MICHAUX: 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.
MICHAUX
Largest movements
- Cash +€62,773
up €62,773 (+21.0%), from €298,889 to €361,662
mainly Net result for the year (+€40,413) and Trade debts (+€26,713)
- Receivables within one year +€15,584
up €15,584 (+418.8%), from €3,721 to €19,306
of which Other amounts receivable: +€15,606
- Tangible fixed assets -€13,899
down €13,899 (-16.5%), from €84,323 to €70,424
of which Land and buildings: -€11,788
- Reserves +€40,413
up €40,413 (+9.3%), from €433,388 to €473,801
of which Distributable reserves: +€40,413
- Trade debts +€26,713
up €26,713 (+434.3%), from €6,151 to €32,864
- Gross operating margin +€26,074
up €26,074 (+13.0%), from €200,223 to €226,297
- Staff costs +€6,140
up €6,140 (+4.3%), from €142,834 to €148,974
- Taxes +€5,525
up €5,525 (+40.9%), from €13,521 to €19,047
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 | €499,439 | €566,522 | +€67,083 | +13.4% |
| Fixed assets | 21/28 | €84,323 | €70,424 | -€13,899 | -16.5% |
| Tangible fixed assets | 22/27 | €84,323 | €70,424 | -€13,899 | -16.5% |
| Land and buildings | 22 | €74,952 | €63,163 | -€11,788 | -15.7% |
| Plant, machinery and equipment | 23 | €112 | - | -€112 | |
| Furniture and vehicles | 24 | €9,258 | €7,260 | -€1,998 | -21.6% |
| Current assets | 29/58 | €415,116 | €496,098 | +€80,982 | +19.5% |
| Stocks and contracts in progress | 3 | €112,506 | €115,131 | +€2,625 | +2.3% |
| Stocks | 30/36 | €112,506 | €115,131 | +€2,625 | +2.3% |
| Amounts receivable within one year | 40/41 | €3,721 | €19,306 | +€15,584 | +418.8% |
| Trade receivables | 40 | €922 | €899 | -€22 | -2.4% |
| Other amounts receivable | 41 | €2,800 | €18,406 | +€15,606 | +557.4% |
| Cash at bank and in hand | 54/58 | €298,889 | €361,662 | +€62,773 | +21.0% |
| Total equity and liabilities | 10/49 | €499,439 | €566,522 | +€67,083 | +13.4% |
| Equity | 10/15 | €453,388 | €493,801 | +€40,413 | +8.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €433,388 | €473,801 | +€40,413 | +9.3% |
| 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 | €5,356 | €5,356 | = | 0.0% |
| Distributable reserves | 133 | €426,032 | €466,445 | +€40,413 | +9.5% |
| Amounts payable | 17/49 | €46,051 | €72,721 | +€26,670 | +57.9% |
| Amounts payable within one year | 42/48 | €45,880 | €72,547 | +€26,667 | +58.1% |
| Trade debts | 44 | €6,151 | €32,864 | +€26,713 | +434.3% |
| Suppliers | 440/4 | €6,151 | €32,864 | +€26,713 | +434.3% |
| Taxes, remuneration and social security | 45 | €35,100 | €33,168 | -€1,932 | -5.5% |
| Taxes | 450/3 | €19,433 | €15,727 | -€3,705 | -19.1% |
| Remuneration and social security | 454/9 | €15,667 | €17,441 | +€1,774 | +11.3% |
| Other amounts payable | 47/48 | €4,629 | €6,515 | +€1,885 | +40.7% |
| Accrued charges and deferred income | 492/3 | €170 | €174 | +€4 | +2.1% |
| Non-recurring operating income | 76A | €50 | - | -€50 | |
| Remuneration, social security and pensions | 62 | €142,834 | €148,974 | +€6,140 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,632 | €13,899 | +€1,266 | +10.0% |
| Other operating charges | 640/8 | €4,313 | €4,537 | +€225 | +5.2% |
| Gross operating margin | 9900 | €200,223 | €226,297 | +€26,074 | +13.0% |
| Operating profit (loss) | 9901 | €40,445 | €58,887 | +€18,442 | +45.6% |
| Financial income | 75/76B | €647 | €1,012 | +€365 | +56.5% |
| Recurring financial income | 75 | €647 | €1,012 | +€365 | +56.5% |
| Financial charges | 65/66B | €377 | €439 | +€61 | +16.3% |
| Recurring financial charges | 65 | €377 | €439 | +€61 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €40,714 | €59,460 | +€18,746 | +46.0% |
| Income taxes | 67/77 | €13,521 | €19,047 | +€5,525 | +40.9% |
| Profit (loss) for the period | 9904 | €27,193 | €40,413 | +€13,220 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,193 | €40,413 | +€13,220 | +48.6% |
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 6 October 2026 via checked.be.