MICHA REGUL: 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.
MICHA REGUL
Largest movements
- Receivables within one year -€12,748
down €12,748 (-9.2%), from €138,803 to €126,055
of which Trade receivables: -€12,979
- Tangible fixed assets -€2,309
down €2,309 (-74.7%), from €3,092 to €783
of which Furniture and vehicles: -€1,625
- Cash +€1,915
up €1,915 (+19.1%), from €10,003 to €11,918
mainly Net result for the year (+€18,074) and Receivables within one year (+€12,748)
- Trade debts -€17,719
down €17,719 (-54.1%), from €32,724 to €15,005
- Other debts +€10,274
up €10,274 (+166%), from €6,193 to €16,467
- Short-term financial debts -€8,187
no longer reported in 2025 (was €8,187)
- Reserves +€1,608
up €1,608 (+1.7%), from €93,766 to €95,374
- Financial charges -€9,637
down €9,637 (-81.2%), from €11,865 to €2,228
- Gross operating margin -€7,691
down €7,691 (-23.1%), from €33,320 to €25,629
- Taxes +€2,110
up €2,110 (+36.0%), from €5,866 to €7,976
- Financial income -€1,861
down €1,861 (-26.7%), from €6,980 to €5,119
- Other operating charges -€787
down €787 (-83.0%), from €948 to €161
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 | €155,250 | €141,371 | -€13,879 | -8.9% |
| Fixed assets | 21/28 | €3,592 | €783 | -€2,809 | -78.2% |
| Tangible fixed assets | 22/27 | €3,092 | €783 | -€2,309 | -74.7% |
| Plant, machinery and equipment | 23 | €916 | €232 | -€684 | -74.7% |
| Furniture and vehicles | 24 | €2,176 | €551 | -€1,625 | -74.7% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €151,658 | €140,588 | -€11,070 | -7.3% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €138,803 | €126,055 | -€12,748 | -9.2% |
| Trade receivables | 40 | €33,339 | €20,360 | -€12,979 | -38.9% |
| Other amounts receivable | 41 | €105,464 | €105,695 | +€231 | +0.2% |
| Cash at bank and in hand | 54/58 | €10,003 | €11,918 | +€1,915 | +19.1% |
| Deferred charges and accrued income | 490/1 | €352 | €115 | -€237 | -67.3% |
| Total equity and liabilities | 10/49 | €155,250 | €141,371 | -€13,879 | -8.9% |
| Equity | 10/15 | €99,987 | €101,594 | +€1,608 | +1.6% |
| Reserves | 13 | €93,766 | €95,374 | +€1,608 | +1.7% |
| Distributable reserves | 133 | €93,766 | €95,374 | +€1,608 | +1.7% |
| Profit (loss) carried forward | 14 | €6,220 | €6,220 | = | 0.0% |
| Amounts payable | 17/49 | €55,263 | €39,777 | -€15,486 | -28.0% |
| Amounts payable within one year | 42/48 | €55,263 | €39,777 | -€15,486 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €2,751 | €2,051 | -€700 | -25.4% |
| Financial debts | 43 | €8,187 | - | -€8,187 | |
| Credit institutions | 430/8 | €8,187 | - | -€8,187 | |
| Trade debts | 44 | €32,724 | €15,005 | -€17,719 | -54.1% |
| Suppliers | 440/4 | €32,724 | €15,005 | -€17,719 | -54.1% |
| Taxes, remuneration and social security | 45 | €5,408 | €6,254 | +€846 | +15.6% |
| Taxes | 450/3 | €5,408 | €6,254 | +€846 | +15.6% |
| Other amounts payable | 47/48 | €6,193 | €16,467 | +€10,274 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,897 | €2,309 | -€589 | -20.3% |
| Other operating charges | 640/8 | €948 | €161 | -€787 | -83.0% |
| Gross operating margin | 9900 | €33,320 | €25,629 | -€7,691 | -23.1% |
| Operating profit (loss) | 9901 | €29,475 | €23,159 | -€6,316 | -21.4% |
| Financial income | 75/76B | €6,980 | €5,119 | -€1,861 | -26.7% |
| Recurring financial income | 75 | €6,980 | €5,119 | -€1,861 | -26.7% |
| Financial charges | 65/66B | €11,865 | €2,228 | -€9,637 | -81.2% |
| Recurring financial charges | 65 | €11,865 | €2,228 | -€9,637 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | €24,590 | €26,050 | +€1,460 | +5.9% |
| Income taxes | 67/77 | €5,866 | €7,976 | +€2,110 | +36.0% |
| Profit (loss) for the period | 9904 | €18,724 | €18,074 | -€649 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,724 | €18,074 | -€649 | -3.5% |
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 20 October 2026 via checked.be.