MI WORKS: 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 WORKS
Largest movements
- Tangible fixed assets +€23,826
up €23,826 (+74.9%), from €31,810 to €55,636
of which Leasing and similar rights: +€16,514
- Receivables within one year +€11,751
up €11,751 (+111%), from €10,555 to €22,307
of which Other amounts receivable: +€11,474
- Cash -€8,276
down €8,276 (-47.5%), from €17,432 to €9,156
mainly Investment in fixed assets (net) (-€36,258) and Other debts (-€15,413)
- Profit (loss) carried forward +€21,506
up €21,506 (+477%), from €4,504 to €26,010
- Other debts -€15,413
no longer reported in 2025 (was €15,413)
- Debts after one year +€12,885
up €12,885 (+56.8%), from €22,689 to €35,575
- Current portion of long-term debt +€9,586
up €9,586 (+181%), from €5,284 to €14,871
- Trade debts -€3,927
down €3,927 (-57.6%), from €6,818 to €2,891
- Staff costs -€27,860
down €27,860 (-64.7%), from €43,087 to €15,227
- Gross operating margin +€6,575
up €6,575 (+12.7%), from €51,758 to €58,332
- Depreciation +€6,374
up €6,374 (+105%), from €6,058 to €12,432
- Taxes +€5,911
up €5,911, from -€59 to €5,852
- Other operating charges +€947
up €947 (+234%), from €405 to €1,353
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 | €59,797 | €87,256 | +€27,458 | +45.9% |
| Fixed assets | 21/28 | €31,810 | €55,636 | +€23,826 | +74.9% |
| Tangible fixed assets | 22/27 | €31,810 | €55,636 | +€23,826 | +74.9% |
| Plant, machinery and equipment | 23 | €2,775 | €1,074 | -€1,701 | -61.3% |
| Furniture and vehicles | 24 | €770 | €9,783 | +€9,013 | +1,170% |
| Leasing and similar rights | 25 | €28,264 | €44,778 | +€16,514 | +58.4% |
| Current assets | 29/58 | €27,987 | €31,620 | +€3,632 | +13.0% |
| Amounts receivable within one year | 40/41 | €10,555 | €22,307 | +€11,751 | +111% |
| Trade receivables | 40 | €9,072 | €9,350 | +€277 | +3.1% |
| Other amounts receivable | 41 | €1,483 | €12,957 | +€11,474 | +774% |
| Cash at bank and in hand | 54/58 | €17,432 | €9,156 | -€8,276 | -47.5% |
| Deferred charges and accrued income | 490/1 | - | €157 | +€157 | |
| Total equity and liabilities | 10/49 | €59,797 | €87,256 | +€27,458 | +45.9% |
| Equity | 10/15 | €5,504 | €27,010 | +€21,506 | +391% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,504 | €26,010 | +€21,506 | +477% |
| Amounts payable | 17/49 | €54,293 | €60,245 | +€5,953 | +11.0% |
| Amounts payable after more than one year | 17 | €22,689 | €35,575 | +€12,885 | +56.8% |
| Financial debts | 170/4 | €22,689 | €35,575 | +€12,885 | +56.8% |
| Amounts payable within one year | 42/48 | €31,603 | €24,671 | -€6,933 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €5,284 | €14,871 | +€9,586 | +181% |
| Trade debts | 44 | €6,818 | €2,891 | -€3,927 | -57.6% |
| Suppliers | 440/4 | €6,818 | €2,891 | -€3,927 | -57.6% |
| Taxes, remuneration and social security | 45 | €4,088 | €6,909 | +€2,822 | +69.0% |
| Taxes | 450/3 | - | €5,852 | +€5,852 | |
| Remuneration and social security | 454/9 | €4,088 | €1,058 | -€3,030 | -74.1% |
| Other amounts payable | 47/48 | €15,413 | - | -€15,413 | |
| Remuneration, social security and pensions | 62 | €43,087 | €15,227 | -€27,860 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,058 | €12,432 | +€6,374 | +105% |
| Other operating charges | 640/8 | €405 | €1,353 | +€947 | +234% |
| Gross operating margin | 9900 | €51,758 | €58,332 | +€6,575 | +12.7% |
| Operating profit (loss) | 9901 | €2,207 | €29,320 | +€27,113 | +1,228% |
| Financial income | 75/76B | €2 | €0 | -€2 | -98.7% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -98.7% |
| Financial charges | 65/66B | €1,356 | €1,963 | +€607 | +44.8% |
| Recurring financial charges | 65 | €1,356 | €1,963 | +€607 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €854 | €27,358 | +€26,504 | +3,104% |
| Income taxes | 67/77 | -€59 | €5,852 | +€5,911 | |
| Profit (loss) for the period | 9904 | €913 | €21,506 | +€20,593 | +2,255% |
| Profit (loss) for the period to be appropriated | 9905 | €913 | €21,506 | +€20,593 | +2,255% |
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 17 October 2026 via checked.be.