MICHIELS Pierre: 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 Pierre
Largest movements
- Cash +€36,881
up €36,881 (+19.8%), from €186,522 to €223,404
mainly Net result for the year (+€28,866) and Depreciation (+€26,232)
- Tangible fixed assets -€25,308
down €25,308 (-7.1%), from €358,318 to €333,010
of which Furniture and vehicles: -€13,251
- Receivables within one year -€18,667
down €18,667 (-59.6%), from €31,336 to €12,668
of which Trade receivables: -€18,723
- Reserves +€28,866
up €28,866 (+49.9%), from €57,874 to €86,740
- Debts after one year -€26,313
down €26,313 (-10.9%), from €240,951 to €214,638
- Other debts +€15,820
up €15,820 (+46.7%), from €33,888 to €49,708
- Accrued charges and deferred income -€10,200
no longer reported in 2025 (was €10,200)
- Tax, wage and social debts -€9,261
down €9,261 (-65.5%), from €14,144 to €4,883
- Gross operating margin -€19,855
down €19,855 (-19.7%), from €100,818 to €80,963
- Taxes -€3,694
down €3,694 (-20.9%), from €17,667 to €13,973
- Depreciation -€2,114
down €2,114 (-7.5%), from €28,346 to €26,232
- Staff costs +€1,267
new in 2025: €1,267
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 | €585,716 | €580,172 | -€5,544 | -0.9% |
| Fixed assets | 21/28 | €359,471 | €334,163 | -€25,308 | -7.0% |
| Tangible fixed assets | 22/27 | €358,318 | €333,010 | -€25,308 | -7.1% |
| Land and buildings | 22 | €331,000 | €319,500 | -€11,500 | -3.5% |
| Plant, machinery and equipment | 23 | €1,199 | €642 | -€557 | -46.5% |
| Furniture and vehicles | 24 | €26,119 | €12,868 | -€13,251 | -50.7% |
| Financial fixed assets | 28 | €1,153 | €1,153 | = | 0.0% |
| Current assets | 29/58 | €226,244 | €246,009 | +€19,764 | +8.7% |
| Amounts receivable within one year | 40/41 | €31,336 | €12,668 | -€18,667 | -59.6% |
| Trade receivables | 40 | €24,155 | €5,432 | -€18,723 | -77.5% |
| Other amounts receivable | 41 | €7,181 | €7,236 | +€55 | +0.8% |
| Cash at bank and in hand | 54/58 | €186,522 | €223,404 | +€36,881 | +19.8% |
| Deferred charges and accrued income | 490/1 | €8,387 | €9,937 | +€1,550 | +18.5% |
| Total equity and liabilities | 10/49 | €585,716 | €580,172 | -€5,544 | -0.9% |
| Equity | 10/15 | €239,217 | €268,083 | +€28,866 | +12.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €57,874 | €86,740 | +€28,866 | +49.9% |
| Distributable reserves | 133 | €57,874 | €86,740 | +€28,866 | +49.9% |
| Profit (loss) carried forward | 14 | €162,751 | €162,751 | = | 0.0% |
| Amounts payable | 17/49 | €346,499 | €312,089 | -€34,410 | -9.9% |
| Amounts payable after more than one year | 17 | €240,951 | €214,638 | -€26,313 | -10.9% |
| Financial debts | 170/4 | €240,951 | €214,638 | -€26,313 | -10.9% |
| Amounts payable within one year | 42/48 | €95,348 | €97,451 | +€2,103 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €28,471 | €26,313 | -€2,158 | -7.6% |
| Trade debts | 44 | €18,846 | €16,548 | -€2,298 | -12.2% |
| Suppliers | 440/4 | €18,846 | €16,548 | -€2,298 | -12.2% |
| Taxes, remuneration and social security | 45 | €14,144 | €4,883 | -€9,261 | -65.5% |
| Taxes | 450/3 | €14,144 | €4,883 | -€9,261 | -65.5% |
| Other amounts payable | 47/48 | €33,888 | €49,708 | +€15,820 | +46.7% |
| Accrued charges and deferred income | 492/3 | €10,200 | - | -€10,200 | |
| Remuneration, social security and pensions | 62 | - | €1,267 | +€1,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,346 | €26,232 | -€2,114 | -7.5% |
| Other operating charges | 640/8 | €5,343 | €5,388 | +€45 | +0.8% |
| Gross operating margin | 9900 | €100,818 | €80,963 | -€19,855 | -19.7% |
| Operating profit (loss) | 9901 | €67,129 | €48,076 | -€19,053 | -28.4% |
| Financial income | 75/76B | €330 | €459 | +€129 | +39.3% |
| Recurring financial income | 75 | €330 | €459 | +€129 | +39.3% |
| Financial charges | 65/66B | €6,379 | €5,696 | -€683 | -10.7% |
| Recurring financial charges | 65 | €6,379 | €5,696 | -€683 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €61,080 | €42,839 | -€18,241 | -29.9% |
| Income taxes | 67/77 | €17,667 | €13,973 | -€3,694 | -20.9% |
| Profit (loss) for the period | 9904 | €43,413 | €28,866 | -€14,547 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,413 | €28,866 | -€14,547 | -33.5% |
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 27 October 2026 via checked.be.