MICHAND: 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.
What changed
MICHAND
NACE 50.400, Inland freight water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€867,118
2024 · €732,707+€134,411
Equity
€6.6m
2024 · €6.6m-€27,882
Cash
€72,436
2024 · €30,730+€41,705
Balance sheet total
€31.7m
2024 · €27.3m+€4.4m
Largest movements
Assets
- Receivables within one year +€5.8m
up €5.8m (+342%), from €1.7m to €7.5m
of which Trade receivables: +€5.9m
- Tangible fixed assets -€1.2m
down €1.2m (-5.3%), from €22.2m to €21.1m
of which Plant, machinery and equipment: -€1.1m
Equity and liabilities
- Debts after one year +€3.9m
up €3.9m (+24.2%), from €16.3m to €20.2m
Income statement
- Gross operating margin +€690,276
up €690,276 (+29.0%), from €2.4m to €3.1m
- Depreciation +€391,551
up €391,551 (+35.9%), from €1.1m to €1.5m
- Financial charges +€213,837
up €213,837 (+28.3%), from €756,356 to €970,193
- Financial income +€180,211
up €180,211 (+27.3%), from €659,624 to €839,836
- Taxes +€153,238
up €153,238, from -€73,201 to €80,038
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.
Result 2024
€732,707
Gross operating margin
+€690,276
Staff costs
-€6,653
Depreciation
-€391,551
Provisions
-€50,000
Other operating charges
+€6,395
Other operating items
-€4,354
Financial income
+€180,211
Financial charges
-€213,837
Taxes
-€153,238
Deferred taxes and other
+€77,162
Result 2025
€867,118
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3.0m
Investment
-€19,016
Financing
+€3.1m
Cash 2024
€30,730
From operations (derived)
-€3.0m
Net result for the year
+€867,118
Depreciation
+€1.5m
Receivables within one year
-€5.8m
Deferred charges and accrued income
-€43,238
Provisions
+€77,596
Trade debts
+€260,627
Tax, wage and social debts
-€26,447
Other debts
+€180,000
Accrued charges and deferred income
-€12,729
Investment (derived)
-€19,016
Investment in fixed assets (net)
-€19,016
Financing
+€3.1m
Debts after one year
+€3.9m
Current portion of long-term debt
+€4,040
Contributions, distributions and other
-€895,000
Cash 2025
€72,436
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,329,935 | €31,727,384 | +€4.4m | +16.1% |
| Fixed assets | 21/28 | €25,597,375 | €24,132,865 | -€1.5m | -5.7% |
| Tangible fixed assets | 22/27 | €22,239,599 | €21,066,289 | -€1.2m | -5.3% |
| Land and buildings | 22 | €812,693 | €781,736 | -€30,956 | -3.8% |
| Plant, machinery and equipment | 23 | €21,300,287 | €20,176,305 | -€1.1m | -5.3% |
| Furniture and vehicles | 24 | €40,980 | €29,499 | -€11,481 | -28.0% |
| Leasing and similar rights | 25 | €8,589 | €1,699 | -€6,890 | -80.2% |
| Other tangible fixed assets | 26 | €77,050 | €77,050 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €3,357,776 | €3,066,576 | -€291,200 | -8.7% |
| Current assets | 29/58 | €1,732,560 | €7,594,519 | +€5.9m | +338% |
| Amounts receivable within one year | 40/41 | €1,686,995 | €7,464,010 | +€5.8m | +342% |
| Trade receivables | 40 | €963,214 | €6,894,986 | +€5.9m | +616% |
| Other amounts receivable | 41 | €723,780 | €569,024 | -€154,757 | -21.4% |
| Cash at bank and in hand | 54/58 | €30,730 | €72,436 | +€41,705 | +136% |
| Deferred charges and accrued income | 490/1 | €14,835 | €58,073 | +€43,238 | +291% |
| Total equity and liabilities | 10/49 | €27,329,935 | €31,727,384 | +€4.4m | +16.1% |
| Equity | 10/15 | €6,617,869 | €6,589,987 | -€27,882 | -0.4% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €6,307,869 | €6,279,987 | -€27,882 | -0.4% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,795,553 | €3,578,341 | -€217,212 | -5.7% |
| Distributable reserves | 133 | €2,481,316 | €2,670,646 | +€189,330 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,481,472 | €1,559,068 | +€77,596 | +5.2% |
| Provisions for liabilities and charges | 160/5 | €225,000 | €375,000 | +€150,000 | +66.7% |
| Major repairs and maintenance | 162 | €225,000 | €375,000 | +€150,000 | +66.7% |
| Deferred taxes | 168 | €1,256,472 | €1,184,068 | -€72,404 | -5.8% |
| Amounts payable | 17/49 | €19,230,594 | €23,578,329 | +€4.3m | +22.6% |
| Amounts payable after more than one year | 17 | €16,276,183 | €20,218,425 | +€3.9m | +24.2% |
| Financial debts | 170/4 | €16,276,183 | €20,218,425 | +€3.9m | +24.2% |
| Amounts payable within one year | 42/48 | €2,932,699 | €3,350,920 | +€418,221 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €2,099,496 | €2,103,537 | +€4,040 | +0.2% |
| Trade debts | 44 | €53,200 | €313,827 | +€260,627 | +490% |
| Suppliers | 440/4 | €53,200 | €313,827 | +€260,627 | +490% |
| Taxes, remuneration and social security | 45 | €65,002 | €38,556 | -€26,447 | -40.7% |
| Taxes | 450/3 | €26,164 | €14,459 | -€11,705 | -44.7% |
| Remuneration and social security | 454/9 | €38,839 | €24,097 | -€14,742 | -38.0% |
| Other amounts payable | 47/48 | €715,000 | €895,000 | +€180,000 | +25.2% |
| Accrued charges and deferred income | 492/3 | €21,713 | €8,984 | -€12,729 | -58.6% |
| Non-recurring operating income | 76A | €314,882 | €0 | -€314,882 | -100% |
| Remuneration, social security and pensions | 62 | €412,506 | €419,159 | +€6,653 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,091,974 | €1,483,526 | +€391,551 | +35.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Other operating charges | 640/8 | €18,831 | €12,436 | -€6,395 | -34.0% |
| Non-recurring operating charges | 66A | - | €4,354 | +€4,354 | |
| Gross operating margin | 9900 | €2,384,307 | €3,074,583 | +€690,276 | +29.0% |
| Operating profit (loss) | 9901 | €760,996 | €1,005,109 | +€244,113 | +32.1% |
| Financial income | 75/76B | €659,624 | €839,836 | +€180,211 | +27.3% |
| Recurring financial income | 75 | €659,624 | €839,836 | +€180,211 | +27.3% |
| Financial charges | 65/66B | €756,356 | €970,193 | +€213,837 | +28.3% |
| Recurring financial charges | 65 | €756,356 | €970,193 | +€213,837 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €664,265 | €874,752 | +€210,487 | +31.7% |
| Transfer from deferred taxes | 780 | €66,394 | €72,404 | +€6,010 | +9.1% |
| Transfer to deferred taxes | 680 | €71,153 | €0 | -€71,153 | -100% |
| Income taxes | 67/77 | -€73,201 | €80,038 | +€153,238 | |
| Profit (loss) for the period | 9904 | €732,707 | €867,118 | +€134,411 | +18.3% |
| Transfer from tax-exempt reserves | 789 | €199,182 | €217,212 | +€18,029 | +9.1% |
| Transfer to tax-exempt reserves | 689 | €213,458 | €0 | -€213,458 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €718,431 | €1,084,330 | +€365,898 | +50.9% |
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 25 October 2026 via checked.be.