% |
| Total equity and liabilities | 10/49 | €501,965 | €435,206 | -€66,760 | -13.3% |
| Equity | 10/15 | €311,829 | €193,698 | -€118,131 | -37.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,229 | €175,098 | -€118,131 | -40.3% |
| 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 | €291,369 | €173,238 | -€118,131 | -40.5% |
| Amounts payable | 17/49 | €190,137 | €241,508 | +€51,371 | +27.0% |
| Amounts payable within one year | 42/48 | €183,375 | €241,508 | +€58,133 | +31.7% |
| Trade debts | 44 | €915 | €309 | -€606 | -66.2% |
| Suppliers | 440/4 | €915 | €309 | -€606 | -66.2% |
| Taxes, remuneration and social security | 45 | €36,721 | €47,982 | +€11,261 | +30.7% |
| Taxes | 450/3 | €36,721 | €47,982 | +€11,261 | +30.7% |
| Other amounts payable | 47/48 | €145,739 | €193,217 | +€47,478 | +32.6% |
| Accrued charges and deferred income | 492/3 | €6,762 | - | -€6,762 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,458 | €8,864 | -€18,594 | -67.7% |
| Other operating charges | 640/8 | €1,478 | €1,469 | -€9 | -0.6% |
| Gross operating margin | 9900 | €217,441 | €104,549 | -€112,892 | -51.9% |
| Operating profit (loss) | 9901 | €188,505 | €94,216 | -€94,289 | -50.0% |
| Financial income | 75/76B | €591 | €7,382 | +€6,791 | +1,149% |
| Recurring financial income | 75 | €591 | €7,382 | +€6,791 | +1,149% |
| Financial charges | 65/66B | €185 | €235 | +€50 | +26.9% |
| Recurring financial charges | 65 | €185 | €235 | +€50 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €188,911 | €101,363 | -€87,548 | -46.3% |
| Income taxes | 67/77 | €43,327 | €19,494 | -€23,833 | -55.0% |
| Profit (loss) for the period | 9904 | €145,584 | €81,869 | -€63,714 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,584 | €81,869 | -€63,714 | -43.8% |
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 13 October 2026 via checked.be.