MI-SO: 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.
What changed
MI-SO
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,994
2024 · -€20,010+€26,004
Equity
-€23,156
2024 · -€29,150+€5,994
Cash
€14,019
2024 · €8,181+€5,838
Balance sheet total
€3.7m
2024 · €3.7m-€63,155
Largest movements
Assets
- Tangible fixed assets -€69,280
down €69,280 (-1.9%), from €3.7m to €3.6m
of which Land and buildings: -€86,608
Equity and liabilities
- Debts after one year -€91,034
down €91,034 (-2.7%), from €3.3m to €3.2m
of which Financial debts: -€91,034
Income statement
- Depreciation -€25,867
down €25,867 (-22.7%), from €113,928 to €88,060
- Financial charges -€1,710
down €1,710 (-3.4%), from €50,657 to €48,948
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.
Result 2024
-€20,010
Gross operating margin
-€18
Depreciation
+€25,867
Other operating charges
-€1,555
Financial income
+€0
Financial charges
+€1,710
Result 2025
€5,994
raises the resultlowers the result
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.
From operations
+€114,199
Investment
-€18,780
Financing
-€89,580
Cash 2024
€8,181
From operations (derived)
+€114,199
Net result for the year
+€5,994
Depreciation
+€88,060
Receivables within one year
-€1,314
Deferred charges and accrued income
+€1,027
Trade debts
+€5,121
Tax, wage and social debts
-€837
Other debts
+€16,148
Investment (derived)
-€18,780
Investment in fixed assets (net)
-€18,780
Financing
-€89,580
Debts after one year
-€91,034
Current portion of long-term debt
+€1,454
Cash 2025
€14,019
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,716,628 | €3,653,474 | -€63,155 | -1.7% |
| Fixed assets | 21/28 | €3,702,745 | €3,633,465 | -€69,280 | -1.9% |
| Tangible fixed assets | 22/27 | €3,702,745 | €3,633,465 | -€69,280 | -1.9% |
| Land and buildings | 22 | €3,344,727 | €3,258,119 | -€86,608 | -2.6% |
| Assets under construction and advance payments | 27 | €358,018 | €375,346 | +€17,328 | +4.8% |
| Current assets | 29/58 | €13,883 | €20,009 | +€6,126 | +44.1% |
| Amounts receivable within one year | 40/41 | €2,199 | €3,513 | +€1,314 | +59.8% |
| Trade receivables | 40 | €2,057 | €3,513 | +€1,456 | +70.8% |
| Other amounts receivable | 41 | €142 | €0 | -€142 | -100% |
| Cash at bank and in hand | 54/58 | €8,181 | €14,019 | +€5,838 | +71.4% |
| Deferred charges and accrued income | 490/1 | €3,503 | €2,477 | -€1,027 | -29.3% |
| Total equity and liabilities | 10/49 | €3,716,628 | €3,653,474 | -€63,155 | -1.7% |
| Equity | 10/15 | -€29,150 | -€23,156 | +€5,994 | +20.6% |
| Contributions | 10/11 | €524,160 | €524,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€553,310 | -€547,316 | +€5,994 | +1.1% |
| Amounts payable | 17/49 | €3,745,779 | €3,676,630 | -€69,149 | -1.8% |
| Amounts payable after more than one year | 17 | €3,317,147 | €3,226,113 | -€91,034 | -2.7% |
| Financial debts | 170/4 | €3,314,935 | €3,223,901 | -€91,034 | -2.7% |
| Other amounts payable | 178/9 | €2,212 | €2,212 | = | 0.0% |
| Amounts payable within one year | 42/48 | €428,632 | €450,517 | +€21,885 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €89,580 | €91,034 | +€1,454 | +1.6% |
| Trade debts | 44 | €6,363 | €11,484 | +€5,121 | +80.5% |
| Suppliers | 440/4 | €6,363 | €11,484 | +€5,121 | +80.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,688 | €1,851 | -€837 | -31.1% |
| Taxes | 450/3 | €2,688 | €1,851 | -€837 | -31.1% |
| Other amounts payable | 47/48 | €330,000 | €346,148 | +€16,148 | +4.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,928 | €88,060 | -€25,867 | -22.7% |
| Other operating charges | 640/8 | €20,056 | €21,612 | +€1,555 | +7.8% |
| Gross operating margin | 9900 | €164,631 | €164,614 | -€18 | 0.0% |
| Operating profit (loss) | 9901 | €30,648 | €54,942 | +€24,294 | +79.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €50,657 | €48,948 | -€1,710 | -3.4% |
| Recurring financial charges | 65 | €50,657 | €48,948 | -€1,710 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,010 | €5,994 | +€26,004 | |
| Profit (loss) for the period | 9904 | -€20,010 | €5,994 | +€26,004 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,010 | €5,994 | +€26,004 |
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.