MICHEM: what changed
MICHEM
Largest movements
- Cash +€85,512
up €85,512 (+218%), from €39,304 to €124,816
mainly Receivables within one year (+€44,314) and Depreciation (+€26,927)
- Receivables within one year -€44,314
down €44,314 (-46.2%), from €95,866 to €51,552
of which Trade receivables: -€36,817
- Tangible fixed assets -€25,204
down €25,204 (-18.7%), from €134,424 to €109,221
of which Furniture and vehicles: -€17,103
- Stocks and contracts -€13,180
down €13,180 (-9.3%), from €141,344 to €128,164
of which Stocks: -€13,203
- Profit (loss) carried forward +€24,857
up €24,857 (+29.2%), from -€85,228 to -€60,371
- Trade debts -€21,210
down €21,210 (-48.0%), from €44,185 to €22,975
- Reserves -€10,000
down €10,000 (-6.5%), from €153,233 to €143,233
of which Distributable reserves: -€10,000
- Other debts +€8,882
up €8,882 (+258%), from €3,448 to €12,330
- Gross operating margin +€37,832
up €37,832 (+36.0%), from €105,054 to €142,886
- Depreciation -€4,147
down €4,147 (-13.3%), from €31,074 to €26,927
- Staff costs +€1,736
up €1,736 (+2.1%), from €81,952 to €83,688
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 | €418,708 | €421,662 | +€2,955 | +0.7% |
| Fixed assets | 21/28 | €135,355 | €110,126 | -€25,229 | -18.6% |
| Tangible fixed assets | 22/27 | €134,424 | €109,221 | -€25,204 | -18.7% |
| Land and buildings | 22 | €62,213 | €57,726 | -€4,487 | -7.2% |
| Plant, machinery and equipment | 23 | €3,948 | €2,387 | -€1,561 | -39.5% |
| Furniture and vehicles | 24 | €49,260 | €32,157 | -€17,103 | -34.7% |
| Other tangible fixed assets | 26 | €19,003 | €16,950 | -€2,053 | -10.8% |
| Financial fixed assets | 28 | €930 | €905 | -€25 | -2.7% |
| Current assets | 29/58 | €283,353 | €311,536 | +€28,183 | +9.9% |
| Stocks and contracts in progress | 3 | €141,344 | €128,164 | -€13,180 | -9.3% |
| Stocks | 30/36 | €115,708 | €102,505 | -€13,203 | -11.4% |
| Contracts in progress | 37 | €25,636 | €25,659 | +€23 | +0.1% |
| Amounts receivable within one year | 40/41 | €95,866 | €51,552 | -€44,314 | -46.2% |
| Trade receivables | 40 | €85,970 | €49,153 | -€36,817 | -42.8% |
| Other amounts receivable | 41 | €9,896 | €2,399 | -€7,496 | -75.8% |
| Cash at bank and in hand | 54/58 | €39,304 | €124,816 | +€85,512 | +218% |
| Deferred charges and accrued income | 490/1 | €6,839 | €7,004 | +€165 | +2.4% |
| Total equity and liabilities | 10/49 | €418,708 | €421,662 | +€2,955 | +0.7% |
| Equity | 10/15 | €368,005 | €382,862 | +€14,857 | +4.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €153,233 | €143,233 | -€10,000 | -6.5% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €123,233 | €113,233 | -€10,000 | -8.1% |
| Profit (loss) carried forward | 14 | -€85,228 | -€60,371 | +€24,857 | +29.2% |
| Amounts payable | 17/49 | €50,703 | €38,800 | -€11,903 | -23.5% |
| Amounts payable within one year | 42/48 | €50,703 | €38,800 | -€11,903 | -23.5% |
| Trade debts | 44 | €44,185 | €22,975 | -€21,210 | -48.0% |
| Suppliers | 440/4 | €44,185 | €22,975 | -€21,210 | -48.0% |
| Taxes, remuneration and social security | 45 | €3,070 | €3,495 | +€426 | +13.9% |
| Taxes | 450/3 | €3,070 | €1,420 | -€1,649 | -53.7% |
| Remuneration and social security | 454/9 | €0 | €2,075 | +€2,075 | |
| Other amounts payable | 47/48 | €3,448 | €12,330 | +€8,882 | +258% |
| Remuneration, social security and pensions | 62 | €81,952 | €83,688 | +€1,736 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,074 | €26,927 | -€4,147 | -13.3% |
| Other operating charges | 640/8 | €5,838 | €6,239 | +€402 | +6.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €105,054 | €142,886 | +€37,832 | +36.0% |
| Operating profit (loss) | 9901 | -€13,810 | €26,032 | +€39,841 | |
| Financial income | 75/76B | €76 | €127 | +€51 | +66.3% |
| Recurring financial income | 75 | €76 | €127 | +€51 | +66.3% |
| Financial charges | 65/66B | €807 | €570 | -€237 | -29.4% |
| Recurring financial charges | 65 | €807 | €570 | -€237 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€14,540 | €25,589 | +€40,129 | |
| Income taxes | 67/77 | €655 | €732 | +€77 | +11.7% |
| Profit (loss) for the period | 9904 | -€15,195 | €24,857 | +€40,052 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,195 | €24,857 | +€40,052 |
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 6 November 2026 via checked.be.