MICHIELSEN: 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.
MICHIELSEN
Largest movements
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables after one year +€36,439
up €36,439 (+22.3%), from €163,143 to €199,582
- Tangible fixed assets -€35,102
down €35,102 (-9.5%), from €371,104 to €336,002
of which Other tangible fixed assets: -€57,096
- Cash +€25,951
up €25,951 (+12.1%), from €214,747 to €240,698
mainly Net result for the year (+€92,219) and Depreciation (+€83,490)
- Profit (loss) carried forward +€92,219
up €92,219 (+682%), from €13,529 to €105,748
- Debts after one year -€72,143
down €72,143 (-23.8%), from €302,760 to €230,617
- Tax, wage and social debts -€26,818
down €26,818 (-20.1%), from €133,467 to €106,649
of which Remuneration and social security: -€17,050
- Short-term financial debts -€24,781
down €24,781 (-15.3%), from €162,476 to €137,695
- Trade debts +€14,201
up €14,201 (+6.5%), from €219,260 to €233,461
- Gross operating margin -€87,869
down €87,869 (-7.8%), from €1.1m to €1.0m
- Staff costs +€18,347
up €18,347 (+2.4%), from €779,019 to €797,366
- Depreciation -€18,193
down €18,193 (-17.9%), from €101,684 to €83,490
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 | €1,024,729 | €996,552 | -€28,177 | -2.7% |
| Fixed assets | 21/28 | €380,829 | €346,027 | -€34,802 | -9.1% |
| Tangible fixed assets | 22/27 | €371,104 | €336,002 | -€35,102 | -9.5% |
| Plant, machinery and equipment | 23 | €22,162 | €22,296 | +€135 | +0.6% |
| Furniture and vehicles | 24 | €3,905 | €32,198 | +€28,292 | +724% |
| Leasing and similar rights | 25 | €14,446 | €8,013 | -€6,433 | -44.5% |
| Other tangible fixed assets | 26 | €330,591 | €273,495 | -€57,096 | -17.3% |
| Financial fixed assets | 28 | €9,725 | €10,025 | +€300 | +3.1% |
| Current assets | 29/58 | €643,900 | €650,525 | +€6,625 | +1.0% |
| Amounts receivable after more than one year | 29 | €163,143 | €199,582 | +€36,439 | +22.3% |
| Other amounts receivable | 291 | €163,143 | €199,582 | +€36,439 | +22.3% |
| Stocks and contracts in progress | 3 | €125,635 | €119,930 | -€5,705 | -4.5% |
| Stocks | 30/36 | €125,635 | €119,930 | -€5,705 | -4.5% |
| Amounts receivable within one year | 40/41 | €72,319 | €78,288 | +€5,969 | +8.3% |
| Trade receivables | 40 | €66,094 | €64,425 | -€1,669 | -2.5% |
| Other amounts receivable | 41 | €6,225 | €13,863 | +€7,638 | +123% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €214,747 | €240,698 | +€25,951 | +12.1% |
| Deferred charges and accrued income | 490/1 | €18,057 | €12,027 | -€6,030 | -33.4% |
| Total equity and liabilities | 10/49 | €1,024,729 | €996,552 | -€28,177 | -2.7% |
| Equity | 10/15 | €81,729 | €173,948 | +€92,219 | +113% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,529 | €105,748 | +€92,219 | +682% |
| Amounts payable | 17/49 | €943,000 | €822,604 | -€120,396 | -12.8% |
| Amounts payable after more than one year | 17 | €302,760 | €230,617 | -€72,143 | -23.8% |
| Financial debts | 170/4 | €302,760 | €230,617 | -€72,143 | -23.8% |
| Amounts payable within one year | 42/48 | €640,241 | €591,987 | -€48,253 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €121,208 | €112,950 | -€8,258 | -6.8% |
| Financial debts | 43 | €162,476 | €137,695 | -€24,781 | -15.3% |
| Credit institutions | 430/8 | €162,476 | €137,695 | -€24,781 | -15.3% |
| Trade debts | 44 | €219,260 | €233,461 | +€14,201 | +6.5% |
| Suppliers | 440/4 | €219,260 | €233,461 | +€14,201 | +6.5% |
| Taxes, remuneration and social security | 45 | €133,467 | €106,649 | -€26,818 | -20.1% |
| Taxes | 450/3 | €24,409 | €14,640 | -€9,769 | -40.0% |
| Remuneration and social security | 454/9 | €109,059 | €92,009 | -€17,050 | -15.6% |
| Other amounts payable | 47/48 | €3,829 | €1,233 | -€2,597 | -67.8% |
| Remuneration, social security and pensions | 62 | €779,019 | €797,366 | +€18,347 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,684 | €83,490 | -€18,193 | -17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €17,375 | €15,510 | -€1,865 | -10.7% |
| Non-recurring operating charges | 66A | €9,152 | €0 | -€9,152 | -100% |
| Gross operating margin | 9900 | €1,128,989 | €1,041,121 | -€87,869 | -7.8% |
| Operating profit (loss) | 9901 | €221,760 | €144,754 | -€77,006 | -34.7% |
| Financial income | 75/76B | €3,663 | €4,036 | +€373 | +10.2% |
| Recurring financial income | 75 | €3,663 | €4,036 | +€373 | +10.2% |
| Financial charges | 65/66B | €38,061 | €29,489 | -€8,572 | -22.5% |
| Recurring financial charges | 65 | €38,061 | €29,489 | -€8,572 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €187,362 | €119,302 | -€68,061 | -36.3% |
| Income taxes | 67/77 | €20,197 | €27,083 | +€6,885 | +34.1% |
| Profit (loss) for the period | 9904 | €167,165 | €92,219 | -€74,946 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €167,165 | €92,219 | -€74,946 | -44.8% |
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 20 October 2026 via checked.be.