MICAL: 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.
MICAL
Largest movements
- Receivables within one year -€156,969
down €156,969 (-60.4%), from €259,810 to €102,841
of which Other amounts receivable: -€156,619
- Stocks and contracts +€151,053
up €151,053 (+26.1%), from €579,148 to €730,201
- Tangible fixed assets +€32,067
up €32,067 (+5.9%), from €542,325 to €574,392
of which Plant, machinery and equipment: +€73,425
- Cash -€23,328
down €23,328 (-21.0%), from €111,157 to €87,829
mainly Contributions, distributions and other (-€153,032) and Stocks and contracts (-€151,053)
- Reserves -€20,884
down €20,884 (-2.7%), from €766,782 to €745,898
of which Distributable reserves: -€20,884
- Tax, wage and social debts +€20,556
up €20,556 (+21.4%), from €96,161 to €116,716
of which Taxes: +€16,804
- Investment grants -€18,893
no longer reported in 2025 (was €18,893)
- Depreciation -€64,878
down €64,878 (-50.5%), from €128,581 to €63,703
- Financial income -€26,012
down €26,012 (-45.0%), from €57,864 to €31,852
- Gross operating margin -€17,304
down €17,304 (-2.4%), from €722,046 to €704,742
- Staff costs +€12,900
up €12,900 (+2.8%), from €455,607 to €468,508
- Financial charges -€10,447
down €10,447 (-70.9%), from €14,742 to €4,295
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 | €1,492,441 | €1,498,024 | +€5,584 | +0.4% |
| Fixed assets | 21/28 | €542,325 | €574,392 | +€32,067 | +5.9% |
| Tangible fixed assets | 22/27 | €542,325 | €574,392 | +€32,067 | +5.9% |
| Land and buildings | 22 | €406,634 | €374,363 | -€32,271 | -7.9% |
| Plant, machinery and equipment | 23 | €117,465 | €190,889 | +€73,425 | +62.5% |
| Furniture and vehicles | 24 | €18,227 | €9,140 | -€9,087 | -49.9% |
| Current assets | 29/58 | €950,116 | €923,632 | -€26,484 | -2.8% |
| Stocks and contracts in progress | 3 | €579,148 | €730,201 | +€151,053 | +26.1% |
| Stocks | 30/36 | €579,148 | €730,201 | +€151,053 | +26.1% |
| Amounts receivable within one year | 40/41 | €259,810 | €102,841 | -€156,969 | -60.4% |
| Trade receivables | 40 | €56,979 | €56,629 | -€350 | -0.6% |
| Other amounts receivable | 41 | €202,832 | €46,213 | -€156,619 | -77.2% |
| Cash at bank and in hand | 54/58 | €111,157 | €87,829 | -€23,328 | -21.0% |
| Deferred charges and accrued income | 490/1 | - | €2,761 | +€2,761 | |
| Total equity and liabilities | 10/49 | €1,492,441 | €1,498,024 | +€5,584 | +0.4% |
| Equity | 10/15 | €1,085,675 | €1,045,898 | -€39,777 | -3.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €766,782 | €745,898 | -€20,884 | -2.7% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €736,782 | €715,898 | -€20,884 | -2.8% |
| Investment grants | 15 | €18,893 | - | -€18,893 | |
| Amounts payable | 17/49 | €406,766 | €452,126 | +€45,361 | +11.2% |
| Amounts payable within one year | 42/48 | €406,766 | €452,126 | +€45,361 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €3,972 | €3,959 | -€14 | -0.3% |
| Trade debts | 44 | €288,696 | €303,240 | +€14,544 | +5.0% |
| Suppliers | 440/4 | €288,696 | €303,240 | +€14,544 | +5.0% |
| Taxes, remuneration and social security | 45 | €96,161 | €116,716 | +€20,556 | +21.4% |
| Taxes | 450/3 | €899 | €17,703 | +€16,804 | +1869.2% |
| Remuneration and social security | 454/9 | €95,261 | €99,013 | +€3,752 | +3.9% |
| Other amounts payable | 47/48 | €17,937 | €28,212 | +€10,275 | +57.3% |
| Non-recurring operating income | 76A | €1,692 | €1,491 | -€201 | -11.9% |
| Remuneration, social security and pensions | 62 | €455,607 | €468,508 | +€12,900 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,581 | €63,703 | -€64,878 | -50.5% |
| Other operating charges | 640/8 | €45,991 | €46,409 | +€417 | +0.9% |
| Gross operating margin | 9900 | €722,046 | €704,742 | -€17,304 | -2.4% |
| Operating profit (loss) | 9901 | €91,867 | €126,123 | +€34,256 | +37.3% |
| Financial income | 75/76B | €57,864 | €31,852 | -€26,012 | -45.0% |
| Recurring financial income | 75 | €57,864 | €31,852 | -€26,012 | -45.0% |
| Financial charges | 65/66B | €14,742 | €4,295 | -€10,447 | -70.9% |
| Recurring financial charges | 65 | €14,742 | €4,295 | -€10,447 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €134,988 | €153,680 | +€18,692 | +13.8% |
| Income taxes | 67/77 | €43,899 | €40,425 | -€3,474 | -7.9% |
| Profit (loss) for the period | 9904 | €91,089 | €113,255 | +€22,166 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,089 | €113,255 | +€22,166 | +24.3% |
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 2 October 2026 via checked.be.