MIKADO BEL: 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.
MIKADO BEL
Largest movements
- Tangible fixed assets -€50,773
down €50,773 (-42.3%), from €120,123 to €69,350
of which Furniture and vehicles: -€48,986
- Profit (loss) carried forward -€120,217
down €120,217 (-52.8%), from €227,540 to €107,323
- Trade debts +€103,249
up €103,249 (+81.3%), from €126,998 to €230,247
- Tax, wage and social debts -€29,208
down €29,208 (-57.6%), from €50,751 to €21,543
- Debts after one year -€20,808
down €20,808 (-46.1%), from €45,125 to €24,318
- Other debts +€11,016
up €11,016 (+24.1%), from €45,802 to €56,818
- Gross operating margin -€159,461
down €159,461, from €108,065 to -€51,396
- Taxes -€12,258
down €12,258 (-98.2%), from €12,483 to €226
- Depreciation +€3,598
up €3,598 (+7.6%), from €47,175 to €50,773
- Financial charges +€2,691
up €2,691 (+88.2%), from €3,053 to €5,745
- Other operating charges +€2,651
up €2,651 (+28.0%), from €9,457 to €12,109
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 | €742,612 | €675,988 | -€66,624 | -9.0% |
| Fixed assets | 21/28 | €120,432 | €69,659 | -€50,773 | -42.2% |
| Tangible fixed assets | 22/27 | €120,123 | €69,350 | -€50,773 | -42.3% |
| Plant, machinery and equipment | 23 | €4,244 | €2,457 | -€1,787 | -42.1% |
| Furniture and vehicles | 24 | €115,879 | €66,893 | -€48,986 | -42.3% |
| Financial fixed assets | 28 | €309 | €309 | = | 0.0% |
| Current assets | 29/58 | €622,180 | €606,329 | -€15,851 | -2.5% |
| Amounts receivable within one year | 40/41 | €594,115 | €590,129 | -€3,986 | -0.7% |
| Trade receivables | 40 | €460,466 | €489,119 | +€28,652 | +6.2% |
| Other amounts receivable | 41 | €133,649 | €101,010 | -€32,639 | -24.4% |
| Cash at bank and in hand | 54/58 | €14,317 | €8,983 | -€5,334 | -37.3% |
| Deferred charges and accrued income | 490/1 | €13,748 | €7,218 | -€6,531 | -47.5% |
| Total equity and liabilities | 10/49 | €742,612 | €675,988 | -€66,624 | -9.0% |
| Equity | 10/15 | €442,472 | €322,255 | -€120,217 | -27.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €208,732 | €208,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €208,732 | €1,860 | -€206,872 | -99.1% |
| Legal reserve | 130 | €206,872 | - | -€206,872 | |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €206,872 | +€206,872 | |
| Profit (loss) carried forward | 14 | €227,540 | €107,323 | -€120,217 | -52.8% |
| Amounts payable | 17/49 | €300,141 | €353,734 | +€53,593 | +17.9% |
| Amounts payable after more than one year | 17 | €45,125 | €24,318 | -€20,808 | -46.1% |
| Financial debts | 170/4 | €45,125 | €24,318 | -€20,808 | -46.1% |
| Amounts payable within one year | 42/48 | €254,934 | €329,416 | +€74,482 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €31,383 | €20,808 | -€10,575 | -33.7% |
| Trade debts | 44 | €126,998 | €230,247 | +€103,249 | +81.3% |
| Suppliers | 440/4 | €126,998 | €230,247 | +€103,249 | +81.3% |
| Taxes, remuneration and social security | 45 | €50,751 | €21,543 | -€29,208 | -57.6% |
| Taxes | 450/3 | €50,751 | €21,543 | -€29,208 | -57.6% |
| Other amounts payable | 47/48 | €45,802 | €56,818 | +€11,016 | +24.1% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,175 | €50,773 | +€3,598 | +7.6% |
| Other operating charges | 640/8 | €9,457 | €12,109 | +€2,651 | +28.0% |
| Gross operating margin | 9900 | €108,065 | -€51,396 | -€159,461 | |
| Operating profit (loss) | 9901 | €51,433 | -€114,277 | -€165,710 | |
| Financial income | 75/76B | €43 | €31 | -€12 | -28.0% |
| Recurring financial income | 75 | €43 | €31 | -€12 | -28.0% |
| Financial charges | 65/66B | €3,053 | €5,745 | +€2,691 | +88.2% |
| Recurring financial charges | 65 | €3,053 | €5,745 | +€2,691 | +88.2% |
| Profit (loss) for the period before taxes | 9903 | €48,423 | -€119,991 | -€168,414 | |
| Income taxes | 67/77 | €12,483 | €226 | -€12,258 | -98.2% |
| Profit (loss) for the period | 9904 | €35,939 | -€120,217 | -€156,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,939 | -€120,217 | -€156,156 |
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 24 October 2026 via checked.be.