MIKALIM: 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.
MIKALIM
Largest movements
- Tangible fixed assets +€245,790
up €245,790 (+58.1%), from €422,819 to €668,609
of which Assets under construction and advance payments: +€265,443
- Cash +€31,614
up €31,614 (+15.7%), from €201,255 to €232,869
mainly Debts after one year (+€268,320) and Net result for the year (+€52,190)
- Debts after one year +€268,320
up €268,320 (+93.9%), from €285,862 to €554,181
- Profit (loss) carried forward +€52,190
up €52,190 (+26.6%), from €195,918 to €248,108
- Other debts -€19,056
down €19,056 (-48.8%), from €39,075 to €20,019
- Trade debts -€12,138
down €12,138 (-27.8%), from €43,657 to €31,519
- Current portion of long-term debt -€9,882
down €9,882 (-26.3%), from €37,507 to €27,625
- Staff costs +€53,685
up €53,685 (+35.9%), from €149,458 to €203,143
- Gross operating margin +€21,251
up €21,251 (+6.8%), from €310,288 to €331,539
- Other operating charges -€16,214
down €16,214 (-60.1%), from €26,997 to €10,783
- Financial charges +€8,231
up €8,231 (+54.1%), from €15,211 to €23,441
- Taxes -€3,715
down €3,715 (-18.5%), from €20,065 to €16,350
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 | €668,041 | €939,738 | +€271,697 | +40.7% |
| Fixed assets | 21/28 | €422,994 | €668,784 | +€245,790 | +58.1% |
| Tangible fixed assets | 22/27 | €422,819 | €668,609 | +€245,790 | +58.1% |
| Land and buildings | 22 | €321,319 | €315,403 | -€5,916 | -1.8% |
| Plant, machinery and equipment | 23 | €9,785 | €6,789 | -€2,996 | -30.6% |
| Furniture and vehicles | 24 | €50,137 | €44,630 | -€5,507 | -11.0% |
| Leasing and similar rights | 25 | €12,271 | €9,099 | -€3,172 | -25.8% |
| Other tangible fixed assets | 26 | €15,992 | €13,930 | -€2,062 | -12.9% |
| Assets under construction and advance payments | 27 | €13,314 | €278,757 | +€265,443 | +1,994% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €245,047 | €270,955 | +€25,907 | +10.6% |
| Amounts receivable after more than one year | 29 | €3,200 | €3,200 | = | 0.0% |
| Other amounts receivable | 291 | €3,200 | €3,200 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,300 | €6,091 | +€791 | +14.9% |
| Stocks | 30/36 | €5,300 | €6,091 | +€791 | +14.9% |
| Amounts receivable within one year | 40/41 | €31,392 | €28,795 | -€2,597 | -8.3% |
| Trade receivables | 40 | €30,614 | €28,795 | -€1,818 | -5.9% |
| Other amounts receivable | 41 | €779 | - | -€779 | |
| Cash at bank and in hand | 54/58 | €201,255 | €232,869 | +€31,614 | +15.7% |
| Deferred charges and accrued income | 490/1 | €3,900 | - | -€3,900 | |
| Total equity and liabilities | 10/49 | €668,041 | €939,738 | +€271,697 | +40.7% |
| Equity | 10/15 | €210,918 | €263,108 | +€52,190 | +24.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,918 | €248,108 | +€52,190 | +26.6% |
| Amounts payable | 17/49 | €457,123 | €676,630 | +€219,507 | +48.0% |
| Amounts payable after more than one year | 17 | €285,862 | €554,181 | +€268,320 | +93.9% |
| Financial debts | 170/4 | €285,862 | €554,181 | +€268,320 | +93.9% |
| Amounts payable within one year | 42/48 | €169,564 | €120,849 | -€48,715 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €37,507 | €27,625 | -€9,882 | -26.3% |
| Trade debts | 44 | €43,657 | €31,519 | -€12,138 | -27.8% |
| Suppliers | 440/4 | €43,657 | €31,519 | -€12,138 | -27.8% |
| Taxes, remuneration and social security | 45 | €49,325 | €41,686 | -€7,639 | -15.5% |
| Taxes | 450/3 | €26,995 | €23,456 | -€3,539 | -13.1% |
| Remuneration and social security | 454/9 | €22,330 | €18,230 | -€4,100 | -18.4% |
| Other amounts payable | 47/48 | €39,075 | €20,019 | -€19,056 | -48.8% |
| Accrued charges and deferred income | 492/3 | €1,697 | €1,600 | -€97 | -5.7% |
| Remuneration, social security and pensions | 62 | €149,458 | €203,143 | +€53,685 | +35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,017 | €25,867 | -€150 | -0.6% |
| Other operating charges | 640/8 | €26,997 | €10,783 | -€16,214 | -60.1% |
| Non-recurring operating charges | 66A | €697 | - | -€697 | |
| Gross operating margin | 9900 | €310,288 | €331,539 | +€21,251 | +6.8% |
| Operating profit (loss) | 9901 | €107,119 | €91,746 | -€15,373 | -14.4% |
| Financial income | 75/76B | €136 | €234 | +€98 | +72.3% |
| Recurring financial income | 75 | €136 | €234 | +€98 | +72.3% |
| Financial charges | 65/66B | €15,211 | €23,441 | +€8,231 | +54.1% |
| Recurring financial charges | 65 | €15,211 | €23,441 | +€8,231 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | €92,044 | €68,539 | -€23,505 | -25.5% |
| Income taxes | 67/77 | €20,065 | €16,350 | -€3,715 | -18.5% |
| Profit (loss) for the period | 9904 | €71,979 | €52,190 | -€19,790 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,979 | €52,190 | -€19,790 | -27.5% |
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 14 October 2026 via checked.be.