MICHIELS H SERVICES: what changed
What changed
MICHIELS H SERVICES
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€175,401
2024 · €323,706-€148,305
Equity
€6.0m
2024 · €5.8m+€175,401
Cash
€200,254
2024 · €234,643-€34,389
Balance sheet total
€6.8m
2024 · €6.9m-€98,286
Largest movements
Assets
- Tangible fixed assets -€73,775
down €73,775 (-1.1%), from €6.7m to €6.6m
Equity and liabilities
- Reserves +€159,385
up €159,385 (+15.6%), from €1.0m to €1.2m
of which Distributable reserves: +€170,000
- Debts after one year -€126,541
down €126,541 (-74.4%), from €170,140 to €43,598
- Other debts -€120,000
down €120,000 (-16.8%), from €716,384 to €596,384
Income statement
- Gross operating margin -€146,260
down €146,260 (-26.4%), from €554,563 to €408,304
- Staff costs +€51,851
new in 2025: €51,851
- Taxes -€10,775
down €10,775 (-11.3%), from €95,498 to €84,722
- Depreciation +€6,011
up €6,011 (+8.9%), from €67,764 to €73,775
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€323,706
Gross operating margin
-€146,260
Staff costs
-€51,851
Depreciation
-€6,011
Other operating charges
-€147
Financial charges
+€3,416
Taxes
+€10,775
Deferred taxes and other
+€41,774
Result 2025
€175,401
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€136,737
Investment
€0
Financing
-€171,127
Cash 2024
€234,643
From operations (derived)
+€136,737
Net result for the year
+€175,401
Depreciation
+€73,775
Receivables within one year
-€9,879
Provisions
-€3,538
Trade debts
+€5,087
Tax, wage and social debts
+€14,642
Other debts
-€120,000
Accrued charges and deferred income
+€1,249
Financing
-€171,127
Debts after one year
-€126,541
Current portion of long-term debt
-€44,585
Cash 2025
€200,254
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,936,789 | €6,838,503 | -€98,286 | -1.4% |
| Fixed assets | 21/28 | €6,692,270 | €6,618,495 | -€73,775 | -1.1% |
| Tangible fixed assets | 22/27 | €6,692,270 | €6,618,495 | -€73,775 | -1.1% |
| Land and buildings | 22 | €6,254,566 | €6,219,460 | -€35,106 | -0.6% |
| Plant, machinery and equipment | 23 | €36,097 | €27,682 | -€8,415 | -23.3% |
| Furniture and vehicles | 24 | €51,574 | €39,574 | -€12,000 | -23.3% |
| Other tangible fixed assets | 26 | €350,033 | €331,779 | -€18,254 | -5.2% |
| Current assets | 29/58 | €244,519 | €220,008 | -€24,511 | -10.0% |
| Amounts receivable within one year | 40/41 | €9,876 | €19,755 | +€9,879 | +100% |
| Trade receivables | 40 | €5,399 | - | -€5,399 | |
| Other amounts receivable | 41 | €4,477 | €19,755 | +€15,278 | +341% |
| Cash at bank and in hand | 54/58 | €234,643 | €200,254 | -€34,389 | -14.7% |
| Total equity and liabilities | 10/49 | €6,936,789 | €6,838,503 | -€98,286 | -1.4% |
| Equity | 10/15 | €5,806,208 | €5,981,609 | +€175,401 | +3.0% |
| Contributions | 10/11 | €4,628,650 | €4,628,650 | = | 0.0% |
| Capital | 10 | €4,628,650 | €4,628,650 | = | 0.0% |
| Issued capital | 100 | €4,628,650 | €4,628,650 | = | 0.0% |
| Reserves | 13 | €1,023,320 | €1,182,705 | +€159,385 | +15.6% |
| Non-distributable reserves | 130/1 | €462,865 | €462,865 | = | 0.0% |
| Legal reserve | 130 | €462,865 | €462,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €133,455 | €122,840 | -€10,615 | -8.0% |
| Distributable reserves | 133 | €427,000 | €597,000 | +€170,000 | +39.8% |
| Profit (loss) carried forward | 14 | €154,237 | €170,254 | +€16,017 | +10.4% |
| Provisions and deferred taxes | 16 | €38,235 | €34,697 | -€3,538 | -9.3% |
| Deferred taxes | 168 | €38,235 | €34,697 | -€3,538 | -9.3% |
| Amounts payable | 17/49 | €1,092,346 | €822,197 | -€270,149 | -24.7% |
| Amounts payable after more than one year | 17 | €170,140 | €43,598 | -€126,541 | -74.4% |
| Financial debts | 170/4 | €170,140 | €43,598 | -€126,541 | -74.4% |
| Amounts payable within one year | 42/48 | €888,680 | €743,823 | -€144,856 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €171,127 | €126,541 | -€44,585 | -26.1% |
| Trade debts | 44 | €635 | €5,723 | +€5,087 | +801% |
| Suppliers | 440/4 | €635 | €5,723 | +€5,087 | +801% |
| Taxes, remuneration and social security | 45 | €534 | €15,175 | +€14,642 | +2,744% |
| Taxes | 450/3 | €534 | €3,970 | +€3,437 | +644% |
| Remuneration and social security | 454/9 | - | €11,205 | +€11,205 | |
| Other amounts payable | 47/48 | €716,384 | €596,384 | -€120,000 | -16.8% |
| Accrued charges and deferred income | 492/3 | €33,526 | €34,775 | +€1,249 | +3.7% |
| Non-recurring operating income | 76A | €162,927 | - | -€162,927 | |
| Remuneration, social security and pensions | 62 | - | €51,851 | +€51,851 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,764 | €73,775 | +€6,011 | +8.9% |
| Other operating charges | 640/8 | €20,193 | €20,340 | +€147 | +0.7% |
| Gross operating margin | 9900 | €554,563 | €408,304 | -€146,260 | -26.4% |
| Operating profit (loss) | 9901 | €466,607 | €262,338 | -€204,269 | -43.8% |
| Financial charges | 65/66B | €9,168 | €5,752 | -€3,416 | -37.3% |
| Recurring financial charges | 65 | €9,168 | €5,752 | -€3,416 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €457,439 | €256,585 | -€200,854 | -43.9% |
| Transfer from deferred taxes | 780 | €2,497 | €3,538 | +€1,042 | +41.7% |
| Transfer to deferred taxes | 680 | €40,732 | - | -€40,732 | |
| Income taxes | 67/77 | €95,498 | €84,722 | -€10,775 | -11.3% |
| Profit (loss) for the period | 9904 | €323,706 | €175,401 | -€148,305 | -45.8% |
| Transfer from tax-exempt reserves | 789 | €7,490 | €10,615 | +€3,126 | +41.7% |
| Transfer to tax-exempt reserves | 689 | €122,195 | - | -€122,195 | |
| Profit (loss) for the period to be appropriated | 9905 | €209,001 | €186,017 | -€22,984 | -11.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.