Michielsen Construct: 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 Construct
Largest movements
- Cash +€81,752
up €81,752 (+1,382%), from €5,917 to €87,669
mainly Net result for the year (+€57,676) and Tax, wage and social debts (+€17,944)
- Receivables within one year -€10,374
down €10,374 (-100%), from €10,374 to €0
of which Trade receivables: -€10,272
- Deferred charges and accrued income +€2,302
up €2,302 (+202%), from €1,138 to €3,439
- Reserves +€66,598
new in 2025: €66,598
- Tax, wage and social debts +€17,944
up €17,944 (+608%), from €2,950 to €20,894
- Profit (loss) carried forward -€9,754
down €9,754 (-100%), from €9,754 to €0
- Debts after one year -€4,742
down €4,742 (-35.1%), from €13,491 to €8,750
- Other debts +€3,189
up €3,189 (+336%), from €948 to €4,138
- Gross operating margin +€61,980
up €61,980 (+393%), from €15,766 to €77,746
- Taxes +€11,927
up €11,927 (+444%), from €2,686 to €14,614
- Depreciation +€3,106
up €3,106 (+242%), from €1,281 to €4,387
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 | €35,147 | €108,407 | +€73,260 | +208% |
| Fixed assets | 21/28 | €17,719 | €17,299 | -€420 | -2.4% |
| Tangible fixed assets | 22/27 | €17,719 | €17,299 | -€420 | -2.4% |
| Furniture and vehicles | 24 | €17,719 | €15,884 | -€1,834 | -10.4% |
| Other tangible fixed assets | 26 | - | €1,414 | +€1,414 | |
| Current assets | 29/58 | €17,428 | €91,108 | +€73,680 | +423% |
| Amounts receivable within one year | 40/41 | €10,374 | €0 | -€10,374 | -100% |
| Trade receivables | 40 | €10,272 | €0 | -€10,272 | -100% |
| Other amounts receivable | 41 | €102 | €0 | -€102 | -100% |
| Cash at bank and in hand | 54/58 | €5,917 | €87,669 | +€81,752 | +1,382% |
| Deferred charges and accrued income | 490/1 | €1,138 | €3,439 | +€2,302 | +202% |
| Total equity and liabilities | 10/49 | €35,147 | €108,407 | +€73,260 | +208% |
| Equity | 10/15 | €12,754 | €69,598 | +€56,843 | +446% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €66,598 | +€66,598 | |
| Distributable reserves | 133 | - | €66,598 | +€66,598 | |
| Profit (loss) carried forward | 14 | €9,754 | €0 | -€9,754 | -100% |
| Amounts payable | 17/49 | €22,393 | €38,809 | +€16,417 | +73.3% |
| Amounts payable after more than one year | 17 | €13,491 | €8,750 | -€4,742 | -35.1% |
| Financial debts | 170/4 | €13,491 | €8,750 | -€4,742 | -35.1% |
| Amounts payable within one year | 42/48 | €8,749 | €29,954 | +€21,205 | +242% |
| Current portion of amounts payable after more than one year | 42 | €4,563 | €4,742 | +€179 | +3.9% |
| Trade debts | 44 | €288 | €181 | -€108 | -37.4% |
| Suppliers | 440/4 | €288 | €181 | -€108 | -37.4% |
| Taxes, remuneration and social security | 45 | €2,950 | €20,894 | +€17,944 | +608% |
| Taxes | 450/3 | €2,950 | €20,894 | +€17,944 | +608% |
| Other amounts payable | 47/48 | €948 | €4,138 | +€3,189 | +336% |
| Accrued charges and deferred income | 492/3 | €152 | €106 | -€46 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,281 | €4,387 | +€3,106 | +242% |
| Other operating charges | 640/8 | €453 | €307 | -€145 | -32.1% |
| Gross operating margin | 9900 | €15,766 | €77,746 | +€61,980 | +393% |
| Operating profit (loss) | 9901 | €14,032 | €73,052 | +€59,020 | +421% |
| Financial income | 75/76B | €0 | €123 | +€123 | +123,020% |
| Recurring financial income | 75 | €0 | €123 | +€123 | +123,020% |
| Financial charges | 65/66B | €758 | €885 | +€127 | +16.7% |
| Recurring financial charges | 65 | €758 | €885 | +€127 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €13,274 | €72,290 | +€59,016 | +445% |
| Income taxes | 67/77 | €2,686 | €14,614 | +€11,927 | +444% |
| Profit (loss) for the period | 9904 | €10,587 | €57,676 | +€47,089 | +445% |
| Profit (loss) for the period to be appropriated | 9905 | €10,587 | €57,676 | +€47,089 | +445% |
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 13 October 2026 via checked.be.