MIKAR: 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.
MIKAR
Largest movements
- Stocks and contracts -€415,068
down €415,068 (-97.0%), from €427,754 to €12,686
- Cash +€269,741
up €269,741 (+654%), from €41,228 to €310,969
mainly Stocks and contracts (+€415,068) and Net result for the year (+€59,698)
- Deferred charges and accrued income +€67,210
new in 2025: €67,210
- Tangible fixed assets -€29,340
down €29,340 (-20.3%), from €144,566 to €115,226
of which Furniture and vehicles: -€16,040
- Receivables within one year +€21,631
up €21,631 (+19.4%), from €111,294 to €132,925
of which Trade receivables: +€39,159
- Trade debts -€121,834
down €121,834 (-68.9%), from €176,805 to €54,971
- Reserves +€59,698
up €59,698 (+18.4%), from €323,835 to €383,533
- Debts after one year -€29,296
down €29,296 (-35.1%), from €83,573 to €54,277
- Tax, wage and social debts +€12,912
up €12,912 (+151%), from €8,566 to €21,478
- Current portion of long-term debt -€8,846
down €8,846 (-14.0%), from €63,273 to €54,427
- Other operating charges +€46,840
up €46,840 (+1,161%), from €4,033 to €50,873
- Financial charges -€23,314
down €23,314 (-78.3%), from €29,773 to €6,459
- Gross operating margin +€20,831
up €20,831 (+11.5%), from €181,462 to €202,293
- Depreciation +€7,463
up €7,463 (+19.5%), from €38,178 to €45,641
- Staff costs +€2,087
up €2,087 (+13.2%), from €15,843 to €17,930
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 | €724,842 | €639,016 | -€85,826 | -11.8% |
| Fixed assets | 21/28 | €144,566 | €115,226 | -€29,340 | -20.3% |
| Tangible fixed assets | 22/27 | €144,566 | €115,226 | -€29,340 | -20.3% |
| Plant, machinery and equipment | 23 | €19,349 | €6,049 | -€13,300 | -68.7% |
| Furniture and vehicles | 24 | €125,217 | €109,177 | -€16,040 | -12.8% |
| Current assets | 29/58 | €580,276 | €523,790 | -€56,486 | -9.7% |
| Stocks and contracts in progress | 3 | €427,754 | €12,686 | -€415,068 | -97.0% |
| Stocks | 30/36 | €427,754 | €12,686 | -€415,068 | -97.0% |
| Amounts receivable within one year | 40/41 | €111,294 | €132,925 | +€21,631 | +19.4% |
| Trade receivables | 40 | €93,766 | €132,925 | +€39,159 | +41.8% |
| Other amounts receivable | 41 | €17,528 | - | -€17,528 | |
| Cash at bank and in hand | 54/58 | €41,228 | €310,969 | +€269,741 | +654% |
| Deferred charges and accrued income | 490/1 | - | €67,210 | +€67,210 | |
| Total equity and liabilities | 10/49 | €724,842 | €639,016 | -€85,826 | -11.8% |
| Equity | 10/15 | €344,295 | €403,993 | +€59,698 | +17.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €323,835 | €383,533 | +€59,698 | +18.4% |
| Distributable reserves | 133 | €323,835 | €383,533 | +€59,698 | +18.4% |
| Amounts payable | 17/49 | €380,547 | €235,023 | -€145,524 | -38.2% |
| Amounts payable after more than one year | 17 | €83,573 | €54,277 | -€29,296 | -35.1% |
| Financial debts | 170/4 | €83,573 | €54,277 | -€29,296 | -35.1% |
| Amounts payable within one year | 42/48 | €296,974 | €180,746 | -€116,228 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €63,273 | €54,427 | -€8,846 | -14.0% |
| Trade debts | 44 | €176,805 | €54,971 | -€121,834 | -68.9% |
| Suppliers | 440/4 | €176,805 | €54,971 | -€121,834 | -68.9% |
| Taxes, remuneration and social security | 45 | €8,566 | €21,478 | +€12,912 | +151% |
| Taxes | 450/3 | €8,566 | €21,478 | +€12,912 | +151% |
| Other amounts payable | 47/48 | €48,330 | €49,870 | +€1,540 | +3.2% |
| Remuneration, social security and pensions | 62 | €15,843 | €17,930 | +€2,087 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,178 | €45,641 | +€7,463 | +19.5% |
| Other operating charges | 640/8 | €4,033 | €50,873 | +€46,840 | +1,161% |
| Gross operating margin | 9900 | €181,462 | €202,293 | +€20,831 | +11.5% |
| Operating profit (loss) | 9901 | €123,408 | €87,849 | -€35,559 | -28.8% |
| Financial income | 75/76B | €3,333 | €2,906 | -€427 | -12.8% |
| Recurring financial income | 75 | €3,333 | €2,906 | -€427 | -12.8% |
| Financial charges | 65/66B | €29,773 | €6,459 | -€23,314 | -78.3% |
| Recurring financial charges | 65 | €29,773 | €6,459 | -€23,314 | -78.3% |
| Profit (loss) for the period before taxes | 9903 | €96,968 | €84,296 | -€12,672 | -13.1% |
| Income taxes | 67/77 | €25,780 | €24,598 | -€1,182 | -4.6% |
| Profit (loss) for the period | 9904 | €71,188 | €59,698 | -€11,490 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,188 | €59,698 | -€11,490 | -16.1% |
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 19 October 2026 via checked.be.