Mikado-R: 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.
What changed
Mikado-R
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€20,444
2024 · €19,282+€1,162
Equity
€309,713
2024 · €122,394+€187,319
Cash
€15,282
2024 · €15,554-€272
Balance sheet total
€907,170
2024 · €763,313+€143,858
Largest movements
Assets
- Tangible fixed assets +€146,629
up €146,629 (+19.7%), from €743,352 to €889,982
Equity and liabilities
- Revaluation surpluses +€166,857
new in 2025: €166,857
- Debts after one year -€37,851
down €37,851 (-6.5%), from €585,462 to €547,611
- Reserves +€20,462
up €20,462 (+48.3%), from €42,394 to €62,856
Income statement
- Gross operating margin +€1,407
up €1,407 (+2.0%), from €68,827 to €70,233
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.
Result 2024
€19,282
Gross operating margin
+€1,407
Depreciation
-€18
Other operating charges
-€371
Financial charges
+€504
Taxes
-€360
Result 2025
€20,444
raises the resultlowers the result
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.
From operations
+€37,016
Investment
-€166,875
Financing
+€129,588
Cash 2024
€15,554
From operations (derived)
+€37,016
Net result for the year
+€20,444
Depreciation
+€20,246
Receivables within one year
-€1,231
Deferred charges and accrued income
+€3,731
Trade debts
-€592
Tax, wage and social debts
-€6,209
Accrued charges and deferred income
+€627
Investment (derived)
-€166,875
Investment in fixed assets (net)
-€166,875
Financing
+€129,588
Debts after one year
-€37,851
Current portion of long-term debt
+€564
Contributions, distributions and other
+€166,875
Cash 2025
€15,282
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €763,313 | €907,170 | +€143,858 | +18.8% |
| Fixed assets | 21/28 | €743,352 | €889,982 | +€146,629 | +19.7% |
| Tangible fixed assets | 22/27 | €743,352 | €889,982 | +€146,629 | +19.7% |
| Land and buildings | 22 | €743,352 | €889,982 | +€146,629 | +19.7% |
| Current assets | 29/58 | €19,961 | €17,189 | -€2,772 | -13.9% |
| Amounts receivable within one year | 40/41 | €675 | €1,906 | +€1,231 | +182% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €675 | €1,906 | +€1,231 | +182% |
| Cash at bank and in hand | 54/58 | €15,554 | €15,282 | -€272 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,731 | €0 | -€3,731 | -100% |
| Total equity and liabilities | 10/49 | €763,313 | €907,170 | +€143,858 | +18.8% |
| Equity | 10/15 | €122,394 | €309,713 | +€187,319 | +153% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €166,857 | +€166,857 | |
| Reserves | 13 | €42,394 | €62,856 | +€20,462 | +48.3% |
| Distributable reserves | 133 | €42,394 | €62,856 | +€20,462 | +48.3% |
| Amounts payable | 17/49 | €640,919 | €597,458 | -€43,462 | -6.8% |
| Amounts payable after more than one year | 17 | €585,462 | €547,611 | -€37,851 | -6.5% |
| Financial debts | 170/4 | €585,462 | €547,611 | -€37,851 | -6.5% |
| Amounts payable within one year | 42/48 | €44,363 | €38,126 | -€6,237 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €37,316 | €37,880 | +€564 | +1.5% |
| Trade debts | 44 | €838 | €246 | -€592 | -70.7% |
| Suppliers | 440/4 | €838 | €246 | -€592 | -70.7% |
| Taxes, remuneration and social security | 45 | €6,209 | €0 | -€6,209 | -100% |
| Taxes | 450/3 | €6,209 | €0 | -€6,209 | -100% |
| Accrued charges and deferred income | 492/3 | €11,094 | €11,721 | +€627 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,227 | €20,246 | +€18 | +0.1% |
| Other operating charges | 640/8 | €9,324 | €9,694 | +€371 | +4.0% |
| Gross operating margin | 9900 | €68,827 | €70,233 | +€1,407 | +2.0% |
| Operating profit (loss) | 9901 | €39,276 | €40,293 | +€1,018 | +2.6% |
| Financial charges | 65/66B | €13,532 | €13,029 | -€504 | -3.7% |
| Recurring financial charges | 65 | €13,532 | €13,029 | -€504 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €25,743 | €27,265 | +€1,521 | +5.9% |
| Income taxes | 67/77 | €6,461 | €6,821 | +€360 | +5.6% |
| Profit (loss) for the period | 9904 | €19,282 | €20,444 | +€1,162 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,282 | €20,444 | +€1,162 | +6.0% |
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 31 October 2026 via checked.be.