Robert 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.
Robert Michiels
Largest movements
- Receivables within one year -€174,454
down €174,454 (-39.5%), from €441,136 to €266,681
of which Other amounts receivable: -€161,624
- Stocks and contracts +€144,607
up €144,607 (+74.2%), from €195,010 to €339,618
- Cash -€70,752
down €70,752 (-61.6%), from €114,812 to €44,060
mainly Investment in fixed assets (net) (-€331,686) and Trade debts (-€244,897)
- Tangible fixed assets +€46,020
up €46,020 (+3.3%), from €1.4m to €1.4m
of which Plant, machinery and equipment: +€106,068
- Trade debts -€244,897
down €244,897 (-46.2%), from €529,855 to €284,958
- Other debts +€159,212
up €159,212 (+77.6%), from €205,199 to €364,411
- Current portion of long-term debt +€53,310
up €53,310 (+33.2%), from €160,491 to €213,801
- Reserves -€28,203
down €28,203 (-6.2%), from €455,761 to €427,558
- Debts after one year +€24,303
up €24,303 (+3.7%), from €648,498 to €672,801
- Depreciation +€70,821
up €70,821 (+33.0%), from €214,576 to €285,396
- Gross operating margin +€60,510
up €60,510 (+23.8%), from €254,209 to €314,719
- Write-downs +€54,605
up €54,605, from -€54,605 to €0
- Other operating charges -€51,308
down €51,308 (-88.9%), from €57,722 to €6,414
- Staff costs +€17,097
new in 2025: €17,097
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 | €2,141,930 | €2,091,733 | -€50,198 | -2.3% |
| Fixed assets | 21/28 | €1,383,612 | €1,429,902 | +€46,290 | +3.3% |
| Tangible fixed assets | 22/27 | €1,383,353 | €1,429,373 | +€46,020 | +3.3% |
| Plant, machinery and equipment | 23 | €516,981 | €623,050 | +€106,068 | +20.5% |
| Furniture and vehicles | 24 | €323,199 | €357,247 | +€34,048 | +10.5% |
| Leasing and similar rights | 25 | €530,231 | €440,424 | -€89,807 | -16.9% |
| Other tangible fixed assets | 26 | €12,942 | €8,652 | -€4,290 | -33.1% |
| Financial fixed assets | 28 | €259 | €529 | +€270 | +104% |
| Current assets | 29/58 | €758,318 | €661,831 | -€96,487 | -12.7% |
| Stocks and contracts in progress | 3 | €195,010 | €339,618 | +€144,607 | +74.2% |
| Stocks | 30/36 | €195,010 | €339,618 | +€144,607 | +74.2% |
| Amounts receivable within one year | 40/41 | €441,136 | €266,681 | -€174,454 | -39.5% |
| Trade receivables | 40 | €276,791 | €263,961 | -€12,830 | -4.6% |
| Other amounts receivable | 41 | €164,345 | €2,720 | -€161,624 | -98.3% |
| Cash at bank and in hand | 54/58 | €114,812 | €44,060 | -€70,752 | -61.6% |
| Deferred charges and accrued income | 490/1 | €7,361 | €11,472 | +€4,111 | +55.9% |
| Total equity and liabilities | 10/49 | €2,141,930 | €2,091,733 | -€50,198 | -2.3% |
| Equity | 10/15 | €597,661 | €553,079 | -€44,582 | -7.5% |
| Contributions | 10/11 | €141,900 | €141,900 | = | 0.0% |
| Reserves | 13 | €455,761 | €427,558 | -€28,203 | -6.2% |
| Distributable reserves | 133 | €455,761 | €427,558 | -€28,203 | -6.2% |
| Profit (loss) carried forward | 14 | - | -€16,379 | -€16,379 | |
| Amounts payable | 17/49 | €1,544,269 | €1,538,654 | -€5,615 | -0.4% |
| Amounts payable after more than one year | 17 | €648,498 | €672,801 | +€24,303 | +3.7% |
| Financial debts | 170/4 | €648,498 | €672,801 | +€24,303 | +3.7% |
| Amounts payable within one year | 42/48 | €895,771 | €865,853 | -€29,918 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €160,491 | €213,801 | +€53,310 | +33.2% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €529,855 | €284,958 | -€244,897 | -46.2% |
| Suppliers | 440/4 | €529,855 | €284,958 | -€244,897 | -46.2% |
| Taxes, remuneration and social security | 45 | €225 | €2,682 | +€2,457 | +1,091% |
| Taxes | 450/3 | €225 | €67 | -€159 | -70.4% |
| Remuneration and social security | 454/9 | - | €2,615 | +€2,615 | |
| Other amounts payable | 47/48 | €205,199 | €364,411 | +€159,212 | +77.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €17,097 | +€17,097 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,576 | €285,396 | +€70,821 | +33.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€54,605 | €0 | +€54,605 | |
| Other operating charges | 640/8 | €57,722 | €6,414 | -€51,308 | -88.9% |
| Gross operating margin | 9900 | €254,209 | €314,719 | +€60,510 | +23.8% |
| Operating profit (loss) | 9901 | €36,516 | €5,812 | -€30,704 | -84.1% |
| Financial income | 75/76B | €3,530 | €435 | -€3,095 | -87.7% |
| Recurring financial income | 75 | €3,530 | €435 | -€3,095 | -87.7% |
| Financial charges | 65/66B | €44,845 | €50,829 | +€5,984 | +13.3% |
| Recurring financial charges | 65 | €44,845 | €50,829 | +€5,984 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,799 | -€44,582 | -€39,783 | -829% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€4,799 | -€44,582 | -€39,783 | -829% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,799 | -€44,582 | -€39,783 | -829% |
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 15 October 2026 via checked.be.