MICHIELS IMMO: 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 IMMO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€25,865
up €25,865 (+6.3%), from €412,731 to €438,597
- Trade debts -€13,337
down €13,337 (-15.6%), from €85,659 to €72,322
- Debts after one year -€10,545
down €10,545 (-45.0%), from €23,413 to €12,868
- Gross operating margin +€8,193
up €8,193, from -€363 to €7,830
- Other operating charges +€1,435
up €1,435 (+346%), from €415 to €1,850
- Financial charges -€667
down €667 (-34.0%), from €1,959 to €1,292
- Depreciation -€438
down €438 (-6.8%), from €6,415 to €5,977
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 | €810,920 | €812,354 | +€1,434 | +0.2% |
| Fixed assets | 21/28 | €596,271 | €590,295 | -€5,977 | -1.0% |
| Tangible fixed assets | 22/27 | €596,271 | €590,295 | -€5,977 | -1.0% |
| Land and buildings | 22 | €473,332 | €467,998 | -€5,334 | -1.1% |
| Plant, machinery and equipment | 23 | €1,029 | €386 | -€643 | -62.5% |
| Assets under construction and advance payments | 27 | €121,911 | €121,911 | = | 0.0% |
| Current assets | 29/58 | €214,649 | €222,060 | +€7,411 | +3.5% |
| Amounts receivable within one year | 40/41 | €214,405 | €221,533 | +€7,128 | +3.3% |
| Trade receivables | 40 | €214,400 | €221,525 | +€7,125 | +3.3% |
| Other amounts receivable | 41 | €5 | €8 | +€3 | +54.3% |
| Cash at bank and in hand | 54/58 | €25 | €36 | +€11 | +45.4% |
| Deferred charges and accrued income | 490/1 | €219 | €491 | +€272 | +124% |
| Total equity and liabilities | 10/49 | €810,920 | €812,354 | +€1,434 | +0.2% |
| Equity | 10/15 | €251,936 | €251,587 | -€349 | -0.1% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Capital | 10 | €49,579 | €49,579 | = | 0.0% |
| Issued capital | 100 | €49,579 | €49,579 | = | 0.0% |
| Revaluation surpluses | 12 | €327,166 | €327,166 | = | 0.0% |
| Reserves | 13 | €34,683 | €32,858 | -€1,826 | -5.3% |
| Tax-exempt reserves | 132 | €34,683 | €32,858 | -€1,826 | -5.3% |
| Profit (loss) carried forward | 14 | -€159,492 | -€158,015 | +€1,477 | +0.9% |
| Provisions and deferred taxes | 16 | €17,873 | €16,932 | -€940 | -5.3% |
| Deferred taxes | 168 | €17,873 | €16,932 | -€940 | -5.3% |
| Amounts payable | 17/49 | €541,112 | €543,835 | +€2,723 | +0.5% |
| Amounts payable after more than one year | 17 | €23,413 | €12,868 | -€10,545 | -45.0% |
| Financial debts | 170/4 | €23,413 | €12,868 | -€10,545 | -45.0% |
| Amounts payable within one year | 42/48 | €517,698 | €530,967 | +€13,268 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €12,867 | €13,295 | +€428 | +3.3% |
| Trade debts | 44 | €85,659 | €72,322 | -€13,337 | -15.6% |
| Suppliers | 440/4 | €85,659 | €72,322 | -€13,337 | -15.6% |
| Advances received on contracts in progress | 46 | €4,327 | €4,327 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,113 | €2,425 | +€312 | +14.8% |
| Taxes | 450/3 | €2,113 | €2,425 | +€312 | +14.8% |
| Other amounts payable | 47/48 | €412,731 | €438,597 | +€25,865 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,415 | €5,977 | -€438 | -6.8% |
| Other operating charges | 640/8 | €415 | €1,850 | +€1,435 | +346% |
| Gross operating margin | 9900 | -€363 | €7,830 | +€8,193 | |
| Operating profit (loss) | 9901 | -€7,193 | €3 | +€7,196 | |
| Financial charges | 65/66B | €1,959 | €1,292 | -€667 | -34.0% |
| Recurring financial charges | 65 | €1,959 | €1,292 | -€667 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,152 | -€1,289 | +€7,863 | +85.9% |
| Transfer from deferred taxes | 780 | €940 | €940 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€8,212 | -€349 | +€7,863 | +95.8% |
| Transfer from tax-exempt reserves | 789 | €1,826 | €1,826 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,386 | €1,477 | +€7,863 |
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.