MICARDO: 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.
MICARDO
Largest movements
- Tangible fixed assets -€66,816
down €66,816 (-4.0%), from €1.7m to €1.6m
of which Land and buildings: -€68,254
- Profit (loss) carried forward -€31,066
down €31,066 (-3.1%), from -€1.0m to -€1.0m
- Gross operating margin +€12,530
up €12,530 (+49.7%), from €25,194 to €37,724
- Other operating charges -€1,539
down €1,539 (-11.1%), from €13,871 to €12,333
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 | €1,690,509 | €1,637,651 | -€52,858 | -3.1% |
| Fixed assets | 21/28 | €1,686,120 | €1,619,304 | -€66,816 | -4.0% |
| Tangible fixed assets | 22/27 | €1,686,120 | €1,619,304 | -€66,816 | -4.0% |
| Land and buildings | 22 | €1,686,120 | €1,617,866 | -€68,254 | -4.0% |
| Furniture and vehicles | 24 | - | €1,438 | +€1,438 | |
| Current assets | 29/58 | €4,389 | €18,347 | +€13,958 | +318.0% |
| Cash at bank and in hand | 54/58 | €2,891 | €17,459 | +€14,568 | +503.9% |
| Deferred charges and accrued income | 490/1 | €1,498 | €888 | -€610 | -40.7% |
| Total equity and liabilities | 10/49 | €1,690,509 | €1,637,651 | -€52,858 | -3.1% |
| Equity | 10/15 | €178,548 | €137,968 | -€40,580 | -22.7% |
| Contributions | 10/11 | €69,500 | €69,500 | = | 0.0% |
| Reserves | 13 | €1,126,751 | €1,117,237 | -€9,514 | -0.8% |
| Tax-exempt reserves | 132 | €97,776 | €88,262 | -€9,514 | -9.7% |
| Distributable reserves | 133 | €1,028,976 | €1,028,976 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,017,703 | -€1,048,769 | -€31,066 | -3.1% |
| Provisions and deferred taxes | 16 | €49,464 | €44,631 | -€4,833 | -9.8% |
| Deferred taxes | 168 | €49,464 | €44,631 | -€4,833 | -9.8% |
| Amounts payable | 17/49 | €1,462,497 | €1,455,051 | -€7,445 | -0.5% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €461,397 | €453,951 | -€7,445 | -1.6% |
| Trade debts | 44 | €1,925 | €1,690 | -€235 | -12.2% |
| Suppliers | 440/4 | €1,925 | €1,690 | -€235 | -12.2% |
| Other amounts payable | 47/48 | €459,472 | €452,261 | -€7,211 | -1.6% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,836 | €70,740 | -€96 | -0.1% |
| Other operating charges | 640/8 | €13,871 | €12,333 | -€1,539 | -11.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €25,194 | €37,724 | +€12,530 | +49.7% |
| Operating profit (loss) | 9901 | -€59,513 | -€45,349 | +€14,164 | +23.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €132 | €63 | -€69 | -52.3% |
| Recurring financial charges | 65 | €132 | €63 | -€69 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | -€59,646 | -€45,413 | +€14,233 | +23.9% |
| Transfer from deferred taxes | 780 | €4,833 | €4,833 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€54,813 | -€40,580 | +€14,233 | +26.0% |
| Transfer from tax-exempt reserves | 789 | €9,514 | €9,514 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,299 | -€31,066 | +€14,233 | +31.4% |
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.