MIACO: 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.
MIACO
Largest movements
- Receivables within one year -€5,204
down €5,204 (-76.8%), from €6,773 to €1,569
of which Trade receivables: -€6,715
- Stocks and contracts -€1,292
down €1,292 (-100%), from €1,292 to €0
- Deferred charges and accrued income +€854
up €854, from €0 to €854
- Tangible fixed assets -€470
down €470 (-3.8%), from €12,514 to €12,044
of which Land and buildings: -€470
- Profit (loss) carried forward -€23,492
down €23,492 (-30.2%), from -€77,867 to -€101,359
- Other debts +€16,198
up €16,198 (+19.9%), from €81,287 to €97,485
- Trade debts +€1,986
up €1,986 (+33.1%), from €5,999 to €7,985
- Tax, wage and social debts -€806
down €806 (-70.4%), from €1,144 to €338
- Gross operating margin -€1,107
down €1,107 (-5.3%), from -€20,792 to -€21,899
- Depreciation -€1,008
down €1,008 (-68.2%), from €1,478 to €470
- Taxes +€242
up €242, from €0 to €242
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 | €20,579 | €14,467 | -€6,112 | -29.7% |
| Fixed assets | 21/28 | €12,514 | €12,044 | -€470 | -3.8% |
| Tangible fixed assets | 22/27 | €12,514 | €12,044 | -€470 | -3.8% |
| Land and buildings | 22 | €12,514 | €12,044 | -€470 | -3.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €8,065 | €2,423 | -€5,642 | -70.0% |
| Stocks and contracts in progress | 3 | €1,292 | €0 | -€1,292 | -100% |
| Stocks | 30/36 | €1,292 | €0 | -€1,292 | -100% |
| Amounts receivable within one year | 40/41 | €6,773 | €1,569 | -€5,204 | -76.8% |
| Trade receivables | 40 | €6,715 | €0 | -€6,715 | -100% |
| Other amounts receivable | 41 | €58 | €1,569 | +€1,511 | +2,617% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €0 | €854 | +€854 | |
| Total equity and liabilities | 10/49 | €20,579 | €14,467 | -€6,112 | -29.7% |
| Equity | 10/15 | -€67,867 | -€91,359 | -€23,492 | -34.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,867 | -€101,359 | -€23,492 | -30.2% |
| Amounts payable | 17/49 | €88,446 | €105,826 | +€17,380 | +19.7% |
| Amounts payable within one year | 42/48 | €88,446 | €105,826 | +€17,380 | +19.7% |
| Financial debts | 43 | €16 | €18 | +€1 | +7.2% |
| Credit institutions | 430/8 | €16 | €18 | +€1 | +7.2% |
| Trade debts | 44 | €5,999 | €7,985 | +€1,986 | +33.1% |
| Suppliers | 440/4 | €5,999 | €7,985 | +€1,986 | +33.1% |
| Taxes, remuneration and social security | 45 | €1,144 | €338 | -€806 | -70.4% |
| Taxes | 450/3 | €1,144 | €338 | -€806 | -70.4% |
| Other amounts payable | 47/48 | €81,287 | €97,485 | +€16,198 | +19.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,478 | €470 | -€1,008 | -68.2% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€20,792 | -€21,899 | -€1,107 | -5.3% |
| Operating profit (loss) | 9901 | -€22,270 | -€22,369 | -€99 | -0.4% |
| Financial charges | 65/66B | €991 | €881 | -€110 | -11.1% |
| Recurring financial charges | 65 | €991 | €881 | -€110 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,261 | -€23,250 | +€11 | 0.0% |
| Income taxes | 67/77 | €0 | €242 | +€242 | |
| Profit (loss) for the period | 9904 | -€23,261 | -€23,492 | -€231 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,261 | -€23,492 | -€231 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.