Michielsen: what changed
What changed
Michielsen
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€141,373
2024 · €127,144+€14,229
Equity
€556,724
2024 · €474,175+€82,550
Cash
€317,231
2024 · €172,388+€144,843
Balance sheet total
€1.6m
2024 · €1.4m+€197,021
Largest movements
Assets
- Cash +€144,843
up €144,843 (+84.0%), from €172,388 to €317,231
mainly Net result for the year (+€141,373) and Other debts (+€58,210)
- Tangible fixed assets +€88,165
up €88,165 (+14.6%), from €602,118 to €690,283
of which Furniture and vehicles: +€89,826
- Receivables within one year -€46,739
down €46,739 (-40.5%), from €115,447 to €68,708
of which Trade receivables: -€62,846
Equity and liabilities
- Reserves +€82,550
up €82,550 (+18.1%), from €455,625 to €538,174
- Other debts +€58,210
up €58,210 (+1,593%), from €3,653 to €61,863
- Trade debts +€57,651
up €57,651 (+139%), from €41,411 to €99,062
- Current portion of long-term debt +€17,305
up €17,305 (+28.6%), from €60,470 to €77,775
Income statement
- Gross operating margin +€112,865
up €112,865 (+43.0%), from €262,337 to €375,202
- Staff costs +€43,369
up €43,369 (+62.7%), from €69,215 to €112,585
- Financial charges +€27,992
up €27,992 (+1,101%), from €2,542 to €30,534
- Depreciation +€23,106
up €23,106 (+80.2%), from €28,814 to €51,920
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.
Result 2024
€127,144
Gross operating margin
+€112,865
Staff costs
-€43,369
Depreciation
-€23,106
Other operating charges
-€10
Financial income
-€1,712
Financial charges
-€27,992
Taxes
-€2,447
Result 2025
€141,373
raises the resultlowers the result
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.
From operations
+€333,170
Investment
-€140,085
Financing
-€48,242
Cash 2024
€172,388
From operations (derived)
+€333,170
Net result for the year
+€141,373
Depreciation
+€51,920
Stocks and contracts
-€6,996
Receivables within one year
+€46,739
Deferred charges and accrued income
-€3,756
Trade debts
+€57,651
Tax, wage and social debts
-€11,972
Other debts
+€58,210
Investment (derived)
-€140,085
Investment in fixed assets (net)
-€140,085
Financing
-€48,242
Debts after one year
-€6,723
Current portion of long-term debt
+€17,305
Contributions, distributions and other
-€58,824
Cash 2025
€317,231
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,409,344 | €1,606,365 | +€197,021 | +14.0% |
| Fixed assets | 21/28 | €1,091,118 | €1,179,283 | +€88,165 | +8.1% |
| Tangible fixed assets | 22/27 | €602,118 | €690,283 | +€88,165 | +14.6% |
| Land and buildings | 22 | €293,488 | €286,956 | -€6,533 | -2.2% |
| Plant, machinery and equipment | 23 | €24,187 | €22,017 | -€2,170 | -9.0% |
| Furniture and vehicles | 24 | €16,055 | €105,880 | +€89,826 | +559% |
| Other tangible fixed assets | 26 | €268,388 | €275,430 | +€7,042 | +2.6% |
| Financial fixed assets | 28 | €489,000 | €489,000 | = | 0.0% |
| Current assets | 29/58 | €318,226 | €427,082 | +€108,856 | +34.2% |
| Stocks and contracts in progress | 3 | €26,851 | €33,847 | +€6,996 | +26.1% |
| Stocks | 30/36 | €26,851 | €33,847 | +€6,996 | +26.1% |
| Amounts receivable within one year | 40/41 | €115,447 | €68,708 | -€46,739 | -40.5% |
| Trade receivables | 40 | €95,863 | €33,017 | -€62,846 | -65.6% |
| Other amounts receivable | 41 | €19,584 | €35,691 | +€16,108 | +82.2% |
| Cash at bank and in hand | 54/58 | €172,388 | €317,231 | +€144,843 | +84.0% |
| Deferred charges and accrued income | 490/1 | €3,540 | €7,296 | +€3,756 | +106% |
| Total equity and liabilities | 10/49 | €1,409,344 | €1,606,365 | +€197,021 | +14.0% |
| Equity | 10/15 | €474,175 | €556,724 | +€82,550 | +17.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €455,625 | €538,174 | +€82,550 | +18.1% |
| Distributable reserves | 133 | €455,625 | €538,174 | +€82,550 | +18.1% |
| Amounts payable | 17/49 | €935,170 | €1,049,641 | +€114,471 | +12.2% |
| Amounts payable after more than one year | 17 | €805,032 | €798,309 | -€6,723 | -0.8% |
| Financial debts | 170/4 | €805,032 | €798,309 | -€6,723 | -0.8% |
| Amounts payable within one year | 42/48 | €130,137 | €251,331 | +€121,194 | +93.1% |
| Current portion of amounts payable after more than one year | 42 | €60,470 | €77,775 | +€17,305 | +28.6% |
| Trade debts | 44 | €41,411 | €99,062 | +€57,651 | +139% |
| Suppliers | 440/4 | €41,411 | €99,062 | +€57,651 | +139% |
| Taxes, remuneration and social security | 45 | €24,603 | €12,632 | -€11,972 | -48.7% |
| Taxes | 450/3 | €17,414 | €2,837 | -€14,577 | -83.7% |
| Remuneration and social security | 454/9 | €7,190 | €9,795 | +€2,605 | +36.2% |
| Other amounts payable | 47/48 | €3,653 | €61,863 | +€58,210 | +1,593% |
| Remuneration, social security and pensions | 62 | €69,215 | €112,585 | +€43,369 | +62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,814 | €51,920 | +€23,106 | +80.2% |
| Other operating charges | 640/8 | €3,100 | €3,110 | +€10 | +0.3% |
| Gross operating margin | 9900 | €262,337 | €375,202 | +€112,865 | +43.0% |
| Operating profit (loss) | 9901 | €161,207 | €207,587 | +€46,380 | +28.8% |
| Financial income | 75/76B | €5,320 | €3,608 | -€1,712 | -32.2% |
| Recurring financial income | 75 | €5,320 | €3,608 | -€1,712 | -32.2% |
| Financial charges | 65/66B | €2,542 | €30,534 | +€27,992 | +1,101% |
| Recurring financial charges | 65 | €2,542 | €30,534 | +€27,992 | +1,101% |
| Profit (loss) for the period before taxes | 9903 | €163,986 | €180,662 | +€16,676 | +10.2% |
| Income taxes | 67/77 | €36,842 | €39,288 | +€2,447 | +6.6% |
| Profit (loss) for the period | 9904 | €127,144 | €141,373 | +€14,229 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €127,144 | €141,373 | +€14,229 | +11.2% |
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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 7 November 2026 via checked.be.