MICCAS: 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.
MICCAS
Largest movements
- Current investments +€2.4m
up €2.4m (+18.5%), from €12.9m to €15.3m
- Financial fixed assets -€529,156
down €529,156 (-5.1%), from €10.3m to €9.8m
- Reserves +€1.9m
up €1.9m (+17.4%), from €10.7m to €12.6m
of which Distributable reserves: +€3.0m
- Financial income +€1.8m
up €1.8m (+267%), from €688,654 to €2.5m
- Taxes +€210,355
up €210,355 (+162%), from €130,163 to €340,518
- Gross operating margin -€66,697
down €66,697 (-58.4%), from -€114,177 to -€180,874
- Financial charges +€66,301
up €66,301 (+186%), from €35,710 to €102,012
of which Financial charges: +€39,589
- Write-downs +€20,049
up €20,049, from -€20,049 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,556,842 | €25,423,515 | +€1.9m | +7.9% |
| Fixed assets | 21/28 | €10,447,110 | €9,878,548 | -€568,562 | -5.4% |
| Tangible fixed assets | 22/27 | €120,613 | €81,207 | -€39,406 | -32.7% |
| Plant, machinery and equipment | 23 | €3,003 | €2,643 | -€360 | -12.0% |
| Furniture and vehicles | 24 | €117,611 | €78,564 | -€39,046 | -33.2% |
| Financial fixed assets | 28 | €10,326,497 | €9,797,341 | -€529,156 | -5.1% |
| Current assets | 29/58 | €13,109,732 | €15,544,967 | +€2.4m | +18.6% |
| Stocks and contracts in progress | 3 | €105,200 | €102,700 | -€2,500 | -2.4% |
| Stocks | 30/36 | €105,200 | €102,700 | -€2,500 | -2.4% |
| Amounts receivable within one year | 40/41 | €5,676 | €20,557 | +€14,881 | +262% |
| Other amounts receivable | 41 | €5,676 | €20,557 | +€14,881 | +262% |
| Current investments | 50/53 | €12,898,421 | €15,285,135 | +€2.4m | +18.5% |
| Cash at bank and in hand | 54/58 | €46,667 | €132,780 | +€86,113 | +185% |
| Deferred charges and accrued income | 490/1 | €53,769 | €3,795 | -€49,974 | -92.9% |
| Total equity and liabilities | 10/49 | €23,556,842 | €25,423,515 | +€1.9m | +7.9% |
| Equity | 10/15 | €22,323,433 | €24,187,530 | +€1.9m | +8.4% |
| Contributions | 10/11 | €11,630,493 | €11,630,493 | = | 0.0% |
| Reserves | 13 | €10,692,940 | €12,557,037 | +€1.9m | +17.4% |
| Tax-exempt reserves | 132 | €2,484,022 | €1,391,527 | -€1.1m | -44.0% |
| Distributable reserves | 133 | €8,208,918 | €11,165,510 | +€3.0m | +36.0% |
| Amounts payable | 17/49 | €1,233,409 | €1,235,985 | +€2,576 | +0.2% |
| Amounts payable within one year | 42/48 | €1,231,112 | €1,235,333 | +€4,220 | +0.3% |
| Trade debts | 44 | €538 | €7,646 | +€7,108 | +1,321% |
| Suppliers | 440/4 | €538 | €7,646 | +€7,108 | +1,321% |
| Taxes, remuneration and social security | 45 | €47,359 | €198,921 | +€151,562 | +320% |
| Taxes | 450/3 | €47,359 | €198,921 | +€151,562 | +320% |
| Other amounts payable | 47/48 | €1,183,215 | €1,028,766 | -€154,450 | -13.1% |
| Accrued charges and deferred income | 492/3 | €2,297 | €653 | -€1,644 | -71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,406 | €39,406 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,049 | €0 | +€20,049 | |
| Other operating charges | 640/8 | €1,797 | €2,017 | +€220 | +12.2% |
| Gross operating margin | 9900 | -€114,177 | -€180,874 | -€66,697 | -58.4% |
| Operating profit (loss) | 9901 | -€135,332 | -€222,297 | -€86,966 | -64.3% |
| Financial income | 75/76B | €688,654 | €2,528,924 | +€1.8m | +267% |
| Recurring financial income | 75 | €688,654 | €2,528,924 | +€1.8m | +267% |
| Financial charges | 65/66B | €35,710 | €102,012 | +€66,301 | +186% |
| Recurring financial charges | 65 | €35,710 | €75,299 | +€39,589 | +111% |
| Non-recurring financial charges | 66B | - | €26,712 | +€26,712 | |
| Profit (loss) for the period before taxes | 9903 | €517,612 | €2,204,615 | +€1.7m | +326% |
| Income taxes | 67/77 | €130,163 | €340,518 | +€210,355 | +162% |
| Profit (loss) for the period | 9904 | €387,449 | €1,864,097 | +€1.5m | +381% |
| Transfer from tax-exempt reserves | 789 | €284,800 | €1,092,495 | +€807,695 | +284% |
| Profit (loss) for the period to be appropriated | 9905 | €672,249 | €2,956,592 | +€2.3m | +340% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.