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 +€51,127
new in 2025: €51,127
of which Other amounts receivable: +€50,000
- Cash -€39,701
down €39,701 (-85.9%), from €46,192 to €6,491
mainly Receivables within one year (-€51,127) and Deferred charges and accrued income (-€4,552)
- Deferred charges and accrued income +€4,552
new in 2025: €4,552
- Profit (loss) carried forward +€10,999
up €10,999, from -€7,979 to €3,020
- Reserves +€2,796
up €2,796 (+83.4%), from €3,354 to €6,150
- Tax, wage and social debts +€2,183
new in 2025: €2,183
- Gross operating margin +€8,597
up €8,597 (+99.9%), from €8,603 to €17,200
- Depreciation -€2,833
no longer reported in 2025 (was €2,833)
- Taxes +€2,183
new in 2025: €2,183
- Other operating charges -€304
down €304 (-20.5%), from €1,481 to €1,177
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 | €56,875 | €72,853 | +€15,978 | +28.1% |
| Fixed assets | 21/28 | €10,683 | €10,683 | = | 0.0% |
| Tangible fixed assets | 22/27 | €10,683 | €10,683 | = | 0.0% |
| Land and buildings | 22 | €10,683 | €10,683 | = | 0.0% |
| Current assets | 29/58 | €46,192 | €62,170 | +€15,978 | +34.6% |
| Amounts receivable within one year | 40/41 | - | €51,127 | +€51,127 | |
| Trade receivables | 40 | - | €1,127 | +€1,127 | |
| Other amounts receivable | 41 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €46,192 | €6,491 | -€39,701 | -85.9% |
| Deferred charges and accrued income | 490/1 | - | €4,552 | +€4,552 | |
| Total equity and liabilities | 10/49 | €56,875 | €72,853 | +€15,978 | +28.1% |
| Equity | 10/15 | €56,875 | €70,670 | +€13,795 | +24.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,354 | €6,150 | +€2,796 | +83.4% |
| Non-distributable reserves | 130/1 | €3,354 | €6,150 | +€2,796 | +83.4% |
| Legal reserve | 130 | €3,354 | €6,150 | +€2,796 | +83.4% |
| Profit (loss) carried forward | 14 | -€7,979 | €3,020 | +€10,999 | |
| Amounts payable | 17/49 | - | €2,183 | +€2,183 | |
| Amounts payable within one year | 42/48 | - | €2,183 | +€2,183 | |
| Taxes, remuneration and social security | 45 | - | €2,183 | +€2,183 | |
| Taxes | 450/3 | - | €2,183 | +€2,183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,833 | - | -€2,833 | |
| Other operating charges | 640/8 | €1,481 | €1,177 | -€304 | -20.5% |
| Gross operating margin | 9900 | €8,603 | €17,200 | +€8,597 | +99.9% |
| Operating profit (loss) | 9901 | €4,289 | €16,023 | +€11,734 | +274% |
| Financial charges | 65/66B | €44 | €45 | +€1 | +2.3% |
| Recurring financial charges | 65 | €44 | €45 | +€1 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €4,245 | €15,978 | +€11,733 | +276% |
| Income taxes | 67/77 | - | €2,183 | +€2,183 | |
| Profit (loss) for the period | 9904 | €4,245 | €13,795 | +€9,550 | +225% |
| Profit (loss) for the period to be appropriated | 9905 | €4,245 | €13,795 | +€9,550 | +225% |
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 16 October 2026 via checked.be.