MICAMA: 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.
MICAMA
Largest movements
- Deferred charges and accrued income +€138,549
up €138,549, from €0 to €138,549
- Tangible fixed assets +€133,168
up €133,168 (+19.5%), from €683,253 to €816,420
of which Land and buildings: +€138,226
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year -€53,877
down €53,877 (-61.4%), from €87,812 to €33,934
of which Trade receivables: -€59,328
- Receivables after one year -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Debts after one year +€89,119
up €89,119 (+18.1%), from €491,142 to €580,260
- Reserves -€63,500
down €63,500 (-10.5%), from €602,500 to €539,000
- Other debts +€20,844
up €20,844 (+48.5%), from €42,935 to €63,779
- Financial charges +€21,280
up €21,280 (+147.3%), from €14,444 to €35,724
- Gross operating margin +€17,509
up €17,509 (+14.4%), from €121,604 to €139,112
- Depreciation +€8,740
up €8,740 (+20.3%), from €42,954 to €51,694
- Other operating charges -€4,346
down €4,346 (-54.9%), from €7,921 to €3,575
- Taxes +€3,871
up €3,871 (+19.5%), from €19,803 to €23,674
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 | €1,173,829 | €1,231,259 | +€57,429 | +4.9% |
| Fixed assets | 21/28 | €841,512 | €971,517 | +€130,006 | +15.4% |
| Tangible fixed assets | 22/27 | €683,253 | €816,420 | +€133,168 | +19.5% |
| Land and buildings | 22 | €630,861 | €769,087 | +€138,226 | +21.9% |
| Plant, machinery and equipment | 23 | - | €10,252 | +€10,252 | |
| Furniture and vehicles | 24 | €17,011 | €11,432 | -€5,579 | -32.8% |
| Other tangible fixed assets | 26 | €35,381 | €25,649 | -€9,731 | -27.5% |
| Financial fixed assets | 28 | €158,259 | €155,097 | -€3,162 | -2.0% |
| Current assets | 29/58 | €332,318 | €259,742 | -€72,576 | -21.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Other amounts receivable | 291 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €87,812 | €33,934 | -€53,877 | -61.4% |
| Trade receivables | 40 | €83,300 | €23,972 | -€59,328 | -71.2% |
| Other amounts receivable | 41 | €4,512 | €9,962 | +€5,451 | +120.8% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,506 | €37,259 | -€7,248 | -16.3% |
| Deferred charges and accrued income | 490/1 | €0 | €138,549 | +€138,549 | |
| Total equity and liabilities | 10/49 | €1,173,829 | €1,231,259 | +€57,429 | +4.9% |
| Equity | 10/15 | €603,712 | €540,229 | -€63,482 | -10.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €602,500 | €539,000 | -€63,500 | -10.5% |
| Distributable reserves | 133 | €602,500 | €539,000 | -€63,500 | -10.5% |
| Profit (loss) carried forward | 14 | €212 | €229 | +€18 | +8.3% |
| Amounts payable | 17/49 | €570,118 | €691,030 | +€120,912 | +21.2% |
| Amounts payable after more than one year | 17 | €491,142 | €580,260 | +€89,119 | +18.1% |
| Financial debts | 170/4 | €491,142 | €580,260 | +€89,119 | +18.1% |
| Amounts payable within one year | 42/48 | €78,976 | €110,769 | +€31,793 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €34,011 | €40,917 | +€6,906 | +20.3% |
| Financial debts | 43 | €28 | €0 | -€28 | -100.0% |
| Credit institutions | 430/8 | €28 | €0 | -€28 | -100.0% |
| Trade debts | 44 | €2,001 | €4,391 | +€2,389 | +119.4% |
| Suppliers | 440/4 | €2,001 | €4,391 | +€2,389 | +119.4% |
| Taxes, remuneration and social security | 45 | €0 | €1,682 | +€1,682 | |
| Taxes | 450/3 | €0 | €1,682 | +€1,682 | |
| Other amounts payable | 47/48 | €42,935 | €63,779 | +€20,844 | +48.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,954 | €51,694 | +€8,740 | +20.3% |
| Other operating charges | 640/8 | €7,921 | €3,575 | -€4,346 | -54.9% |
| Gross operating margin | 9900 | €121,604 | €139,112 | +€17,509 | +14.4% |
| Operating profit (loss) | 9901 | €70,728 | €83,843 | +€13,115 | +18.5% |
| Financial income | 75/76B | €11,194 | €12,072 | +€878 | +7.8% |
| Recurring financial income | 75 | €11,194 | €12,072 | +€878 | +7.8% |
| Financial charges | 65/66B | €14,444 | €35,724 | +€21,280 | +147.3% |
| Recurring financial charges | 65 | €14,444 | €35,724 | +€21,280 | +147.3% |
| Profit (loss) for the period before taxes | 9903 | €67,478 | €60,191 | -€7,286 | -10.8% |
| Income taxes | 67/77 | €19,803 | €23,674 | +€3,871 | +19.5% |
| Profit (loss) for the period | 9904 | €47,675 | €36,518 | -€11,157 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,675 | €36,518 | -€11,157 | -23.4% |
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 2 October 2026 via checked.be.