MICHIELSENS TRADING: 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.
MICHIELSENS TRADING
Largest movements
- Cash +€395,851
up €395,851 (+655%), from €60,430 to €456,282
mainly Receivables within one year (+€310,376) and Stocks and contracts (+€83,479)
- Receivables within one year -€310,376
down €310,376 (-14.9%), from €2.1m to €1.8m
of which Other amounts receivable: -€306,615
- Stocks and contracts -€83,479
down €83,479 (-51.0%), from €163,635 to €80,156
- Tangible fixed assets -€27,059
down €27,059 (-29.7%), from €91,250 to €64,191
of which Furniture and vehicles: -€25,389
- Other debts -€63,496
down €63,496 (-98.8%), from €64,239 to €743
- Tax, wage and social debts +€28,790
up €28,790 (+970%), from €2,969 to €31,759
of which Taxes: +€27,871
- Staff costs -€9,424
down €9,424 (-28.8%), from €32,712 to €23,287
- Write-downs -€9,000
down €9,000 (-10.0%), from €90,000 to €81,000
- Gross operating margin +€8,292
up €8,292 (+9.4%), from €88,190 to €96,482
- Financial charges -€1,904
down €1,904 (-80.2%), from €2,373 to €470
- Depreciation -€1,821
down €1,821 (-6.3%), from €28,880 to €27,059
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 | €2,407,411 | €2,382,032 | -€25,379 | -1.1% |
| Fixed assets | 21/28 | €99,800 | €72,741 | -€27,059 | -27.1% |
| Tangible fixed assets | 22/27 | €91,250 | €64,191 | -€27,059 | -29.7% |
| Plant, machinery and equipment | 23 | €1,714 | €695 | -€1,019 | -59.4% |
| Furniture and vehicles | 24 | €85,975 | €60,586 | -€25,389 | -29.5% |
| Other tangible fixed assets | 26 | €3,561 | €2,909 | -€652 | -18.3% |
| Financial fixed assets | 28 | €8,550 | €8,550 | = | 0.0% |
| Current assets | 29/58 | €2,307,611 | €2,309,291 | +€1,680 | +0.1% |
| Stocks and contracts in progress | 3 | €163,635 | €80,156 | -€83,479 | -51.0% |
| Stocks | 30/36 | €163,635 | €80,156 | -€83,479 | -51.0% |
| Amounts receivable within one year | 40/41 | €2,079,277 | €1,768,901 | -€310,376 | -14.9% |
| Trade receivables | 40 | €178,761 | €175,000 | -€3,761 | -2.1% |
| Other amounts receivable | 41 | €1,900,516 | €1,593,901 | -€306,615 | -16.1% |
| Cash at bank and in hand | 54/58 | €60,430 | €456,282 | +€395,851 | +655% |
| Deferred charges and accrued income | 490/1 | €4,268 | €3,953 | -€316 | -7.4% |
| Total equity and liabilities | 10/49 | €2,407,411 | €2,382,032 | -€25,379 | -1.1% |
| Equity | 10/15 | €2,324,164 | €2,338,800 | +€14,637 | +0.6% |
| Contributions | 10/11 | €3,620,000 | €3,620,000 | = | 0.0% |
| Capital | 10 | €3,620,000 | €3,620,000 | = | 0.0% |
| Issued capital | 100 | €3,620,000 | €3,620,000 | = | 0.0% |
| Reserves | 13 | €52,730 | €52,730 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,334 | €50,334 | = | 0.0% |
| Legal reserve | 130 | €50,334 | €50,334 | = | 0.0% |
| Distributable reserves | 133 | €2,397 | €2,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,348,567 | -€1,333,930 | +€14,637 | +1.1% |
| Amounts payable | 17/49 | €83,247 | €43,232 | -€40,016 | -48.1% |
| Amounts payable within one year | 42/48 | €81,247 | €41,232 | -€40,016 | -49.3% |
| Trade debts | 44 | €14,039 | €8,729 | -€5,310 | -37.8% |
| Suppliers | 440/4 | €14,039 | €8,729 | -€5,310 | -37.8% |
| Taxes, remuneration and social security | 45 | €2,969 | €31,759 | +€28,790 | +970% |
| Taxes | 450/3 | €1,275 | €29,145 | +€27,871 | +2,186% |
| Remuneration and social security | 454/9 | €1,695 | €2,614 | +€919 | +54.3% |
| Other amounts payable | 47/48 | €64,239 | €743 | -€63,496 | -98.8% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €32,712 | €23,287 | -€9,424 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,880 | €27,059 | -€1,821 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €90,000 | €81,000 | -€9,000 | -10.0% |
| Other operating charges | 640/8 | €2,508 | €2,548 | +€40 | +1.6% |
| Gross operating margin | 9900 | €88,190 | €96,482 | +€8,292 | +9.4% |
| Operating profit (loss) | 9901 | -€65,909 | -€37,412 | +€28,497 | +43.2% |
| Financial income | 75/76B | €54,605 | €52,932 | -€1,673 | -3.1% |
| Recurring financial income | 75 | €54,605 | €52,932 | -€1,673 | -3.1% |
| Financial charges | 65/66B | €2,373 | €470 | -€1,904 | -80.2% |
| Recurring financial charges | 65 | €2,373 | €470 | -€1,904 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,677 | €15,050 | +€28,727 | |
| Income taxes | 67/77 | €75 | €414 | +€339 | +453% |
| Profit (loss) for the period | 9904 | -€13,752 | €14,637 | +€28,388 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,752 | €14,637 | +€28,388 |
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 29 October 2026 via checked.be.