Michigan: 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.
Michigan
Largest movements
- Receivables within one year +€140,508
up €140,508 (+122%), from €114,847 to €255,355
of which Trade receivables: +€159,465
- Intangible fixed assets -€86,632
down €86,632 (-4.1%), from €2.1m to €2.0m
- Cash +€31,375
up €31,375 (+42.4%), from €73,910 to €105,285
mainly Depreciation (+€525,834) and Accrued charges and deferred income (+€216,231)
- Tax, wage and social debts -€232,029
down €232,029 (-89.5%), from €259,294 to €27,265
of which Remuneration and social security: -€166,338
- Accrued charges and deferred income +€216,231
up €216,231 (+12.1%), from €1.8m to €2.0m
- Trade debts +€124,697
up €124,697 (+146%), from €85,173 to €209,869
- Short-term financial debts -€46,299
down €46,299 (-100%), from €46,299 to €0
- Investment grants -€44,461
down €44,461 (-100%), from €44,461 to €0
- Gross operating margin -€956,214
down €956,214 (-57.3%), from €1.7m to €712,860
- Staff costs -€782,009
down €782,009 (-83.9%), from €931,599 to €149,590
- Depreciation -€176,273
down €176,273 (-25.1%), from €702,106 to €525,834
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,350,977 | €2,432,209 | +€81,232 | +3.5% |
| Fixed assets | 21/28 | €2,162,220 | €2,071,570 | -€90,650 | -4.2% |
| Intangible fixed assets | 21 | €2,112,894 | €2,026,262 | -€86,632 | -4.1% |
| Tangible fixed assets | 22/27 | €49,326 | €45,308 | -€4,018 | -8.1% |
| Land and buildings | 22 | €30,397 | €28,921 | -€1,476 | -4.9% |
| Furniture and vehicles | 24 | €1,383 | €790 | -€593 | -42.9% |
| Other tangible fixed assets | 26 | €17,546 | €15,596 | -€1,950 | -11.1% |
| Current assets | 29/58 | €188,757 | €360,640 | +€171,883 | +91.1% |
| Amounts receivable within one year | 40/41 | €114,847 | €255,355 | +€140,508 | +122% |
| Trade receivables | 40 | €88,848 | €248,314 | +€159,465 | +179% |
| Other amounts receivable | 41 | €25,998 | €7,041 | -€18,958 | -72.9% |
| Cash at bank and in hand | 54/58 | €73,910 | €105,285 | +€31,375 | +42.4% |
| Total equity and liabilities | 10/49 | €2,350,977 | €2,432,209 | +€81,232 | +3.5% |
| Equity | 10/15 | €88,444 | €76,378 | -€12,066 | -13.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,783 | €70,178 | +€32,395 | +85.7% |
| Investment grants | 15 | €44,461 | €0 | -€44,461 | -100% |
| Amounts payable | 17/49 | €2,262,533 | €2,355,831 | +€93,299 | +4.1% |
| Amounts payable after more than one year | 17 | €28,342 | €28,342 | = | 0.0% |
| Financial debts | 170/4 | €28,342 | €28,342 | = | 0.0% |
| Amounts payable within one year | 42/48 | €441,369 | €318,436 | -€122,933 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €6,340 | €0 | -€6,340 | -100% |
| Financial debts | 43 | €46,299 | €0 | -€46,299 | -100% |
| Credit institutions | 430/8 | €46,299 | €0 | -€46,299 | -100% |
| Trade debts | 44 | €85,173 | €209,869 | +€124,697 | +146% |
| Suppliers | 440/4 | €85,173 | €209,869 | +€124,697 | +146% |
| Taxes, remuneration and social security | 45 | €259,294 | €27,265 | -€232,029 | -89.5% |
| Taxes | 450/3 | €73,580 | €7,889 | -€65,690 | -89.3% |
| Remuneration and social security | 454/9 | €185,715 | €19,376 | -€166,338 | -89.6% |
| Other amounts payable | 47/48 | €44,263 | €81,301 | +€37,038 | +83.7% |
| Accrued charges and deferred income | 492/3 | €1,792,822 | €2,009,053 | +€216,231 | +12.1% |
| Remuneration, social security and pensions | 62 | €931,599 | €149,590 | -€782,009 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €702,106 | €525,834 | -€176,273 | -25.1% |
| Other operating charges | 640/8 | €126 | €131 | +€5 | +4.0% |
| Gross operating margin | 9900 | €1,669,074 | €712,860 | -€956,214 | -57.3% |
| Operating profit (loss) | 9901 | €35,242 | €37,304 | +€2,062 | +5.9% |
| Financial income | 75/76B | €26 | €65 | +€38 | +144% |
| Recurring financial income | 75 | €26 | €65 | +€38 | +144% |
| Financial charges | 65/66B | €9,113 | €4,974 | -€4,139 | -45.4% |
| Recurring financial charges | 65 | €9,113 | €4,974 | -€4,139 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | €26,155 | €32,395 | +€6,240 | +23.9% |
| Income taxes | 67/77 | €235 | - | -€235 | |
| Profit (loss) for the period | 9904 | €25,920 | €32,395 | +€6,475 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,920 | €32,395 | +€6,475 | +25.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.