MICHIELS - SPINETTE: what changed
MICHIELS - SPINETTE
Largest movements
- Cash -€12,784
down €12,784 (-58.9%), from €21,719 to €8,935
mainly Net result for the year (-€17,113) and Receivables within one year (-€5,243)
- Tangible fixed assets -€11,716
down €11,716 (-24.0%), from €48,825 to €37,109
of which Furniture and vehicles: -€6,410
- Receivables within one year +€5,243
up €5,243 (+345%), from €1,520 to €6,763
of which Trade receivables: +€3,245
- Deferred charges and accrued income -€1,346
down €1,346 (-87.1%), from €1,545 to €199
- Profit (loss) carried forward -€17,113
new in 2025: -€17,113
- Trade debts -€1,494
down €1,494 (-87.2%), from €1,713 to €219
- Other debts -€1,075
down €1,075 (-100%), from €1,075 to €0
- Gross operating margin -€20,675
down €20,675, from €17,073 to -€3,601
- Taxes -€2,146
down €2,146 (-85.9%), from €2,499 to €352
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,334 | €61,021 | -€20,312 | -25.0% |
| Fixed assets | 21/28 | €48,825 | €37,109 | -€11,716 | -24.0% |
| Tangible fixed assets | 22/27 | €48,825 | €37,109 | -€11,716 | -24.0% |
| Land and buildings | 22 | €1,797 | €1,198 | -€599 | -33.3% |
| Plant, machinery and equipment | 23 | €35,819 | €31,300 | -€4,519 | -12.6% |
| Furniture and vehicles | 24 | €8,364 | €1,954 | -€6,410 | -76.6% |
| Other tangible fixed assets | 26 | €2,845 | €2,658 | -€187 | -6.6% |
| Current assets | 29/58 | €32,509 | €23,912 | -€8,597 | -26.4% |
| Stocks and contracts in progress | 3 | €7,725 | €8,015 | +€290 | +3.8% |
| Stocks | 30/36 | €7,725 | €8,015 | +€290 | +3.8% |
| Amounts receivable within one year | 40/41 | €1,520 | €6,763 | +€5,243 | +345% |
| Trade receivables | 40 | €1,520 | €4,766 | +€3,245 | +213% |
| Other amounts receivable | 41 | €0 | €1,997 | +€1,997 | |
| Cash at bank and in hand | 54/58 | €21,719 | €8,935 | -€12,784 | -58.9% |
| Deferred charges and accrued income | 490/1 | €1,545 | €199 | -€1,346 | -87.1% |
| Total equity and liabilities | 10/49 | €81,334 | €61,021 | -€20,312 | -25.0% |
| Equity | 10/15 | €75,064 | €57,951 | -€17,113 | -22.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €54,604 | €54,604 | = | 0.0% |
| Distributable reserves | 133 | €54,604 | €54,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€17,113 | -€17,113 | |
| Amounts payable | 17/49 | €6,269 | €3,070 | -€3,199 | -51.0% |
| Amounts payable within one year | 42/48 | €6,269 | €3,070 | -€3,199 | -51.0% |
| Trade debts | 44 | €1,713 | €219 | -€1,494 | -87.2% |
| Suppliers | 440/4 | €1,713 | €219 | -€1,494 | -87.2% |
| Taxes, remuneration and social security | 45 | €3,481 | €2,851 | -€631 | -18.1% |
| Taxes | 450/3 | €3,481 | €2,851 | -€631 | -18.1% |
| Other amounts payable | 47/48 | €1,075 | €0 | -€1,075 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,552 | €11,716 | +€164 | +1.4% |
| Other operating charges | 640/8 | €1,189 | €1,228 | +€39 | +3.2% |
| Gross operating margin | 9900 | €17,073 | -€3,601 | -€20,675 | |
| Operating profit (loss) | 9901 | €4,332 | -€16,544 | -€20,877 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €228 | €216 | -€12 | -5.3% |
| Recurring financial charges | 65 | €228 | €216 | -€12 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €4,105 | -€16,761 | -€20,865 | |
| Income taxes | 67/77 | €2,499 | €352 | -€2,146 | -85.9% |
| Profit (loss) for the period | 9904 | €1,606 | -€17,113 | -€18,719 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,606 | -€17,113 | -€18,719 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.