NICO MICHIELS: 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.
NICO MICHIELS
Largest movements
- Tangible fixed assets +€12,501
up €12,501 (+8.8%), from €141,541 to €154,043
of which Furniture and vehicles: +€13,605
- Cash +€11,426
up €11,426 (+12.7%), from €89,885 to €101,312
mainly Net result for the year (+€35,799) and Depreciation (+€19,635)
- Deferred charges and accrued income -€4,092
down €4,092 (-77.7%), from €5,269 to €1,177
- Reserves +€35,795
up €35,795 (+15.2%), from €234,857 to €270,652
- Debts after one year -€31,341
down €31,341 (-53.7%), from €58,403 to €27,062
- Trade debts +€12,361
up €12,361 (+107%), from €11,602 to €23,964
- Gross operating margin -€17,946
down €17,946 (-20.0%), from €89,648 to €71,702
- Taxes -€1,451
down €1,451 (-10.1%), from €14,412 to €12,961
- Financial charges -€1,165
down €1,165 (-28.1%), from €4,149 to €2,985
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 | €358,554 | €375,617 | +€17,063 | +4.8% |
| Fixed assets | 21/28 | €141,541 | €154,043 | +€12,501 | +8.8% |
| Tangible fixed assets | 22/27 | €141,541 | €154,043 | +€12,501 | +8.8% |
| Plant, machinery and equipment | 23 | €2,665 | €1,561 | -€1,104 | -41.4% |
| Furniture and vehicles | 24 | €138,876 | €152,482 | +€13,605 | +9.8% |
| Current assets | 29/58 | €217,013 | €221,574 | +€4,562 | +2.1% |
| Stocks and contracts in progress | 3 | €2,680 | - | -€2,680 | |
| Stocks | 30/36 | €2,680 | - | -€2,680 | |
| Amounts receivable within one year | 40/41 | €119,178 | €119,085 | -€93 | -0.1% |
| Trade receivables | 40 | €31,514 | €24,577 | -€6,937 | -22.0% |
| Other amounts receivable | 41 | €87,664 | €94,509 | +€6,845 | +7.8% |
| Cash at bank and in hand | 54/58 | €89,885 | €101,312 | +€11,426 | +12.7% |
| Deferred charges and accrued income | 490/1 | €5,269 | €1,177 | -€4,092 | -77.7% |
| Total equity and liabilities | 10/49 | €358,554 | €375,617 | +€17,063 | +4.8% |
| Equity | 10/15 | €250,024 | €285,823 | +€35,799 | +14.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €234,857 | €270,652 | +€35,795 | +15.2% |
| Distributable reserves | 133 | €234,857 | €270,652 | +€35,795 | +15.2% |
| Profit (loss) carried forward | 14 | €2,766 | €2,771 | +€4 | +0.2% |
| Amounts payable | 17/49 | €108,530 | €89,794 | -€18,736 | -17.3% |
| Amounts payable after more than one year | 17 | €58,403 | €27,062 | -€31,341 | -53.7% |
| Financial debts | 170/4 | €58,403 | €27,062 | -€31,341 | -53.7% |
| Amounts payable within one year | 42/48 | €50,073 | €62,677 | +€12,604 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €30,149 | €31,341 | +€1,192 | +4.0% |
| Trade debts | 44 | €11,602 | €23,964 | +€12,361 | +107% |
| Suppliers | 440/4 | €11,602 | €23,964 | +€12,361 | +107% |
| Taxes, remuneration and social security | 45 | €8,322 | €7,372 | -€949 | -11.4% |
| Taxes | 450/3 | €7,822 | €7,372 | -€449 | -5.7% |
| Remuneration and social security | 454/9 | €500 | - | -€500 | |
| Accrued charges and deferred income | 492/3 | €54 | €55 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €39,683 | - | -€39,683 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,185 | €19,635 | +€450 | +2.3% |
| Other operating charges | 640/8 | €728 | €324 | -€404 | -55.5% |
| Non-recurring operating charges | 66A | €14,137 | - | -€14,137 | |
| Gross operating margin | 9900 | €89,648 | €71,702 | -€17,946 | -20.0% |
| Operating profit (loss) | 9901 | €55,598 | €51,743 | -€3,855 | -6.9% |
| Financial income | 75/76B | €20 | €1 | -€19 | -93.7% |
| Recurring financial income | 75 | €20 | €1 | -€19 | -93.7% |
| Financial charges | 65/66B | €4,149 | €2,985 | -€1,165 | -28.1% |
| Recurring financial charges | 65 | €4,149 | €2,985 | -€1,165 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €51,468 | €48,760 | -€2,708 | -5.3% |
| Income taxes | 67/77 | €14,412 | €12,961 | -€1,451 | -10.1% |
| Profit (loss) for the period | 9904 | €37,057 | €35,799 | -€1,257 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,057 | €35,799 | -€1,257 | -3.4% |
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.