ETS MIGEOT: 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.
ETS MIGEOT
Largest movements
- Receivables within one year -€10,523
down €10,523 (-20.7%), from €50,948 to €40,425
of which Trade receivables: -€13,473
- Cash -€2,658
down €2,658 (-2.1%), from €128,261 to €125,603
mainly Other debts (-€14,697) and Trade debts (-€12,350)
- Profit (loss) carried forward +€23,273
up €23,273 (+21.2%), from €109,634 to €132,907
- Other debts -€14,697
down €14,697 (-75.1%), from €19,571 to €4,874
- Trade debts -€12,350
down €12,350 (-71.0%), from €17,401 to €5,050
- Tax, wage and social debts -€11,322
down €11,322 (-86.3%), from €13,121 to €1,800
of which Taxes: -€11,100
- Staff costs -€17,748
down €17,748 (-33.4%), from €53,098 to €35,350
- Gross operating margin -€9,802
down €9,802 (-12.1%), from €81,263 to €71,461
- Taxes +€3,998
up €3,998 (+71.9%), from €5,557 to €9,555
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 | €192,309 | €177,169 | -€15,140 | -7.9% |
| Fixed assets | 21/28 | €919 | €639 | -€280 | -30.5% |
| Tangible fixed assets | 22/27 | €919 | €639 | -€280 | -30.5% |
| Plant, machinery and equipment | 23 | €919 | €639 | -€280 | -30.5% |
| Current assets | 29/58 | €191,390 | €176,530 | -€14,860 | -7.8% |
| Amounts receivable within one year | 40/41 | €50,948 | €40,425 | -€10,523 | -20.7% |
| Trade receivables | 40 | €41,279 | €27,807 | -€13,473 | -32.6% |
| Other amounts receivable | 41 | €9,669 | €12,618 | +€2,949 | +30.5% |
| Cash at bank and in hand | 54/58 | €128,261 | €125,603 | -€2,658 | -2.1% |
| Deferred charges and accrued income | 490/1 | €12,181 | €10,503 | -€1,678 | -13.8% |
| Total equity and liabilities | 10/49 | €192,309 | €177,169 | -€15,140 | -7.9% |
| Equity | 10/15 | €138,896 | €162,169 | +€23,273 | +16.8% |
| Contributions | 10/11 | €12,402 | €12,402 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,634 | €132,907 | +€23,273 | +21.2% |
| Amounts payable | 17/49 | €53,413 | €15,001 | -€38,412 | -71.9% |
| Amounts payable within one year | 42/48 | €53,184 | €14,794 | -€38,391 | -72.2% |
| Financial debts | 43 | €3,092 | €3,070 | -€22 | -0.7% |
| Other loans | 439 | €3,092 | €3,070 | -€22 | -0.7% |
| Trade debts | 44 | €17,401 | €5,050 | -€12,350 | -71.0% |
| Suppliers | 440/4 | €17,401 | €5,050 | -€12,350 | -71.0% |
| Taxes, remuneration and social security | 45 | €13,121 | €1,800 | -€11,322 | -86.3% |
| Taxes | 450/3 | €11,796 | €696 | -€11,100 | -94.1% |
| Remuneration and social security | 454/9 | €1,325 | €1,104 | -€221 | -16.7% |
| Other amounts payable | 47/48 | €19,571 | €4,874 | -€14,697 | -75.1% |
| Accrued charges and deferred income | 492/3 | €229 | €207 | -€22 | -9.5% |
| Remuneration, social security and pensions | 62 | €53,098 | €35,350 | -€17,748 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,030 | €280 | -€750 | -72.8% |
| Other operating charges | 640/8 | €1,244 | €1,424 | +€180 | +14.5% |
| Non-recurring operating charges | 66A | €6,157 | - | -€6,157 | |
| Gross operating margin | 9900 | €81,263 | €71,461 | -€9,802 | -12.1% |
| Operating profit (loss) | 9901 | €19,734 | €34,407 | +€14,674 | +74.4% |
| Financial income | 75/76B | €870 | €251 | -€619 | -71.2% |
| Recurring financial income | 75 | €870 | €251 | -€619 | -71.2% |
| Financial charges | 65/66B | €1,998 | €1,830 | -€168 | -8.4% |
| Recurring financial charges | 65 | €1,998 | €1,830 | -€168 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €18,605 | €32,828 | +€14,222 | +76.4% |
| Income taxes | 67/77 | €5,557 | €9,555 | +€3,998 | +71.9% |
| Profit (loss) for the period | 9904 | €13,048 | €23,273 | +€10,225 | +78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,048 | €23,273 | +€10,225 | +78.4% |
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 20 October 2026 via checked.be.