Mikel Roels: 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.
Mikel Roels
Largest movements
- Cash +€63,494
up €63,494 (+317%), from €20,043 to €83,537
mainly Investment in fixed assets (net) (+€34,140) and Net result for the year (+€33,864)
- Tangible fixed assets -€34,673
down €34,673 (-98.9%), from €35,052 to €378
of which Plant, machinery and equipment: -€25,334
- Receivables within one year -€24,801
down €24,801 (-96.4%), from €25,731 to €930
of which Trade receivables: -€23,182
- Reserves +€33,678
up €33,678 (+504%), from €6,685 to €40,364
- Other debts -€13,606
down €13,606 (-88.3%), from €15,402 to €1,797
- Debts after one year -€8,110
down €8,110 (-56.4%), from €14,375 to €6,265
- Tax, wage and social debts -€4,154
down €4,154 (-34.6%), from €11,996 to €7,843
of which Remuneration and social security: -€9,115
- Trade debts -€2,706
down €2,706 (-59.2%), from €4,573 to €1,867
- Staff costs -€37,427
down €37,427 (-49.6%), from €75,428 to €38,001
- Depreciation -€13,767
down €13,767 (-96.3%), from €14,300 to €533
- Taxes +€7,207
new in 2025: €7,207
- Financial charges -€2,581
down €2,581 (-58.9%), from €4,381 to €1,800
- Other operating charges +€1,442
up €1,442 (+82.9%), from €1,739 to €3,182
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 | €81,142 | €84,845 | +€3,703 | +4.6% |
| Fixed assets | 21/28 | €35,052 | €378 | -€34,673 | -98.9% |
| Tangible fixed assets | 22/27 | €35,052 | €378 | -€34,673 | -98.9% |
| Plant, machinery and equipment | 23 | €25,713 | €378 | -€25,334 | -98.5% |
| Furniture and vehicles | 24 | €9,339 | €0 | -€9,339 | -100% |
| Current assets | 29/58 | €46,090 | €84,467 | +€38,377 | +83.3% |
| Amounts receivable within one year | 40/41 | €25,731 | €930 | -€24,801 | -96.4% |
| Trade receivables | 40 | €23,182 | €0 | -€23,182 | -100% |
| Other amounts receivable | 41 | €2,549 | €930 | -€1,619 | -63.5% |
| Cash at bank and in hand | 54/58 | €20,043 | €83,537 | +€63,494 | +317% |
| Deferred charges and accrued income | 490/1 | €316 | €0 | -€316 | -100% |
| Total equity and liabilities | 10/49 | €81,142 | €84,845 | +€3,703 | +4.6% |
| Equity | 10/15 | €25,285 | €58,964 | +€33,678 | +133% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,685 | €40,364 | +€33,678 | +504% |
| Distributable reserves | 133 | €6,685 | €40,364 | +€33,678 | +504% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €55,857 | €25,882 | -€29,975 | -53.7% |
| Amounts payable after more than one year | 17 | €14,375 | €6,265 | -€8,110 | -56.4% |
| Financial debts | 170/4 | €14,375 | €6,265 | -€8,110 | -56.4% |
| Amounts payable within one year | 42/48 | €41,482 | €19,617 | -€21,865 | -52.7% |
| Current portion of amounts payable after more than one year | 42 | €9,510 | €8,110 | -€1,400 | -14.7% |
| Trade debts | 44 | €4,573 | €1,867 | -€2,706 | -59.2% |
| Suppliers | 440/4 | €4,573 | €1,867 | -€2,706 | -59.2% |
| Taxes, remuneration and social security | 45 | €11,996 | €7,843 | -€4,154 | -34.6% |
| Taxes | 450/3 | €2,881 | €7,843 | +€4,961 | +172% |
| Remuneration and social security | 454/9 | €9,115 | €0 | -€9,115 | -100% |
| Other amounts payable | 47/48 | €15,402 | €1,797 | -€13,606 | -88.3% |
| Non-recurring operating income | 76A | €0 | €36,054 | +€36,054 | |
| Remuneration, social security and pensions | 62 | €75,428 | €38,001 | -€37,427 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,300 | €533 | -€13,767 | -96.3% |
| Other operating charges | 640/8 | €1,739 | €3,182 | +€1,442 | +82.9% |
| Gross operating margin | 9900 | €85,714 | €84,557 | -€1,156 | -1.3% |
| Operating profit (loss) | 9901 | -€5,754 | €42,841 | +€48,595 | |
| Financial income | 75/76B | €4 | €29 | +€26 | +668% |
| Recurring financial income | 75 | €4 | €29 | +€26 | +668% |
| Financial charges | 65/66B | €4,381 | €1,800 | -€2,581 | -58.9% |
| Recurring financial charges | 65 | €4,381 | €1,800 | -€2,581 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,131 | €41,071 | +€51,202 | |
| Income taxes | 67/77 | - | €7,207 | +€7,207 | |
| Profit (loss) for the period | 9904 | -€10,131 | €33,864 | +€43,995 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,131 | €33,864 | +€43,995 |
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 27 October 2026 via checked.be.