MICADO: what changed
Two fiscal 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.
MICADO
Largest movements
- Receivables within one year +€26,211
up €26,211 (+232.9%), from €11,255 to €37,466
- Cash +€10,480
up €10,480 (+32.2%), from €32,590 to €43,069
mainly Net result for the year (+€31,149) and Tax, wage and social debts (+€3,598)
- Stocks and contracts -€1,600
down €1,600 (-73.8%), from €2,167 to €567
- Profit (loss) carried forward +€31,149
up €31,149 (+16.2%), from -€191,823 to -€160,675
- Tax, wage and social debts +€3,598
up €3,598 (+246.6%), from €1,459 to €5,057
of which Remuneration and social security: +€3,000
- Accrued charges and deferred income +€1,834
up €1,834 (+100.0%), from €1,834 to €3,668
- Trade debts -€1,334
down €1,334 (-15.0%), from €8,901 to €7,567
- Gross operating margin +€6,011
up €6,011 (+21.0%), from €28,584 to €34,595
- Other operating charges -€1,451
down €1,451 (-60.2%), from €2,411 to €960
- Financial charges -€1,446
down €1,446 (-33.7%), from €4,286 to €2,839
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.
Cash bridge derived
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 | €46,011 | €81,222 | +€35,211 | +76.5% |
| Fixed assets | 21/28 | - | €0 | = | |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Current assets | 29/58 | €46,011 | €81,222 | +€35,211 | +76.5% |
| Stocks and contracts in progress | 3 | €2,167 | €567 | -€1,600 | -73.8% |
| Stocks | 30/36 | €2,167 | €567 | -€1,600 | -73.8% |
| Amounts receivable within one year | 40/41 | €11,255 | €37,466 | +€26,211 | +232.9% |
| Trade receivables | 40 | €11,255 | €37,466 | +€26,211 | +232.9% |
| Cash at bank and in hand | 54/58 | €32,590 | €43,069 | +€10,480 | +32.2% |
| Deferred charges and accrued income | 490/1 | - | €120 | +€120 | |
| Total equity and liabilities | 10/49 | €46,011 | €81,222 | +€35,211 | +76.5% |
| Equity | 10/15 | -€98,823 | -€67,675 | +€31,149 | +31.5% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€191,823 | -€160,675 | +€31,149 | +16.2% |
| Amounts payable | 17/49 | €144,835 | €148,897 | +€4,062 | +2.8% |
| Amounts payable after more than one year | 17 | €122,260 | €122,260 | = | 0.0% |
| Financial debts | 170/4 | €122,260 | €122,260 | = | 0.0% |
| Amounts payable within one year | 42/48 | €20,740 | €22,969 | +€2,228 | +10.7% |
| Financial debts | 43 | €70 | - | -€70 | |
| Credit institutions | 430/8 | €70 | - | -€70 | |
| Trade debts | 44 | €8,901 | €7,567 | -€1,334 | -15.0% |
| Suppliers | 440/4 | €8,901 | €7,567 | -€1,334 | -15.0% |
| Taxes, remuneration and social security | 45 | €1,459 | €5,057 | +€3,598 | +246.6% |
| Taxes | 450/3 | €1,459 | €2,057 | +€598 | +41.0% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €10,311 | €10,344 | +€34 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,834 | €3,668 | +€1,834 | +100.0% |
| Other operating charges | 640/8 | €2,411 | €960 | -€1,451 | -60.2% |
| Gross operating margin | 9900 | €28,584 | €34,595 | +€6,011 | +21.0% |
| Operating profit (loss) | 9901 | €26,173 | €33,634 | +€7,462 | +28.5% |
| Financial income | 75/76B | €450 | €354 | -€97 | -21.4% |
| Recurring financial income | 75 | €450 | €354 | -€97 | -21.4% |
| Financial charges | 65/66B | €4,286 | €2,839 | -€1,446 | -33.7% |
| Recurring financial charges | 65 | €4,286 | €2,839 | -€1,446 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €22,337 | €31,149 | +€8,812 | +39.4% |
| Profit (loss) for the period | 9904 | €22,337 | €31,149 | +€8,812 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,337 | €31,149 | +€8,812 | +39.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.