MICHIELS ROBBY: 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 ROBBY
Largest movements
- Receivables within one year -€17,184
down €17,184 (-54.7%), from €31,406 to €14,222
of which Trade receivables: -€14,892
- Cash +€11,525
up €11,525 (+39.3%), from €29,316 to €40,842
mainly Receivables within one year (+€17,184) and Depreciation (+€12,050)
- Intangible fixed assets -€7,500
down €7,500 (-60.4%), from €12,414 to €4,914
- Deferred charges and accrued income -€2,467
down €2,467 (-34.9%), from €7,069 to €4,603
- Reserves -€12,390
down €12,390 (-16.9%), from €73,177 to €60,787
- Profit (loss) carried forward -€10,731
new in 2025: -€10,731
- Other debts +€7,347
up €7,347 (+235%), from €3,120 to €10,468
- Gross operating margin -€28,537
down €28,537 (-75.8%), from €37,668 to €9,132
- Taxes -€2,892
down €2,892 (-66.1%), from €4,377 to €1,484
- Depreciation +€725
up €725 (+6.4%), from €11,325 to €12,050
- Financial charges -€537
down €537 (-11.7%), from €4,570 to €4,033
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 | €98,355 | €81,763 | -€16,592 | -16.9% |
| Fixed assets | 21/28 | €30,563 | €22,097 | -€8,466 | -27.7% |
| Intangible fixed assets | 21 | €12,414 | €4,914 | -€7,500 | -60.4% |
| Tangible fixed assets | 22/27 | €18,149 | €17,183 | -€966 | -5.3% |
| Plant, machinery and equipment | 23 | €6,653 | €7,808 | +€1,155 | +17.4% |
| Other tangible fixed assets | 26 | €11,496 | €9,375 | -€2,122 | -18.5% |
| Current assets | 29/58 | €67,792 | €59,666 | -€8,125 | -12.0% |
| Amounts receivable within one year | 40/41 | €31,406 | €14,222 | -€17,184 | -54.7% |
| Trade receivables | 40 | €21,942 | €7,050 | -€14,892 | -67.9% |
| Other amounts receivable | 41 | €9,464 | €7,172 | -€2,292 | -24.2% |
| Cash at bank and in hand | 54/58 | €29,316 | €40,842 | +€11,525 | +39.3% |
| Deferred charges and accrued income | 490/1 | €7,069 | €4,603 | -€2,467 | -34.9% |
| Total equity and liabilities | 10/49 | €98,355 | €81,763 | -€16,592 | -16.9% |
| Equity | 10/15 | €85,577 | €62,456 | -€23,122 | -27.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €73,177 | €60,787 | -€12,390 | -16.9% |
| Distributable reserves | 133 | €73,177 | €60,787 | -€12,390 | -16.9% |
| Profit (loss) carried forward | 14 | - | -€10,731 | -€10,731 | |
| Amounts payable | 17/49 | €12,778 | €19,308 | +€6,530 | +51.1% |
| Amounts payable within one year | 42/48 | €12,778 | €19,308 | +€6,530 | +51.1% |
| Trade debts | 44 | €4,087 | €3,991 | -€96 | -2.3% |
| Suppliers | 440/4 | €4,087 | €3,991 | -€96 | -2.3% |
| Taxes, remuneration and social security | 45 | €5,571 | €4,850 | -€721 | -13.0% |
| Taxes | 450/3 | €2,821 | €2,100 | -€721 | -25.6% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €3,120 | €10,468 | +€7,347 | +235% |
| Non-recurring operating income | 76A | €9,500 | €5,725 | -€3,775 | -39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,325 | €12,050 | +€725 | +6.4% |
| Other operating charges | 640/8 | €4,024 | €4,310 | +€286 | +7.1% |
| Non-recurring operating charges | 66A | €2,282 | - | -€2,282 | |
| Gross operating margin | 9900 | €37,668 | €9,132 | -€28,537 | -75.8% |
| Operating profit (loss) | 9901 | €20,037 | -€7,229 | -€27,266 | |
| Financial income | 75/76B | €2,319 | €2,015 | -€304 | -13.1% |
| Recurring financial income | 75 | €2,319 | €2,015 | -€304 | -13.1% |
| Financial charges | 65/66B | €4,570 | €4,033 | -€537 | -11.7% |
| Recurring financial charges | 65 | €4,570 | €4,033 | -€537 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €17,786 | -€9,247 | -€27,033 | |
| Income taxes | 67/77 | €4,377 | €1,484 | -€2,892 | -66.1% |
| Profit (loss) for the period | 9904 | €13,410 | -€10,731 | -€24,141 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,410 | -€10,731 | -€24,141 |
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 29 October 2026 via checked.be.