MICOM: 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.
MICOM
Largest movements
- Current investments -€49,197
down €49,197 (-9.6%), from €509,928 to €460,732
- Receivables within one year +€24,291
up €24,291 (+49.5%), from €49,076 to €73,366
of which Trade receivables: +€21,115
- Profit (loss) carried forward -€14,286
down €14,286 (-15.2%), from €94,020 to €79,734
- Reserves -€9,617
down €9,617 (-2.1%), from €466,864 to €457,247
of which Distributable reserves: -€9,617
- Gross operating margin -€30,889
down €30,889 (-23.6%), from €130,637 to €99,748
- Taxes -€10,528
down €10,528 (-28.2%), from €37,316 to €26,788
- Financial income -€2,510
down €2,510 (-49.7%), from €5,046 to €2,536
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 | €591,111 | €564,319 | -€26,793 | -4.5% |
| Fixed assets | 21/28 | €26,330 | €27,830 | +€1,500 | +5.7% |
| Intangible fixed assets | 21 | €353 | €54 | -€299 | -84.7% |
| Tangible fixed assets | 22/27 | €25,977 | €27,776 | +€1,799 | +6.9% |
| Land and buildings | 22 | €7,729 | €6,953 | -€776 | -10.0% |
| Plant, machinery and equipment | 23 | €2,344 | €12,646 | +€10,301 | +439.5% |
| Furniture and vehicles | 24 | €13,382 | €6,917 | -€6,465 | -48.3% |
| Other tangible fixed assets | 26 | €2,521 | €1,261 | -€1,261 | -50.0% |
| Current assets | 29/58 | €564,782 | €536,489 | -€28,293 | -5.0% |
| Amounts receivable after more than one year | 29 | €3,203 | - | -€3,203 | |
| Trade receivables | 290 | €3,203 | - | -€3,203 | |
| Amounts receivable within one year | 40/41 | €49,076 | €73,366 | +€24,291 | +49.5% |
| Trade receivables | 40 | €25,713 | €46,827 | +€21,115 | +82.1% |
| Other amounts receivable | 41 | €23,363 | €26,539 | +€3,176 | +13.6% |
| Current investments | 50/53 | €509,928 | €460,732 | -€49,197 | -9.6% |
| Cash at bank and in hand | 54/58 | €2,069 | €1,933 | -€136 | -6.6% |
| Deferred charges and accrued income | 490/1 | €505 | €458 | -€47 | -9.3% |
| Total equity and liabilities | 10/49 | €591,111 | €564,319 | -€26,793 | -4.5% |
| Equity | 10/15 | €579,476 | €555,573 | -€23,903 | -4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €466,864 | €457,247 | -€9,617 | -2.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €465,005 | €455,388 | -€9,617 | -2.1% |
| Profit (loss) carried forward | 14 | €94,020 | €79,734 | -€14,286 | -15.2% |
| Amounts payable | 17/49 | €11,635 | €8,746 | -€2,890 | -24.8% |
| Amounts payable within one year | 42/48 | €11,635 | €8,746 | -€2,890 | -24.8% |
| Financial debts | 43 | €1,311 | €2,189 | +€878 | +67.0% |
| Credit institutions | 430/8 | €1,311 | €2,189 | +€878 | +67.0% |
| Trade debts | 44 | €2,404 | €4,461 | +€2,056 | +85.5% |
| Suppliers | 440/4 | €2,404 | €4,461 | +€2,056 | +85.5% |
| Taxes, remuneration and social security | 45 | €7,920 | €2,096 | -€5,824 | -73.5% |
| Taxes | 450/3 | €7,920 | €2,096 | -€5,824 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,777 | €8,566 | +€789 | +10.2% |
| Other operating charges | 640/8 | €503 | €400 | -€104 | -20.6% |
| Non-recurring operating charges | 66A | - | €921 | +€921 | |
| Gross operating margin | 9900 | €130,637 | €99,748 | -€30,889 | -23.6% |
| Operating profit (loss) | 9901 | €122,357 | €89,861 | -€32,496 | -26.6% |
| Financial income | 75/76B | €5,046 | €2,536 | -€2,510 | -49.7% |
| Recurring financial income | 75 | €5,046 | €2,536 | -€2,510 | -49.7% |
| Financial charges | 65/66B | €1,376 | €226 | -€1,149 | -83.6% |
| Recurring financial charges | 65 | €1,376 | €226 | -€1,149 | -83.6% |
| Profit (loss) for the period before taxes | 9903 | €126,027 | €92,171 | -€33,856 | -26.9% |
| Income taxes | 67/77 | €37,316 | €26,788 | -€10,528 | -28.2% |
| Profit (loss) for the period | 9904 | €88,711 | €65,383 | -€23,328 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €88,711 | €65,383 | -€23,328 | -26.3% |
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.