Michiels Expertises: 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 Expertises
Largest movements
- Tangible fixed assets +€654,826
up €654,826 (+89.6%), from €730,437 to €1.4m
of which Land and buildings: +€630,260
- Cash -€42,579
down €42,579 (-46.6%), from €91,331 to €48,752
mainly Investment in fixed assets (net) (-€822,037) and Tax, wage and social debts (-€54,745)
- Receivables within one year +€34,424
up €34,424 (+26.0%), from €132,435 to €166,859
of which Trade receivables: +€37,045
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Debts after one year +€591,512
up €591,512 (+117%), from €505,519 to €1.1m
- Reserves +€271,974
new in 2025: €271,974
- Profit (loss) carried forward -€243,256
no longer reported in 2025 (was €243,256)
- Tax, wage and social debts -€54,745
down €54,745 (-38.7%), from €141,581 to €86,835
of which Taxes: -€75,002
- Short-term financial debts +€39,547
up €39,547 (+54,774%), from €72 to €39,619
- Gross operating margin +€90,776
up €90,776 (+21.4%), from €424,652 to €515,428
- Staff costs +€56,380
up €56,380 (+27.4%), from €205,566 to €261,945
- Depreciation +€26,907
up €26,907 (+20.7%), from €129,983 to €156,890
- Financial charges +€18,272
up €18,272 (+120%), from €15,224 to €33,496
- Financial income -€5,438
down €5,438 (-67.8%), from €8,026 to €2,588
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 | €994,455 | €1,631,419 | +€636,964 | +64.1% |
| Fixed assets | 21/28 | €730,437 | €1,395,583 | +€665,146 | +91.1% |
| Intangible fixed assets | 21 | - | €10,320 | +€10,320 | |
| Tangible fixed assets | 22/27 | €730,437 | €1,385,263 | +€654,826 | +89.6% |
| Land and buildings | 22 | €609,851 | €1,240,111 | +€630,260 | +103% |
| Plant, machinery and equipment | 23 | €5,910 | €4,773 | -€1,137 | -19.2% |
| Furniture and vehicles | 24 | €107,959 | €134,461 | +€26,503 | +24.5% |
| Other tangible fixed assets | 26 | €6,717 | €5,918 | -€800 | -11.9% |
| Current assets | 29/58 | €264,018 | €235,836 | -€28,182 | -10.7% |
| Amounts receivable within one year | 40/41 | €132,435 | €166,859 | +€34,424 | +26.0% |
| Trade receivables | 40 | €43,114 | €80,159 | +€37,045 | +85.9% |
| Other amounts receivable | 41 | €89,321 | €86,699 | -€2,621 | -2.9% |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €91,331 | €48,752 | -€42,579 | -46.6% |
| Deferred charges and accrued income | 490/1 | €15,252 | €20,225 | +€4,973 | +32.6% |
| Total equity and liabilities | 10/49 | €994,455 | €1,631,419 | +€636,964 | +64.1% |
| Equity | 10/15 | €253,256 | €281,974 | +€28,717 | +11.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €271,974 | +€271,974 | |
| Distributable reserves | 133 | - | €271,974 | +€271,974 | |
| Profit (loss) carried forward | 14 | €243,256 | - | -€243,256 | |
| Amounts payable | 17/49 | €741,198 | €1,349,445 | +€608,247 | +82.1% |
| Amounts payable after more than one year | 17 | €505,519 | €1,097,031 | +€591,512 | +117% |
| Financial debts | 170/4 | €505,519 | €1,097,031 | +€591,512 | +117% |
| Amounts payable within one year | 42/48 | €235,679 | €249,969 | +€14,290 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €78,909 | €87,619 | +€8,710 | +11.0% |
| Financial debts | 43 | €72 | €39,619 | +€39,547 | +54,774% |
| Credit institutions | 430/8 | €72 | €39,619 | +€39,547 | +54,774% |
| Trade debts | 44 | €15,118 | €35,896 | +€20,778 | +137% |
| Suppliers | 440/4 | €15,118 | €35,896 | +€20,778 | +137% |
| Taxes, remuneration and social security | 45 | €141,581 | €86,835 | -€54,745 | -38.7% |
| Taxes | 450/3 | €118,886 | €43,884 | -€75,002 | -63.1% |
| Remuneration and social security | 454/9 | €22,694 | €42,951 | +€20,257 | +89.3% |
| Accrued charges and deferred income | 492/3 | - | €2,445 | +€2,445 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €205,566 | €261,945 | +€56,380 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,983 | €156,890 | +€26,907 | +20.7% |
| Other operating charges | 640/8 | €5,793 | €7,767 | +€1,974 | +34.1% |
| Non-recurring operating charges | 66A | €0 | €9,739 | +€9,739 | |
| Gross operating margin | 9900 | €424,652 | €515,428 | +€90,776 | +21.4% |
| Operating profit (loss) | 9901 | €83,310 | €79,086 | -€4,224 | -5.1% |
| Financial income | 75/76B | €8,026 | €2,588 | -€5,438 | -67.8% |
| Recurring financial income | 75 | €8,026 | €2,588 | -€5,438 | -67.8% |
| Financial charges | 65/66B | €15,224 | €33,496 | +€18,272 | +120% |
| Recurring financial charges | 65 | €15,224 | €33,496 | +€18,272 | +120% |
| Profit (loss) for the period before taxes | 9903 | €76,112 | €48,179 | -€27,934 | -36.7% |
| Income taxes | 67/77 | €24,622 | €19,461 | -€5,160 | -21.0% |
| Profit (loss) for the period | 9904 | €51,491 | €28,717 | -€22,773 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,491 | €28,717 | -€22,773 | -44.2% |
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 19 October 2026 via checked.be.