MICH-ALEX: 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.
MICH-ALEX
Largest movements
- Cash -€26,986
down €26,986 (-30.1%), from €89,630 to €62,643
mainly Receivables within one year (-€16,043) and Tax, wage and social debts (-€7,717)
- Receivables within one year +€16,043
up €16,043 (+4,386%), from €366 to €16,408
of which Other amounts receivable: +€8,478
- Tangible fixed assets +€1,645
up €1,645 (+12.6%), from €13,091 to €14,736
of which Plant, machinery and equipment: +€2,243
- Tax, wage and social debts -€7,717
down €7,717 (-92.9%), from €8,302 to €586
of which Taxes: -€7,927
- Reserves -€5,202
down €5,202 (-5.2%), from €100,667 to €95,465
- Other debts +€4,887
up €4,887 (+37.1%), from €13,184 to €18,071
- Profit (loss) carried forward -€1,663
no longer reported in 2025 (was €1,663)
- Gross operating margin -€51,563
down €51,563 (-94.8%), from €54,368 to €2,805
- Taxes -€11,438
down €11,438 (-99.1%), from €11,537 to €99
- Staff costs -€4,247
down €4,247 (-43.0%), from €9,872 to €5,625
- Financial charges -€626
down €626 (-68.9%), from €909 to €283
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.
Derived cash bridge
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 | €144,936 | €135,029 | -€9,908 | -6.8% |
| Fixed assets | 21/28 | €13,091 | €14,736 | +€1,645 | +12.6% |
| Tangible fixed assets | 22/27 | €13,091 | €14,736 | +€1,645 | +12.6% |
| Plant, machinery and equipment | 23 | €11,298 | €13,541 | +€2,243 | +19.9% |
| Furniture and vehicles | 24 | €1,792 | €1,195 | -€597 | -33.3% |
| Current assets | 29/58 | €131,846 | €120,293 | -€11,553 | -8.8% |
| Stocks and contracts in progress | 3 | €6,167 | €6,084 | -€83 | -1.4% |
| Stocks | 30/36 | €6,167 | €6,084 | -€83 | -1.4% |
| Amounts receivable within one year | 40/41 | €366 | €16,408 | +€16,043 | +4,386% |
| Trade receivables | 40 | €366 | €7,931 | +€7,565 | +2,068% |
| Other amounts receivable | 41 | - | €8,478 | +€8,478 | |
| Current investments | 50/53 | €24,144 | €24,144 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,630 | €62,643 | -€26,986 | -30.1% |
| Deferred charges and accrued income | 490/1 | €11,539 | €11,013 | -€526 | -4.6% |
| Total equity and liabilities | 10/49 | €144,936 | €135,029 | -€9,908 | -6.8% |
| Equity | 10/15 | €108,530 | €101,665 | -€6,864 | -6.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,667 | €95,465 | -€5,202 | -5.2% |
| Distributable reserves | 133 | €100,667 | €95,465 | -€5,202 | -5.2% |
| Profit (loss) carried forward | 14 | €1,663 | - | -€1,663 | |
| Amounts payable | 17/49 | €36,407 | €33,363 | -€3,043 | -8.4% |
| Amounts payable within one year | 42/48 | €36,407 | €33,363 | -€3,043 | -8.4% |
| Trade debts | 44 | €14,921 | €14,707 | -€214 | -1.4% |
| Suppliers | 440/4 | €14,921 | €14,707 | -€214 | -1.4% |
| Taxes, remuneration and social security | 45 | €8,302 | €586 | -€7,717 | -92.9% |
| Taxes | 450/3 | €7,927 | €0 | -€7,927 | -100% |
| Remuneration and social security | 454/9 | €375 | €586 | +€211 | +56.2% |
| Other amounts payable | 47/48 | €13,184 | €18,071 | +€4,887 | +37.1% |
| Remuneration, social security and pensions | 62 | €9,872 | €5,625 | -€4,247 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,144 | €4,557 | +€413 | +10.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €54,368 | €2,805 | -€51,563 | -94.8% |
| Operating profit (loss) | 9901 | €39,965 | -€7,777 | -€47,742 | |
| Financial income | 75/76B | €914 | €1,294 | +€380 | +41.6% |
| Recurring financial income | 75 | €914 | €1,294 | +€380 | +41.6% |
| Financial charges | 65/66B | €909 | €283 | -€626 | -68.9% |
| Recurring financial charges | 65 | €909 | €283 | -€626 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €39,970 | -€6,766 | -€46,736 | |
| Income taxes | 67/77 | €11,537 | €99 | -€11,438 | -99.1% |
| Profit (loss) for the period | 9904 | €28,433 | -€6,864 | -€35,298 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,433 | -€6,864 | -€35,298 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.