Michaux JRA: what changed
Michaux JRA
Largest movements
- Receivables within one year -€58,582
down €58,582 (-90.7%), from €64,582 to €6,000
of which Other amounts receivable: -€53,675
- Tangible fixed assets +€40,209
up €40,209 (+77.9%), from €51,600 to €91,809
of which Plant, machinery and equipment: +€40,745
- Intangible fixed assets +€28,664
new in 2025: €28,664
- Cash -€23,251
down €23,251 (-47.9%), from €48,519 to €25,268
mainly Investment in fixed assets (net) (-€80,657) and Tax, wage and social debts (-€21,126)
- Tax, wage and social debts -€21,126
down €21,126 (-59.2%), from €35,700 to €14,574
- Trade debts +€19,987
up €19,987 (+1,870%), from €1,069 to €21,056
- Other debts +€17,911
new in 2025: €17,911
- Profit (loss) carried forward -€14,035
down €14,035 (-8.3%), from €168,821 to €154,786
- Debts after one year -€13,586
down €13,586 (-18.4%), from €73,768 to €60,182
- Gross operating margin -€63,471
down €63,471 (-96.4%), from €65,855 to €2,384
- Taxes -€11,906
no longer reported in 2025 (was €11,906)
- Depreciation +€10,153
up €10,153 (+623%), from €1,631 to €11,784
- Financial income -€2,057
down €2,057 (-72.7%), from €2,830 to €773
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €295,699 | €285,506 | -€10,193 | -3.4% |
| Fixed assets | 21/28 | €181,600 | €250,473 | +€68,873 | +37.9% |
| Intangible fixed assets | 21 | - | €28,664 | +€28,664 | |
| Tangible fixed assets | 22/27 | €51,600 | €91,809 | +€40,209 | +77.9% |
| Plant, machinery and equipment | 23 | €50,373 | €91,118 | +€40,745 | +80.9% |
| Furniture and vehicles | 24 | €1,227 | €691 | -€536 | -43.7% |
| Financial fixed assets | 28 | €130,000 | €130,000 | = | 0.0% |
| Current assets | 29/58 | €114,099 | €35,033 | -€79,066 | -69.3% |
| Amounts receivable within one year | 40/41 | €64,582 | €6,000 | -€58,582 | -90.7% |
| Trade receivables | 40 | €10,907 | €6,000 | -€4,907 | -45.0% |
| Other amounts receivable | 41 | €53,675 | - | -€53,675 | |
| Cash at bank and in hand | 54/58 | €48,519 | €25,268 | -€23,251 | -47.9% |
| Deferred charges and accrued income | 490/1 | €998 | €3,765 | +€2,767 | +277% |
| Total equity and liabilities | 10/49 | €295,699 | €285,506 | -€10,193 | -3.4% |
| Equity | 10/15 | €170,821 | €156,786 | -€14,035 | -8.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,821 | €154,786 | -€14,035 | -8.3% |
| Amounts payable | 17/49 | €124,878 | €128,720 | +€3,842 | +3.1% |
| Amounts payable after more than one year | 17 | €73,768 | €60,182 | -€13,586 | -18.4% |
| Financial debts | 170/4 | €73,768 | €60,182 | -€13,586 | -18.4% |
| Amounts payable within one year | 42/48 | €50,747 | €68,228 | +€17,481 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €13,978 | €14,687 | +€709 | +5.1% |
| Trade debts | 44 | €1,069 | €21,056 | +€19,987 | +1,870% |
| Suppliers | 440/4 | €1,069 | €21,056 | +€19,987 | +1,870% |
| Taxes, remuneration and social security | 45 | €35,700 | €14,574 | -€21,126 | -59.2% |
| Taxes | 450/3 | €35,700 | €14,574 | -€21,126 | -59.2% |
| Other amounts payable | 47/48 | - | €17,911 | +€17,911 | |
| Accrued charges and deferred income | 492/3 | €363 | €310 | -€53 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,631 | €11,784 | +€10,153 | +623% |
| Other operating charges | 640/8 | €557 | €472 | -€85 | -15.3% |
| Gross operating margin | 9900 | €65,855 | €2,384 | -€63,471 | -96.4% |
| Operating profit (loss) | 9901 | €63,667 | -€9,872 | -€73,539 | |
| Financial income | 75/76B | €2,830 | €773 | -€2,057 | -72.7% |
| Recurring financial income | 75 | €2,830 | €773 | -€2,057 | -72.7% |
| Financial charges | 65/66B | €4,688 | €4,936 | +€248 | +5.3% |
| Recurring financial charges | 65 | €4,688 | €4,936 | +€248 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €61,809 | -€14,035 | -€75,844 | |
| Income taxes | 67/77 | €11,906 | - | -€11,906 | |
| Profit (loss) for the period | 9904 | €49,903 | -€14,035 | -€63,938 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,903 | -€14,035 | -€63,938 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.