MIADE: 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.
MIADE
Largest movements
- Receivables within one year +€49,660
up €49,660 (+81.1%), from €61,225 to €110,886
of which Other amounts receivable: +€46,041
- Tangible fixed assets -€15,622
down €15,622 (-81.0%), from €19,294 to €3,672
of which Furniture and vehicles: -€15,156
- Cash -€3,315
down €3,315 (-69.2%), from €4,790 to €1,476
mainly Receivables within one year (-€49,660) and Debts after one year (-€9,540)
- Other debts +€22,007
up €22,007 (+128.6%), from €17,108 to €39,115
- Profit (loss) carried forward +€11,592
up €11,592, from -€11,592 to €0
- Debts after one year -€9,540
down €9,540 (-46.9%), from €20,324 to €10,784
- Reserves +€4,434
up €4,434 (+11.2%), from €39,615 to €44,049
- Tax, wage and social debts +€2,461
up €2,461 (+41.5%), from €5,933 to €8,394
- Gross operating margin +€21,583
up €21,583 (+94.8%), from €22,774 to €44,357
- Taxes +€3,315
up €3,315 (+104.9%), from €3,159 to €6,475
- Depreciation +€593
up €593 (+3.3%), from €17,784 to €18,377
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 | €90,567 | €120,801 | +€30,234 | +33.4% |
| Fixed assets | 21/28 | €20,644 | €5,022 | -€15,622 | -75.7% |
| Tangible fixed assets | 22/27 | €19,294 | €3,672 | -€15,622 | -81.0% |
| Plant, machinery and equipment | 23 | €2,247 | €1,780 | -€467 | -20.8% |
| Furniture and vehicles | 24 | €17,048 | €1,892 | -€15,156 | -88.9% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €69,922 | €115,779 | +€45,856 | +65.6% |
| Amounts receivable within one year | 40/41 | €61,225 | €110,886 | +€49,660 | +81.1% |
| Trade receivables | 40 | €11,021 | €14,641 | +€3,620 | +32.8% |
| Other amounts receivable | 41 | €50,204 | €96,245 | +€46,041 | +91.7% |
| Cash at bank and in hand | 54/58 | €4,790 | €1,476 | -€3,315 | -69.2% |
| Deferred charges and accrued income | 490/1 | €3,906 | €3,417 | -€490 | -12.5% |
| Total equity and liabilities | 10/49 | €90,567 | €120,801 | +€30,234 | +33.4% |
| Equity | 10/15 | €34,223 | €50,249 | +€16,027 | +46.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €39,615 | €44,049 | +€4,434 | +11.2% |
| Distributable reserves | 133 | €39,615 | €44,049 | +€4,434 | +11.2% |
| Profit (loss) carried forward | 14 | -€11,592 | €0 | +€11,592 | |
| Amounts payable | 17/49 | €56,344 | €70,552 | +€14,207 | +25.2% |
| Amounts payable after more than one year | 17 | €20,324 | €10,784 | -€9,540 | -46.9% |
| Financial debts | 170/4 | €20,324 | €10,784 | -€9,540 | -46.9% |
| Amounts payable within one year | 42/48 | €35,476 | €59,768 | +€24,292 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €9,158 | €9,540 | +€382 | +4.2% |
| Trade debts | 44 | €3,277 | €2,719 | -€558 | -17.0% |
| Suppliers | 440/4 | €3,277 | €2,719 | -€558 | -17.0% |
| Taxes, remuneration and social security | 45 | €5,933 | €8,394 | +€2,461 | +41.5% |
| Taxes | 450/3 | €5,933 | €8,394 | +€2,461 | +41.5% |
| Other amounts payable | 47/48 | €17,108 | €39,115 | +€22,007 | +128.6% |
| Accrued charges and deferred income | 492/3 | €545 | €0 | -€545 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,784 | €18,377 | +€593 | +3.3% |
| Other operating charges | 640/8 | €1,485 | €1,531 | +€46 | +3.1% |
| Non-recurring operating charges | 66A | - | €204 | +€204 | |
| Gross operating margin | 9900 | €22,774 | €44,357 | +€21,583 | +94.8% |
| Operating profit (loss) | 9901 | €3,505 | €24,245 | +€20,740 | +591.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | +195.5% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +195.5% |
| Financial charges | 65/66B | €2,099 | €1,745 | -€354 | -16.9% |
| Recurring financial charges | 65 | €2,099 | €1,745 | -€354 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €1,406 | €22,501 | +€21,095 | +1499.9% |
| Income taxes | 67/77 | €3,159 | €6,475 | +€3,315 | +104.9% |
| Profit (loss) for the period | 9904 | -€1,753 | €16,027 | +€17,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,753 | €16,027 | +€17,780 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.