DR. MIGUET SAM: 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. MIGUET SAM
Largest movements
- Cash +€111,241
up €111,241 (+332%), from €33,513 to €144,754
mainly Net result for the year (+€125,732) and Other debts (+€17,001)
- Intangible fixed assets +€21,545
new in 2025: €21,545
- Receivables within one year +€12,914
up €12,914 (+10.9%), from €118,074 to €130,988
of which Trade receivables: +€12,887
- Reserves +€125,732
up €125,732 (+114%), from €110,068 to €235,800
- Other debts +€17,001
up €17,001 (+248%), from €6,868 to €23,869
- Tax, wage and social debts +€5,791
up €5,791 (+18.8%), from €30,857 to €36,648
- Gross operating margin +€21,666
up €21,666 (+15.3%), from €141,269 to €162,935
- Taxes +€5,791
up €5,791 (+18.8%), from €30,857 to €36,648
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 | €153,400 | €299,785 | +€146,385 | +95.4% |
| Fixed assets | 21/28 | €1,457 | €23,752 | +€22,295 | +1,530% |
| Intangible fixed assets | 21 | - | €21,545 | +€21,545 | |
| Tangible fixed assets | 22/27 | €1,457 | €2,207 | +€749 | +51.4% |
| Furniture and vehicles | 24 | €1,457 | €2,207 | +€749 | +51.4% |
| Current assets | 29/58 | €151,943 | €276,033 | +€124,090 | +81.7% |
| Amounts receivable within one year | 40/41 | €118,074 | €130,988 | +€12,914 | +10.9% |
| Trade receivables | 40 | €118,074 | €130,962 | +€12,887 | +10.9% |
| Other amounts receivable | 41 | - | €27 | +€27 | |
| Cash at bank and in hand | 54/58 | €33,513 | €144,754 | +€111,241 | +332% |
| Deferred charges and accrued income | 490/1 | €356 | €291 | -€65 | -18.2% |
| Total equity and liabilities | 10/49 | €153,400 | €299,785 | +€146,385 | +95.4% |
| Equity | 10/15 | €110,168 | €235,900 | +€125,732 | +114% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €110,068 | €235,800 | +€125,732 | +114% |
| Distributable reserves | 133 | €110,068 | €235,800 | +€125,732 | +114% |
| Amounts payable | 17/49 | €43,232 | €63,886 | +€20,653 | +47.8% |
| Amounts payable within one year | 42/48 | €41,230 | €61,544 | +€20,315 | +49.3% |
| Trade debts | 44 | €3,505 | €1,027 | -€2,477 | -70.7% |
| Suppliers | 440/4 | €3,505 | €1,027 | -€2,477 | -70.7% |
| Taxes, remuneration and social security | 45 | €30,857 | €36,648 | +€5,791 | +18.8% |
| Taxes | 450/3 | €30,857 | €36,648 | +€5,791 | +18.8% |
| Other amounts payable | 47/48 | €6,868 | €23,869 | +€17,001 | +248% |
| Accrued charges and deferred income | 492/3 | €2,003 | €2,341 | +€339 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238 | €449 | +€211 | +88.7% |
| Other operating charges | 640/8 | - | €62 | +€62 | |
| Gross operating margin | 9900 | €141,269 | €162,935 | +€21,666 | +15.3% |
| Operating profit (loss) | 9901 | €141,031 | €162,425 | +€21,393 | +15.2% |
| Financial charges | 65/66B | €107 | €45 | -€62 | -57.8% |
| Recurring financial charges | 65 | €107 | €45 | -€62 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €140,924 | €162,380 | +€21,455 | +15.2% |
| Income taxes | 67/77 | €30,857 | €36,648 | +€5,791 | +18.8% |
| Profit (loss) for the period | 9904 | €110,068 | €125,732 | +€15,664 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,068 | €125,732 | +€15,664 | +14.2% |
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 15 October 2026 via checked.be.