Tom Michielsen: 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.
Tom Michielsen
Largest movements
- Tangible fixed assets +€126,960
up €126,960 (+388%), from €32,682 to €159,642
of which Leasing and similar rights: +€108,467
- Receivables within one year +€24,331
up €24,331 (+99.4%), from €24,468 to €48,799
of which Trade receivables: +€24,782
- Debts after one year +€75,970
new in 2025: €75,970
- Other debts +€21,782
up €21,782 (+44.1%), from €49,423 to €71,205
- Current portion of long-term debt +€21,172
new in 2025: €21,172
- Reserves +€15,909
up €15,909 (+220%), from €7,242 to €23,151
- Tax, wage and social debts +€5,753
up €5,753 (+261%), from €2,202 to €7,955
- Gross operating margin +€38,622
up €38,622 (+280%), from €13,771 to €52,392
- Depreciation +€22,894
up €22,894 (+1,325%), from €1,728 to €24,622
- Financial charges +€7,790
up €7,790 (+835%), from €933 to €8,723
- Taxes -€1,036
down €1,036 (-47.1%), from €2,202 to €1,166
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 | €63,730 | €214,653 | +€150,924 | +237% |
| Fixed assets | 21/28 | €32,682 | €159,777 | +€127,095 | +389% |
| Tangible fixed assets | 22/27 | €32,682 | €159,642 | +€126,960 | +388% |
| Plant, machinery and equipment | 23 | €4,391 | €28,310 | +€23,919 | +545% |
| Furniture and vehicles | 24 | €28,291 | €22,865 | -€5,426 | -19.2% |
| Leasing and similar rights | 25 | - | €108,467 | +€108,467 | |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €31,048 | €54,876 | +€23,829 | +76.7% |
| Amounts receivable within one year | 40/41 | €24,468 | €48,799 | +€24,331 | +99.4% |
| Trade receivables | 40 | €23,330 | €48,112 | +€24,782 | +106% |
| Other amounts receivable | 41 | €1,137 | €687 | -€451 | -39.6% |
| Cash at bank and in hand | 54/58 | €6,556 | €5,829 | -€727 | -11.1% |
| Deferred charges and accrued income | 490/1 | €24 | €249 | +€225 | +945% |
| Total equity and liabilities | 10/49 | €63,730 | €214,653 | +€150,924 | +237% |
| Equity | 10/15 | €9,742 | €25,651 | +€15,909 | +163% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,242 | €23,151 | +€15,909 | +220% |
| Distributable reserves | 133 | €7,242 | €23,151 | +€15,909 | +220% |
| Amounts payable | 17/49 | €53,988 | €189,003 | +€135,015 | +250% |
| Amounts payable after more than one year | 17 | - | €75,970 | +€75,970 | |
| Financial debts | 170/4 | - | €75,970 | +€75,970 | |
| Amounts payable within one year | 42/48 | €53,059 | €107,350 | +€54,292 | +102% |
| Current portion of amounts payable after more than one year | 42 | - | €21,172 | +€21,172 | |
| Trade debts | 44 | €1,433 | €7,018 | +€5,585 | +390% |
| Suppliers | 440/4 | €1,433 | €7,018 | +€5,585 | +390% |
| Taxes, remuneration and social security | 45 | €2,202 | €7,955 | +€5,753 | +261% |
| Taxes | 450/3 | €2,202 | €7,955 | +€5,753 | +261% |
| Other amounts payable | 47/48 | €49,423 | €71,205 | +€21,782 | +44.1% |
| Accrued charges and deferred income | 492/3 | €929 | €5,682 | +€4,753 | +511% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,728 | €24,622 | +€22,894 | +1,325% |
| Other operating charges | 640/8 | - | €306 | +€306 | |
| Gross operating margin | 9900 | €13,771 | €52,392 | +€38,622 | +280% |
| Operating profit (loss) | 9901 | €12,042 | €27,464 | +€15,422 | +128% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €933 | €8,723 | +€7,790 | +835% |
| Recurring financial charges | 65 | €933 | €8,723 | +€7,790 | +835% |
| Profit (loss) for the period before taxes | 9903 | €11,110 | €18,741 | +€7,631 | +68.7% |
| Income taxes | 67/77 | €2,202 | €1,166 | -€1,036 | -47.1% |
| Profit (loss) for the period | 9904 | €8,908 | €17,575 | +€8,667 | +97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,908 | €17,575 | +€8,667 | +97.3% |
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 13 October 2026 via checked.be.