VOGELAERS MICHAEL: what changed
VOGELAERS MICHAEL
Largest movements
- Tangible fixed assets +€20,345
up €20,345 (+49.2%), from €41,381 to €61,726
- Cash +€5,537
up €5,537 (+224%), from €2,475 to €8,012
mainly Other debts (+€37,776) and Debts after one year (+€19,888)
- Receivables within one year +€2,324
up €2,324 (+4.5%), from €51,625 to €53,949
of which Trade receivables: +€5,423
- Other debts +€37,776
up €37,776 (+4,535%), from €833 to €38,609
- Reserves -€37,515
down €37,515 (-88.3%), from €42,475 to €4,960
of which Distributable reserves: -€37,515
- Debts after one year +€19,888
up €19,888 (+123%), from €16,221 to €36,109
- Tax, wage and social debts +€5,863
up €5,863 (+89.4%), from €6,558 to €12,420
of which Taxes: +€3,263
- Current portion of long-term debt +€2,324
up €2,324 (+15.5%), from €15,018 to €17,343
- Depreciation +€6,687
up €6,687 (+61.7%), from €10,834 to €17,521
- Other operating charges +€2,662
up €2,662 (+120%), from €2,220 to €4,882
- Gross operating margin +€1,250
up €1,250 (+4.8%), from €26,302 to €27,552
- Taxes -€398
down €398 (-10.4%), from €3,827 to €3,429
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,521 | €125,693 | +€29,171 | +30.2% |
| Fixed assets | 21/28 | €41,671 | €62,016 | +€20,345 | +48.8% |
| Tangible fixed assets | 22/27 | €41,381 | €61,726 | +€20,345 | +49.2% |
| Furniture and vehicles | 24 | €41,381 | €61,726 | +€20,345 | +49.2% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €54,850 | €63,677 | +€8,826 | +16.1% |
| Amounts receivable within one year | 40/41 | €51,625 | €53,949 | +€2,324 | +4.5% |
| Trade receivables | 40 | €13,915 | €19,338 | +€5,423 | +39.0% |
| Other amounts receivable | 41 | €37,710 | €34,611 | -€3,099 | -8.2% |
| Cash at bank and in hand | 54/58 | €2,475 | €8,012 | +€5,537 | +224% |
| Deferred charges and accrued income | 490/1 | €750 | €1,715 | +€965 | +129% |
| Total equity and liabilities | 10/49 | €96,521 | €125,693 | +€29,171 | +30.2% |
| Equity | 10/15 | €54,875 | €17,360 | -€37,515 | -68.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,475 | €4,960 | -€37,515 | -88.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €42,475 | €4,960 | -€37,515 | -88.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,647 | €108,333 | +€66,686 | +160% |
| Amounts payable after more than one year | 17 | €16,221 | €36,109 | +€19,888 | +123% |
| Financial debts | 170/4 | €16,221 | €36,109 | +€19,888 | +123% |
| Amounts payable within one year | 42/48 | €25,425 | €72,224 | +€46,798 | +184% |
| Current portion of amounts payable after more than one year | 42 | €15,018 | €17,343 | +€2,324 | +15.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,017 | €3,852 | +€835 | +27.7% |
| Suppliers | 440/4 | €3,017 | €3,852 | +€835 | +27.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,558 | €12,420 | +€5,863 | +89.4% |
| Taxes | 450/3 | €6,558 | €9,820 | +€3,263 | +49.8% |
| Remuneration and social security | 454/9 | - | €2,600 | +€2,600 | |
| Other amounts payable | 47/48 | €833 | €38,609 | +€37,776 | +4,535% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,834 | €17,521 | +€6,687 | +61.7% |
| Other operating charges | 640/8 | €2,220 | €4,882 | +€2,662 | +120% |
| Gross operating margin | 9900 | €26,302 | €27,552 | +€1,250 | +4.8% |
| Operating profit (loss) | 9901 | €13,248 | €5,149 | -€8,099 | -61.1% |
| Financial income | 75/76B | €2,236 | €2,075 | -€161 | -7.2% |
| Recurring financial income | 75 | €2,236 | €2,075 | -€161 | -7.2% |
| Financial charges | 65/66B | €2,686 | €2,701 | +€14 | +0.5% |
| Recurring financial charges | 65 | €2,686 | €2,701 | +€14 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €12,798 | €4,523 | -€8,275 | -64.7% |
| Income taxes | 67/77 | €3,827 | €3,429 | -€398 | -10.4% |
| Profit (loss) for the period | 9904 | €8,970 | €1,094 | -€7,876 | -87.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,970 | €1,094 | -€7,876 | -87.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.