MICAVIM: what changed
What changed
MICAVIM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€5,949
2024 · €42,836-€36,887
Equity
€179,736
2024 · €182,408-€2,672
Cash
€1,695
2024 · €78+€1,617
Balance sheet total
€356,150
2024 · €323,489+€32,662
Largest movements
Assets
- Tangible fixed assets +€69,455
up €69,455 (+25.1%), from €276,867 to €346,322
of which Leasing and similar rights: +€241,583
- Receivables within one year -€38,816
down €38,816 (-83.4%), from €46,543 to €7,727
Equity and liabilities
- Debts after one year +€73,851
up €73,851 (+251%), from €29,394 to €103,245
- Short-term financial debts +€25,000
new in 2025: €25,000
- Current portion of long-term debt -€22,493
down €22,493 (-57.6%), from €39,062 to €16,569
- Tax, wage and social debts -€19,718
down €19,718 (-61.4%), from €32,129 to €12,411
- Other debts -€16,150
down €16,150 (-65.2%), from €24,771 to €8,622
Income statement
- Financial income -€43,650
down €43,650 (-99.1%), from €44,057 to €407
of which Non-recurring financial income: -€43,242
- Taxes -€13,369
down €13,369 (-77.4%), from €17,275 to €3,906
- Gross operating margin -€9,538
down €9,538 (-20.8%), from €45,780 to €36,242
- Depreciation -€3,259
down €3,259 (-13.7%), from €23,805 to €20,545
- Financial charges +€490
up €490 (+12.8%), from €3,820 to €4,310
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€42,836
Gross operating margin
-€9,538
Depreciation
+€3,259
Other operating charges
+€164
Financial income
-€43,650
Financial charges
-€490
Taxes
+€13,369
Result 2025
€5,949
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€23,880
Investment
-€90,000
Financing
+€67,737
Cash 2024
€78
From operations (derived)
+€23,880
Net result for the year
+€5,949
Depreciation
+€20,545
Receivables within one year
+€38,816
Deferred charges and accrued income
-€406
Trade debts
-€5,156
Tax, wage and social debts
-€19,718
Other debts
-€16,150
Investment (derived)
-€90,000
Investment in fixed assets (net)
-€90,000
Financing
+€67,737
Debts after one year
+€73,851
Current portion of long-term debt
-€22,493
Short-term financial debts
+€25,000
Contributions, distributions and other
-€8,622
Cash 2025
€1,695
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €323,489 | €356,150 | +€32,662 | +10.1% |
| Fixed assets | 21/28 | €276,867 | €346,322 | +€69,455 | +25.1% |
| Tangible fixed assets | 22/27 | €276,867 | €346,322 | +€69,455 | +25.1% |
| Land and buildings | 22 | €23,321 | €104,738 | +€81,418 | +349% |
| Leasing and similar rights | 25 | - | €241,583 | +€241,583 | |
| Other tangible fixed assets | 26 | €253,547 | - | -€253,547 | |
| Current assets | 29/58 | €46,622 | €9,829 | -€36,793 | -78.9% |
| Amounts receivable within one year | 40/41 | €46,543 | €7,727 | -€38,816 | -83.4% |
| Other amounts receivable | 41 | €46,543 | €7,727 | -€38,816 | -83.4% |
| Cash at bank and in hand | 54/58 | €78 | €1,695 | +€1,617 | +2,064% |
| Deferred charges and accrued income | 490/1 | - | €406 | +€406 | |
| Total equity and liabilities | 10/49 | €323,489 | €356,150 | +€32,662 | +10.1% |
| Equity | 10/15 | €182,408 | €179,736 | -€2,672 | -1.5% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €82,021 | €79,349 | -€2,672 | -3.3% |
| Distributable reserves | 133 | €82,021 | €79,349 | -€2,672 | -3.3% |
| Profit (loss) carried forward | 14 | €72,887 | €72,887 | = | 0.0% |
| Amounts payable | 17/49 | €141,081 | €176,414 | +€35,334 | +25.0% |
| Amounts payable after more than one year | 17 | €29,394 | €103,245 | +€73,851 | +251% |
| Financial debts | 170/4 | €29,394 | €103,245 | +€73,851 | +251% |
| Amounts payable within one year | 42/48 | €111,686 | €73,169 | -€38,517 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €39,062 | €16,569 | -€22,493 | -57.6% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €15,724 | €10,568 | -€5,156 | -32.8% |
| Suppliers | 440/4 | €15,724 | €10,568 | -€5,156 | -32.8% |
| Taxes, remuneration and social security | 45 | €32,129 | €12,411 | -€19,718 | -61.4% |
| Taxes | 450/3 | €32,129 | €12,411 | -€19,718 | -61.4% |
| Other amounts payable | 47/48 | €24,771 | €8,622 | -€16,150 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,805 | €20,545 | -€3,259 | -13.7% |
| Other operating charges | 640/8 | €2,100 | €1,937 | -€164 | -7.8% |
| Gross operating margin | 9900 | €45,780 | €36,242 | -€9,538 | -20.8% |
| Operating profit (loss) | 9901 | €19,875 | €13,760 | -€6,115 | -30.8% |
| Financial income | 75/76B | €44,057 | €407 | -€43,650 | -99.1% |
| Recurring financial income | 75 | €815 | €407 | -€408 | -50.1% |
| Non-recurring financial income | 76B | €43,242 | - | -€43,242 | |
| Financial charges | 65/66B | €3,820 | €4,310 | +€490 | +12.8% |
| Recurring financial charges | 65 | €3,820 | €4,310 | +€490 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €60,111 | €9,856 | -€50,256 | -83.6% |
| Income taxes | 67/77 | €17,275 | €3,906 | -€13,369 | -77.4% |
| Profit (loss) for the period | 9904 | €42,836 | €5,949 | -€36,887 | -86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,836 | €5,949 | -€36,887 | -86.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.