MI!: what changed
Two fiscal 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.
MI!
Largest movements
- Receivables within one year -€70,781
down €70,781 (-28.3%), from €249,681 to €178,901
of which Other amounts receivable: -€36,273
- Stocks and contracts +€20,830
new in 2025: €20,830
- Cash +€11,732
up €11,732 (+39.5%), from €29,713 to €41,446
mainly Receivables within one year (+€70,781) and Depreciation (+€49,351)
- Reserves -€108,715
down €108,715 (-50.0%), from €217,408 to €108,694
of which Distributable reserves: -€108,715
- Debts after one year +€41,307
up €41,307 (+45.4%), from €90,928 to €132,235
- Current portion of long-term debt +€27,973
up €27,973 (+58.9%), from €47,511 to €75,484
- Trade debts +€17,951
up €17,951 (+32.5%), from €55,257 to €73,208
- Tax, wage and social debts -€13,201
down €13,201 (-98.5%), from €13,407 to €206
of which Taxes: -€8,314
- Gross operating margin -€36,413
down €36,413 (-17.3%), from €210,864 to €174,451
- Staff costs +€19,625
up €19,625 (+13.5%), from €144,873 to €164,498
- Depreciation +€11,708
up €11,708 (+31.1%), from €37,643 to €49,351
- Taxes +€8,714
up €8,714 (+67.4%), from €12,934 to €21,648
- Other operating charges +€3,211
up €3,211 (+107.1%), from €2,998 to €6,209
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.
Cash bridge derived
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 | €463,971 | €427,157 | -€36,814 | -7.9% |
| Fixed assets | 21/28 | €184,191 | €185,550 | +€1,358 | +0.7% |
| Tangible fixed assets | 22/27 | €166,465 | €167,823 | +€1,358 | +0.8% |
| Plant, machinery and equipment | 23 | €60,993 | €82,365 | +€21,373 | +35.0% |
| Furniture and vehicles | 24 | €78,292 | €67,303 | -€10,989 | -14.0% |
| Leasing and similar rights | 25 | €26,318 | €18,155 | -€8,163 | -31.0% |
| Other tangible fixed assets | 26 | €863 | €0 | -€863 | -100.0% |
| Financial fixed assets | 28 | €17,726 | €17,726 | = | 0.0% |
| Current assets | 29/58 | €279,780 | €241,607 | -€38,173 | -13.6% |
| Stocks and contracts in progress | 3 | - | €20,830 | +€20,830 | |
| Stocks | 30/36 | - | €20,830 | +€20,830 | |
| Amounts receivable within one year | 40/41 | €249,681 | €178,901 | -€70,781 | -28.3% |
| Trade receivables | 40 | €141,030 | €106,522 | -€34,508 | -24.5% |
| Other amounts receivable | 41 | €108,651 | €72,378 | -€36,273 | -33.4% |
| Cash at bank and in hand | 54/58 | €29,713 | €41,446 | +€11,732 | +39.5% |
| Deferred charges and accrued income | 490/1 | €385 | €431 | +€46 | +11.9% |
| Total equity and liabilities | 10/49 | €463,971 | €427,157 | -€36,814 | -7.9% |
| Equity | 10/15 | €237,868 | €129,154 | -€108,715 | -45.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €217,408 | €108,694 | -€108,715 | -50.0% |
| Tax-exempt reserves | 132 | €9,333 | €9,333 | = | 0.0% |
| Distributable reserves | 133 | €208,075 | €99,361 | -€108,715 | -52.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €4,000 | €4,000 | = | 0.0% |
| Deferred taxes | 168 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable | 17/49 | €222,103 | €294,003 | +€71,901 | +32.4% |
| Amounts payable after more than one year | 17 | €90,928 | €132,235 | +€41,307 | +45.4% |
| Financial debts | 170/4 | €90,928 | €132,235 | +€41,307 | +45.4% |
| Amounts payable within one year | 42/48 | €131,175 | €161,769 | +€30,594 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €47,511 | €75,484 | +€27,973 | +58.9% |
| Financial debts | 43 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Credit institutions | 430/8 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Trade debts | 44 | €55,257 | €73,208 | +€17,951 | +32.5% |
| Suppliers | 440/4 | €55,257 | €73,208 | +€17,951 | +32.5% |
| Taxes, remuneration and social security | 45 | €13,407 | €206 | -€13,201 | -98.5% |
| Taxes | 450/3 | €8,520 | €206 | -€8,314 | -97.6% |
| Remuneration and social security | 454/9 | €4,887 | €0 | -€4,887 | -100.0% |
| Other amounts payable | 47/48 | €0 | €5,371 | +€5,371 | |
| Non-recurring operating income | 76A | - | €137 | +€137 | |
| Remuneration, social security and pensions | 62 | €144,873 | €164,498 | +€19,625 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,643 | €49,351 | +€11,708 | +31.1% |
| Other operating charges | 640/8 | €2,998 | €6,209 | +€3,211 | +107.1% |
| Non-recurring operating charges | 66A | €1,296 | €0 | -€1,296 | -100.0% |
| Gross operating margin | 9900 | €210,864 | €174,451 | -€36,413 | -17.3% |
| Operating profit (loss) | 9901 | €24,053 | -€45,608 | -€69,661 | |
| Financial income | 75/76B | €328 | €366 | +€38 | +11.6% |
| Recurring financial income | 75 | €328 | €366 | +€38 | +11.6% |
| Financial charges | 65/66B | €10,573 | €13,589 | +€3,016 | +28.5% |
| Recurring financial charges | 65 | €10,573 | €13,589 | +€3,016 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €13,807 | -€58,831 | -€72,639 | |
| Income taxes | 67/77 | €12,934 | €21,648 | +€8,714 | +67.4% |
| Profit (loss) for the period | 9904 | €873 | -€80,480 | -€81,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €873 | -€80,480 | -€81,353 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.