ROBERT MICHOEL: 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 MICHOEL
Largest movements
- Cash -€76,105
down €76,105 (-32.7%), from €232,445 to €156,340
mainly Debts after one year (-€206,119) and Investment in fixed assets (net) (-€142,979)
- Receivables within one year -€47,299
down €47,299 (-16.0%), from €295,938 to €248,640
of which Other amounts receivable: -€38,089
- Tangible fixed assets +€27,619
up €27,619 (+11.4%), from €241,640 to €269,259
of which Land and buildings: +€128,661
- Stocks and contracts -€22,743
down €22,743 (-25.6%), from €88,812 to €66,069
- Debts after one year -€206,119
down €206,119 (-62.0%), from €332,451 to €126,332
of which Other amounts payable: -€250,000
- Advances received +€51,110
up €51,110 (+248%), from €20,600 to €71,711
- Other debts +€48,485
up €48,485 (+65.2%), from €74,308 to €122,793
- Trade debts -€41,324
down €41,324 (-37.2%), from €111,235 to €69,911
- Tax, wage and social debts +€12,811
up €12,811 (+31.9%), from €40,191 to €53,002
of which Remuneration and social security: +€19,495
- Gross operating margin +€136,484
up €136,484 (+19.1%), from €714,201 to €850,685
- Staff costs +€56,495
up €56,495 (+11.6%), from €486,177 to €542,672
- Financial charges +€11,172
up €11,172 (+66.3%), from €16,855 to €28,027
- Taxes +€9,517
up €9,517 (+31.9%), from €29,807 to €39,324
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 | €895,940 | €780,677 | -€115,263 | -12.9% |
| Fixed assets | 21/28 | €254,169 | €281,788 | +€27,619 | +10.9% |
| Tangible fixed assets | 22/27 | €241,640 | €269,259 | +€27,619 | +11.4% |
| Land and buildings | 22 | €41,447 | €170,108 | +€128,661 | +310% |
| Plant, machinery and equipment | 23 | €64,021 | €59,167 | -€4,853 | -7.6% |
| Furniture and vehicles | 24 | €136,173 | €39,984 | -€96,189 | -70.6% |
| Financial fixed assets | 28 | €12,528 | €12,528 | = | 0.0% |
| Current assets | 29/58 | €641,771 | €498,889 | -€142,882 | -22.3% |
| Stocks and contracts in progress | 3 | €88,812 | €66,069 | -€22,743 | -25.6% |
| Stocks | 30/36 | €88,812 | €66,069 | -€22,743 | -25.6% |
| Amounts receivable within one year | 40/41 | €295,938 | €248,640 | -€47,299 | -16.0% |
| Trade receivables | 40 | €244,856 | €235,646 | -€9,210 | -3.8% |
| Other amounts receivable | 41 | €51,082 | €12,994 | -€38,089 | -74.6% |
| Cash at bank and in hand | 54/58 | €232,445 | €156,340 | -€76,105 | -32.7% |
| Deferred charges and accrued income | 490/1 | €24,575 | €27,840 | +€3,265 | +13.3% |
| Total equity and liabilities | 10/49 | €895,940 | €780,677 | -€115,263 | -12.9% |
| Equity | 10/15 | €236,772 | €237,994 | +€1,222 | +0.5% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €47,453 | €47,453 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,190 | €1,190 | = | 0.0% |
| Distributable reserves | 133 | €46,263 | €46,263 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,320 | €145,541 | +€1,222 | +0.8% |
| Amounts payable | 17/49 | €659,167 | €542,683 | -€116,484 | -17.7% |
| Amounts payable after more than one year | 17 | €332,451 | €126,332 | -€206,119 | -62.0% |
| Financial debts | 170/4 | €82,451 | €126,332 | +€43,881 | +53.2% |
| Other amounts payable | 178/9 | €250,000 | - | -€250,000 | |
| Amounts payable within one year | 42/48 | €319,570 | €399,432 | +€79,862 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €73,235 | €82,015 | +€8,780 | +12.0% |
| Trade debts | 44 | €111,235 | €69,911 | -€41,324 | -37.2% |
| Suppliers | 440/4 | €111,235 | €69,911 | -€41,324 | -37.2% |
| Advances received on contracts in progress | 46 | €20,600 | €71,711 | +€51,110 | +248% |
| Taxes, remuneration and social security | 45 | €40,191 | €53,002 | +€12,811 | +31.9% |
| Taxes | 450/3 | €13,453 | €6,769 | -€6,684 | -49.7% |
| Remuneration and social security | 454/9 | €26,738 | €46,233 | +€19,495 | +72.9% |
| Other amounts payable | 47/48 | €74,308 | €122,793 | +€48,485 | +65.2% |
| Accrued charges and deferred income | 492/3 | €7,146 | €16,919 | +€9,773 | +137% |
| Remuneration, social security and pensions | 62 | €486,177 | €542,672 | +€56,495 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,369 | €115,360 | +€7,991 | +7.4% |
| Other operating charges | 640/8 | €5,205 | €8,208 | +€3,003 | +57.7% |
| Gross operating margin | 9900 | €714,201 | €850,685 | +€136,484 | +19.1% |
| Operating profit (loss) | 9901 | €115,449 | €184,445 | +€68,995 | +59.8% |
| Financial income | 75/76B | €6,050 | €4,128 | -€1,921 | -31.8% |
| Recurring financial income | 75 | €6,050 | €4,128 | -€1,921 | -31.8% |
| Financial charges | 65/66B | €16,855 | €28,027 | +€11,172 | +66.3% |
| Recurring financial charges | 65 | €16,855 | €28,027 | +€11,172 | +66.3% |
| Profit (loss) for the period before taxes | 9903 | €104,644 | €160,546 | +€55,902 | +53.4% |
| Income taxes | 67/77 | €29,807 | €39,324 | +€9,517 | +31.9% |
| Profit (loss) for the period | 9904 | €74,837 | €121,222 | +€46,385 | +62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,837 | €121,222 | +€46,385 | +62.0% |
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 14 October 2026 via checked.be.