Philippe MICHEL: 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.
Philippe MICHEL
Largest movements
- Cash +€34,129
up €34,129 (+24.0%), from €141,961 to €176,091
mainly Depreciation (+€20,581) and Net result for the year (+€19,902)
- Tangible fixed assets -€19,787
down €19,787 (-26.2%), from €75,416 to €55,629
of which Furniture and vehicles: -€18,040
- Reserves +€19,902
up €19,902 (+10.5%), from €189,375 to €209,277
of which Distributable reserves: +€21,762
- Debts after one year -€8,040
down €8,040 (-34.4%), from €23,370 to €15,330
- Trade debts +€3,622
up €3,622 (+79.6%), from €4,548 to €8,170
- Gross operating margin +€20,548
up €20,548 (+71.4%), from €28,782 to €49,329
- Taxes +€5,855
up €5,855 (+318.1%), from €1,841 to €7,696
- Depreciation +€1,199
up €1,199 (+6.2%), from €19,382 to €20,581
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 | €286,797 | €301,940 | +€15,143 | +5.3% |
| Fixed assets | 21/28 | €75,524 | €55,737 | -€19,787 | -26.2% |
| Tangible fixed assets | 22/27 | €75,416 | €55,629 | -€19,787 | -26.2% |
| Land and buildings | 22 | €5,395 | €4,551 | -€844 | -15.6% |
| Plant, machinery and equipment | 23 | €1,202 | €299 | -€903 | -75.2% |
| Furniture and vehicles | 24 | €68,819 | €50,779 | -€18,040 | -26.2% |
| Financial fixed assets | 28 | €108 | €108 | = | 0.0% |
| Current assets | 29/58 | €211,273 | €246,203 | +€34,930 | +16.5% |
| Stocks and contracts in progress | 3 | €1,887 | €1,595 | -€291 | -15.4% |
| Stocks | 30/36 | €1,887 | €1,595 | -€291 | -15.4% |
| Amounts receivable within one year | 40/41 | €36,871 | €36,451 | -€420 | -1.1% |
| Trade receivables | 40 | €13,959 | €7,515 | -€6,444 | -46.2% |
| Other amounts receivable | 41 | €22,912 | €28,936 | +€6,024 | +26.3% |
| Current investments | 50/53 | €25,900 | €25,900 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €141,961 | €176,091 | +€34,129 | +24.0% |
| Deferred charges and accrued income | 490/1 | €4,654 | €6,166 | +€1,512 | +32.5% |
| Total equity and liabilities | 10/49 | €286,797 | €301,940 | +€15,143 | +5.3% |
| Equity | 10/15 | €247,710 | €267,612 | +€19,902 | +8.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €189,375 | €209,277 | +€19,902 | +10.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €187,515 | €209,277 | +€21,762 | +11.6% |
| Profit (loss) carried forward | 14 | €45,934 | €45,934 | = | 0.0% |
| Amounts payable | 17/49 | €39,087 | €34,328 | -€4,759 | -12.2% |
| Amounts payable after more than one year | 17 | €23,370 | €15,330 | -€8,040 | -34.4% |
| Financial debts | 170/4 | €23,370 | €15,330 | -€8,040 | -34.4% |
| Amounts payable within one year | 42/48 | €15,717 | €18,998 | +€3,281 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €7,752 | €8,040 | +€289 | +3.7% |
| Trade debts | 44 | €4,548 | €8,170 | +€3,622 | +79.6% |
| Suppliers | 440/4 | €4,548 | €8,170 | +€3,622 | +79.6% |
| Taxes, remuneration and social security | 45 | €3,417 | €2,788 | -€629 | -18.4% |
| Taxes | 450/3 | €998 | €394 | -€604 | -60.5% |
| Remuneration and social security | 454/9 | €2,418 | €2,394 | -€25 | -1.0% |
| Non-recurring operating income | 76A | €14,393 | €50,000 | +€35,607 | +247.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,382 | €20,581 | +€1,199 | +6.2% |
| Other operating charges | 640/8 | €1,176 | €1,430 | +€254 | +21.6% |
| Gross operating margin | 9900 | €28,782 | €49,329 | +€20,548 | +71.4% |
| Operating profit (loss) | 9901 | €8,223 | €27,318 | +€19,095 | +232.2% |
| Financial income | 75/76B | €1,211 | €1,514 | +€303 | +25.0% |
| Recurring financial income | 75 | €1,211 | €1,514 | +€303 | +25.0% |
| Financial charges | 65/66B | €1,582 | €1,234 | -€348 | -22.0% |
| Recurring financial charges | 65 | €1,582 | €1,234 | -€348 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €7,852 | €27,598 | +€19,746 | +251.5% |
| Income taxes | 67/77 | €1,841 | €7,696 | +€5,855 | +318.1% |
| Profit (loss) for the period | 9904 | €6,012 | €19,902 | +€13,891 | +231.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,012 | €19,902 | +€13,891 | +231.1% |
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 4 October 2026 via checked.be.