CABINET MIGALI: 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.
CABINET MIGALI
Largest movements
- Deferred charges and accrued income -€79,763
down €79,763 (-90.9%), from €87,713 to €7,950
- Receivables within one year +€60,000
new in 2025: €60,000
- Cash +€52,939
up €52,939 (+26.8%), from €197,430 to €250,369
mainly Other debts (+€178,909) and Deferred charges and accrued income (+€79,763)
- Current investments +€39,971
up €39,971 (+4.9%), from €816,010 to €855,981
- Tangible fixed assets -€36,676
down €36,676 (-6.4%), from €576,922 to €540,246
of which Land and buildings: -€26,255
- Other debts +€178,909
up €178,909 (+706%), from €25,351 to €204,261
- Reserves -€135,889
down €135,889 (-12.1%), from €1.1m to €986,659
- Debts after one year -€25,804
down €25,804 (-5.6%), from €464,335 to €438,531
- Tax, wage and social debts +€18,290
up €18,290 (+108%), from €16,877 to €35,168
- Gross operating margin -€127,662
down €127,662 (-47.3%), from €269,859 to €142,198
- Financial income +€41,632
up €41,632 (+326,778%), from €13 to €41,644
- Taxes -€25,602
down €25,602 (-46.1%), from €55,535 to €29,932
- Financial charges -€6,293
down €6,293 (-18.4%), from €34,241 to €27,947
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 | €1,679,875 | €1,716,347 | +€36,471 | +2.2% |
| Fixed assets | 21/28 | €578,722 | €542,046 | -€36,676 | -6.3% |
| Tangible fixed assets | 22/27 | €576,922 | €540,246 | -€36,676 | -6.4% |
| Land and buildings | 22 | €556,881 | €530,626 | -€26,255 | -4.7% |
| Furniture and vehicles | 24 | €13,500 | €4,026 | -€9,475 | -70.2% |
| Other tangible fixed assets | 26 | €6,541 | €5,595 | -€946 | -14.5% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,101,153 | €1,174,300 | +€73,147 | +6.6% |
| Amounts receivable within one year | 40/41 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 41 | - | €60,000 | +€60,000 | |
| Current investments | 50/53 | €816,010 | €855,981 | +€39,971 | +4.9% |
| Cash at bank and in hand | 54/58 | €197,430 | €250,369 | +€52,939 | +26.8% |
| Deferred charges and accrued income | 490/1 | €87,713 | €7,950 | -€79,763 | -90.9% |
| Total equity and liabilities | 10/49 | €1,679,875 | €1,716,347 | +€36,471 | +2.2% |
| Equity | 10/15 | €1,135,697 | €999,808 | -€135,889 | -12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,122,548 | €986,659 | -€135,889 | -12.1% |
| Distributable reserves | 133 | €1,122,548 | €986,659 | -€135,889 | -12.1% |
| Profit (loss) carried forward | 14 | €749 | €749 | = | 0.0% |
| Amounts payable | 17/49 | €544,178 | €716,538 | +€172,361 | +31.7% |
| Amounts payable after more than one year | 17 | €464,335 | €438,531 | -€25,804 | -5.6% |
| Financial debts | 170/4 | €464,335 | €438,531 | -€25,804 | -5.6% |
| Amounts payable within one year | 42/48 | €79,293 | €277,684 | +€198,391 | +250% |
| Current portion of amounts payable after more than one year | 42 | €35,426 | €36,955 | +€1,529 | +4.3% |
| Trade debts | 44 | €1,638 | €1,301 | -€337 | -20.6% |
| Suppliers | 440/4 | €1,638 | €1,301 | -€337 | -20.6% |
| Taxes, remuneration and social security | 45 | €16,877 | €35,168 | +€18,290 | +108% |
| Taxes | 450/3 | €16,877 | €35,168 | +€18,290 | +108% |
| Other amounts payable | 47/48 | €25,351 | €204,261 | +€178,909 | +706% |
| Accrued charges and deferred income | 492/3 | €550 | €324 | -€227 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,213 | €44,602 | +€388 | +0.9% |
| Other operating charges | 640/8 | €4,102 | €3,780 | -€322 | -7.8% |
| Gross operating margin | 9900 | €269,859 | €142,198 | -€127,662 | -47.3% |
| Operating profit (loss) | 9901 | €221,544 | €93,816 | -€127,728 | -57.7% |
| Financial income | 75/76B | €13 | €41,644 | +€41,632 | +326,778% |
| Recurring financial income | 75 | €13 | €41,644 | +€41,632 | +326,778% |
| Financial charges | 65/66B | €34,241 | €27,947 | -€6,293 | -18.4% |
| Recurring financial charges | 65 | €34,241 | €27,947 | -€6,293 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €187,316 | €107,513 | -€79,803 | -42.6% |
| Income taxes | 67/77 | €55,535 | €29,932 | -€25,602 | -46.1% |
| Profit (loss) for the period | 9904 | €131,781 | €77,581 | -€54,201 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €131,781 | €77,581 | -€54,201 | -41.1% |
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 17 October 2026 via checked.be.