MIAC: 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.
MIAC
Largest movements
- Tangible fixed assets -€244,985
down €244,985 (-93.8%), from €261,111 to €16,125
of which Land and buildings: -€234,742
- Cash +€41,663
up €41,663 (+505.4%), from €8,243 to €49,905
mainly Investment in fixed assets (net) (+€236,923) and Net result for the year (+€35,974)
- Receivables within one year +€5,336
up €5,336 (+146.1%), from €3,652 to €8,989
of which Trade receivables: +€5,674
- Other debts -€128,014
down €128,014 (-60.1%), from €212,985 to €84,970
- Debts after one year -€65,087
no longer reported in 2025 (was €65,087)
- Profit (loss) carried forward +€35,974
up €35,974 (+73.2%), from -€49,112 to -€13,138
- Current portion of long-term debt -€28,580
no longer reported in 2025 (was €28,580)
- Trade debts -€12,483
down €12,483 (-81.3%), from €15,356 to €2,873
- Gross operating margin +€21,288
up €21,288 (+65.5%), from €32,495 to €53,783
- Depreciation -€7,207
down €7,207 (-47.2%), from €15,270 to €8,063
- Other operating charges +€6,057
up €6,057 (+525.2%), from €1,153 to €7,210
- Financial charges -€3,157
down €3,157 (-89.9%), from €3,512 to €356
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 | €273,006 | €75,019 | -€197,986 | -72.5% |
| Fixed assets | 21/28 | €261,111 | €16,125 | -€244,985 | -93.8% |
| Tangible fixed assets | 22/27 | €261,111 | €16,125 | -€244,985 | -93.8% |
| Land and buildings | 22 | €234,742 | - | -€234,742 | |
| Plant, machinery and equipment | 23 | €2,181 | - | -€2,181 | |
| Furniture and vehicles | 24 | €24,188 | €16,125 | -€8,063 | -33.3% |
| Current assets | 29/58 | €11,895 | €58,894 | +€46,999 | +395.1% |
| Amounts receivable within one year | 40/41 | €3,652 | €8,989 | +€5,336 | +146.1% |
| Trade receivables | 40 | €3,314 | €8,989 | +€5,674 | +171.2% |
| Other amounts receivable | 41 | €338 | - | -€338 | |
| Cash at bank and in hand | 54/58 | €8,243 | €49,905 | +€41,663 | +505.4% |
| Total equity and liabilities | 10/49 | €273,006 | €75,019 | -€197,986 | -72.5% |
| Equity | 10/15 | -€49,002 | -€13,028 | +€35,974 | +73.4% |
| Contributions | 10/11 | €110 | €100 | -€10 | -9.1% |
| Reserves | 13 | - | €10 | +€10 | |
| Distributable reserves | 133 | - | €10 | +€10 | |
| Profit (loss) carried forward | 14 | -€49,112 | -€13,138 | +€35,974 | +73.2% |
| Amounts payable | 17/49 | €322,008 | €88,047 | -€233,961 | -72.7% |
| Amounts payable after more than one year | 17 | €65,087 | - | -€65,087 | |
| Financial debts | 170/4 | €65,087 | - | -€65,087 | |
| Amounts payable within one year | 42/48 | €256,921 | €88,047 | -€168,874 | -65.7% |
| Current portion of amounts payable after more than one year | 42 | €28,580 | - | -€28,580 | |
| Trade debts | 44 | €15,356 | €2,873 | -€12,483 | -81.3% |
| Suppliers | 440/4 | €15,356 | €2,873 | -€12,483 | -81.3% |
| Taxes, remuneration and social security | 45 | - | €203 | +€203 | |
| Taxes | 450/3 | - | €203 | +€203 | |
| Other amounts payable | 47/48 | €212,985 | €84,970 | -€128,014 | -60.1% |
| Non-recurring operating income | 76A | - | €37,860 | +€37,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,270 | €8,063 | -€7,207 | -47.2% |
| Other operating charges | 640/8 | €1,153 | €7,210 | +€6,057 | +525.2% |
| Non-recurring operating charges | 66A | - | €2,181 | +€2,181 | |
| Gross operating margin | 9900 | €32,495 | €53,783 | +€21,288 | +65.5% |
| Operating profit (loss) | 9901 | €16,072 | €36,330 | +€20,257 | +126.0% |
| Financial charges | 65/66B | €3,512 | €356 | -€3,157 | -89.9% |
| Recurring financial charges | 65 | €3,512 | €356 | -€3,157 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | €12,560 | €35,974 | +€23,414 | +186.4% |
| Profit (loss) for the period | 9904 | €12,560 | €35,974 | +€23,414 | +186.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,560 | €35,974 | +€23,414 | +186.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.