MICHAS: 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.
MICHAS
Largest movements
- Current investments +€715,548
up €715,548 (+53.1%), from €1.3m to €2.1m
- Cash -€89,319
down €89,319 (-35.2%), from €253,886 to €164,566
mainly Current investments (-€715,548) and Tax, wage and social debts (-€22,150)
- Reserves +€463,275
up €463,275 (+26.6%), from €1.7m to €2.2m
of which Distributable reserves: +€385,500
- Other debts +€175,557
up €175,557 (+102.2%), from €171,728 to €347,284
- Financial income +€162,013
up €162,013 (+1032.3%), from €15,695 to €177,708
of which Non-recurring financial income: +€136,072
- Taxes -€67,907
down €67,907 (-37.9%), from €179,132 to €111,225
- Gross operating margin -€35,413
down €35,413 (-7.3%), from €483,220 to €447,807
- Financial charges +€13,897
up €13,897 (+112.3%), from €12,379 to €26,277
of which Financial charges: +€10,338
- Depreciation +€5,600
up €5,600 (+41.1%), from €13,623 to €19,223
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 | €2,146,954 | €2,762,547 | +€615,593 | +28.7% |
| Fixed assets | 21/28 | €91,691 | €72,468 | -€19,223 | -21.0% |
| Tangible fixed assets | 22/27 | €91,691 | €72,468 | -€19,223 | -21.0% |
| Land and buildings | 22 | €18,018 | €14,748 | -€3,271 | -18.2% |
| Plant, machinery and equipment | 23 | €10,605 | €8,987 | -€1,619 | -15.3% |
| Furniture and vehicles | 24 | €63,068 | €48,734 | -€14,334 | -22.7% |
| Current assets | 29/58 | €2,055,262 | €2,690,079 | +€634,816 | +30.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €319,929 | +€19,929 | +6.6% |
| Other amounts receivable | 291 | €300,000 | €319,929 | +€19,929 | +6.6% |
| Current investments | 50/53 | €1,347,161 | €2,062,709 | +€715,548 | +53.1% |
| Cash at bank and in hand | 54/58 | €253,886 | €164,566 | -€89,319 | -35.2% |
| Deferred charges and accrued income | 490/1 | €154,215 | €142,874 | -€11,341 | -7.4% |
| Total equity and liabilities | 10/49 | €2,146,954 | €2,762,547 | +€615,593 | +28.7% |
| Equity | 10/15 | €1,885,353 | €2,349,306 | +€463,953 | +24.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,739,525 | €2,202,800 | +€463,275 | +26.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €491,240 | €569,015 | +€77,775 | +15.8% |
| Distributable reserves | 133 | €1,246,286 | €1,631,786 | +€385,500 | +30.9% |
| Profit (loss) carried forward | 14 | €125,828 | €126,505 | +€678 | +0.5% |
| Amounts payable | 17/49 | €261,601 | €413,241 | +€151,641 | +58.0% |
| Amounts payable within one year | 42/48 | €244,314 | €392,762 | +€148,448 | +60.8% |
| Trade debts | 44 | €11,887 | €6,928 | -€4,958 | -41.7% |
| Suppliers | 440/4 | €11,887 | €6,928 | -€4,958 | -41.7% |
| Taxes, remuneration and social security | 45 | €60,700 | €38,550 | -€22,150 | -36.5% |
| Taxes | 450/3 | €60,700 | €38,550 | -€22,150 | -36.5% |
| Other amounts payable | 47/48 | €171,728 | €347,284 | +€175,557 | +102.2% |
| Accrued charges and deferred income | 492/3 | €17,287 | €20,479 | +€3,193 | +18.5% |
| Non-recurring operating income | 76A | €16,010 | - | -€16,010 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,623 | €19,223 | +€5,600 | +41.1% |
| Other operating charges | 640/8 | €5,001 | €4,838 | -€163 | -3.3% |
| Gross operating margin | 9900 | €483,220 | €447,807 | -€35,413 | -7.3% |
| Operating profit (loss) | 9901 | €464,597 | €423,746 | -€40,851 | -8.8% |
| Financial income | 75/76B | €15,695 | €177,708 | +€162,013 | +1032.3% |
| Recurring financial income | 75 | €15,695 | €41,636 | +€25,941 | +165.3% |
| Non-recurring financial income | 76B | - | €136,072 | +€136,072 | |
| Financial charges | 65/66B | €12,379 | €26,277 | +€13,897 | +112.3% |
| Recurring financial charges | 65 | €12,379 | €22,717 | +€10,338 | +83.5% |
| Non-recurring financial charges | 66B | - | €3,559 | +€3,559 | |
| Profit (loss) for the period before taxes | 9903 | €467,913 | €575,178 | +€107,265 | +22.9% |
| Income taxes | 67/77 | €179,132 | €111,225 | -€67,907 | -37.9% |
| Profit (loss) for the period | 9904 | €288,780 | €463,953 | +€175,172 | +60.7% |
| Transfer from tax-exempt reserves | 789 | - | €80,100 | +€80,100 | |
| Transfer to tax-exempt reserves | 689 | - | €157,875 | +€157,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €288,780 | €386,178 | +€97,397 | +33.7% |
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 3 October 2026 via checked.be.