VLASHANDEL L. MICHELS: what changed
What changed
VLASHANDEL L. MICHELS
NACE 01.110, Growing of cereals (except rice), leguminous crops and oil seeds
filed annual accounts (NBB)
Net result for the year
€388,061
2024 · €667,197-€279,136
Equity
€3.1m
2024 · €2.7m+€388,061
Cash
€857,836
2024 · €1.4m-€567,044
Balance sheet total
€3.3m
2024 · €3.0m+€274,826
Largest movements
Assets
- Cash -€567,044
down €567,044 (-39.8%), from €1.4m to €857,836
mainly Investment in fixed assets (net) (-€471,963) and Receivables within one year (-€290,193)
- Receivables within one year +€290,193
up €290,193 (+177%), from €163,743 to €453,936
of which Trade receivables: +€267,172
- Stocks and contracts +€263,053
up €263,053 (+42.7%), from €615,353 to €878,406
- Tangible fixed assets +€258,525
up €258,525 (+33.7%), from €768,177 to €1.0m
of which Plant, machinery and equipment: +€315,835
Equity and liabilities
- Reserves +€388,061
up €388,061 (+14.6%), from €2.7m to €3.0m
of which Distributable reserves: +€337,754
- Trade debts -€100,899
down €100,899 (-32.2%), from €313,750 to €212,851
Income statement
- Gross operating margin -€547,732
down €547,732 (-37.8%), from €1.4m to €901,181
- Taxes -€164,362
down €164,362 (-53.8%), from €305,253 to €140,891
- Depreciation -€100,492
down €100,492 (-32.0%), from €313,930 to €213,438
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€667,197
Gross operating margin
-€547,732
Staff costs
+€11,707
Depreciation
+€100,492
Other operating charges
+€10,641
Financial income
+€1,528
Financial charges
-€3,366
Taxes
+€164,362
Deferred taxes and other
-€16,769
Result 2025
€388,061
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€55,888
Investment
-€503,452
Financing
-€7,705
Cash 2024
€1.4m
From operations (derived)
-€55,888
Net result for the year
+€388,061
Depreciation
+€213,438
Stocks and contracts
-€263,053
Receivables within one year
-€290,193
Deferred charges and accrued income
+€1,390
Provisions
+€16,769
Trade debts
-€100,899
Tax, wage and social debts
-€14,616
Other debts
-€1,772
Accrued charges and deferred income
-€5,012
Investment (derived)
-€503,452
Investment in fixed assets (net)
-€471,963
Current investments
-€31,489
Financing
-€7,705
Current portion of long-term debt
-€7,705
Cash 2025
€857,836
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,039,565 | €3,314,390 | +€274,826 | +9.0% |
| Fixed assets | 21/28 | €768,312 | €1,026,837 | +€258,525 | +33.6% |
| Tangible fixed assets | 22/27 | €768,177 | €1,026,702 | +€258,525 | +33.7% |
| Land and buildings | 22 | €415,495 | €401,685 | -€13,810 | -3.3% |
| Plant, machinery and equipment | 23 | €271,177 | €587,013 | +€315,835 | +116% |
| Furniture and vehicles | 24 | €81,505 | €38,004 | -€43,500 | -53.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,271,253 | €2,287,553 | +€16,301 | +0.7% |
| Stocks and contracts in progress | 3 | €615,353 | €878,406 | +€263,053 | +42.7% |
| Stocks | 30/36 | €615,353 | €878,406 | +€263,053 | +42.7% |
| Amounts receivable within one year | 40/41 | €163,743 | €453,936 | +€290,193 | +177% |
| Trade receivables | 40 | €120,392 | €387,563 | +€267,172 | +222% |
| Other amounts receivable | 41 | €43,352 | €66,373 | +€23,021 | +53.1% |
| Current investments | 50/53 | - | €31,489 | +€31,489 | |
| Cash at bank and in hand | 54/58 | €1,424,880 | €857,836 | -€567,044 | -39.8% |
| Deferred charges and accrued income | 490/1 | €67,276 | €65,887 | -€1,390 | -2.1% |
| Total equity and liabilities | 10/49 | €3,039,565 | €3,314,390 | +€274,826 | +9.0% |
| Equity | 10/15 | €2,678,059 | €3,066,120 | +€388,061 | +14.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €2,659,059 | €3,047,120 | +€388,061 | +14.6% |
| Tax-exempt reserves | 132 | - | €50,306 | +€50,306 | |
| Distributable reserves | 133 | €2,659,059 | €2,996,814 | +€337,754 | +12.7% |
| Provisions and deferred taxes | 16 | - | €16,769 | +€16,769 | |
| Deferred taxes | 168 | - | €16,769 | +€16,769 | |
| Amounts payable | 17/49 | €361,505 | €231,502 | -€130,003 | -36.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €354,450 | €229,458 | -€124,992 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €7,705 | €0 | -€7,705 | -100% |
| Trade debts | 44 | €313,750 | €212,851 | -€100,899 | -32.2% |
| Suppliers | 440/4 | €313,750 | €212,851 | -€100,899 | -32.2% |
| Taxes, remuneration and social security | 45 | €30,521 | €15,905 | -€14,616 | -47.9% |
| Taxes | 450/3 | €6,696 | €1,612 | -€5,083 | -75.9% |
| Remuneration and social security | 454/9 | €23,826 | €14,293 | -€9,533 | -40.0% |
| Other amounts payable | 47/48 | €2,473 | €701 | -€1,772 | -71.6% |
| Accrued charges and deferred income | 492/3 | €7,055 | €2,044 | -€5,012 | -71.0% |
| Non-recurring operating income | 76A | €22,460 | €70,000 | +€47,540 | +212% |
| Remuneration, social security and pensions | 62 | €129,710 | €118,003 | -€11,707 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €313,930 | €213,438 | -€100,492 | -32.0% |
| Other operating charges | 640/8 | €31,087 | €20,446 | -€10,641 | -34.2% |
| Gross operating margin | 9900 | €1,448,913 | €901,181 | -€547,732 | -37.8% |
| Operating profit (loss) | 9901 | €974,186 | €549,294 | -€424,892 | -43.6% |
| Financial income | 75/76B | €3,544 | €5,072 | +€1,528 | +43.1% |
| Recurring financial income | 75 | €3,544 | €5,072 | +€1,528 | +43.1% |
| Financial charges | 65/66B | €5,280 | €8,645 | +€3,366 | +63.8% |
| Recurring financial charges | 65 | €5,280 | €8,645 | +€3,366 | +63.8% |
| Profit (loss) for the period before taxes | 9903 | €972,450 | €545,721 | -€426,729 | -43.9% |
| Transfer from deferred taxes | 780 | - | €731 | +€731 | |
| Transfer to deferred taxes | 680 | - | €17,500 | +€17,500 | |
| Income taxes | 67/77 | €305,253 | €140,891 | -€164,362 | -53.8% |
| Profit (loss) for the period | 9904 | €667,197 | €388,061 | -€279,136 | -41.8% |
| Transfer from tax-exempt reserves | 789 | - | €2,194 | +€2,194 | |
| Transfer to tax-exempt reserves | 689 | - | €52,500 | +€52,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €667,197 | €337,754 | -€329,443 | -49.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.