MICHASO: 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.
MICHASO
Largest movements
- Receivables within one year -€95,587
down €95,587 (-41.5%), from €230,418 to €134,831
of which Other amounts receivable: -€102,957
- Tangible fixed assets -€10,760
down €10,760 (-24.2%), from €44,450 to €33,690
of which Furniture and vehicles: -€10,331
- Cash +€6,287
up €6,287 (+4.2%), from €149,395 to €155,682
mainly Receivables within one year (+€95,587) and Net result for the year (+€28,364)
- Reserves -€90,823
down €90,823 (-27.7%), from €327,873 to €237,050
- Debts after one year -€10,140
down €10,140 (-47.1%), from €21,538 to €11,397
- Tax, wage and social debts +€4,886
up €4,886 (+3,054%), from €160 to €5,046
of which Remuneration and social security: +€4,000
- Gross operating margin -€59,727
down €59,727 (-26.9%), from €221,720 to €161,993
- Financial charges +€32,179
up €32,179 (+43.3%), from €74,281 to €106,461
- Taxes -€27,199
down €27,199 (-63.1%), from €43,085 to €15,886
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,805 | €337,688 | -€100,117 | -22.9% |
| Fixed assets | 21/28 | €49,450 | €38,690 | -€10,760 | -21.8% |
| Tangible fixed assets | 22/27 | €44,450 | €33,690 | -€10,760 | -24.2% |
| Plant, machinery and equipment | 23 | €460 | €31 | -€429 | -93.3% |
| Furniture and vehicles | 24 | €43,990 | €33,659 | -€10,331 | -23.5% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €388,354 | €298,998 | -€89,356 | -23.0% |
| Amounts receivable within one year | 40/41 | €230,418 | €134,831 | -€95,587 | -41.5% |
| Trade receivables | 40 | €102,461 | €109,831 | +€7,370 | +7.2% |
| Other amounts receivable | 41 | €127,957 | €25,000 | -€102,957 | -80.5% |
| Cash at bank and in hand | 54/58 | €149,395 | €155,682 | +€6,287 | +4.2% |
| Deferred charges and accrued income | 490/1 | €8,541 | €8,485 | -€56 | -0.7% |
| Total equity and liabilities | 10/49 | €437,805 | €337,688 | -€100,117 | -22.9% |
| Equity | 10/15 | €334,073 | €243,250 | -€90,823 | -27.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €327,873 | €237,050 | -€90,823 | -27.7% |
| Distributable reserves | 133 | €327,873 | €237,050 | -€90,823 | -27.7% |
| Amounts payable | 17/49 | €103,731 | €94,438 | -€9,294 | -9.0% |
| Amounts payable after more than one year | 17 | €21,538 | €11,397 | -€10,140 | -47.1% |
| Financial debts | 170/4 | €21,538 | €11,397 | -€10,140 | -47.1% |
| Amounts payable within one year | 42/48 | €82,194 | €83,031 | +€838 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €9,788 | €10,140 | +€352 | +3.6% |
| Trade debts | 44 | €5,248 | €4,232 | -€1,015 | -19.3% |
| Suppliers | 440/4 | €5,248 | €4,232 | -€1,015 | -19.3% |
| Taxes, remuneration and social security | 45 | €160 | €5,046 | +€4,886 | +3,054% |
| Taxes | 450/3 | - | €886 | +€886 | |
| Remuneration and social security | 454/9 | €160 | €4,160 | +€4,000 | +2,500% |
| Other amounts payable | 47/48 | €66,998 | €63,613 | -€3,385 | -5.1% |
| Accrued charges and deferred income | 492/3 | - | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,927 | €13,764 | -€163 | -1.2% |
| Other operating charges | 640/8 | €928 | €903 | -€26 | -2.7% |
| Gross operating margin | 9900 | €221,720 | €161,993 | -€59,727 | -26.9% |
| Operating profit (loss) | 9901 | €206,864 | €147,326 | -€59,539 | -28.8% |
| Financial income | 75/76B | €3,798 | €3,385 | -€413 | -10.9% |
| Recurring financial income | 75 | €3,798 | €3,385 | -€413 | -10.9% |
| Financial charges | 65/66B | €74,281 | €106,461 | +€32,179 | +43.3% |
| Recurring financial charges | 65 | €74,281 | €106,461 | +€32,179 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €136,381 | €44,250 | -€92,131 | -67.6% |
| Income taxes | 67/77 | €43,085 | €15,886 | -€27,199 | -63.1% |
| Profit (loss) for the period | 9904 | €93,296 | €28,364 | -€64,932 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €93,296 | €28,364 | -€64,932 | -69.6% |
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 17 October 2026 via checked.be.