MICHIELS KLEDING: 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 KLEDING
Largest movements
- Cash -€52,831
down €52,831 (-17.0%), from €310,077 to €257,246
mainly Short-term financial debts (-€50,000) and Trade debts (-€7,110)
- Short-term financial debts -€50,000
down €50,000 (-13.3%), from €375,000 to €325,000
- Gross operating margin -€34,042
down €34,042 (-46.3%), from €73,475 to €39,433
- Financial income -€4,679
down €4,679 (-42.0%), from €11,144 to €6,465
- Financial charges -€2,195
down €2,195 (-7.1%), from €30,973 to €28,778
- Staff costs +€1,410
no longer reported in 2025 (was -€1,410)
- Other operating charges +€1,108
up €1,108 (+8.5%), from €13,016 to €14,124
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 | €750,352 | €693,073 | -€57,279 | -7.6% |
| Fixed assets | 21/28 | €12,832 | €16,232 | +€3,399 | +26.5% |
| Tangible fixed assets | 22/27 | €12,732 | €16,132 | +€3,399 | +26.7% |
| Plant, machinery and equipment | 23 | €2,110 | €1,329 | -€781 | -37.0% |
| Furniture and vehicles | 24 | €844 | €482 | -€362 | -42.9% |
| Other tangible fixed assets | 26 | €9,779 | €14,320 | +€4,542 | +46.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €737,520 | €676,842 | -€60,678 | -8.2% |
| Stocks and contracts in progress | 3 | €424,538 | €418,433 | -€6,105 | -1.4% |
| Stocks | 30/36 | €424,538 | €418,433 | -€6,105 | -1.4% |
| Amounts receivable within one year | 40/41 | €655 | €413 | -€242 | -37.0% |
| Trade receivables | 40 | - | €413 | +€413 | |
| Other amounts receivable | 41 | €655 | - | -€655 | |
| Cash at bank and in hand | 54/58 | €310,077 | €257,246 | -€52,831 | -17.0% |
| Deferred charges and accrued income | 490/1 | €2,250 | €750 | -€1,500 | -66.7% |
| Total equity and liabilities | 10/49 | €750,352 | €693,073 | -€57,279 | -7.6% |
| Equity | 10/15 | -€18,220 | -€18,079 | +€141 | +0.8% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €42,225 | €42,225 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,411 | €36,411 | = | 0.0% |
| Distributable reserves | 133 | €5,814 | €5,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,045 | -€178,904 | +€141 | +0.1% |
| Amounts payable | 17/49 | €768,572 | €711,152 | -€57,420 | -7.5% |
| Amounts payable within one year | 42/48 | €768,572 | €711,152 | -€57,420 | -7.5% |
| Financial debts | 43 | €375,000 | €325,000 | -€50,000 | -13.3% |
| Credit institutions | 430/8 | €375,000 | €325,000 | -€50,000 | -13.3% |
| Trade debts | 44 | €16,849 | €9,739 | -€7,110 | -42.2% |
| Suppliers | 440/4 | €16,849 | €9,739 | -€7,110 | -42.2% |
| Taxes, remuneration and social security | 45 | €12,632 | €12,467 | -€165 | -1.3% |
| Taxes | 450/3 | €12,632 | €10,467 | -€2,165 | -17.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €364,091 | €363,946 | -€145 | 0.0% |
| Remuneration, social security and pensions | 62 | -€1,410 | - | +€1,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,208 | €2,855 | +€647 | +29.3% |
| Other operating charges | 640/8 | €13,016 | €14,124 | +€1,108 | +8.5% |
| Gross operating margin | 9900 | €73,475 | €39,433 | -€34,042 | -46.3% |
| Operating profit (loss) | 9901 | €59,661 | €22,454 | -€37,206 | -62.4% |
| Financial income | 75/76B | €11,144 | €6,465 | -€4,679 | -42.0% |
| Recurring financial income | 75 | €11,144 | €6,465 | -€4,679 | -42.0% |
| Financial charges | 65/66B | €30,973 | €28,778 | -€2,195 | -7.1% |
| Recurring financial charges | 65 | €30,973 | €28,778 | -€2,195 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €39,831 | €141 | -€39,690 | -99.6% |
| Profit (loss) for the period | 9904 | €39,831 | €141 | -€39,690 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,831 | €141 | -€39,690 | -99.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.