Olivier Michel: what changed
What changed
Olivier Michel
filed annual accounts (NBB)
Net result for the year
€115,962
2024 · €87,389+€28,573
Equity
€432,205
2024 · €316,243+€115,962
Cash
€445,038
2024 · €322,600+€122,438
Balance sheet total
€689,241
2024 · €579,474+€109,767
Largest movements
Assets
- Cash +€122,438
up €122,438 (+38.0%), from €322,600 to €445,038
mainly Net result for the year (+€115,962) and Trade debts (+€24,741)
- Intangible fixed assets -€14,200
down €14,200 (-16.7%), from €85,200 to €71,000
Equity and liabilities
- Reserves +€115,962
up €115,962 (+37.4%), from €310,043 to €426,005
- Tax, wage and social debts -€25,584
down €25,584 (-62.7%), from €40,777 to €15,193
- Trade debts +€24,741
up €24,741 (+74.7%), from €33,111 to €57,852
Income statement
- Gross operating margin +€46,066
up €46,066 (+29.1%), from €158,189 to €204,255
- Taxes +€13,733
up €13,733 (+31.8%), from €43,240 to €56,973
- Financial income -€2,342
down €2,342 (-28.3%), from €8,274 to €5,932
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.
Result 2024
€87,389
Gross operating margin
+€46,066
Staff costs
+€141
Depreciation
-€1,674
Other operating charges
-€12
Financial income
-€2,342
Financial charges
+€126
Taxes
-€13,733
Result 2025
€115,962
raises the resultlowers the result
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.
From operations
+€130,187
Investment
-€7,749
Financing
€0
Cash 2024
€322,600
From operations (derived)
+€130,187
Net result for the year
+€115,962
Depreciation
+€21,627
Smaller working-capital items
-€225
Deferred charges and accrued income
-€1,107
Trade debts
+€24,741
Tax, wage and social debts
-€25,584
Other debts
-€5,228
Investment (derived)
-€7,749
Investment in fixed assets (net)
-€7,749
Cash 2025
€445,038
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €579,474 | €689,241 | +€109,767 | +18.9% |
| Fixed assets | 21/28 | €255,781 | €241,902 | -€13,878 | -5.4% |
| Intangible fixed assets | 21 | €85,200 | €71,000 | -€14,200 | -16.7% |
| Tangible fixed assets | 22/27 | €20,581 | €20,552 | -€28 | -0.1% |
| Plant, machinery and equipment | 23 | €3,797 | €4,405 | +€608 | +16.0% |
| Furniture and vehicles | 24 | €14,396 | €9,000 | -€5,396 | -37.5% |
| Other tangible fixed assets | 26 | €2,387 | €7,147 | +€4,761 | +199% |
| Financial fixed assets | 28 | €150,000 | €150,350 | +€350 | +0.2% |
| Current assets | 29/58 | €323,694 | €447,338 | +€123,645 | +38.2% |
| Amounts receivable within one year | 40/41 | - | €100 | +€100 | |
| Trade receivables | 40 | - | €100 | +€100 | |
| Cash at bank and in hand | 54/58 | €322,600 | €445,038 | +€122,438 | +38.0% |
| Deferred charges and accrued income | 490/1 | €1,094 | €2,201 | +€1,107 | +101% |
| Total equity and liabilities | 10/49 | €579,474 | €689,241 | +€109,767 | +18.9% |
| Equity | 10/15 | €316,243 | €432,205 | +€115,962 | +36.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €310,043 | €426,005 | +€115,962 | +37.4% |
| Distributable reserves | 133 | €310,043 | €426,005 | +€115,962 | +37.4% |
| Amounts payable | 17/49 | €263,231 | €257,036 | -€6,195 | -2.4% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Other amounts payable | 178/9 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €143,106 | €137,036 | -€6,070 | -4.2% |
| Trade debts | 44 | €33,111 | €57,852 | +€24,741 | +74.7% |
| Suppliers | 440/4 | €33,111 | €57,852 | +€24,741 | +74.7% |
| Taxes, remuneration and social security | 45 | €40,777 | €15,193 | -€25,584 | -62.7% |
| Taxes | 450/3 | €40,777 | €15,193 | -€25,584 | -62.7% |
| Other amounts payable | 47/48 | €69,218 | €63,991 | -€5,228 | -7.6% |
| Accrued charges and deferred income | 492/3 | €125 | - | -€125 | |
| Remuneration, social security and pensions | 62 | €197 | €56 | -€141 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,953 | €21,627 | +€1,674 | +8.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €158,189 | €204,255 | +€46,066 | +29.1% |
| Operating profit (loss) | 9901 | €137,651 | €182,173 | +€44,521 | +32.3% |
| Financial income | 75/76B | €8,274 | €5,932 | -€2,342 | -28.3% |
| Recurring financial income | 75 | €8,274 | €5,932 | -€2,342 | -28.3% |
| Financial charges | 65/66B | €15,296 | €15,170 | -€126 | -0.8% |
| Recurring financial charges | 65 | €15,296 | €15,170 | -€126 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €130,629 | €172,935 | +€42,305 | +32.4% |
| Income taxes | 67/77 | €43,240 | €56,973 | +€13,733 | +31.8% |
| Profit (loss) for the period | 9904 | €87,389 | €115,962 | +€28,573 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €87,389 | €115,962 | +€28,573 | +32.7% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.