Zonen Michiels: what changed
Zonen Michiels
Largest movements
- Cash +€21,123
up €21,123 (+205%), from €10,298 to €31,420
mainly Advances received (+€40,302) and Depreciation (+€14,841)
- Tangible fixed assets -€13,791
down €13,791 (-26.5%), from €52,087 to €38,297
of which Furniture and vehicles: -€7,369
- Receivables within one year +€11,258
up €11,258 (+13.7%), from €81,882 to €93,140
of which Trade receivables: +€20,337
- Stocks and contracts +€8,355
up €8,355 (+83.0%), from €10,065 to €18,420
- Advances received +€40,302
new in 2025: €40,302
- Accrued charges and deferred income -€3,000
down €3,000 (-100%), from €3,000 to €0
- Reserves -€2,636
down €2,636 (-4.0%), from €65,976 to €63,340
- Trade debts -€2,512
down €2,512 (-5.9%), from €42,324 to €39,811
- Staff costs +€14,193
up €14,193 (+93.6%), from €15,158 to €29,351
- Financial income +€7,315
up €7,315 (+2,188%), from €334 to €7,650
- Gross operating margin +€5,482
up €5,482 (+17.2%), from €31,855 to €37,338
- Depreciation +€2,968
up €2,968 (+25.0%), from €11,873 to €14,841
- Other operating charges +€793
up €793 (+47.8%), from €1,660 to €2,452
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 | €204,476 | €233,046 | +€28,570 | +14.0% |
| Fixed assets | 21/28 | €52,087 | €38,297 | -€13,791 | -26.5% |
| Tangible fixed assets | 22/27 | €52,087 | €38,297 | -€13,791 | -26.5% |
| Plant, machinery and equipment | 23 | €20,026 | €15,814 | -€4,212 | -21.0% |
| Furniture and vehicles | 24 | €23,903 | €16,534 | -€7,369 | -30.8% |
| Other tangible fixed assets | 26 | €8,159 | €5,949 | -€2,210 | -27.1% |
| Current assets | 29/58 | €152,389 | €194,750 | +€42,361 | +27.8% |
| Amounts receivable after more than one year | 29 | €45,648 | €45,648 | = | 0.0% |
| Other amounts receivable | 291 | €45,648 | €45,648 | = | 0.0% |
| Stocks and contracts in progress | 3 | €10,065 | €18,420 | +€8,355 | +83.0% |
| Stocks | 30/36 | €10,065 | €18,420 | +€8,355 | +83.0% |
| Amounts receivable within one year | 40/41 | €81,882 | €93,140 | +€11,258 | +13.7% |
| Trade receivables | 40 | €58,164 | €78,502 | +€20,337 | +35.0% |
| Other amounts receivable | 41 | €23,717 | €14,638 | -€9,080 | -38.3% |
| Cash at bank and in hand | 54/58 | €10,298 | €31,420 | +€21,123 | +205% |
| Deferred charges and accrued income | 490/1 | €4,497 | €6,122 | +€1,625 | +36.1% |
| Total equity and liabilities | 10/49 | €204,476 | €233,046 | +€28,570 | +14.0% |
| Equity | 10/15 | €127,466 | €125,347 | -€2,119 | -1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €65,976 | €63,340 | -€2,636 | -4.0% |
| Distributable reserves | 133 | €65,976 | €63,340 | -€2,636 | -4.0% |
| Profit (loss) carried forward | 14 | -€510 | €7 | +€517 | |
| Amounts payable | 17/49 | €77,011 | €107,699 | +€30,689 | +39.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €74,011 | €107,699 | +€33,689 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €2,329 | €0 | -€2,329 | -100% |
| Trade debts | 44 | €42,324 | €39,811 | -€2,512 | -5.9% |
| Suppliers | 440/4 | €42,324 | €39,811 | -€2,512 | -5.9% |
| Advances received on contracts in progress | 46 | - | €40,302 | +€40,302 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €29,358 | €27,587 | -€1,771 | -6.0% |
| Accrued charges and deferred income | 492/3 | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €15,158 | €29,351 | +€14,193 | +93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €14,841 | +€2,968 | +25.0% |
| Other operating charges | 640/8 | €1,660 | €2,452 | +€793 | +47.8% |
| Gross operating margin | 9900 | €31,855 | €37,338 | +€5,482 | +17.2% |
| Operating profit (loss) | 9901 | €3,165 | -€9,307 | -€12,472 | |
| Financial income | 75/76B | €334 | €7,650 | +€7,315 | +2,188% |
| Recurring financial income | 75 | €334 | €7,650 | +€7,315 | +2,188% |
| Financial charges | 65/66B | €986 | €462 | -€524 | -53.2% |
| Recurring financial charges | 65 | €986 | €462 | -€524 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €2,513 | -€2,119 | -€4,632 | |
| Profit (loss) for the period | 9904 | €2,513 | -€2,119 | -€4,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,513 | -€2,119 | -€4,632 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.