MICS: 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.
MICS
Largest movements
- Current investments +€404,693
up €404,693 (+56.8%), from €711,981 to €1.1m
- Tangible fixed assets +€295,994
up €295,994 (+157%), from €188,180 to €484,174
of which Leasing and similar rights: +€285,349
- Receivables within one year -€138,603
down €138,603 (-87.7%), from €158,095 to €19,491
of which Trade receivables: -€154,688
- Cash -€66,910
down €66,910 (-36.8%), from €181,774 to €114,865
mainly Current investments (-€404,693) and Investment in fixed assets (net) (-€354,144)
- Reserves +€350,215
up €350,215 (+38.7%), from €904,860 to €1.3m
- Debts after one year +€211,057
new in 2026: €211,057
- Other debts -€104,579
down €104,579 (-42.4%), from €246,413 to €141,834
- Current portion of long-term debt +€43,693
new in 2026: €43,693
- Tax, wage and social debts -€33,661
down €33,661 (-83.5%), from €40,302 to €6,640
of which Taxes: -€33,777
- Gross operating margin -€205,293
down €205,293 (-24.2%), from €847,603 to €642,311
- Financial charges +€65,561
up €65,561 (+745%), from €8,805 to €74,366
- Taxes -€53,964
down €53,964 (-29.4%), from €183,479 to €129,515
- Financial income +€48,281
up €48,281 (+1,243%), from €3,883 to €52,164
- Depreciation +€26,329
up €26,329 (+82.7%), from €31,820 to €58,150
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,248,310 | €1,742,889 | +€494,579 | +39.6% |
| Fixed assets | 21/28 | €188,180 | €484,174 | +€295,994 | +157% |
| Tangible fixed assets | 22/27 | €188,180 | €484,174 | +€295,994 | +157% |
| Plant, machinery and equipment | 23 | €5,859 | €6,756 | +€897 | +15.3% |
| Furniture and vehicles | 24 | €4,627 | €13,321 | +€8,694 | +188% |
| Leasing and similar rights | 25 | - | €285,349 | +€285,349 | |
| Other tangible fixed assets | 26 | €177,694 | €178,748 | +€1,054 | +0.6% |
| Current assets | 29/58 | €1,060,130 | €1,258,715 | +€198,585 | +18.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €158,095 | €19,491 | -€138,603 | -87.7% |
| Trade receivables | 40 | €154,688 | €0 | -€154,688 | -100% |
| Other amounts receivable | 41 | €3,407 | €19,491 | +€16,085 | +472% |
| Current investments | 50/53 | €711,981 | €1,116,674 | +€404,693 | +56.8% |
| Cash at bank and in hand | 54/58 | €181,774 | €114,865 | -€66,910 | -36.8% |
| Deferred charges and accrued income | 490/1 | €8,280 | €7,684 | -€596 | -7.2% |
| Total equity and liabilities | 10/49 | €1,248,310 | €1,742,889 | +€494,579 | +39.6% |
| Equity | 10/15 | €954,860 | €1,304,906 | +€350,047 | +36.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €904,860 | €1,255,074 | +€350,215 | +38.7% |
| Distributable reserves | 133 | €904,860 | €1,255,074 | +€350,215 | +38.7% |
| Profit (loss) carried forward | 14 | €0 | -€168 | -€168 | |
| Amounts payable | 17/49 | €293,451 | €437,983 | +€144,532 | +49.3% |
| Amounts payable after more than one year | 17 | - | €211,057 | +€211,057 | |
| Financial debts | 170/4 | - | €211,057 | +€211,057 | |
| Amounts payable within one year | 42/48 | €293,451 | €226,925 | -€66,525 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | - | €43,693 | +€43,693 | |
| Financial debts | 43 | €4,997 | €16,485 | +€11,488 | +230% |
| Credit institutions | 430/8 | €4,997 | €16,485 | +€11,488 | +230% |
| Trade debts | 44 | €1,739 | €18,273 | +€16,535 | +951% |
| Suppliers | 440/4 | €1,739 | €18,273 | +€16,535 | +951% |
| Taxes, remuneration and social security | 45 | €40,302 | €6,640 | -€33,661 | -83.5% |
| Taxes | 450/3 | €33,777 | €0 | -€33,777 | -100% |
| Remuneration and social security | 454/9 | €6,525 | €6,640 | +€115 | +1.8% |
| Other amounts payable | 47/48 | €246,413 | €141,834 | -€104,579 | -42.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €47,063 | €41,875 | -€5,188 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,820 | €58,150 | +€26,329 | +82.7% |
| Other operating charges | 640/8 | €23,482 | €32,159 | +€8,677 | +37.0% |
| Non-recurring operating charges | 66A | - | €8,364 | +€8,364 | |
| Gross operating margin | 9900 | €847,603 | €642,311 | -€205,293 | -24.2% |
| Operating profit (loss) | 9901 | €745,238 | €501,763 | -€243,475 | -32.7% |
| Financial income | 75/76B | €3,883 | €52,164 | +€48,281 | +1,243% |
| Recurring financial income | 75 | €3,883 | €52,164 | +€48,281 | +1,243% |
| Financial charges | 65/66B | €8,805 | €74,366 | +€65,561 | +745% |
| Recurring financial charges | 65 | €8,805 | €74,366 | +€65,561 | +745% |
| Profit (loss) for the period before taxes | 9903 | €740,317 | €479,561 | -€260,755 | -35.2% |
| Income taxes | 67/77 | €183,479 | €129,515 | -€53,964 | -29.4% |
| Profit (loss) for the period | 9904 | €556,838 | €350,047 | -€206,791 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €556,838 | €350,047 | -€206,791 | -37.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.