MICH: 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.
MICH
Largest movements
- Cash +€40,350
up €40,350 (+108.6%), from €37,159 to €77,509
mainly Net result for the year (+€61,784) and Receivables within one year (+€33,289)
- Stocks and contracts +€37,095
up €37,095 (+923.9%), from €4,015 to €41,110
- Receivables within one year -€33,289
down €33,289 (-31.3%), from €106,481 to €73,192
of which Trade receivables: -€33,448
- Reserves +€36,784
up €36,784 (+34.1%), from €108,024 to €144,808
of which Distributable reserves: +€36,784
- Other debts +€10,281
up €10,281 (+61.1%), from €16,821 to €27,102
- Tax, wage and social debts +€10,002
up €10,002 (+144.5%), from €6,923 to €16,925
- Current portion of long-term debt -€6,109
no longer reported in 2025 (was €6,109)
- Trade debts -€3,502
down €3,502 (-56.9%), from €6,151 to €2,649
- Gross operating margin +€46,840
up €46,840 (+114.2%), from €41,005 to €87,845
- Taxes +€9,376
up €9,376 (+165.9%), from €5,653 to €15,030
- Depreciation -€5,168
down €5,168 (-34.4%), from €15,018 to €9,850
- Financial charges -€909
down €909 (-78.4%), from €1,161 to €251
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 | €180,127 | €225,084 | +€44,956 | +25.0% |
| Fixed assets | 21/28 | €32,473 | €33,273 | +€801 | +2.5% |
| Tangible fixed assets | 22/27 | €32,473 | €33,273 | +€801 | +2.5% |
| Land and buildings | 22 | €3,790 | €2,843 | -€948 | -25.0% |
| Plant, machinery and equipment | 23 | €28,683 | €30,431 | +€1,748 | +6.1% |
| Current assets | 29/58 | €147,655 | €191,810 | +€44,156 | +29.9% |
| Stocks and contracts in progress | 3 | €4,015 | €41,110 | +€37,095 | +923.9% |
| Stocks | 30/36 | €4,015 | €41,110 | +€37,095 | +923.9% |
| Amounts receivable within one year | 40/41 | €106,481 | €73,192 | -€33,289 | -31.3% |
| Trade receivables | 40 | €105,297 | €71,849 | -€33,448 | -31.8% |
| Other amounts receivable | 41 | €1,183 | €1,343 | +€159 | +13.5% |
| Cash at bank and in hand | 54/58 | €37,159 | €77,509 | +€40,350 | +108.6% |
| Total equity and liabilities | 10/49 | €180,127 | €225,084 | +€44,956 | +25.0% |
| Equity | 10/15 | €124,124 | €160,908 | +€36,784 | +29.6% |
| Contributions | 10/11 | €16,100 | €16,100 | = | 0.0% |
| Reserves | 13 | €108,024 | €144,808 | +€36,784 | +34.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €106,164 | €142,948 | +€36,784 | +34.6% |
| Amounts payable | 17/49 | €56,004 | €64,176 | +€8,172 | +14.6% |
| Amounts payable after more than one year | 17 | €20,000 | €17,500 | -€2,500 | -12.5% |
| Financial debts | 170/4 | €20,000 | €17,500 | -€2,500 | -12.5% |
| Amounts payable within one year | 42/48 | €36,004 | €46,676 | +€10,672 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €6,109 | - | -€6,109 | |
| Trade debts | 44 | €6,151 | €2,649 | -€3,502 | -56.9% |
| Suppliers | 440/4 | €6,151 | €2,649 | -€3,502 | -56.9% |
| Taxes, remuneration and social security | 45 | €6,923 | €16,925 | +€10,002 | +144.5% |
| Taxes | 450/3 | €6,923 | €16,925 | +€10,002 | +144.5% |
| Other amounts payable | 47/48 | €16,821 | €27,102 | +€10,281 | +61.1% |
| Non-recurring operating income | 76A | €1,816 | €1,866 | +€50 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,018 | €9,850 | -€5,168 | -34.4% |
| Other operating charges | 640/8 | €1,185 | €1,029 | -€156 | -13.2% |
| Gross operating margin | 9900 | €41,005 | €87,845 | +€46,840 | +114.2% |
| Operating profit (loss) | 9901 | €24,802 | €76,966 | +€52,164 | +210.3% |
| Financial income | 75/76B | €35 | €99 | +€64 | +182.8% |
| Recurring financial income | 75 | €35 | €99 | +€64 | +182.8% |
| Financial charges | 65/66B | €1,161 | €251 | -€909 | -78.4% |
| Recurring financial charges | 65 | €1,161 | €251 | -€909 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | €23,676 | €76,814 | +€53,138 | +224.4% |
| Income taxes | 67/77 | €5,653 | €15,030 | +€9,376 | +165.9% |
| Profit (loss) for the period | 9904 | €18,023 | €61,784 | +€43,761 | +242.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,023 | €61,784 | +€43,761 | +242.8% |
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 30 September 2026 via checked.be.