MICHIELS IXELLES: 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 IXELLES
Largest movements
- Receivables within one year -€135,453
down €135,453 (-73.4%), from €184,619 to €49,166
of which Other amounts receivable: -€137,641
- Cash +€82,762
up €82,762 (+15.7%), from €525,863 to €608,626
mainly Receivables within one year (+€135,453) and Net result for the year (+€94,379)
- Profit (loss) carried forward -€276,550
down €276,550 (-37.6%), from €734,701 to €458,151
- Reserves +€94,379
up €94,379 (+1,523%), from €6,197 to €100,576
of which Distributable reserves: +€94,379
- Other debts +€82,652
up €82,652 (+26,372%), from €313 to €82,965
- Tax, wage and social debts +€56,315
up €56,315 (+99.1%), from €56,851 to €113,166
of which Taxes: +€53,403
- Gross operating margin -€40,504
down €40,504 (-14.4%), from €281,602 to €241,097
- Staff costs +€11,044
up €11,044 (+18.8%), from €58,783 to €69,828
- Other operating charges +€6,358
up €6,358 (+547%), from €1,163 to €7,520
- Taxes -€3,617
down €3,617 (-5.9%), from €61,130 to €57,513
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 | €892,947 | €832,460 | -€60,487 | -6.8% |
| Fixed assets | 21/28 | €107,774 | €102,231 | -€5,543 | -5.1% |
| Tangible fixed assets | 22/27 | €107,774 | €102,231 | -€5,543 | -5.1% |
| Land and buildings | 22 | €105,026 | €102,231 | -€2,795 | -2.7% |
| Plant, machinery and equipment | 23 | €2,748 | - | -€2,748 | |
| Current assets | 29/58 | €785,173 | €730,230 | -€54,944 | -7.0% |
| Stocks and contracts in progress | 3 | €49,550 | €47,073 | -€2,478 | -5.0% |
| Stocks | 30/36 | €49,550 | €47,073 | -€2,478 | -5.0% |
| Amounts receivable within one year | 40/41 | €184,619 | €49,166 | -€135,453 | -73.4% |
| Trade receivables | 40 | €46,579 | €48,767 | +€2,188 | +4.7% |
| Other amounts receivable | 41 | €138,040 | €399 | -€137,641 | -99.7% |
| Current investments | 50/53 | €25,141 | €25,366 | +€225 | +0.9% |
| Cash at bank and in hand | 54/58 | €525,863 | €608,626 | +€82,762 | +15.7% |
| Total equity and liabilities | 10/49 | €892,947 | €832,460 | -€60,487 | -6.8% |
| Equity | 10/15 | €811,772 | €620,700 | -€191,071 | -23.5% |
| Contributions | 10/11 | €70,874 | €61,973 | -€8,900 | -12.6% |
| Capital | 10 | €70,874 | €61,973 | -€8,900 | -12.6% |
| Issued capital | 100 | €70,874 | €61,973 | -€8,900 | -12.6% |
| Reserves | 13 | €6,197 | €100,576 | +€94,379 | +1,523% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | - | €94,379 | +€94,379 | |
| Profit (loss) carried forward | 14 | €734,701 | €458,151 | -€276,550 | -37.6% |
| Amounts payable | 17/49 | €81,175 | €211,760 | +€130,585 | +161% |
| Amounts payable within one year | 42/48 | €81,175 | €211,760 | +€130,585 | +161% |
| Trade debts | 44 | €24,011 | €15,629 | -€8,382 | -34.9% |
| Suppliers | 440/4 | €24,011 | €15,629 | -€8,382 | -34.9% |
| Taxes, remuneration and social security | 45 | €56,851 | €113,166 | +€56,315 | +99.1% |
| Taxes | 450/3 | €21,846 | €75,249 | +€53,403 | +244% |
| Remuneration and social security | 454/9 | €35,005 | €37,917 | +€2,912 | +8.3% |
| Other amounts payable | 47/48 | €313 | €82,965 | +€82,652 | +26,372% |
| Non-recurring operating income | 76A | €125 | €851 | +€726 | +581% |
| Remuneration, social security and pensions | 62 | €58,783 | €69,828 | +€11,044 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,711 | €5,543 | +€1,832 | +49.4% |
| Other operating charges | 640/8 | €1,163 | €7,520 | +€6,358 | +547% |
| Non-recurring operating charges | 66A | €10,510 | €5,000 | -€5,510 | -52.4% |
| Gross operating margin | 9900 | €281,602 | €241,097 | -€40,504 | -14.4% |
| Operating profit (loss) | 9901 | €207,435 | €153,207 | -€54,228 | -26.1% |
| Financial income | 75/76B | €1,863 | €1,469 | -€394 | -21.2% |
| Recurring financial income | 75 | €1,624 | €1,469 | -€155 | -9.6% |
| Non-recurring financial income | 76B | €239 | - | -€239 | |
| Financial charges | 65/66B | - | €2,784 | +€2,784 | |
| Recurring financial charges | 65 | - | €2,784 | +€2,784 | |
| Non-recurring financial charges | 66B | - | €2,784 | +€2,784 | |
| Profit (loss) for the period before taxes | 9903 | €209,298 | €151,892 | -€57,406 | -27.4% |
| Income taxes | 67/77 | €61,130 | €57,513 | -€3,617 | -5.9% |
| Profit (loss) for the period | 9904 | €148,168 | €94,379 | -€53,789 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €148,168 | €94,379 | -€53,789 | -36.3% |
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 26 October 2026 via checked.be.