MICHLO: what changed
Two fiscal 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.
MICHLO
Largest movements
- Cash +€13,393
up €13,393 (+13.0%), from €102,750 to €116,143
mainly Net result for the year (+€101,960) and Other debts (+€7,560)
- Receivables within one year -€2,588
down €2,588 (-14.4%), from €18,025 to €15,437
of which Trade receivables: -€1,625
- Other debts +€7,560
up €7,560 (+8.7%), from €87,228 to €94,788
- Reserves +€1,960
up €1,960 (+105.4%), from €1,860 to €3,820
of which Distributable reserves: +€1,960
- Gross operating margin +€9,657
up €9,657 (+8.1%), from €119,590 to €129,247
- Taxes +€3,054
up €3,054 (+13.0%), from €23,502 to €26,556
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.
Cash bridge derived
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 | €121,981 | €132,208 | +€10,227 | +8.4% |
| Fixed assets | 21/28 | €1,206 | €627 | -€579 | -48.0% |
| Tangible fixed assets | 22/27 | €1,206 | €627 | -€579 | -48.0% |
| Plant, machinery and equipment | 23 | €1,206 | €627 | -€579 | -48.0% |
| Current assets | 29/58 | €120,775 | €131,581 | +€10,806 | +8.9% |
| Amounts receivable within one year | 40/41 | €18,025 | €15,437 | -€2,588 | -14.4% |
| Trade receivables | 40 | €16,588 | €14,963 | -€1,625 | -9.8% |
| Other amounts receivable | 41 | €1,436 | €474 | -€962 | -67.0% |
| Cash at bank and in hand | 54/58 | €102,750 | €116,143 | +€13,393 | +13.0% |
| Total equity and liabilities | 10/49 | €121,981 | €132,208 | +€10,227 | +8.4% |
| Equity | 10/15 | €20,460 | €22,420 | +€1,960 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €3,820 | +€1,960 | +105.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €1,960 | +€1,960 | |
| Amounts payable | 17/49 | €101,521 | €109,788 | +€8,267 | +8.1% |
| Amounts payable within one year | 42/48 | €101,521 | €109,788 | +€8,267 | +8.1% |
| Taxes, remuneration and social security | 45 | €14,293 | €15,000 | +€707 | +4.9% |
| Taxes | 450/3 | €14,293 | €15,000 | +€707 | +4.9% |
| Other amounts payable | 47/48 | €87,228 | €94,788 | +€7,560 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €579 | = | 0.0% |
| Other operating charges | 640/8 | €181 | €120 | -€61 | -33.7% |
| Gross operating margin | 9900 | €119,590 | €129,247 | +€9,657 | +8.1% |
| Operating profit (loss) | 9901 | €118,830 | €128,548 | +€9,718 | +8.2% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €118,786 | €128,515 | +€9,729 | +8.2% |
| Income taxes | 67/77 | €23,502 | €26,556 | +€3,054 | +13.0% |
| Profit (loss) for the period | 9904 | €95,284 | €101,960 | +€6,675 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,284 | €101,960 | +€6,675 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.