Michiels Projects & Management: 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 Projects & Management
Largest movements
- Tangible fixed assets +€400,399
up €400,399 (+47.3%), from €845,727 to €1.2m
of which Assets under construction and advance payments: +€304,112
- Receivables within one year -€32,562
down €32,562 (-32.3%), from €100,942 to €68,380
of which Trade receivables: -€33,239
- Debts after one year +€345,838
up €345,838 (+67.7%), from €511,081 to €856,919
of which Other amounts payable: +€387,212
- Other debts +€37,050
up €37,050 (+66.7%), from €55,585 to €92,635
- Financial charges -€1,256
down €1,256 (-11.6%), from €10,819 to €9,563
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 | €961,691 | €1,338,079 | +€376,388 | +39.1% |
| Fixed assets | 21/28 | €845,727 | €1,246,125 | +€400,399 | +47.3% |
| Tangible fixed assets | 22/27 | €845,727 | €1,246,125 | +€400,399 | +47.3% |
| Land and buildings | 22 | €845,727 | €942,014 | +€96,287 | +11.4% |
| Assets under construction and advance payments | 27 | - | €304,112 | +€304,112 | |
| Current assets | 29/58 | €115,965 | €91,954 | -€24,011 | -20.7% |
| Amounts receivable within one year | 40/41 | €100,942 | €68,380 | -€32,562 | -32.3% |
| Trade receivables | 40 | €95,893 | €62,654 | -€33,239 | -34.7% |
| Other amounts receivable | 41 | €5,049 | €5,727 | +€677 | +13.4% |
| Cash at bank and in hand | 54/58 | €14,118 | €21,524 | +€7,406 | +52.5% |
| Deferred charges and accrued income | 490/1 | €905 | €2,049 | +€1,145 | +127% |
| Total equity and liabilities | 10/49 | €961,691 | €1,338,079 | +€376,388 | +39.1% |
| Equity | 10/15 | €332,833 | €324,461 | -€8,372 | -2.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €326,633 | €318,261 | -€8,372 | -2.6% |
| Distributable reserves | 133 | €326,633 | €318,261 | -€8,372 | -2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €628,858 | €1,013,618 | +€384,760 | +61.2% |
| Amounts payable after more than one year | 17 | €511,081 | €856,919 | +€345,838 | +67.7% |
| Financial debts | 170/4 | €261,081 | €219,707 | -€41,374 | -15.8% |
| Other amounts payable | 178/9 | €250,000 | €637,212 | +€387,212 | +155% |
| Amounts payable within one year | 42/48 | €113,847 | €153,230 | +€39,383 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €40,787 | €41,374 | +€587 | +1.4% |
| Trade debts | 44 | €2,136 | €2,544 | +€408 | +19.1% |
| Suppliers | 440/4 | €2,136 | €2,544 | +€408 | +19.1% |
| Taxes, remuneration and social security | 45 | €15,339 | €16,677 | +€1,338 | +8.7% |
| Taxes | 450/3 | €15,339 | €16,677 | +€1,338 | +8.7% |
| Other amounts payable | 47/48 | €55,585 | €92,635 | +€37,050 | +66.7% |
| Accrued charges and deferred income | 492/3 | €3,930 | €3,469 | -€461 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,213 | €26,213 | = | 0.0% |
| Other operating charges | 640/8 | €6,758 | €6,994 | +€235 | +3.5% |
| Gross operating margin | 9900 | €85,185 | €85,064 | -€121 | -0.1% |
| Operating profit (loss) | 9901 | €52,214 | €51,858 | -€356 | -0.7% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €10,819 | €9,563 | -€1,256 | -11.6% |
| Recurring financial charges | 65 | €10,819 | €9,563 | -€1,256 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €41,395 | €42,320 | +€925 | +2.2% |
| Income taxes | 67/77 | €11,751 | €11,692 | -€60 | -0.5% |
| Profit (loss) for the period | 9904 | €29,643 | €30,628 | +€985 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,643 | €30,628 | +€985 | +3.3% |
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 16 October 2026 via checked.be.