MICHIELS GROUP: 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 GROUP
Largest movements
- Receivables within one year +€160,873
up €160,873, from €0 to €160,873
of which Trade receivables: +€160,873
- Cash +€67,577
up €67,577 (+54,842%), from €123 to €67,700
mainly Net result for the year (+€246,443) and Depreciation (+€142,103)
- Intangible fixed assets -€53,463
down €53,463 (-4.7%), from €1.1m to €1.1m
- Profit (loss) carried forward +€246,443
up €246,443 (+92.1%), from €267,445 to €513,888
- Investment grants -€65,429
down €65,429 (-12.5%), from €523,432 to €458,003
- Trade debts -€25,236
down €25,236 (-94.7%), from €26,649 to €1,413
- Tax, wage and social debts +€17,004
up €17,004 (+499%), from €3,410 to €20,414
- Gross operating margin +€249,044
up €249,044 (+176%), from €141,850 to €390,894
- Depreciation +€9,952
up €9,952 (+7.5%), from €132,151 to €142,103
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 | €1,135,554 | €1,310,342 | +€174,788 | +15.4% |
| Fixed assets | 21/28 | €1,135,431 | €1,081,769 | -€53,662 | -4.7% |
| Intangible fixed assets | 21 | €1,135,232 | €1,081,769 | -€53,463 | -4.7% |
| Tangible fixed assets | 22/27 | €199 | €0 | -€199 | -100% |
| Plant, machinery and equipment | 23 | €199 | €0 | -€199 | -100% |
| Current assets | 29/58 | €123 | €228,573 | +€228,450 | +185,400% |
| Amounts receivable within one year | 40/41 | €0 | €160,873 | +€160,873 | |
| Trade receivables | 40 | - | €160,873 | +€160,873 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €123 | €67,700 | +€67,577 | +54,842% |
| Total equity and liabilities | 10/49 | €1,135,554 | €1,310,342 | +€174,788 | +15.4% |
| Equity | 10/15 | €817,299 | €998,313 | +€181,014 | +22.1% |
| Contributions | 10/11 | €22,365 | €22,365 | = | 0.0% |
| Reserves | 13 | €4,057 | €4,057 | = | 0.0% |
| Distributable reserves | 133 | €4,057 | €4,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | €267,445 | €513,888 | +€246,443 | +92.1% |
| Investment grants | 15 | €523,432 | €458,003 | -€65,429 | -12.5% |
| Amounts payable | 17/49 | €318,255 | €312,029 | -€6,226 | -2.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €317,728 | €312,029 | -€5,699 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1,965 | €0 | -€1,965 | -100% |
| Credit institutions | 430/8 | €1,965 | €0 | -€1,965 | -100% |
| Trade debts | 44 | €26,649 | €1,413 | -€25,236 | -94.7% |
| Suppliers | 440/4 | €26,649 | €1,413 | -€25,236 | -94.7% |
| Taxes, remuneration and social security | 45 | €3,410 | €20,414 | +€17,004 | +499% |
| Taxes | 450/3 | €3,410 | €20,414 | +€17,004 | +499% |
| Other amounts payable | 47/48 | €285,703 | €290,202 | +€4,499 | +1.6% |
| Accrued charges and deferred income | 492/3 | €528 | €0 | -€528 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,151 | €142,103 | +€9,952 | +7.5% |
| Other operating charges | 640/8 | €1,958 | €1,143 | -€815 | -41.6% |
| Gross operating margin | 9900 | €141,850 | €390,894 | +€249,044 | +176% |
| Operating profit (loss) | 9901 | €7,741 | €247,649 | +€239,908 | +3,099% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €737 | €1,206 | +€469 | +63.6% |
| Recurring financial charges | 65 | €737 | €1,206 | +€469 | +63.6% |
| Profit (loss) for the period before taxes | 9903 | €7,004 | €246,443 | +€239,439 | +3,419% |
| Profit (loss) for the period | 9904 | €7,004 | €246,443 | +€239,439 | +3,419% |
| Profit (loss) for the period to be appropriated | 9905 | €7,004 | €246,443 | +€239,439 | +3,419% |
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 15 October 2026 via checked.be.