MICHIELS - LOOS: 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.
What changed
MICHIELS - LOOS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€5,580
2024 · -€1,657-€3,923
Equity
€1.1m
2024 · €1.1m-€5,580
Cash
€3,277
2024 · €1,647+€1,630
Balance sheet total
€1.7m
2024 · €1.8m-€34,521
Largest movements
Assets
- Tangible fixed assets -€22,218
down €22,218 (-2.1%), from €1.1m to €1.0m
of which Land and buildings: -€33,497
Equity and liabilities
- Debts after one year +€21,236
up €21,236 (+6.4%), from €331,342 to €352,578
- Trade debts -€20,634
down €20,634 (-36.3%), from €56,880 to €36,247
Income statement
- Gross operating margin -€17,925
down €17,925 (-16.8%), from €106,390 to €88,465
- Write-downs -€12,623
down €12,623 (-29.2%), from €43,288 to €30,664
- Financial charges -€6,535
down €6,535 (-34.2%), from €19,086 to €12,551
- Depreciation +€3,747
up €3,747 (+11.1%), from €33,755 to €37,502
- Other operating charges -€3,682
down €3,682 (-28.5%), from €12,926 to €9,243
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.
Result 2024
-€1,657
Gross operating margin
-€17,925
Depreciation
-€3,747
Write-downs
+€12,623
Other operating charges
+€3,682
Other operating items
-€5,830
Financial charges
+€6,535
Taxes
+€1,480
Deferred taxes and other
-€743
Result 2025
-€5,580
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1,387
Investment
-€15,284
Financing
+€15,527
Cash 2024
€1,647
From operations (derived)
+€1,387
Net result for the year
-€5,580
Depreciation
+€37,502
Receivables within one year
+€13,560
Deferred charges and accrued income
+€373
Provisions
-€4,886
Trade debts
-€20,634
Tax, wage and social debts
-€13,248
Accrued charges and deferred income
-€5,699
Investment (derived)
-€15,284
Investment in fixed assets (net)
-€15,284
Financing
+€15,527
Debts after one year
+€21,236
Current portion of long-term debt
-€5,710
Cash 2025
€3,277
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,762,895 | €1,728,375 | -€34,521 | -2.0% |
| Fixed assets | 21/28 | €1,060,076 | €1,037,859 | -€22,218 | -2.1% |
| Tangible fixed assets | 22/27 | €1,060,076 | €1,037,859 | -€22,218 | -2.1% |
| Land and buildings | 22 | €1,059,302 | €1,025,805 | -€33,497 | -3.2% |
| Plant, machinery and equipment | 23 | - | €11,867 | +€11,867 | |
| Furniture and vehicles | 24 | €774 | €186 | -€588 | -76.0% |
| Current assets | 29/58 | €702,819 | €690,516 | -€12,303 | -1.8% |
| Amounts receivable within one year | 40/41 | €700,799 | €687,239 | -€13,560 | -1.9% |
| Trade receivables | 40 | €57,369 | €7,168 | -€50,201 | -87.5% |
| Other amounts receivable | 41 | €643,430 | €680,071 | +€36,641 | +5.7% |
| Cash at bank and in hand | 54/58 | €1,647 | €3,277 | +€1,630 | +98.9% |
| Deferred charges and accrued income | 490/1 | €373 | - | -€373 | |
| Total equity and liabilities | 10/49 | €1,762,895 | €1,728,375 | -€34,521 | -2.0% |
| Equity | 10/15 | €1,114,984 | €1,109,404 | -€5,580 | -0.5% |
| Contributions | 10/11 | €743,681 | €743,681 | = | 0.0% |
| Reserves | 13 | €327,516 | €316,115 | -€11,400 | -3.5% |
| Non-distributable reserves | 130/1 | €74,368 | €74,368 | = | 0.0% |
| Reserves not available under the articles | 1311 | €74,368 | €74,368 | = | 0.0% |
| Tax-exempt reserves | 132 | €253,148 | €241,747 | -€11,400 | -4.5% |
| Profit (loss) carried forward | 14 | €43,787 | €49,608 | +€5,820 | +13.3% |
| Provisions and deferred taxes | 16 | €148,196 | €143,310 | -€4,886 | -3.3% |
| Deferred taxes | 168 | €148,196 | €143,310 | -€4,886 | -3.3% |
| Amounts payable | 17/49 | €499,716 | €475,661 | -€24,055 | -4.8% |
| Amounts payable after more than one year | 17 | €331,342 | €352,578 | +€21,236 | +6.4% |
| Financial debts | 170/4 | €331,342 | €352,578 | +€21,236 | +6.4% |
| Amounts payable within one year | 42/48 | €162,675 | €123,083 | -€39,592 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €84,473 | €78,764 | -€5,710 | -6.8% |
| Trade debts | 44 | €56,880 | €36,247 | -€20,634 | -36.3% |
| Suppliers | 440/4 | €56,880 | €36,247 | -€20,634 | -36.3% |
| Taxes, remuneration and social security | 45 | €21,321 | €8,073 | -€13,248 | -62.1% |
| Taxes | 450/3 | €21,321 | €8,073 | -€13,248 | -62.1% |
| Accrued charges and deferred income | 492/3 | €5,699 | - | -€5,699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,755 | €37,502 | +€3,747 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,288 | €30,664 | -€12,623 | -29.2% |
| Other operating charges | 640/8 | €12,926 | €9,243 | -€3,682 | -28.5% |
| Non-recurring operating charges | 66A | - | €5,830 | +€5,830 | |
| Gross operating margin | 9900 | €106,390 | €88,465 | -€17,925 | -16.8% |
| Operating profit (loss) | 9901 | €16,421 | €5,225 | -€11,196 | -68.2% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €19,086 | €12,551 | -€6,535 | -34.2% |
| Recurring financial charges | 65 | €19,086 | €12,551 | -€6,535 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,665 | -€7,326 | -€4,661 | -175% |
| Transfer from deferred taxes | 780 | €5,628 | €4,886 | -€743 | -13.2% |
| Income taxes | 67/77 | €4,620 | €3,140 | -€1,480 | -32.0% |
| Profit (loss) for the period | 9904 | -€1,657 | -€5,580 | -€3,923 | -237% |
| Transfer from tax-exempt reserves | 789 | €13,133 | €11,400 | -€1,733 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,476 | €5,820 | -€5,656 | -49.3% |
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 13 October 2026 via checked.be.