MIGUEL CASSELMAN: what changed
MIGUEL CASSELMAN
Largest movements
- Cash +€41,492
up €41,492 (+78.9%), from €52,557 to €94,049
mainly Net result for the year (+€283,249) and Other debts (+€51,339)
- Receivables within one year +€22,275
up €22,275 (+21.5%), from €103,475 to €125,750
- Deferred charges and accrued income -€4,444
down €4,444 (-64.4%), from €6,899 to €2,455
- Current investments +€3,586
up €3,586 (+55.1%), from €6,505 to €10,091
- Other debts +€51,339
up €51,339 (+29.8%), from €172,095 to €223,434
- Trade debts +€10,947
up €10,947 (+1,133%), from €966 to €11,913
- Tax, wage and social debts -€8,850
down €8,850 (-19.9%), from €44,500 to €35,650
- Reserves +€7,249
up €7,249 (+220%), from €3,291 to €10,540
- Gross operating margin +€53,710
up €53,710 (+16.0%), from €335,544 to €389,254
- Taxes +€10,082
up €10,082 (+12.8%), from €79,072 to €89,154
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €230,852 | €291,537 | +€60,685 | +26.3% |
| Fixed assets | 21/28 | €61,416 | €59,192 | -€2,224 | -3.6% |
| Tangible fixed assets | 22/27 | €61,416 | €59,192 | -€2,224 | -3.6% |
| Plant, machinery and equipment | 23 | €2,980 | €2,205 | -€775 | -26.0% |
| Furniture and vehicles | 24 | €58,436 | €56,987 | -€1,449 | -2.5% |
| Current assets | 29/58 | €169,436 | €232,345 | +€62,909 | +37.1% |
| Amounts receivable within one year | 40/41 | €103,475 | €125,750 | +€22,275 | +21.5% |
| Trade receivables | 40 | €103,475 | €125,750 | +€22,275 | +21.5% |
| Current investments | 50/53 | €6,505 | €10,091 | +€3,586 | +55.1% |
| Cash at bank and in hand | 54/58 | €52,557 | €94,049 | +€41,492 | +78.9% |
| Deferred charges and accrued income | 490/1 | €6,899 | €2,455 | -€4,444 | -64.4% |
| Total equity and liabilities | 10/49 | €230,852 | €291,537 | +€60,685 | +26.3% |
| Equity | 10/15 | €13,291 | €20,540 | +€7,249 | +54.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €3,291 | €10,540 | +€7,249 | +220% |
| Distributable reserves | 133 | €3,291 | €10,540 | +€7,249 | +220% |
| Amounts payable | 17/49 | €217,561 | €270,997 | +€53,436 | +24.6% |
| Amounts payable within one year | 42/48 | €217,561 | €270,997 | +€53,436 | +24.6% |
| Trade debts | 44 | €966 | €11,913 | +€10,947 | +1,133% |
| Suppliers | 440/4 | €966 | €11,913 | +€10,947 | +1,133% |
| Taxes, remuneration and social security | 45 | €44,500 | €35,650 | -€8,850 | -19.9% |
| Taxes | 450/3 | €44,500 | €35,650 | -€8,850 | -19.9% |
| Other amounts payable | 47/48 | €172,095 | €223,434 | +€51,339 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,383 | €15,502 | +€119 | +0.8% |
| Other operating charges | 640/8 | €704 | €1,223 | +€519 | +73.7% |
| Gross operating margin | 9900 | €335,544 | €389,254 | +€53,710 | +16.0% |
| Operating profit (loss) | 9901 | €319,457 | €372,529 | +€53,072 | +16.6% |
| Financial income | 75/76B | €3,087 | - | -€3,087 | |
| Recurring financial income | 75 | €3,087 | - | -€3,087 | |
| Financial charges | 65/66B | €181 | €126 | -€55 | -30.4% |
| Recurring financial charges | 65 | €181 | €126 | -€55 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €322,363 | €372,403 | +€50,040 | +15.5% |
| Income taxes | 67/77 | €79,072 | €89,154 | +€10,082 | +12.8% |
| Profit (loss) for the period | 9904 | €243,291 | €283,249 | +€39,958 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €243,291 | €283,249 | +€39,958 | +16.4% |
Next steps
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 5 November 2026 via checked.be.