MICHIELSEN: what changed
Two fiscal 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
- Cash +€28,067
up €28,067 (+15.5%), from €180,500 to €208,566
mainly Other debts (+€153,438) and Net result for the year (+€78,507)
- Tangible fixed assets -€25,087
down €25,087 (-29.1%), from €86,186 to €61,099
of which Furniture and vehicles: -€21,156
- Other debts +€153,438
up €153,438 (+3047.1%), from €5,036 to €158,474
- Reserves -€151,132
down €151,132 (-38.8%), from €389,603 to €238,471
of which Distributable reserves: -€151,132
- Gross operating margin -€16,263
down €16,263 (-10.7%), from €151,426 to €135,163
- Taxes -€3,172
down €3,172 (-9.2%), from €34,461 to €31,288
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.
Cash bridge derived
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 | €442,291 | €449,027 | +€6,737 | +1.5% |
| Fixed assets | 21/28 | €86,186 | €61,794 | -€24,391 | -28.3% |
| Intangible fixed assets | 21 | - | €696 | +€696 | |
| Tangible fixed assets | 22/27 | €86,186 | €61,099 | -€25,087 | -29.1% |
| Plant, machinery and equipment | 23 | €8,332 | €4,955 | -€3,376 | -40.5% |
| Furniture and vehicles | 24 | €72,584 | €51,428 | -€21,156 | -29.1% |
| Other tangible fixed assets | 26 | €5,270 | €4,715 | -€555 | -10.5% |
| Current assets | 29/58 | €356,105 | €387,233 | +€31,128 | +8.7% |
| Stocks and contracts in progress | 3 | €12,750 | €16,250 | +€3,500 | +27.5% |
| Stocks | 30/36 | €12,750 | €16,250 | +€3,500 | +27.5% |
| Amounts receivable within one year | 40/41 | €53,632 | €54,775 | +€1,143 | +2.1% |
| Trade receivables | 40 | €47,381 | €48,333 | +€952 | +2.0% |
| Other amounts receivable | 41 | €6,251 | €6,442 | +€190 | +3.0% |
| Current investments | 50/53 | €104,187 | €104,187 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €180,500 | €208,566 | +€28,067 | +15.5% |
| Deferred charges and accrued income | 490/1 | €5,036 | €3,455 | -€1,581 | -31.4% |
| Total equity and liabilities | 10/49 | €442,291 | €449,027 | +€6,737 | +1.5% |
| Equity | 10/15 | €408,203 | €257,071 | -€151,132 | -37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €389,603 | €238,471 | -€151,132 | -38.8% |
| Non-distributable reserves | 130/1 | €13,109 | €13,109 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,109 | €13,109 | = | 0.0% |
| Distributable reserves | 133 | €376,494 | €225,362 | -€151,132 | -40.1% |
| Amounts payable | 17/49 | €34,087 | €191,957 | +€157,869 | +463.1% |
| Amounts payable within one year | 42/48 | €34,087 | €191,957 | +€157,869 | +463.1% |
| Trade debts | 44 | €1,493 | €1,968 | +€476 | +31.9% |
| Suppliers | 440/4 | €1,493 | €1,968 | +€476 | +31.9% |
| Taxes, remuneration and social security | 45 | €27,559 | €31,514 | +€3,955 | +14.4% |
| Taxes | 450/3 | €27,559 | €31,514 | +€3,955 | +14.4% |
| Other amounts payable | 47/48 | €5,036 | €158,474 | +€153,438 | +3047.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,617 | €28,558 | -€1,059 | -3.6% |
| Other operating charges | 640/8 | €1,078 | €641 | -€437 | -40.5% |
| Gross operating margin | 9900 | €151,426 | €135,163 | -€16,263 | -10.7% |
| Operating profit (loss) | 9901 | €120,732 | €105,964 | -€14,767 | -12.2% |
| Financial income | 75/76B | €5,008 | €4,725 | -€283 | -5.7% |
| Recurring financial income | 75 | €5,008 | €4,725 | -€283 | -5.7% |
| Financial charges | 65/66B | €1,030 | €894 | -€136 | -13.2% |
| Recurring financial charges | 65 | €1,030 | €894 | -€136 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €124,710 | €109,795 | -€14,915 | -12.0% |
| Income taxes | 67/77 | €34,461 | €31,288 | -€3,172 | -9.2% |
| Profit (loss) for the period | 9904 | €90,249 | €78,507 | -€11,743 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,249 | €78,507 | -€11,743 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.