MICHAMELKE: 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.
MICHAMELKE
Largest movements
- Tangible fixed assets -€21,119
down €21,119 (-8.8%), from €239,908 to €218,788
of which Plant, machinery and equipment: -€15,528
- Profit (loss) carried forward -€18,612
new in 2025: -€18,612
- Other debts +€16,296
up €16,296 (+68.8%), from €23,684 to €39,981
- Debts after one year -€14,410
down €14,410 (-27.6%), from €52,246 to €37,836
- Tax, wage and social debts -€6,965
down €6,965 (-73.6%), from €9,465 to €2,499
- Short-term financial debts +€5,571
up €5,571 (+29.6%), from €18,827 to €24,398
- Gross operating margin -€23,385
down €23,385 (-56.0%), from €41,750 to €18,364
- Other operating charges +€4,177
up €4,177 (+95.5%), from €4,376 to €8,553
- Taxes -€1,768
no longer reported in 2025 (was €1,768)
- Financial charges -€1,142
down €1,142 (-18.3%), from €6,252 to €5,109
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 | €247,573 | €226,914 | -€20,659 | -8.3% |
| Fixed assets | 21/28 | €239,982 | €218,862 | -€21,119 | -8.8% |
| Tangible fixed assets | 22/27 | €239,908 | €218,788 | -€21,119 | -8.8% |
| Land and buildings | 22 | €179,198 | €171,934 | -€7,264 | -4.1% |
| Plant, machinery and equipment | 23 | €59,739 | €44,211 | -€15,528 | -26.0% |
| Furniture and vehicles | 24 | €970 | €2,643 | +€1,672 | +172.3% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €7,591 | €8,052 | +€460 | +6.1% |
| Stocks and contracts in progress | 3 | €4,433 | €5,499 | +€1,066 | +24.1% |
| Stocks | 30/36 | €4,433 | €5,499 | +€1,066 | +24.1% |
| Amounts receivable within one year | 40/41 | €1,402 | €908 | -€494 | -35.2% |
| Other amounts receivable | 41 | €1,402 | €908 | -€494 | -35.2% |
| Cash at bank and in hand | 54/58 | €715 | €226 | -€488 | -68.4% |
| Deferred charges and accrued income | 490/1 | €1,042 | €1,418 | +€376 | +36.1% |
| Total equity and liabilities | 10/49 | €247,573 | €226,914 | -€20,659 | -8.3% |
| Equity | 10/15 | €121,648 | €103,036 | -€18,612 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,048 | €103,048 | = | 0.0% |
| Distributable reserves | 133 | €103,048 | €103,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€18,612 | -€18,612 | |
| Amounts payable | 17/49 | €125,925 | €123,878 | -€2,047 | -1.6% |
| Amounts payable after more than one year | 17 | €52,246 | €37,836 | -€14,410 | -27.6% |
| Financial debts | 170/4 | €52,246 | €37,836 | -€14,410 | -27.6% |
| Amounts payable within one year | 42/48 | €71,866 | €86,042 | +€14,176 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €17,674 | €14,722 | -€2,952 | -16.7% |
| Financial debts | 43 | €18,827 | €24,398 | +€5,571 | +29.6% |
| Credit institutions | 430/8 | €18,827 | €24,398 | +€5,571 | +29.6% |
| Trade debts | 44 | €2,216 | €4,442 | +€2,226 | +100.5% |
| Suppliers | 440/4 | €2,216 | €4,442 | +€2,226 | +100.5% |
| Taxes, remuneration and social security | 45 | €9,465 | €2,499 | -€6,965 | -73.6% |
| Taxes | 450/3 | €9,465 | €2,499 | -€6,965 | -73.6% |
| Other amounts payable | 47/48 | €23,684 | €39,981 | +€16,296 | +68.8% |
| Accrued charges and deferred income | 492/3 | €1,813 | - | -€1,813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,069 | €23,351 | +€282 | +1.2% |
| Other operating charges | 640/8 | €4,376 | €8,553 | +€4,177 | +95.5% |
| Gross operating margin | 9900 | €41,750 | €18,364 | -€23,385 | -56.0% |
| Operating profit (loss) | 9901 | €14,305 | -€13,539 | -€27,844 | |
| Financial income | 75/76B | €23 | €36 | +€13 | +58.5% |
| Recurring financial income | 75 | €23 | €36 | +€13 | +58.5% |
| Financial charges | 65/66B | €6,252 | €5,109 | -€1,142 | -18.3% |
| Recurring financial charges | 65 | €6,252 | €5,109 | -€1,142 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €8,077 | -€18,612 | -€26,689 | |
| Income taxes | 67/77 | €1,768 | - | -€1,768 | |
| Profit (loss) for the period | 9904 | €6,308 | -€18,612 | -€24,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,308 | -€18,612 | -€24,921 |
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 4 October 2026 via checked.be.