MIA: 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.
MIA
Largest movements
- Cash +€45,020
up €45,020 (+67.1%), from €67,054 to €112,074
mainly Net result for the year (+€58,033) and Depreciation (+€34,539)
- Tangible fixed assets +€30,197
up €30,197 (+23.0%), from €131,127 to €161,325
of which Other tangible fixed assets: +€47,778
- Stocks and contracts -€9,081
down €9,081 (-5.7%), from €159,296 to €150,214
- Reserves +€32,917
up €32,917 (+13.1%), from €250,629 to €283,546
- Debts after one year +€21,486
up €21,486 (+61.4%), from €35,014 to €56,500
- Trade debts +€10,622
up €10,622 (+19.7%), from €53,785 to €64,407
- Gross operating margin +€21,650
up €21,650 (+12.2%), from €176,815 to €198,464
- Depreciation +€6,481
up €6,481 (+23.1%), from €28,058 to €34,539
- Staff costs -€4,600
down €4,600 (-6.2%), from €74,086 to €69,486
- Taxes +€2,919
up €2,919 (+15.7%), from €18,647 to €21,566
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 | €404,626 | €468,395 | +€63,769 | +15.8% |
| Fixed assets | 21/28 | €156,414 | €186,611 | +€30,197 | +19.3% |
| Tangible fixed assets | 22/27 | €131,127 | €161,325 | +€30,197 | +23.0% |
| Plant, machinery and equipment | 23 | €9,465 | €6,180 | -€3,285 | -34.7% |
| Furniture and vehicles | 24 | €58,377 | €44,082 | -€14,295 | -24.5% |
| Other tangible fixed assets | 26 | €63,285 | €111,063 | +€47,778 | +75.5% |
| Financial fixed assets | 28 | €25,286 | €25,286 | = | 0.0% |
| Current assets | 29/58 | €248,212 | €281,784 | +€33,572 | +13.5% |
| Stocks and contracts in progress | 3 | €159,296 | €150,214 | -€9,081 | -5.7% |
| Stocks | 30/36 | €159,296 | €150,214 | -€9,081 | -5.7% |
| Amounts receivable within one year | 40/41 | €15,216 | €15,991 | +€775 | +5.1% |
| Trade receivables | 40 | - | €2,544 | +€2,544 | |
| Other amounts receivable | 41 | €15,216 | €13,447 | -€1,769 | -11.6% |
| Cash at bank and in hand | 54/58 | €67,054 | €112,074 | +€45,020 | +67.1% |
| Deferred charges and accrued income | 490/1 | €6,647 | €3,505 | -€3,142 | -47.3% |
| Total equity and liabilities | 10/49 | €404,626 | €468,395 | +€63,769 | +15.8% |
| Equity | 10/15 | €263,023 | €295,940 | +€32,917 | +12.5% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €250,629 | €283,546 | +€32,917 | +13.1% |
| Distributable reserves | 133 | €250,629 | €283,546 | +€32,917 | +13.1% |
| Amounts payable | 17/49 | €141,602 | €172,455 | +€30,853 | +21.8% |
| Amounts payable after more than one year | 17 | €35,014 | €56,500 | +€21,486 | +61.4% |
| Financial debts | 170/4 | €35,014 | €56,500 | +€21,486 | +61.4% |
| Amounts payable within one year | 42/48 | €106,472 | €115,955 | +€9,483 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €25,156 | €25,513 | +€358 | +1.4% |
| Trade debts | 44 | €53,785 | €64,407 | +€10,622 | +19.7% |
| Suppliers | 440/4 | €53,785 | €64,407 | +€10,622 | +19.7% |
| Taxes, remuneration and social security | 45 | €25,606 | €24,462 | -€1,143 | -4.5% |
| Taxes | 450/3 | €6,945 | €8,159 | +€1,213 | +17.5% |
| Remuneration and social security | 454/9 | €18,660 | €16,304 | -€2,356 | -12.6% |
| Other amounts payable | 47/48 | €1,926 | €1,573 | -€354 | -18.4% |
| Accrued charges and deferred income | 492/3 | €117 | - | -€117 | |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Remuneration, social security and pensions | 62 | €74,086 | €69,486 | -€4,600 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,058 | €34,539 | +€6,481 | +23.1% |
| Other operating charges | 640/8 | €3,477 | €3,665 | +€188 | +5.4% |
| Gross operating margin | 9900 | €176,815 | €198,464 | +€21,650 | +12.2% |
| Operating profit (loss) | 9901 | €71,194 | €90,774 | +€19,581 | +27.5% |
| Financial income | 75/76B | €789 | €565 | -€223 | -28.3% |
| Recurring financial income | 75 | €789 | €565 | -€223 | -28.3% |
| Financial charges | 65/66B | €11,540 | €11,741 | +€201 | +1.7% |
| Recurring financial charges | 65 | €11,540 | €11,741 | +€201 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €60,443 | €79,599 | +€19,156 | +31.7% |
| Income taxes | 67/77 | €18,647 | €21,566 | +€2,919 | +15.7% |
| Profit (loss) for the period | 9904 | €41,796 | €58,033 | +€16,237 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,796 | €58,033 | +€16,237 | +38.8% |
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 24 October 2026 via checked.be.