TIM MICHELS: 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.
TIM MICHELS
Largest movements
- Financial fixed assets +€205,000
up €205,000 (+41,000%), from €500 to €205,500
- Receivables within one year -€3,612
down €3,612 (-9.0%), from €40,303 to €36,691
of which Trade receivables: -€9,785
- Debts after one year +€172,628
new in 2025: €172,628
- Current portion of long-term debt +€23,039
new in 2025: €23,039
- Profit (loss) carried forward +€4,298
up €4,298 (+4.6%), from -€93,280 to -€88,982
- Gross operating margin -€6,438
down €6,438 (-38.2%), from €16,862 to €10,425
- Financial charges +€5,170
up €5,170 (+799%), from €647 to €5,817
- Depreciation -€3,803
down €3,803 (-92.6%), from €4,107 to €304
- Other operating charges +€592
up €592 (+68.9%), from €861 to €1,453
- Financial income +€267
up €267 (+18.5%), from €1,443 to €1,710
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 | €47,446 | €247,204 | +€199,759 | +421% |
| Fixed assets | 21/28 | €1,469 | €206,165 | +€204,696 | +13,937% |
| Tangible fixed assets | 22/27 | €969 | €665 | -€304 | -31.4% |
| Plant, machinery and equipment | 23 | €835 | €665 | -€170 | -20.4% |
| Furniture and vehicles | 24 | €134 | - | -€134 | |
| Financial fixed assets | 28 | €500 | €205,500 | +€205,000 | +41,000% |
| Current assets | 29/58 | €45,977 | €41,040 | -€4,937 | -10.7% |
| Amounts receivable within one year | 40/41 | €40,303 | €36,691 | -€3,612 | -9.0% |
| Trade receivables | 40 | €9,989 | €203 | -€9,785 | -98.0% |
| Other amounts receivable | 41 | €30,314 | €36,488 | +€6,173 | +20.4% |
| Cash at bank and in hand | 54/58 | €4,604 | €2,928 | -€1,677 | -36.4% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,421 | +€352 | +32.9% |
| Total equity and liabilities | 10/49 | €47,446 | €247,204 | +€199,759 | +421% |
| Equity | 10/15 | €12,920 | €17,218 | +€4,298 | +33.3% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,280 | -€88,982 | +€4,298 | +4.6% |
| Amounts payable | 17/49 | €34,526 | €229,986 | +€195,461 | +566% |
| Amounts payable after more than one year | 17 | - | €172,628 | +€172,628 | |
| Financial debts | 170/4 | - | €172,628 | +€172,628 | |
| Amounts payable within one year | 42/48 | €34,526 | €57,358 | +€22,833 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | - | €23,039 | +€23,039 | |
| Trade debts | 44 | €1,923 | €730 | -€1,193 | -62.0% |
| Suppliers | 440/4 | €1,923 | €730 | -€1,193 | -62.0% |
| Advances received on contracts in progress | 46 | - | €899 | +€899 | |
| Taxes, remuneration and social security | 45 | €4,532 | €4,621 | +€88 | +1.9% |
| Taxes | 450/3 | €2,950 | €3,024 | +€74 | +2.5% |
| Remuneration and social security | 454/9 | €1,582 | €1,596 | +€14 | +0.9% |
| Other amounts payable | 47/48 | €28,070 | €28,070 | = | 0.0% |
| Non-recurring operating income | 76A | €4,132 | - | -€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,107 | €304 | -€3,803 | -92.6% |
| Other operating charges | 640/8 | €861 | €1,453 | +€592 | +68.9% |
| Gross operating margin | 9900 | €16,862 | €10,425 | -€6,438 | -38.2% |
| Operating profit (loss) | 9901 | €11,895 | €8,667 | -€3,227 | -27.1% |
| Financial income | 75/76B | €1,443 | €1,710 | +€267 | +18.5% |
| Recurring financial income | 75 | €1,443 | €1,710 | +€267 | +18.5% |
| Financial charges | 65/66B | €647 | €5,817 | +€5,170 | +799% |
| Recurring financial charges | 65 | €647 | €5,817 | +€5,170 | +799% |
| Profit (loss) for the period before taxes | 9903 | €12,690 | €4,561 | -€8,129 | -64.1% |
| Income taxes | 67/77 | €497 | €263 | -€234 | -47.1% |
| Profit (loss) for the period | 9904 | €12,194 | €4,298 | -€7,896 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,194 | €4,298 | -€7,896 | -64.8% |
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 26 October 2026 via checked.be.