MICOD: 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.
MICOD
Largest movements
- Cash -€36,288
down €36,288 (-43.4%), from €83,561 to €47,273
mainly Other debts (-€51,535) and Receivables within one year (-€13,865)
- Receivables within one year +€13,865
up €13,865 (+872.3%), from €1,589 to €15,455
of which Other amounts receivable: +€8,247
- Tangible fixed assets -€11,630
down €11,630 (-35.8%), from €32,471 to €20,841
of which Furniture and vehicles: -€10,372
- Stocks and contracts +€1,590
up €1,590 (+41.0%), from €3,878 to €5,468
- Other debts -€51,535
no longer reported in 2025 (was €51,535)
- Reserves +€23,987
up €23,987 (+1289.6%), from €1,860 to €25,847
of which Distributable reserves: +€23,987
- Debts after one year -€4,564
no longer reported in 2025 (was €4,564)
- Current portion of long-term debt -€3,107
down €3,107 (-40.5%), from €7,671 to €4,564
- Gross operating margin +€30,802
up €30,802 (+430.6%), from €7,154 to €37,955
- Taxes +€2,354
up €2,354 (+1308.0%), from €180 to €2,534
- Write-downs -€750
down €750 (-169.1%), from -€443 to -€1,193
- Financial charges -€657
down €657 (-56.5%), from €1,163 to €506
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 | €123,787 | €90,579 | -€33,207 | -26.8% |
| Fixed assets | 21/28 | €32,471 | €20,841 | -€11,630 | -35.8% |
| Tangible fixed assets | 22/27 | €32,471 | €20,841 | -€11,630 | -35.8% |
| Land and buildings | 22 | €404 | €249 | -€155 | -38.5% |
| Plant, machinery and equipment | 23 | €5,270 | €4,167 | -€1,103 | -20.9% |
| Furniture and vehicles | 24 | €26,797 | €16,425 | -€10,372 | -38.7% |
| Current assets | 29/58 | €91,316 | €69,739 | -€21,577 | -23.6% |
| Stocks and contracts in progress | 3 | €3,878 | €5,468 | +€1,590 | +41.0% |
| Stocks | 30/36 | €3,878 | €5,468 | +€1,590 | +41.0% |
| Amounts receivable within one year | 40/41 | €1,589 | €15,455 | +€13,865 | +872.3% |
| Trade receivables | 40 | €1,589 | €7,208 | +€5,619 | +353.5% |
| Other amounts receivable | 41 | - | €8,247 | +€8,247 | |
| Cash at bank and in hand | 54/58 | €83,561 | €47,273 | -€36,288 | -43.4% |
| Deferred charges and accrued income | 490/1 | €2,287 | €1,542 | -€745 | -32.6% |
| Total equity and liabilities | 10/49 | €123,787 | €90,579 | -€33,207 | -26.8% |
| Equity | 10/15 | €50,980 | €74,967 | +€23,987 | +47.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €25,847 | +€23,987 | +1289.6% |
| 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 | - | €23,987 | +€23,987 | |
| Profit (loss) carried forward | 14 | €30,520 | €30,520 | = | 0.0% |
| Amounts payable | 17/49 | €72,807 | €15,613 | -€57,194 | -78.6% |
| Amounts payable after more than one year | 17 | €4,564 | - | -€4,564 | |
| Financial debts | 170/4 | €4,564 | - | -€4,564 | |
| Amounts payable within one year | 42/48 | €68,243 | €15,613 | -€52,630 | -77.1% |
| Current portion of amounts payable after more than one year | 42 | €7,671 | €4,564 | -€3,107 | -40.5% |
| Trade debts | 44 | €3,034 | €3,949 | +€915 | +30.2% |
| Suppliers | 440/4 | €3,034 | €3,949 | +€915 | +30.2% |
| Taxes, remuneration and social security | 45 | €6,004 | €7,099 | +€1,096 | +18.3% |
| Taxes | 450/3 | €4,004 | €7,099 | +€3,096 | +77.3% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €51,535 | - | -€51,535 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,807 | €11,630 | -€177 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€443 | -€1,193 | -€750 | -169.1% |
| Other operating charges | 640/8 | €935 | €930 | -€6 | -0.6% |
| Gross operating margin | 9900 | €7,154 | €37,955 | +€30,802 | +430.6% |
| Operating profit (loss) | 9901 | -€5,145 | €26,588 | +€31,734 | |
| Financial income | 75/76B | €122 | €439 | +€317 | +260.0% |
| Recurring financial income | 75 | €122 | €439 | +€317 | +260.0% |
| Financial charges | 65/66B | €1,163 | €506 | -€657 | -56.5% |
| Recurring financial charges | 65 | €1,163 | €506 | -€657 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,187 | €26,521 | +€32,707 | |
| Income taxes | 67/77 | €180 | €2,534 | +€2,354 | +1308.0% |
| Profit (loss) for the period | 9904 | -€6,367 | €23,987 | +€30,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,367 | €23,987 | +€30,354 |
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 12 October 2026 via checked.be.