MICHAUX: 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.
MICHAUX
Largest movements
- Receivables within one year +€25,511
up €25,511 (+76.1%), from €33,515 to €59,026
of which Trade receivables: +€18,452
- Cash +€16,123
up €16,123 (+9.4%), from €171,773 to €187,897
mainly Depreciation (+€19,478) and Stocks and contracts (+€11,950)
- Tangible fixed assets -€15,412
down €15,412 (-25.9%), from €59,603 to €44,191
- Stocks and contracts -€11,950
down €11,950 (-52.1%), from €22,950 to €11,000
- Advances received +€8,193
up €8,193 (+31.8%), from €25,802 to €33,995
- Other debts +€7,532
up €7,532 (+568%), from €1,326 to €8,859
- Tax, wage and social debts -€7,181
down €7,181 (-42.3%), from €16,975 to €9,793
of which Taxes: -€4,901
- Accrued charges and deferred income -€5,971
down €5,971 (-100%), from €5,971 to €0
- Trade debts +€5,333
up €5,333 (+206%), from €2,587 to €7,920
- Gross operating margin -€42,344
down €42,344 (-22.8%), from €185,842 to €143,499
- Staff costs -€14,478
down €14,478 (-11.2%), from €129,550 to €115,072
- Taxes -€6,068
down €6,068 (-63.5%), from €9,553 to €3,486
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 | €305,561 | €314,876 | +€9,314 | +3.0% |
| Fixed assets | 21/28 | €59,603 | €44,191 | -€15,412 | -25.9% |
| Tangible fixed assets | 22/27 | €59,603 | €44,191 | -€15,412 | -25.9% |
| Plant, machinery and equipment | 23 | €14,542 | €11,180 | -€3,362 | -23.1% |
| Furniture and vehicles | 24 | €11,328 | €5,189 | -€6,139 | -54.2% |
| Other tangible fixed assets | 26 | €33,733 | €27,821 | -€5,911 | -17.5% |
| Current assets | 29/58 | €245,958 | €270,685 | +€24,727 | +10.1% |
| Stocks and contracts in progress | 3 | €22,950 | €11,000 | -€11,950 | -52.1% |
| Stocks | 30/36 | €22,950 | €11,000 | -€11,950 | -52.1% |
| Amounts receivable within one year | 40/41 | €33,515 | €59,026 | +€25,511 | +76.1% |
| Trade receivables | 40 | €19,107 | €37,559 | +€18,452 | +96.6% |
| Other amounts receivable | 41 | €14,409 | €21,467 | +€7,059 | +49.0% |
| Current investments | 50/53 | €2,067 | €0 | -€2,067 | -100% |
| Cash at bank and in hand | 54/58 | €171,773 | €187,897 | +€16,123 | +9.4% |
| Deferred charges and accrued income | 490/1 | €15,653 | €12,762 | -€2,891 | -18.5% |
| Total equity and liabilities | 10/49 | €305,561 | €314,876 | +€9,314 | +3.0% |
| Equity | 10/15 | €250,085 | €254,309 | +€4,224 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €231,493 | €235,717 | +€4,224 | +1.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €229,634 | €233,857 | +€4,224 | +1.8% |
| Amounts payable | 17/49 | €55,476 | €60,567 | +€5,091 | +9.2% |
| Amounts payable within one year | 42/48 | €49,506 | €60,567 | +€11,061 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €2,815 | €0 | -€2,815 | -100% |
| Trade debts | 44 | €2,587 | €7,920 | +€5,333 | +206% |
| Suppliers | 440/4 | €2,587 | €7,920 | +€5,333 | +206% |
| Advances received on contracts in progress | 46 | €25,802 | €33,995 | +€8,193 | +31.8% |
| Taxes, remuneration and social security | 45 | €16,975 | €9,793 | -€7,181 | -42.3% |
| Taxes | 450/3 | €4,901 | €0 | -€4,901 | -100% |
| Remuneration and social security | 454/9 | €12,074 | €9,793 | -€2,281 | -18.9% |
| Other amounts payable | 47/48 | €1,326 | €8,859 | +€7,532 | +568% |
| Accrued charges and deferred income | 492/3 | €5,971 | €0 | -€5,971 | -100% |
| Remuneration, social security and pensions | 62 | €129,550 | €115,072 | -€14,478 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,462 | €19,478 | +€16 | +0.1% |
| Other operating charges | 640/8 | €2,871 | €2,554 | -€317 | -11.0% |
| Non-recurring operating charges | 66A | - | €31 | +€31 | |
| Gross operating margin | 9900 | €185,842 | €143,499 | -€42,344 | -22.8% |
| Operating profit (loss) | 9901 | €33,959 | €6,363 | -€27,596 | -81.3% |
| Financial income | 75/76B | €953 | €2,499 | +€1,546 | +162% |
| Recurring financial income | 75 | €953 | €791 | -€162 | -17.0% |
| Non-recurring financial income | 76B | - | €1,708 | +€1,708 | |
| Financial charges | 65/66B | €1,388 | €1,153 | -€235 | -16.9% |
| Recurring financial charges | 65 | €328 | €1,153 | +€825 | +252% |
| Non-recurring financial charges | 66B | €1,060 | €0 | -€1,060 | -100% |
| Profit (loss) for the period before taxes | 9903 | €33,524 | €7,709 | -€25,815 | -77.0% |
| Income taxes | 67/77 | €9,553 | €3,486 | -€6,068 | -63.5% |
| Profit (loss) for the period | 9904 | €23,971 | €4,224 | -€19,747 | -82.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,971 | €4,224 | -€19,747 | -82.4% |
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 22 October 2026 via checked.be.