MICHIELSEN NICK: 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 NICK
Largest movements
- Cash +€251,407
up €251,407 (+42.2%), from €596,131 to €847,538
mainly Net result for the year (+€182,977) and Trade debts (+€105,224)
- Tangible fixed assets +€42,550
up €42,550 (+17.3%), from €246,496 to €289,046
of which Furniture and vehicles: +€53,501
- Receivables within one year -€31,066
down €31,066 (-72.6%), from €42,788 to €11,721
of which Trade receivables: -€33,788
- Stocks and contracts +€12,685
up €12,685 (+206.3%), from €6,150 to €18,835
- Reserves +€182,977
up €182,977 (+36.8%), from €496,657 to €679,634
- Trade debts +€105,224
up €105,224 (+2670.8%), from €3,940 to €109,164
- Taxes -€17,706
down €17,706 (-44.8%), from €39,513 to €21,807
- Depreciation +€11,518
up €11,518 (+26.2%), from €44,002 to €55,521
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 | €898,878 | €1,173,140 | +€274,262 | +30.5% |
| Fixed assets | 21/28 | €252,496 | €295,046 | +€42,550 | +16.9% |
| Tangible fixed assets | 22/27 | €246,496 | €289,046 | +€42,550 | +17.3% |
| Land and buildings | 22 | €95,147 | €89,193 | -€5,955 | -6.3% |
| Plant, machinery and equipment | 23 | €28,196 | €23,200 | -€4,997 | -17.7% |
| Furniture and vehicles | 24 | €123,152 | €176,653 | +€53,501 | +43.4% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €646,382 | €878,094 | +€231,712 | +35.8% |
| Stocks and contracts in progress | 3 | €6,150 | €18,835 | +€12,685 | +206.3% |
| Stocks | 30/36 | €6,150 | €18,835 | +€12,685 | +206.3% |
| Amounts receivable within one year | 40/41 | €42,788 | €11,721 | -€31,066 | -72.6% |
| Trade receivables | 40 | €34,520 | €732 | -€33,788 | -97.9% |
| Other amounts receivable | 41 | €8,267 | €10,989 | +€2,722 | +32.9% |
| Cash at bank and in hand | 54/58 | €596,131 | €847,538 | +€251,407 | +42.2% |
| Deferred charges and accrued income | 490/1 | €1,313 | €0 | -€1,313 | -100.0% |
| Total equity and liabilities | 10/49 | €898,878 | €1,173,140 | +€274,262 | +30.5% |
| Equity | 10/15 | €516,657 | €699,634 | +€182,977 | +35.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €496,657 | €679,634 | +€182,977 | +36.8% |
| Distributable reserves | 133 | €496,657 | €679,634 | +€182,977 | +36.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €382,221 | €473,506 | +€91,285 | +23.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €382,221 | €473,506 | +€91,285 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €5,236 | €0 | -€5,236 | -100.0% |
| Trade debts | 44 | €3,940 | €109,164 | +€105,224 | +2670.8% |
| Suppliers | 440/4 | €3,940 | €109,164 | +€105,224 | +2670.8% |
| Taxes, remuneration and social security | 45 | €19,839 | €10,943 | -€8,896 | -44.8% |
| Taxes | 450/3 | €19,839 | €4,307 | -€15,532 | -78.3% |
| Remuneration and social security | 454/9 | - | €6,636 | +€6,636 | |
| Other amounts payable | 47/48 | €353,206 | €353,399 | +€193 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,002 | €55,521 | +€11,518 | +26.2% |
| Other operating charges | 640/8 | €3,339 | €2,820 | -€519 | -15.5% |
| Gross operating margin | 9900 | €158,899 | €158,409 | -€490 | -0.3% |
| Operating profit (loss) | 9901 | €111,558 | €100,069 | -€11,490 | -10.3% |
| Financial income | 75/76B | €105,410 | €105,176 | -€235 | -0.2% |
| Recurring financial income | 75 | €105,410 | €105,176 | -€235 | -0.2% |
| Financial charges | 65/66B | €396 | €460 | +€64 | +16.1% |
| Recurring financial charges | 65 | €396 | €460 | +€64 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €216,572 | €204,784 | -€11,788 | -5.4% |
| Income taxes | 67/77 | €39,513 | €21,807 | -€17,706 | -44.8% |
| Profit (loss) for the period | 9904 | €177,059 | €182,977 | +€5,918 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €177,059 | €182,977 | +€5,918 | +3.3% |
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 6 October 2026 via checked.be.