MICHTHE: 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.
MICHTHE
Largest movements
- Tangible fixed assets -€22,976
down €22,976 (-38.3%), from €60,025 to €37,049
of which Furniture and vehicles: -€19,257
- Current investments -€14,123
no longer reported in 2025 (was €14,123)
- Stocks and contracts -€12,804
down €12,804 (-62.3%), from €20,554 to €7,750
- Receivables within one year +€6,183
up €6,183 (+579%), from €1,069 to €7,251
of which Other amounts receivable: +€3,742
- Financial fixed assets -€2,700
no longer reported in 2025 (was €2,700)
- Debts after one year -€32,629
down €32,629 (-80.2%), from €40,699 to €8,070
- Profit (loss) carried forward -€22,563
down €22,563 (-273%), from -€8,263 to -€30,826
- Trade debts +€13,446
up €13,446 (+1,239%), from €1,086 to €14,531
- Current portion of long-term debt -€3,208
down €3,208 (-31.4%), from €10,215 to €7,007
- Contributions +€3,000
up €3,000 (+10.0%), from €30,000 to €33,000
- Gross operating margin -€12,934
down €12,934 (-66.1%), from €19,557 to €6,623
- Staff costs -€5,501
down €5,501 (-76.1%), from €7,229 to €1,728
- Depreciation +€4,031
up €4,031 (+21.3%), from €18,944 to €22,976
- Financial charges +€2,697
up €2,697 (+5,897%), from €46 to €2,743
- Other operating charges -€903
down €903 (-40.9%), from €2,208 to €1,306
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 | €100,103 | €54,978 | -€45,125 | -45.1% |
| Fixed assets | 21/28 | €62,725 | €37,049 | -€25,676 | -40.9% |
| Tangible fixed assets | 22/27 | €60,025 | €37,049 | -€22,976 | -38.3% |
| Land and buildings | 22 | €11,544 | €7,825 | -€3,719 | -32.2% |
| Furniture and vehicles | 24 | €48,480 | €29,224 | -€19,257 | -39.7% |
| Financial fixed assets | 28 | €2,700 | - | -€2,700 | |
| Current assets | 29/58 | €37,378 | €17,930 | -€19,449 | -52.0% |
| Stocks and contracts in progress | 3 | €20,554 | €7,750 | -€12,804 | -62.3% |
| Stocks | 30/36 | €20,554 | €7,750 | -€12,804 | -62.3% |
| Amounts receivable within one year | 40/41 | €1,069 | €7,251 | +€6,183 | +579% |
| Trade receivables | 40 | - | €2,441 | +€2,441 | |
| Other amounts receivable | 41 | €1,069 | €4,810 | +€3,742 | +350% |
| Current investments | 50/53 | €14,123 | - | -€14,123 | |
| Cash at bank and in hand | 54/58 | €1,633 | €935 | -€698 | -42.7% |
| Deferred charges and accrued income | 490/1 | - | €1,993 | +€1,993 | |
| Total equity and liabilities | 10/49 | €100,103 | €54,978 | -€45,125 | -45.1% |
| Equity | 10/15 | €24,737 | €2,174 | -€22,563 | -91.2% |
| Contributions | 10/11 | €30,000 | €33,000 | +€3,000 | +10.0% |
| Reserves | 13 | €3,000 | - | -€3,000 | |
| Distributable reserves | 133 | €3,000 | - | -€3,000 | |
| Profit (loss) carried forward | 14 | -€8,263 | -€30,826 | -€22,563 | -273% |
| Amounts payable | 17/49 | €75,366 | €52,804 | -€22,561 | -29.9% |
| Amounts payable after more than one year | 17 | €40,699 | €8,070 | -€32,629 | -80.2% |
| Financial debts | 170/4 | €40,699 | €8,070 | -€32,629 | -80.2% |
| Amounts payable within one year | 42/48 | €34,667 | €44,734 | +€10,067 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €10,215 | €7,007 | -€3,208 | -31.4% |
| Trade debts | 44 | €1,086 | €14,531 | +€13,446 | +1,239% |
| Suppliers | 440/4 | €1,086 | €14,531 | +€13,446 | +1,239% |
| Taxes, remuneration and social security | 45 | €8,756 | €6,717 | -€2,039 | -23.3% |
| Taxes | 450/3 | €6,109 | €6,717 | +€608 | +9.9% |
| Remuneration and social security | 454/9 | €2,647 | - | -€2,647 | |
| Other amounts payable | 47/48 | €14,611 | €16,479 | +€1,869 | +12.8% |
| Remuneration, social security and pensions | 62 | €7,229 | €1,728 | -€5,501 | -76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,944 | €22,976 | +€4,031 | +21.3% |
| Other operating charges | 640/8 | €2,208 | €1,306 | -€903 | -40.9% |
| Gross operating margin | 9900 | €19,557 | €6,623 | -€12,934 | -66.1% |
| Operating profit (loss) | 9901 | -€8,825 | -€19,386 | -€10,561 | -120% |
| Financial income | 75/76B | €17 | €0 | -€17 | -99.6% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -99.6% |
| Financial charges | 65/66B | €46 | €2,743 | +€2,697 | +5,897% |
| Recurring financial charges | 65 | €46 | €2,743 | +€2,697 | +5,897% |
| Profit (loss) for the period before taxes | 9903 | -€8,854 | -€22,129 | -€13,276 | -150% |
| Income taxes | 67/77 | - | €434 | +€434 | |
| Profit (loss) for the period | 9904 | -€8,854 | -€22,563 | -€13,710 | -155% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,854 | -€22,563 | -€13,710 | -155% |
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 14 October 2026 via checked.be.