MI-SI: 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.
MI-SI
Largest movements
- Stocks and contracts +€32,550
up €32,550 (+59.4%), from €54,784 to €87,334
- Cash -€21,186
down €21,186 (-80.6%), from €26,270 to €5,085
mainly Stocks and contracts (-€32,550) and Trade debts (-€28,248)
- Tangible fixed assets +€6,834
up €6,834 (+13.1%), from €51,995 to €58,830
of which Other tangible fixed assets: +€5,285
- Deferred charges and accrued income +€3,622
up €3,622 (+383.9%), from €944 to €4,566
- Intangible fixed assets -€2,263
down €2,263 (-21.1%), from €10,710 to €8,447
- Trade debts -€28,248
down €28,248 (-60.1%), from €47,035 to €18,787
- Profit (loss) carried forward +€15,138
up €15,138 (+96.0%), from -€15,775 to -€637
- Tax, wage and social debts +€11,729
up €11,729 (+144.6%), from €8,108 to €19,837
of which Taxes: +€10,988
- Debts after one year +€10,186
up €10,186 (+14.5%), from €70,463 to €80,649
- Other debts +€6,259
up €6,259 (+24.7%), from €25,382 to €31,640
- Gross operating margin +€42,173
up €42,173 (+163.7%), from €25,760 to €67,933
- Depreciation +€7,241
up €7,241 (+294.0%), from €2,463 to €9,704
- Staff costs +€4,322
up €4,322 (+12.9%), from €33,399 to €37,720
- Other operating charges -€1,800
down €1,800 (-58.2%), from €3,092 to €1,292
- Financial charges +€1,498
up €1,498 (+57.6%), from €2,603 to €4,101
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 | €150,246 | €168,238 | +€17,992 | +12.0% |
| Fixed assets | 21/28 | €62,705 | €67,276 | +€4,571 | +7.3% |
| Intangible fixed assets | 21 | €10,710 | €8,447 | -€2,263 | -21.1% |
| Tangible fixed assets | 22/27 | €51,995 | €58,830 | +€6,834 | +13.1% |
| Plant, machinery and equipment | 23 | €2,029 | €1,405 | -€624 | -30.8% |
| Furniture and vehicles | 24 | €5,868 | €8,042 | +€2,174 | +37.1% |
| Other tangible fixed assets | 26 | €44,098 | €49,383 | +€5,285 | +12.0% |
| Current assets | 29/58 | €87,541 | €100,962 | +€13,421 | +15.3% |
| Stocks and contracts in progress | 3 | €54,784 | €87,334 | +€32,550 | +59.4% |
| Stocks | 30/36 | €54,784 | €87,334 | +€32,550 | +59.4% |
| Amounts receivable within one year | 40/41 | €5,544 | €3,978 | -€1,565 | -28.2% |
| Trade receivables | 40 | €1,639 | - | -€1,639 | |
| Other amounts receivable | 41 | €3,905 | €3,978 | +€73 | +1.9% |
| Cash at bank and in hand | 54/58 | €26,270 | €5,085 | -€21,186 | -80.6% |
| Deferred charges and accrued income | 490/1 | €944 | €4,566 | +€3,622 | +383.9% |
| Total equity and liabilities | 10/49 | €150,246 | €168,238 | +€17,992 | +12.0% |
| Equity | 10/15 | -€11,794 | €3,344 | +€15,138 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,981 | €1,981 | = | 0.0% |
| Distributable reserves | 133 | €1,981 | €1,981 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,775 | -€637 | +€15,138 | +96.0% |
| Amounts payable | 17/49 | €162,040 | €164,894 | +€2,854 | +1.8% |
| Amounts payable after more than one year | 17 | €70,463 | €80,649 | +€10,186 | +14.5% |
| Financial debts | 170/4 | €70,463 | €80,649 | +€10,186 | +14.5% |
| Amounts payable within one year | 42/48 | €91,188 | €83,220 | -€7,969 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €10,663 | €12,955 | +€2,292 | +21.5% |
| Trade debts | 44 | €47,035 | €18,787 | -€28,248 | -60.1% |
| Suppliers | 440/4 | €47,035 | €18,787 | -€28,248 | -60.1% |
| Taxes, remuneration and social security | 45 | €8,108 | €19,837 | +€11,729 | +144.6% |
| Taxes | 450/3 | €8,108 | €19,096 | +€10,988 | +135.5% |
| Remuneration and social security | 454/9 | - | €741 | +€741 | |
| Other amounts payable | 47/48 | €25,382 | €31,640 | +€6,259 | +24.7% |
| Accrued charges and deferred income | 492/3 | €388 | €1,025 | +€637 | +164.0% |
| Remuneration, social security and pensions | 62 | €33,399 | €37,720 | +€4,322 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,463 | €9,704 | +€7,241 | +294.0% |
| Other operating charges | 640/8 | €3,092 | €1,292 | -€1,800 | -58.2% |
| Gross operating margin | 9900 | €25,760 | €67,933 | +€42,173 | +163.7% |
| Operating profit (loss) | 9901 | -€13,194 | €19,216 | +€32,410 | |
| Financial income | 75/76B | €22 | €544 | +€523 | +2420.4% |
| Recurring financial income | 75 | €22 | €544 | +€523 | +2420.4% |
| Financial charges | 65/66B | €2,603 | €4,101 | +€1,498 | +57.6% |
| Recurring financial charges | 65 | €2,603 | €4,101 | +€1,498 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,775 | €15,660 | +€31,435 | |
| Income taxes | 67/77 | - | €522 | +€522 | |
| Profit (loss) for the period | 9904 | -€15,775 | €15,138 | +€30,913 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,775 | €15,138 | +€30,913 |
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 10 October 2026 via checked.be.