MIÂD-S: what changed
MIÂD-S
Largest movements
- Stocks and contracts -€19,968
down €19,968 (-38.6%), from €51,702 to €31,735
- Receivables within one year +€9,731
up €9,731 (+1,605%), from €606 to €10,338
of which Trade receivables: +€7,864
- Tangible fixed assets -€7,342
down €7,342 (-29.3%), from €25,024 to €17,682
of which Plant, machinery and equipment: -€5,558
- Cash +€1,381
up €1,381 (+14.3%), from €9,679 to €11,060
mainly Net result for the year (+€34,314) and Stocks and contracts (+€19,968)
- Profit (loss) carried forward +€34,314
up €34,314 (+48.9%), from -€70,157 to -€35,843
- Other debts -€24,172
down €24,172 (-73.0%), from €33,106 to €8,934
- Tax, wage and social debts -€13,652
down €13,652 (-32.3%), from €42,277 to €28,625
of which Remuneration and social security: -€13,833
- Trade debts -€12,686
down €12,686 (-18.7%), from €67,885 to €55,199
- Staff costs +€43,834
up €43,834 (+532%), from €8,243 to €52,076
- Gross operating margin +€43,435
up €43,435 (+73.9%), from €58,794 to €102,228
- Other operating charges -€17,744
down €17,744 (-88.3%), from €20,085 to €2,340
- Taxes +€8,000
new in 2025: €8,000
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,712 | €75,515 | -€16,196 | -17.7% |
| Fixed assets | 21/28 | €29,724 | €22,382 | -€7,342 | -24.7% |
| Tangible fixed assets | 22/27 | €25,024 | €17,682 | -€7,342 | -29.3% |
| Plant, machinery and equipment | 23 | €14,647 | €9,089 | -€5,558 | -37.9% |
| Furniture and vehicles | 24 | €4,277 | €3,171 | -€1,105 | -25.8% |
| Other tangible fixed assets | 26 | €6,100 | €5,422 | -€678 | -11.1% |
| Financial fixed assets | 28 | €4,700 | €4,700 | = | 0.0% |
| Current assets | 29/58 | €61,988 | €53,133 | -€8,855 | -14.3% |
| Stocks and contracts in progress | 3 | €51,702 | €31,735 | -€19,968 | -38.6% |
| Stocks | 30/36 | €51,702 | €31,735 | -€19,968 | -38.6% |
| Amounts receivable within one year | 40/41 | €606 | €10,338 | +€9,731 | +1,605% |
| Trade receivables | 40 | - | €7,864 | +€7,864 | |
| Other amounts receivable | 41 | €606 | €2,473 | +€1,867 | +308% |
| Cash at bank and in hand | 54/58 | €9,679 | €11,060 | +€1,381 | +14.3% |
| Total equity and liabilities | 10/49 | €91,712 | €75,515 | -€16,196 | -17.7% |
| Equity | 10/15 | -€51,557 | -€17,243 | +€34,314 | +66.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,157 | -€35,843 | +€34,314 | +48.9% |
| Amounts payable | 17/49 | €143,269 | €92,758 | -€50,510 | -35.3% |
| Amounts payable within one year | 42/48 | €143,269 | €92,758 | -€50,510 | -35.3% |
| Trade debts | 44 | €67,885 | €55,199 | -€12,686 | -18.7% |
| Suppliers | 440/4 | €67,885 | €55,199 | -€12,686 | -18.7% |
| Taxes, remuneration and social security | 45 | €42,277 | €28,625 | -€13,652 | -32.3% |
| Taxes | 450/3 | €169 | €350 | +€181 | +107% |
| Remuneration and social security | 454/9 | €42,108 | €28,275 | -€13,833 | -32.9% |
| Other amounts payable | 47/48 | €33,106 | €8,934 | -€24,172 | -73.0% |
| Remuneration, social security and pensions | 62 | €8,243 | €52,076 | +€43,834 | +532% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,342 | €7,342 | = | 0.0% |
| Other operating charges | 640/8 | €20,085 | €2,340 | -€17,744 | -88.3% |
| Gross operating margin | 9900 | €58,794 | €102,228 | +€43,435 | +73.9% |
| Operating profit (loss) | 9901 | €23,125 | €40,470 | +€17,345 | +75.0% |
| Financial income | 75/76B | €1,630 | €2,488 | +€858 | +52.6% |
| Recurring financial income | 75 | €1,630 | €0 | -€1,630 | -100.0% |
| Non-recurring financial income | 76B | €1,630 | €2,488 | +€857 | +52.6% |
| Financial charges | 65/66B | €790 | €644 | -€146 | -18.5% |
| Recurring financial charges | 65 | €790 | €644 | -€146 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €23,965 | €42,314 | +€18,349 | +76.6% |
| Income taxes | 67/77 | - | €8,000 | +€8,000 | |
| Profit (loss) for the period | 9904 | €23,965 | €34,314 | +€10,349 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,965 | €34,314 | +€10,349 | +43.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.