MICHIELSEN@WORK: 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@WORK
Largest movements
- Cash +€4,827
up €4,827 (+14.8%), from €32,638 to €37,464
mainly Net result for the year (+€11,809) and Other debts (+€4,508)
- Receivables within one year +€3,538
up €3,538 (+24.1%), from €14,655 to €18,193
of which Trade receivables: +€3,538
- Stocks and contracts +€1,439
new in 2025: €1,439
- Tangible fixed assets -€1,210
down €1,210 (-30.5%), from €3,961 to €2,751
of which Plant, machinery and equipment: -€643
- Profit (loss) carried forward +€11,809
up €11,809, from -€9,301 to €2,508
- Tax, wage and social debts -€7,695
down €7,695 (-43.8%), from €17,562 to €9,867
of which Remuneration and social security: -€6,911
- Other debts +€4,508
up €4,508 (+25.8%), from €17,443 to €21,951
- Gross operating margin +€13,316
up €13,316 (+18.2%), from €72,966 to €86,282
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 | €51,915 | €60,537 | +€8,623 | +16.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,961 | €2,751 | -€1,210 | -30.5% |
| Tangible fixed assets | 22/27 | €3,961 | €2,751 | -€1,210 | -30.5% |
| Plant, machinery and equipment | 23 | €2,957 | €2,314 | -€643 | -21.7% |
| Furniture and vehicles | 24 | €1,004 | €437 | -€567 | -56.5% |
| Current assets | 29/58 | €47,953 | €57,786 | +€9,833 | +20.5% |
| Stocks and contracts in progress | 3 | - | €1,439 | +€1,439 | |
| Stocks | 30/36 | - | €1,439 | +€1,439 | |
| Amounts receivable within one year | 40/41 | €14,655 | €18,193 | +€3,538 | +24.1% |
| Trade receivables | 40 | €14,650 | €18,188 | +€3,538 | +24.2% |
| Other amounts receivable | 41 | €5 | €5 | +€0 | +1.1% |
| Cash at bank and in hand | 54/58 | €32,638 | €37,464 | +€4,827 | +14.8% |
| Deferred charges and accrued income | 490/1 | €661 | €689 | +€28 | +4.3% |
| Total equity and liabilities | 10/49 | €51,915 | €60,537 | +€8,623 | +16.6% |
| Equity | 10/15 | €16,909 | €28,719 | +€11,809 | +69.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €7,211 | €7,211 | = | 0.0% |
| Distributable reserves | 133 | €7,211 | €7,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,301 | €2,508 | +€11,809 | |
| Amounts payable | 17/49 | €35,005 | €31,818 | -€3,187 | -9.1% |
| Amounts payable within one year | 42/48 | €35,005 | €31,818 | -€3,187 | -9.1% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €17,562 | €9,867 | -€7,695 | -43.8% |
| Taxes | 450/3 | €6,902 | €6,118 | -€784 | -11.4% |
| Remuneration and social security | 454/9 | €10,660 | €3,749 | -€6,911 | -64.8% |
| Other amounts payable | 47/48 | €17,443 | €21,951 | +€4,508 | +25.8% |
| Remuneration, social security and pensions | 62 | €70,963 | €71,226 | +€263 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €823 | €1,210 | +€387 | +47.0% |
| Other operating charges | 640/8 | €922 | €804 | -€118 | -12.8% |
| Gross operating margin | 9900 | €72,966 | €86,282 | +€13,316 | +18.2% |
| Operating profit (loss) | 9901 | €258 | €13,043 | +€12,785 | +4,963% |
| Financial income | 75/76B | €266 | €1 | -€265 | -99.8% |
| Recurring financial income | 75 | €266 | €1 | -€265 | -99.8% |
| Financial charges | 65/66B | €39 | €97 | +€58 | +148% |
| Recurring financial charges | 65 | €39 | €97 | +€58 | +148% |
| Profit (loss) for the period before taxes | 9903 | €484 | €12,946 | +€12,462 | +2,573% |
| Income taxes | 67/77 | €314 | €1,137 | +€823 | +262% |
| Profit (loss) for the period | 9904 | €170 | €11,809 | +€11,639 | +6,838% |
| Profit (loss) for the period to be appropriated | 9905 | €170 | €11,809 | +€11,639 | +6,838% |
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 14 October 2026 via checked.be.