ONDERNEMING MICHIELS: what changed
Two fiscal 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.
ONDERNEMING MICHIELS
Largest movements
- Tangible fixed assets -€69,440
down €69,440 (-11.6%), from €599,185 to €529,745
of which Land and buildings: -€44,324
- Stocks and contracts -€15,437
down €15,437 (-28.9%), from €53,418 to €37,981
- Cash +€11,917
up €11,917 (+9.6%), from €124,596 to €136,513
mainly Depreciation (+€74,944) and Net result for the year (+€55,652)
- Receivables within one year -€11,347
down €11,347 (-23.1%), from €49,024 to €37,677
of which Trade receivables: -€12,992
- Other debts -€82,145
down €82,145 (-92.4%), from €88,855 to €6,710
- Reserves +€55,652
up €55,652 (+15.8%), from €351,724 to €407,376
- Debts after one year -€34,709
down €34,709 (-11.6%), from €298,690 to €263,981
- Current portion of long-term debt -€19,792
down €19,792 (-36.3%), from €54,501 to €34,709
- Gross operating margin -€44,017
down €44,017 (-21.0%), from €209,828 to €165,810
- Taxes -€8,287
down €8,287 (-27.1%), from €30,548 to €22,262
- Financial charges -€4,729
down €4,729 (-30.5%), from €15,484 to €10,755
- Depreciation -€2,850
down €2,850 (-3.7%), from €77,794 to €74,944
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.
Cash bridge derived
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 | €833,440 | €742,719 | -€90,720 | -10.9% |
| Fixed assets | 21/28 | €599,185 | €529,745 | -€69,440 | -11.6% |
| Tangible fixed assets | 22/27 | €599,185 | €529,745 | -€69,440 | -11.6% |
| Land and buildings | 22 | €500,034 | €455,710 | -€44,324 | -8.9% |
| Plant, machinery and equipment | 23 | €12,938 | €11,238 | -€1,700 | -13.1% |
| Furniture and vehicles | 24 | €80,854 | €58,237 | -€22,618 | -28.0% |
| Other tangible fixed assets | 26 | €5,359 | €4,560 | -€799 | -14.9% |
| Current assets | 29/58 | €234,255 | €212,974 | -€21,280 | -9.1% |
| Stocks and contracts in progress | 3 | €53,418 | €37,981 | -€15,437 | -28.9% |
| Stocks | 30/36 | €53,418 | €37,981 | -€15,437 | -28.9% |
| Amounts receivable within one year | 40/41 | €49,024 | €37,677 | -€11,347 | -23.1% |
| Trade receivables | 40 | €30,069 | €17,078 | -€12,992 | -43.2% |
| Other amounts receivable | 41 | €18,955 | €20,599 | +€1,645 | +8.7% |
| Cash at bank and in hand | 54/58 | €124,596 | €136,513 | +€11,917 | +9.6% |
| Deferred charges and accrued income | 490/1 | €7,217 | €804 | -€6,414 | -88.9% |
| Total equity and liabilities | 10/49 | €833,440 | €742,719 | -€90,720 | -10.9% |
| Equity | 10/15 | €375,762 | €431,414 | +€55,652 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €351,724 | €407,376 | +€55,652 | +15.8% |
| Distributable reserves | 133 | €351,724 | €407,376 | +€55,652 | +15.8% |
| Profit (loss) carried forward | 14 | €5,438 | €5,438 | = | 0.0% |
| Amounts payable | 17/49 | €457,678 | €311,305 | -€146,373 | -32.0% |
| Amounts payable after more than one year | 17 | €298,690 | €263,981 | -€34,709 | -11.6% |
| Financial debts | 170/4 | €298,690 | €263,981 | -€34,709 | -11.6% |
| Amounts payable within one year | 42/48 | €156,064 | €47,324 | -€108,739 | -69.7% |
| Current portion of amounts payable after more than one year | 42 | €54,501 | €34,709 | -€19,792 | -36.3% |
| Trade debts | 44 | €7,167 | €414 | -€6,753 | -94.2% |
| Suppliers | 440/4 | €7,167 | €414 | -€6,753 | -94.2% |
| Taxes, remuneration and social security | 45 | €5,541 | €5,491 | -€49 | -0.9% |
| Taxes | 450/3 | €207 | €207 | = | 0.0% |
| Remuneration and social security | 454/9 | €5,334 | €5,284 | -€49 | -0.9% |
| Other amounts payable | 47/48 | €88,855 | €6,710 | -€82,145 | -92.4% |
| Accrued charges and deferred income | 492/3 | €2,924 | - | -€2,924 | |
| Non-recurring operating income | 76A | €6,405 | - | -€6,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,794 | €74,944 | -€2,850 | -3.7% |
| Other operating charges | 640/8 | €3,228 | €2,957 | -€271 | -8.4% |
| Gross operating margin | 9900 | €209,828 | €165,810 | -€44,017 | -21.0% |
| Operating profit (loss) | 9901 | €128,806 | €87,909 | -€40,896 | -31.8% |
| Financial income | 75/76B | €953 | €760 | -€193 | -20.2% |
| Recurring financial income | 75 | €86 | €760 | +€674 | +785.7% |
| Non-recurring financial income | 76B | €867 | - | -€867 | |
| Financial charges | 65/66B | €15,484 | €10,755 | -€4,729 | -30.5% |
| Recurring financial charges | 65 | €15,484 | €10,755 | -€4,729 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €114,274 | €77,914 | -€36,360 | -31.8% |
| Income taxes | 67/77 | €30,548 | €22,262 | -€8,287 | -27.1% |
| Profit (loss) for the period | 9904 | €83,726 | €55,652 | -€28,074 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €83,726 | €55,652 | -€28,074 | -33.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.