MICHANT: 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.
MICHANT
Largest movements
- Cash +€190,521
up €190,521 (+169.5%), from €112,384 to €302,905
mainly Net result for the year (+€321,205) and Tax, wage and social debts (+€29,424)
- Reserves +€171,205
up €171,205 (+13.1%), from €1.3m to €1.5m
- Financial income +€325,485
up €325,485 (+532.4%), from €61,133 to €386,618
- Taxes +€31,218
up €31,218 (+2923.9%), from €1,068 to €32,286
- Gross operating margin +€18,203
up €18,203 (+59.0%), from -€30,875 to -€12,672
- Depreciation +€940
up €940 (+5.6%), from €16,771 to €17,711
- Financial charges -€939
down €939 (-71.5%), from €1,314 to €375
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 | €5,129,068 | €5,317,822 | +€188,754 | +3.7% |
| Fixed assets | 21/28 | €4,399,843 | €4,394,208 | -€5,635 | -0.1% |
| Tangible fixed assets | 22/27 | €282,983 | €277,348 | -€5,635 | -2.0% |
| Land and buildings | 22 | €266,052 | €268,564 | +€2,512 | +0.9% |
| Plant, machinery and equipment | 23 | €16,931 | €8,784 | -€8,147 | -48.1% |
| Financial fixed assets | 28 | €4,116,860 | €4,116,860 | = | 0.0% |
| Current assets | 29/58 | €729,225 | €923,614 | +€194,389 | +26.7% |
| Amounts receivable after more than one year | 29 | €603,590 | €614,739 | +€11,148 | +1.8% |
| Trade receivables | 290 | €603,590 | €614,739 | +€11,148 | +1.8% |
| Amounts receivable within one year | 40/41 | €12,287 | €4,961 | -€7,326 | -59.6% |
| Trade receivables | 40 | €12,287 | €4,961 | -€7,326 | -59.6% |
| Cash at bank and in hand | 54/58 | €112,384 | €302,905 | +€190,521 | +169.5% |
| Deferred charges and accrued income | 490/1 | €964 | €1,009 | +€45 | +4.7% |
| Total equity and liabilities | 10/49 | €5,129,068 | €5,317,822 | +€188,754 | +3.7% |
| Equity | 10/15 | €5,095,136 | €5,266,341 | +€171,205 | +3.4% |
| Contributions | 10/11 | €3,785,627 | €3,785,627 | = | 0.0% |
| Reserves | 13 | €1,309,509 | €1,480,714 | +€171,205 | +13.1% |
| Distributable reserves | 133 | €1,309,509 | €1,480,714 | +€171,205 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €33,932 | €51,481 | +€17,549 | +51.7% |
| Amounts payable within one year | 42/48 | €33,932 | €51,481 | +€17,549 | +51.7% |
| Trade debts | 44 | €2,698 | €1,928 | -€771 | -28.6% |
| Suppliers | 440/4 | €2,698 | €1,928 | -€771 | -28.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €11,805 | €41,229 | +€29,424 | +249.3% |
| Taxes | 450/3 | €9,660 | €39,066 | +€29,406 | +304.4% |
| Remuneration and social security | 454/9 | €2,145 | €2,163 | +€18 | +0.8% |
| Other amounts payable | 47/48 | €19,429 | €8,324 | -€11,105 | -57.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,771 | €17,711 | +€940 | +5.6% |
| Other operating charges | 640/8 | €2,267 | €2,369 | +€102 | +4.5% |
| Gross operating margin | 9900 | -€30,875 | -€12,672 | +€18,203 | +59.0% |
| Operating profit (loss) | 9901 | -€49,913 | -€32,752 | +€17,161 | +34.4% |
| Financial income | 75/76B | €61,133 | €386,618 | +€325,485 | +532.4% |
| Recurring financial income | 75 | €61,133 | €386,618 | +€325,485 | +532.4% |
| Financial charges | 65/66B | €1,314 | €375 | -€939 | -71.5% |
| Recurring financial charges | 65 | €1,314 | €375 | -€939 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €9,905 | €353,491 | +€343,586 | +3468.6% |
| Income taxes | 67/77 | €1,068 | €32,286 | +€31,218 | +2923.9% |
| Profit (loss) for the period | 9904 | €8,838 | €321,205 | +€312,367 | +3534.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,838 | €321,205 | +€312,367 | +3534.4% |
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 5 October 2026 via checked.be.