MIAHALI: 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.
MIAHALI
Largest movements
- Receivables within one year -€76,084
down €76,084 (-79.2%), from €96,084 to €20,000
of which Other amounts receivable: -€72,432
- Stocks and contracts +€39,449
up €39,449 (+25.6%), from €154,043 to €193,492
- Cash +€8,767
up €8,767 (+235%), from €3,732 to €12,499
mainly Receivables within one year (+€76,084) and Other debts (+€35,557)
- Tangible fixed assets -€7,045
down €7,045 (-4.3%), from €162,061 to €155,016
of which Land and buildings: -€6,750
- Short-term financial debts -€60,000
down €60,000 (-54.5%), from €110,000 to €50,000
- Other debts +€35,557
up €35,557 (+65.4%), from €54,331 to €89,889
- Trade debts -€6,471
down €6,471 (-94.2%), from €6,868 to €397
- Depreciation -€1,850
down €1,850 (-17.5%), from €10,549 to €8,698
- Financial charges +€1,252
up €1,252 (+16.5%), from €7,574 to €8,826
- Other operating charges +€919
up €919 (+50.6%), from €1,818 to €2,736
- Gross operating margin +€279
up €279 (+1.8%), from €15,552 to €15,832
- Taxes +€168
up €168 (+12.7%), from €1,320 to €1,487
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 | €427,080 | €392,166 | -€34,913 | -8.2% |
| Fixed assets | 21/28 | €173,221 | €166,176 | -€7,045 | -4.1% |
| Tangible fixed assets | 22/27 | €162,061 | €155,016 | -€7,045 | -4.3% |
| Land and buildings | 22 | €151,000 | €144,250 | -€6,750 | -4.5% |
| Plant, machinery and equipment | 23 | €7,417 | €6,554 | -€862 | -11.6% |
| Furniture and vehicles | 24 | €3,645 | €4,212 | +€567 | +15.6% |
| Financial fixed assets | 28 | €11,160 | €11,160 | = | 0.0% |
| Current assets | 29/58 | €253,858 | €225,990 | -€27,868 | -11.0% |
| Stocks and contracts in progress | 3 | €154,043 | €193,492 | +€39,449 | +25.6% |
| Stocks | 30/36 | €154,043 | €193,492 | +€39,449 | +25.6% |
| Amounts receivable within one year | 40/41 | €96,084 | €20,000 | -€76,084 | -79.2% |
| Trade receivables | 40 | €23,651 | €20,000 | -€3,651 | -15.4% |
| Other amounts receivable | 41 | €72,432 | - | -€72,432 | |
| Cash at bank and in hand | 54/58 | €3,732 | €12,499 | +€8,767 | +235% |
| Total equity and liabilities | 10/49 | €427,080 | €392,166 | -€34,913 | -8.2% |
| Equity | 10/15 | €223,909 | €219,870 | -€4,039 | -1.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Contributions outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €123,909 | €119,870 | -€4,039 | -3.3% |
| Non-distributable reserves | 130/1 | €2,555 | €2,555 | = | 0.0% |
| Legal reserve | 130 | €2,555 | €2,555 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,606 | €79,060 | -€5,546 | -6.6% |
| Distributable reserves | 133 | €36,747 | €38,255 | +€1,508 | +4.1% |
| Provisions and deferred taxes | 16 | €28,202 | €26,353 | -€1,849 | -6.6% |
| Provisions for liabilities and charges | 160/5 | €28,202 | €26,353 | -€1,849 | -6.6% |
| Taxes | 161 | €28,202 | €26,353 | -€1,849 | -6.6% |
| Amounts payable | 17/49 | €174,969 | €145,942 | -€29,026 | -16.6% |
| Amounts payable within one year | 42/48 | €174,969 | €145,942 | -€29,026 | -16.6% |
| Financial debts | 43 | €110,000 | €50,000 | -€60,000 | -54.5% |
| Credit institutions | 430/8 | €110,000 | €50,000 | -€60,000 | -54.5% |
| Trade debts | 44 | €6,868 | €397 | -€6,471 | -94.2% |
| Suppliers | 440/4 | €6,868 | €397 | -€6,471 | -94.2% |
| Taxes, remuneration and social security | 45 | €3,769 | €5,657 | +€1,887 | +50.1% |
| Taxes | 450/3 | €3,769 | €5,657 | +€1,887 | +50.1% |
| Other amounts payable | 47/48 | €54,331 | €89,889 | +€35,557 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,549 | €8,698 | -€1,850 | -17.5% |
| Other operating charges | 640/8 | €1,818 | €2,736 | +€919 | +50.6% |
| Gross operating margin | 9900 | €15,552 | €15,832 | +€279 | +1.8% |
| Operating profit (loss) | 9901 | €3,186 | €4,397 | +€1,211 | +38.0% |
| Financial income | 75/76B | €0 | €29 | +€29 | +289,900% |
| Recurring financial income | 75 | €0 | €29 | +€29 | +289,900% |
| Financial charges | 65/66B | €7,574 | €8,826 | +€1,252 | +16.5% |
| Recurring financial charges | 65 | €7,574 | €8,826 | +€1,252 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,387 | -€4,400 | -€12 | -0.3% |
| Transfer from deferred taxes | 780 | €1,849 | €1,849 | = | 0.0% |
| Income taxes | 67/77 | €1,320 | €1,487 | +€168 | +12.7% |
| Profit (loss) for the period | 9904 | -€3,858 | -€4,039 | -€180 | -4.7% |
| Transfer from tax-exempt reserves | 789 | €5,546 | €5,546 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,688 | €1,508 | -€180 | -10.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.