Micale Inv-est: what changed
Two financial 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.
Micale Inv-est
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+67.0%), from €3.0m to €5.1m
of which Land and buildings: +€2.2m
- Financial fixed assets -€301,300
down €301,300 (-100%), from €301,300 to €0
- Debts after one year +€1.6m
up €1.6m (+59.3%), from €2.6m to €4.2m
- Reserves +€94,024
up €94,024 (+15.4%), from €610,188 to €704,211
of which Distributable reserves: +€99,972
- Gross operating margin +€146,138
up €146,138 (+72.8%), from €200,873 to €347,012
- Depreciation -€121,185
down €121,185 (-48.9%), from €247,787 to €126,602
- Financial charges +€73,536
up €73,536 (+193%), from €38,171 to €111,707
- Taxes +€7,894
new in 2025: €7,894
- Other operating charges +€7,387
up €7,387 (+535%), from €1,381 to €8,768
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.
Derived cash bridge
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 | €3,397,194 | €5,108,742 | +€1.7m | +50.4% |
| Fixed assets | 21/28 | €3,348,347 | €5,088,997 | +€1.7m | +52.0% |
| Tangible fixed assets | 22/27 | €3,047,047 | €5,088,997 | +€2.0m | +67.0% |
| Land and buildings | 22 | €2,375,692 | €4,561,005 | +€2.2m | +92.0% |
| Other tangible fixed assets | 26 | €671,355 | €527,992 | -€143,363 | -21.4% |
| Financial fixed assets | 28 | €301,300 | €0 | -€301,300 | -100% |
| Current assets | 29/58 | €48,847 | €19,745 | -€29,102 | -59.6% |
| Amounts receivable within one year | 40/41 | - | €4,106 | +€4,106 | |
| Other amounts receivable | 41 | - | €4,106 | +€4,106 | |
| Cash at bank and in hand | 54/58 | €48,689 | €15,009 | -€33,681 | -69.2% |
| Deferred charges and accrued income | 490/1 | €158 | €631 | +€473 | +299% |
| Total equity and liabilities | 10/49 | €3,397,194 | €5,108,742 | +€1.7m | +50.4% |
| Equity | 10/15 | €628,788 | €722,811 | +€94,024 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €610,188 | €704,211 | +€94,024 | +15.4% |
| Tax-exempt reserves | 132 | €178,758 | €172,809 | -€5,948 | -3.3% |
| Distributable reserves | 133 | €431,430 | €531,402 | +€99,972 | +23.2% |
| Provisions and deferred taxes | 16 | €59,586 | €57,603 | -€1,983 | -3.3% |
| Deferred taxes | 168 | €59,586 | €57,603 | -€1,983 | -3.3% |
| Amounts payable | 17/49 | €2,708,820 | €4,328,328 | +€1.6m | +59.8% |
| Amounts payable after more than one year | 17 | €2,636,702 | €4,200,083 | +€1.6m | +59.3% |
| Financial debts | 170/4 | €2,636,702 | €4,200,083 | +€1.6m | +59.3% |
| Amounts payable within one year | 42/48 | €64,738 | €117,367 | +€52,629 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | €64,529 | €86,561 | +€22,032 | +34.1% |
| Financial debts | 43 | - | €10,022 | +€10,022 | |
| Credit institutions | 430/8 | - | €10,022 | +€10,022 | |
| Trade debts | 44 | €209 | €17,784 | +€17,575 | +8,400% |
| Suppliers | 440/4 | €209 | €17,784 | +€17,575 | +8,400% |
| Other amounts payable | 47/48 | €0 | €3,000 | +€3,000 | |
| Accrued charges and deferred income | 492/3 | €7,380 | €10,879 | +€3,499 | +47.4% |
| Non-recurring operating income | 76A | €117,419 | €182,512 | +€65,093 | +55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,787 | €126,602 | -€121,185 | -48.9% |
| Other operating charges | 640/8 | €1,381 | €8,768 | +€7,387 | +535% |
| Gross operating margin | 9900 | €200,873 | €347,012 | +€146,138 | +72.8% |
| Operating profit (loss) | 9901 | -€48,295 | €211,642 | +€259,937 | |
| Financial income | 75/76B | €3,658 | €0 | -€3,658 | -100.0% |
| Recurring financial income | 75 | €3,658 | €0 | -€3,658 | -100.0% |
| Financial charges | 65/66B | €38,171 | €111,707 | +€73,536 | +193% |
| Recurring financial charges | 65 | €38,171 | €111,707 | +€73,536 | +193% |
| Profit (loss) for the period before taxes | 9903 | -€82,808 | €99,935 | +€182,743 | |
| Transfer from deferred taxes | 780 | €1,983 | €1,983 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | - | €7,894 | +€7,894 | |
| Profit (loss) for the period | 9904 | -€80,825 | €94,024 | +€174,848 | |
| Transfer from tax-exempt reserves | 789 | €5,948 | €5,948 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,877 | €99,972 | +€174,848 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.