M.I.A.: 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.
M.I.A.
Largest movements
- Receivables within one year +€145,287
up €145,287 (+311%), from €46,748 to €192,035
of which Trade receivables: +€112,873
- Cash -€53,773
down €53,773 (-92.6%), from €58,097 to €4,324
mainly Receivables within one year (-€145,287) and Debts after one year (-€5,527)
- Tangible fixed assets -€3,938
down €3,938 (-15.3%), from €25,790 to €21,853
of which Leasing and similar rights: -€5,625
- Trade debts +€83,516
up €83,516 (+3,627%), from €2,302 to €85,818
- Reserves +€5,800
up €5,800 (+9.7%), from €60,100 to €65,900
- Debts after one year -€5,527
down €5,527 (-28.4%), from €19,490 to €13,963
- Gross operating margin -€69,775
down €69,775 (-80.5%), from €86,646 to €16,871
- Taxes -€16,926
down €16,926 (-85.4%), from €19,828 to €2,901
- Financial charges -€7,994
down €7,994 (-87.7%), from €9,112 to €1,118
- Depreciation +€2,480
up €2,480 (+51.6%), from €4,808 to €7,287
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 | €135,028 | €221,107 | +€86,079 | +63.7% |
| Fixed assets | 21/28 | €27,618 | €23,090 | -€4,528 | -16.4% |
| Intangible fixed assets | 21 | €1,827 | €1,238 | -€590 | -32.3% |
| Tangible fixed assets | 22/27 | €25,790 | €21,853 | -€3,938 | -15.3% |
| Plant, machinery and equipment | 23 | - | €2,435 | +€2,435 | |
| Furniture and vehicles | 24 | €1,119 | €371 | -€748 | -66.9% |
| Leasing and similar rights | 25 | €24,672 | €19,047 | -€5,625 | -22.8% |
| Current assets | 29/58 | €107,410 | €198,017 | +€90,606 | +84.4% |
| Stocks and contracts in progress | 3 | €1,320 | - | -€1,320 | |
| Stocks | 30/36 | €1,320 | - | -€1,320 | |
| Amounts receivable within one year | 40/41 | €46,748 | €192,035 | +€145,287 | +311% |
| Trade receivables | 40 | €27,500 | €140,373 | +€112,873 | +410% |
| Other amounts receivable | 41 | €19,248 | €51,662 | +€32,414 | +168% |
| Cash at bank and in hand | 54/58 | €58,097 | €4,324 | -€53,773 | -92.6% |
| Deferred charges and accrued income | 490/1 | €1,245 | €1,657 | +€412 | +33.1% |
| Total equity and liabilities | 10/49 | €135,028 | €221,107 | +€86,079 | +63.7% |
| Equity | 10/15 | €90,352 | €96,213 | +€5,861 | +6.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €60,100 | €65,900 | +€5,800 | +9.7% |
| Distributable reserves | 133 | €60,100 | €65,900 | +€5,800 | +9.7% |
| Profit (loss) carried forward | 14 | €252 | €313 | +€61 | +24.1% |
| Amounts payable | 17/49 | €44,676 | €124,893 | +€80,218 | +180% |
| Amounts payable after more than one year | 17 | €19,490 | €13,963 | -€5,527 | -28.4% |
| Financial debts | 170/4 | €19,490 | €13,963 | -€5,527 | -28.4% |
| Amounts payable within one year | 42/48 | €25,186 | €110,930 | +€85,744 | +340% |
| Current portion of amounts payable after more than one year | 42 | €5,270 | €5,527 | +€256 | +4.9% |
| Trade debts | 44 | €2,302 | €85,818 | +€83,516 | +3,627% |
| Suppliers | 440/4 | €2,302 | €85,818 | +€83,516 | +3,627% |
| Taxes, remuneration and social security | 45 | €17,613 | €19,585 | +€1,972 | +11.2% |
| Taxes | 450/3 | €16,113 | €18,085 | +€1,972 | +12.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €105 | +€105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,808 | €7,287 | +€2,480 | +51.6% |
| Other operating charges | 640/8 | €149 | €249 | +€100 | +67.3% |
| Gross operating margin | 9900 | €86,646 | €16,871 | -€69,775 | -80.5% |
| Operating profit (loss) | 9901 | €81,690 | €9,335 | -€72,355 | -88.6% |
| Financial income | 75/76B | €1 | €546 | +€545 | +44,643% |
| Recurring financial income | 75 | €1 | €546 | +€545 | +44,643% |
| Financial charges | 65/66B | €9,112 | €1,118 | -€7,994 | -87.7% |
| Recurring financial charges | 65 | €9,112 | €1,118 | -€7,994 | -87.7% |
| Profit (loss) for the period before taxes | 9903 | €72,579 | €8,762 | -€63,816 | -87.9% |
| Income taxes | 67/77 | €19,828 | €2,901 | -€16,926 | -85.4% |
| Profit (loss) for the period | 9904 | €52,751 | €5,861 | -€46,890 | -88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,751 | €5,861 | -€46,890 | -88.9% |
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 13 October 2026 via checked.be.