MICHAN: 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.
MICHAN
Largest movements
- Receivables within one year +€81,378
new in 2025: €81,378
of which Trade receivables: +€59,544
- Cash +€24,499
up €24,499 (+100.9%), from €24,275 to €48,774
mainly Net result for the year (+€90,496) and Trade debts (+€89,845)
- Receivables after one year -€23,709
no longer reported in 2025 (was €23,709)
of which Trade receivables: -€22,447
- Tangible fixed assets +€19,183
up €19,183 (+11.7%), from €163,742 to €182,925
of which Plant, machinery and equipment: +€22,210
- Profit (loss) carried forward +€90,496
up €90,496 (+87.6%), from -€103,310 to -€12,814
- Trade debts +€89,845
new in 2025: €89,845
- Debts after one year -€72,061
no longer reported in 2025 (was €72,061)
- Other debts -€7,528
down €7,528 (-3.9%), from €193,415 to €185,888
- Turnover -€70,895
no longer reported in 2025 (was €70,895)
- Gross operating margin +€61,216
up €61,216 (+142.8%), from €42,882 to €104,098
- Purchases and services -€28,013
no longer reported in 2025 (was €28,013)
- Depreciation +€11,387
up €11,387 (+801.8%), from €1,420 to €12,807
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 | €213,763 | €313,077 | +€99,314 | +46.5% |
| Fixed assets | 21/28 | €163,826 | €182,925 | +€19,099 | +11.7% |
| Tangible fixed assets | 22/27 | €163,742 | €182,925 | +€19,183 | +11.7% |
| Land and buildings | 22 | €158,926 | €152,736 | -€6,190 | -3.9% |
| Plant, machinery and equipment | 23 | €1,638 | €23,848 | +€22,210 | +1355.9% |
| Furniture and vehicles | 24 | €3,178 | €6,342 | +€3,164 | +99.6% |
| Financial fixed assets | 28 | €84 | €0 | -€84 | -100.0% |
| Current assets | 29/58 | €49,937 | €130,152 | +€80,215 | +160.6% |
| Amounts receivable after more than one year | 29 | €23,709 | - | -€23,709 | |
| Trade receivables | 290 | €22,447 | - | -€22,447 | |
| Other amounts receivable | 291 | €1,262 | - | -€1,262 | |
| Amounts receivable within one year | 40/41 | - | €81,378 | +€81,378 | |
| Trade receivables | 40 | - | €59,544 | +€59,544 | |
| Other amounts receivable | 41 | - | €21,834 | +€21,834 | |
| Cash at bank and in hand | 54/58 | €24,275 | €48,774 | +€24,499 | +100.9% |
| Deferred charges and accrued income | 490/1 | €1,953 | €0 | -€1,953 | -100.0% |
| Total equity and liabilities | 10/49 | €213,763 | €313,077 | +€99,314 | +46.5% |
| Equity | 10/15 | -€53,590 | €36,906 | +€90,496 | |
| Contributions | 10/11 | €25,200 | €25,200 | = | 0.0% |
| Capital | 10 | - | €0 | = | |
| Issued capital | 100 | - | €0 | = | |
| Outside capital | 11 | - | €25,200 | +€25,200 | |
| Other | 1109/19 | - | €25,200 | +€25,200 | |
| Reserves | 13 | €24,520 | €24,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,520 | €2,520 | = | 0.0% |
| Legal reserve | 130 | - | €0 | = | |
| Reserves not available under the articles | 1311 | €2,520 | €2,520 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,310 | -€12,814 | +€90,496 | +87.6% |
| Amounts payable | 17/49 | €267,353 | €276,171 | +€8,818 | +3.3% |
| Amounts payable after more than one year | 17 | €72,061 | - | -€72,061 | |
| Trade debts | 175 | €72,061 | - | -€72,061 | |
| Amounts payable within one year | 42/48 | €195,292 | €275,733 | +€80,440 | +41.2% |
| Trade debts | 44 | - | €89,845 | +€89,845 | |
| Suppliers | 440/4 | - | €89,845 | +€89,845 | |
| Taxes, remuneration and social security | 45 | €1,877 | €0 | -€1,877 | -100.0% |
| Taxes | 450/3 | €1,877 | €0 | -€1,877 | -100.0% |
| Other amounts payable | 47/48 | €193,415 | €185,888 | -€7,528 | -3.9% |
| Accrued charges and deferred income | 492/3 | - | €439 | +€439 | |
| Turnover | 70 | €70,895 | - | -€70,895 | |
| Goods, raw materials, services and sundry goods | 60/61 | €28,013 | - | -€28,013 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,420 | €12,807 | +€11,387 | +801.8% |
| Other operating charges | 640/8 | €501 | €514 | +€12 | +2.4% |
| Gross operating margin | 9900 | €42,882 | €104,098 | +€61,216 | +142.8% |
| Operating profit (loss) | 9901 | €40,960 | €90,777 | +€49,817 | +121.6% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €204 | €296 | +€92 | +45.0% |
| Recurring financial charges | 65 | €204 | €296 | +€92 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €40,756 | €90,496 | +€49,740 | +122.0% |
| Profit (loss) for the period | 9904 | €40,756 | €90,496 | +€49,740 | +122.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,756 | €90,496 | +€49,740 | +122.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.