MICHVER: 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.
MICHVER
Largest movements
- Cash +€93,733
up €93,733 (+197%), from €47,648 to €141,381
mainly Net result for the year (+€102,882) and Receivables after one year (+€52,500)
- Receivables after one year -€52,500
down €52,500 (-33.3%), from €157,500 to €105,000
- Receivables within one year -€5,729
down €5,729 (-7.0%), from €81,480 to €75,751
of which Other amounts receivable: -€3,822
- Profit (loss) carried forward +€102,882
up €102,882 (+227%), from €45,351 to €148,233
- Debts after one year -€47,081
down €47,081 (-28.3%), from €166,569 to €119,488
- Reserves -€21,600
down €21,600 (-91.5%), from €23,600 to €2,000
- Financial income +€89,533
up €89,533 (+1,052%), from €8,510 to €98,044
- Gross operating margin -€6,704
down €6,704 (-26.3%), from €25,476 to €18,773
- Depreciation -€3,428
down €3,428 (-96.5%), from €3,553 to €125
- Financial charges +€3,337
up €3,337 (+70.8%), from €4,715 to €8,052
- Taxes -€1,568
down €1,568 (-29.1%), from €5,395 to €3,827
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 | €307,585 | €343,560 | +€35,976 | +11.7% |
| Fixed assets | 21/28 | €6,053 | €4,120 | -€1,932 | -31.9% |
| Tangible fixed assets | 22/27 | €3,553 | €1,620 | -€1,932 | -54.4% |
| Plant, machinery and equipment | 23 | - | €1,620 | +€1,620 | |
| Furniture and vehicles | 24 | €3,553 | - | -€3,553 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €301,532 | €339,440 | +€37,908 | +12.6% |
| Amounts receivable after more than one year | 29 | €157,500 | €105,000 | -€52,500 | -33.3% |
| Trade receivables | 290 | €157,500 | €105,000 | -€52,500 | -33.3% |
| Amounts receivable within one year | 40/41 | €81,480 | €75,751 | -€5,729 | -7.0% |
| Trade receivables | 40 | €7,620 | €5,713 | -€1,907 | -25.0% |
| Other amounts receivable | 41 | €73,860 | €70,038 | -€3,822 | -5.2% |
| Current investments | 50/53 | €11,250 | €11,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,648 | €141,381 | +€93,733 | +197% |
| Deferred charges and accrued income | 490/1 | €3,654 | €6,058 | +€2,404 | +65.8% |
| Total equity and liabilities | 10/49 | €307,585 | €343,560 | +€35,976 | +11.7% |
| Equity | 10/15 | €88,951 | €170,233 | +€81,282 | +91.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €23,600 | €2,000 | -€21,600 | -91.5% |
| Distributable reserves | 133 | €23,600 | €2,000 | -€21,600 | -91.5% |
| Profit (loss) carried forward | 14 | €45,351 | €148,233 | +€102,882 | +227% |
| Amounts payable | 17/49 | €218,633 | €173,327 | -€45,306 | -20.7% |
| Amounts payable after more than one year | 17 | €166,569 | €119,488 | -€47,081 | -28.3% |
| Financial debts | 170/4 | €166,569 | €119,488 | -€47,081 | -28.3% |
| Amounts payable within one year | 42/48 | €49,495 | €52,044 | +€2,549 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €46,369 | €49,605 | +€3,236 | +7.0% |
| Trade debts | 44 | €1,126 | €433 | -€693 | -61.5% |
| Suppliers | 440/4 | €1,126 | €433 | -€693 | -61.5% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,006 | +€6 | +0.3% |
| Taxes | 450/3 | €2,000 | €2,006 | +€6 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,569 | €1,795 | -€774 | -30.1% |
| Non-recurring operating income | 76A | - | €7,447 | +€7,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,553 | €125 | -€3,428 | -96.5% |
| Other operating charges | 640/8 | €964 | €1,931 | +€966 | +100% |
| Gross operating margin | 9900 | €25,476 | €18,773 | -€6,704 | -26.3% |
| Operating profit (loss) | 9901 | €20,959 | €16,717 | -€4,242 | -20.2% |
| Financial income | 75/76B | €8,510 | €98,044 | +€89,533 | +1,052% |
| Recurring financial income | 75 | €8,510 | €98,044 | +€89,533 | +1,052% |
| Financial charges | 65/66B | €4,715 | €8,052 | +€3,337 | +70.8% |
| Recurring financial charges | 65 | €4,715 | €8,052 | +€3,337 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €24,754 | €106,709 | +€81,954 | +331% |
| Income taxes | 67/77 | €5,395 | €3,827 | -€1,568 | -29.1% |
| Profit (loss) for the period | 9904 | €19,359 | €102,882 | +€83,522 | +431% |
| Profit (loss) for the period to be appropriated | 9905 | €19,359 | €102,882 | +€83,522 | +431% |
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 20 October 2026 via checked.be.