MICHAUX.M: 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.M
Largest movements
- Tangible fixed assets -€36,268
down €36,268 (-4.7%), from €772,254 to €735,987
of which Land and buildings: -€36,000
- Receivables within one year +€20,149
up €20,149 (+58.6%), from €34,372 to €54,521
- Short-term financial debts -€10,097
no longer reported in 2025 (was €10,097)
- Gross operating margin +€15,910
up €15,910 (+76.0%), from €20,937 to €36,847
- Depreciation +€3,168
up €3,168 (+9.6%), from €33,099 to €36,268
- Financial income +€855
up €855 (+42.4%), from €2,018 to €2,873
- Other operating charges +€388
up €388 (+11.3%), from €3,427 to €3,815
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 | €815,880 | €806,155 | -€9,725 | -1.2% |
| Fixed assets | 21/28 | €773,754 | €737,487 | -€36,268 | -4.7% |
| Tangible fixed assets | 22/27 | €772,254 | €735,987 | -€36,268 | -4.7% |
| Land and buildings | 22 | €767,049 | €731,049 | -€36,000 | -4.7% |
| Plant, machinery and equipment | 23 | €5,205 | €4,938 | -€268 | -5.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €42,126 | €68,669 | +€26,543 | +63.0% |
| Stocks and contracts in progress | 3 | €3,875 | €3,875 | = | 0.0% |
| Stocks | 30/36 | €3,875 | €3,875 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,372 | €54,521 | +€20,149 | +58.6% |
| Other amounts receivable | 41 | €34,372 | €54,521 | +€20,149 | +58.6% |
| Cash at bank and in hand | 54/58 | €181 | €6,436 | +€6,255 | +3,447% |
| Deferred charges and accrued income | 490/1 | €3,698 | €3,837 | +€139 | +3.8% |
| Total equity and liabilities | 10/49 | €815,880 | €806,155 | -€9,725 | -1.2% |
| Equity | 10/15 | €803,362 | €801,956 | -€1,406 | -0.2% |
| Contributions | 10/11 | €818,592 | €818,592 | = | 0.0% |
| Capital | 10 | €818,592 | €818,592 | = | 0.0% |
| Issued capital | 100 | €818,592 | €818,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,089 | -€18,495 | -€1,406 | -8.2% |
| Amounts payable | 17/49 | €12,518 | €4,200 | -€8,319 | -66.5% |
| Amounts payable within one year | 42/48 | €10,218 | €1,700 | -€8,519 | -83.4% |
| Financial debts | 43 | €10,097 | - | -€10,097 | |
| Credit institutions | 430/8 | €10,097 | - | -€10,097 | |
| Trade debts | 44 | €122 | €1,700 | +€1,578 | +1,295% |
| Suppliers | 440/4 | €122 | €1,700 | +€1,578 | +1,295% |
| Accrued charges and deferred income | 492/3 | €2,300 | €2,500 | +€200 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,099 | €36,268 | +€3,168 | +9.6% |
| Other operating charges | 640/8 | €3,427 | €3,815 | +€388 | +11.3% |
| Gross operating margin | 9900 | €20,937 | €36,847 | +€15,910 | +76.0% |
| Operating profit (loss) | 9901 | -€15,590 | -€3,237 | +€12,353 | +79.2% |
| Financial income | 75/76B | €2,018 | €2,873 | +€855 | +42.4% |
| Recurring financial income | 75 | €2,018 | €2,873 | +€855 | +42.4% |
| Financial charges | 65/66B | €858 | €1,042 | +€185 | +21.5% |
| Recurring financial charges | 65 | €858 | €1,042 | +€185 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,430 | -€1,406 | +€13,024 | +90.3% |
| Profit (loss) for the period | 9904 | -€14,430 | -€1,406 | +€13,024 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,430 | -€1,406 | +€13,024 | +90.3% |
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 25 October 2026 via checked.be.