MICHOT: 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.
MICHOT
Largest movements
- Current investments +€1.1m
new in 2025: €1.1m
- Cash -€993,794
down €993,794 (-72.6%), from €1.4m to €375,664
mainly Current investments (-€1.1m) and Contributions, distributions and other (-€237,000)
- Receivables within one year +€61,783
up €61,783 (+10.9%), from €565,427 to €627,209
of which Other amounts receivable: +€33,888
- Tangible fixed assets +€46,420
up €46,420 (+25.2%), from €184,450 to €230,870
of which Furniture and vehicles: +€42,921
- Reserves +€113,000
up €113,000 (+7.8%), from €1.5m to €1.6m
of which Distributable reserves: +€113,000
- Other debts +€92,741
up €92,741 (+152.2%), from €60,946 to €153,688
- Trade debts -€89,877
down €89,877 (-74.7%), from €120,298 to €30,421
- Profit (loss) carried forward +€75,111
up €75,111 (+21.3%), from €352,626 to €427,737
- Gross operating margin -€785,804
down €785,804 (-48.8%), from €1.6m to €825,750
- Taxes -€222,630
down €222,630 (-49.0%), from €454,642 to €232,012
- Depreciation +€27,644
up €27,644 (+54.5%), from €50,713 to €78,356
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 | €2,136,948 | €2,354,410 | +€217,461 | +10.2% |
| Fixed assets | 21/28 | €184,574 | €230,994 | +€46,420 | +25.1% |
| Tangible fixed assets | 22/27 | €184,450 | €230,870 | +€46,420 | +25.2% |
| Land and buildings | 22 | €6,032 | €4,801 | -€1,231 | -20.4% |
| Plant, machinery and equipment | 23 | €14,808 | €11,556 | -€3,252 | -22.0% |
| Furniture and vehicles | 24 | €157,888 | €200,809 | +€42,921 | +27.2% |
| Other tangible fixed assets | 26 | €5,721 | €13,703 | +€7,982 | +139.5% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €1,952,375 | €2,123,416 | +€171,041 | +8.8% |
| Stocks and contracts in progress | 3 | €14,330 | €15,620 | +€1,290 | +9.0% |
| Stocks | 30/36 | €14,330 | €15,620 | +€1,290 | +9.0% |
| Amounts receivable within one year | 40/41 | €565,427 | €627,209 | +€61,783 | +10.9% |
| Trade receivables | 40 | €136,532 | €164,426 | +€27,894 | +20.4% |
| Other amounts receivable | 41 | €428,895 | €462,783 | +€33,888 | +7.9% |
| Current investments | 50/53 | - | €1,100,000 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €1,369,458 | €375,664 | -€993,794 | -72.6% |
| Deferred charges and accrued income | 490/1 | €3,160 | €4,923 | +€1,763 | +55.8% |
| Total equity and liabilities | 10/49 | €2,136,948 | €2,354,410 | +€217,461 | +10.2% |
| Equity | 10/15 | €1,832,404 | €2,020,515 | +€188,111 | +10.3% |
| Contributions | 10/11 | €24,305 | €24,305 | = | 0.0% |
| Reserves | 13 | €1,455,473 | €1,568,473 | +€113,000 | +7.8% |
| Tax-exempt reserves | 132 | €18,483 | €18,483 | = | 0.0% |
| Distributable reserves | 133 | €1,436,989 | €1,549,989 | +€113,000 | +7.9% |
| Profit (loss) carried forward | 14 | €352,626 | €427,737 | +€75,111 | +21.3% |
| Amounts payable | 17/49 | €304,545 | €333,895 | +€29,350 | +9.6% |
| Amounts payable within one year | 42/48 | €304,545 | €325,795 | +€21,250 | +7.0% |
| Trade debts | 44 | €120,298 | €30,421 | -€89,877 | -74.7% |
| Suppliers | 440/4 | €120,298 | €30,421 | -€89,877 | -74.7% |
| Taxes, remuneration and social security | 45 | €123,300 | €141,686 | +€18,385 | +14.9% |
| Taxes | 450/3 | €107,074 | €138,241 | +€31,167 | +29.1% |
| Remuneration and social security | 454/9 | €16,227 | €3,445 | -€12,782 | -78.8% |
| Other amounts payable | 47/48 | €60,946 | €153,688 | +€92,741 | +152.2% |
| Accrued charges and deferred income | 492/3 | - | €8,100 | +€8,100 | |
| Remuneration, social security and pensions | 62 | €105,449 | €111,436 | +€5,988 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,713 | €78,356 | +€27,644 | +54.5% |
| Other operating charges | 640/8 | €2,151 | €4,588 | +€2,438 | +113.4% |
| Gross operating margin | 9900 | €1,611,554 | €825,750 | -€785,804 | -48.8% |
| Operating profit (loss) | 9901 | €1,453,242 | €631,369 | -€821,873 | -56.6% |
| Financial income | 75/76B | €14,872 | €26,540 | +€11,668 | +78.5% |
| Recurring financial income | 75 | €14,872 | €26,540 | +€11,668 | +78.5% |
| Financial charges | 65/66B | €889 | €786 | -€103 | -11.6% |
| Recurring financial charges | 65 | €889 | €786 | -€103 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €1,467,225 | €657,123 | -€810,102 | -55.2% |
| Income taxes | 67/77 | €454,642 | €232,012 | -€222,630 | -49.0% |
| Profit (loss) for the period | 9904 | €1,012,583 | €425,111 | -€587,472 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,012,583 | €425,111 | -€587,472 | -58.0% |
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 10 October 2026 via checked.be.