Dr. M. Miedema: 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.
Dr. M. Miedema
Largest movements
- Current investments -€65,000
down €65,000 (-100%), from €65,000 to €0
- Cash +€40,578
up €40,578 (+416%), from €9,751 to €50,329
mainly Current investments (+€65,000) and Other debts (+€44,367)
- Receivables within one year -€10,182
down €10,182 (-74.5%), from €13,669 to €3,488
of which Trade receivables: -€9,082
- Deferred charges and accrued income +€949
new in 2025: €949
- Reserves -€76,404
down €76,404 (-92.9%), from €82,225 to €5,821
- Other debts +€44,367
up €44,367 (+10,302%), from €431 to €44,798
- Tax, wage and social debts -€1,720
down €1,720 (-44.5%), from €3,868 to €2,147
- Gross operating margin -€41,348
down €41,348 (-62.1%), from €66,581 to €25,233
- Taxes -€8,004
down €8,004 (-59.9%), from €13,368 to €5,364
- Financial income +€722
new in 2025: €722
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 | €89,853 | €55,326 | -€34,527 | -38.4% |
| Fixed assets | 21/28 | €1,433 | €561 | -€873 | -60.9% |
| Tangible fixed assets | 22/27 | €1,433 | €561 | -€873 | -60.9% |
| Furniture and vehicles | 24 | €1,433 | €561 | -€873 | -60.9% |
| Current assets | 29/58 | €88,420 | €54,765 | -€33,655 | -38.1% |
| Amounts receivable within one year | 40/41 | €13,669 | €3,488 | -€10,182 | -74.5% |
| Trade receivables | 40 | €10,669 | €1,588 | -€9,082 | -85.1% |
| Other amounts receivable | 41 | €3,000 | €1,900 | -€1,100 | -36.7% |
| Current investments | 50/53 | €65,000 | €0 | -€65,000 | -100% |
| Cash at bank and in hand | 54/58 | €9,751 | €50,329 | +€40,578 | +416% |
| Deferred charges and accrued income | 490/1 | - | €949 | +€949 | |
| Total equity and liabilities | 10/49 | €89,853 | €55,326 | -€34,527 | -38.4% |
| Equity | 10/15 | €83,725 | €7,321 | -€76,404 | -91.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €82,225 | €5,821 | -€76,404 | -92.9% |
| Distributable reserves | 133 | €82,225 | €5,821 | -€76,404 | -92.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €6,128 | €48,005 | +€41,877 | +683% |
| Amounts payable within one year | 42/48 | €5,428 | €48,005 | +€42,577 | +784% |
| Trade debts | 44 | €1,130 | €1,060 | -€70 | -6.2% |
| Suppliers | 440/4 | €1,130 | €1,060 | -€70 | -6.2% |
| Taxes, remuneration and social security | 45 | €3,868 | €2,147 | -€1,720 | -44.5% |
| Taxes | 450/3 | €3,868 | €2,147 | -€1,720 | -44.5% |
| Other amounts payable | 47/48 | €431 | €44,798 | +€44,367 | +10,302% |
| Accrued charges and deferred income | 492/3 | €700 | €0 | -€700 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €800 | €873 | +€73 | +9.1% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Gross operating margin | 9900 | €66,581 | €25,233 | -€41,348 | -62.1% |
| Operating profit (loss) | 9901 | €65,663 | €23,841 | -€41,822 | -63.7% |
| Financial income | 75/76B | - | €722 | +€722 | |
| Recurring financial income | 75 | - | €722 | +€722 | |
| Financial charges | 65/66B | €246 | €238 | -€7 | -3.0% |
| Recurring financial charges | 65 | €246 | €238 | -€7 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €65,417 | €24,324 | -€41,093 | -62.8% |
| Income taxes | 67/77 | €13,368 | €5,364 | -€8,004 | -59.9% |
| Profit (loss) for the period | 9904 | €52,050 | €18,960 | -€33,089 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,050 | €18,960 | -€33,089 | -63.6% |
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.