MIALET: 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.
MIALET
Largest movements
- Intangible fixed assets +€131,005
new in 2025: €131,005
- Cash -€129,199
down €129,199 (-86.7%), from €149,086 to €19,887
mainly Investment in fixed assets (net) (-€203,151) and Net result for the year (-€23,103)
- Deferred charges and accrued income +€17,189
up €17,189 (+397%), from €4,325 to €21,514
- Current investments -€11,339
no longer reported in 2025 (was €11,339)
- Tangible fixed assets +€9,025
up €9,025 (+5.6%), from €160,963 to €169,988
of which Other tangible fixed assets: +€31,903
- Other debts +€47,156
up €47,156 (+764%), from €6,173 to €53,329
- Profit (loss) carried forward -€23,103
down €23,103 (-22.6%), from -€102,313 to -€125,416
- Debts after one year -€13,166
down €13,166 (-11.0%), from €119,324 to €106,159
- Tax, wage and social debts +€7,790
up €7,790 (+2,962%), from €263 to €8,053
of which Remuneration and social security: +€6,263
- Gross operating margin +€67,824
up €67,824 (+698%), from €9,715 to €77,539
- Staff costs +€40,941
new in 2025: €40,941
- Depreciation +€22,307
up €22,307 (+68.5%), from €32,561 to €54,868
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 | €328,248 | €351,345 | +€23,097 | +7.0% |
| Fixed assets | 21/28 | €160,963 | €309,246 | +€148,283 | +92.1% |
| Intangible fixed assets | 21 | - | €131,005 | +€131,005 | |
| Tangible fixed assets | 22/27 | €160,963 | €169,988 | +€9,025 | +5.6% |
| Land and buildings | 22 | €137,479 | €127,479 | -€10,000 | -7.3% |
| Furniture and vehicles | 24 | €19,714 | €6,836 | -€12,879 | -65.3% |
| Other tangible fixed assets | 26 | €3,769 | €35,672 | +€31,903 | +846% |
| Financial fixed assets | 28 | - | €8,253 | +€8,253 | |
| Current assets | 29/58 | €167,285 | €42,099 | -€125,186 | -74.8% |
| Amounts receivable within one year | 40/41 | €2,535 | €698 | -€1,837 | -72.5% |
| Trade receivables | 40 | €2,192 | €698 | -€1,494 | -68.2% |
| Other amounts receivable | 41 | €343 | - | -€343 | |
| Current investments | 50/53 | €11,339 | - | -€11,339 | |
| Cash at bank and in hand | 54/58 | €149,086 | €19,887 | -€129,199 | -86.7% |
| Deferred charges and accrued income | 490/1 | €4,325 | €21,514 | +€17,189 | +397% |
| Total equity and liabilities | 10/49 | €328,248 | €351,345 | +€23,097 | +7.0% |
| Equity | 10/15 | €187,700 | €164,597 | -€23,103 | -12.3% |
| Contributions | 10/11 | €16,113 | €16,113 | = | 0.0% |
| Reserves | 13 | €273,899 | €273,899 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €260,899 | €260,899 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,313 | -€125,416 | -€23,103 | -22.6% |
| Amounts payable | 17/49 | €140,548 | €186,748 | +€46,200 | +32.9% |
| Amounts payable after more than one year | 17 | €119,324 | €106,159 | -€13,166 | -11.0% |
| Financial debts | 170/4 | €119,324 | €106,159 | -€13,166 | -11.0% |
| Amounts payable within one year | 42/48 | €21,224 | €79,086 | +€57,863 | +273% |
| Current portion of amounts payable after more than one year | 42 | €12,980 | €13,166 | +€186 | +1.4% |
| Trade debts | 44 | €1,807 | €4,539 | +€2,731 | +151% |
| Suppliers | 440/4 | €1,807 | €4,539 | +€2,731 | +151% |
| Taxes, remuneration and social security | 45 | €263 | €8,053 | +€7,790 | +2,962% |
| Taxes | 450/3 | €263 | €1,790 | +€1,527 | +581% |
| Remuneration and social security | 454/9 | - | €6,263 | +€6,263 | |
| Other amounts payable | 47/48 | €6,173 | €53,329 | +€47,156 | +764% |
| Accrued charges and deferred income | 492/3 | - | €1,503 | +€1,503 | |
| Non-recurring operating income | 76A | €403 | - | -€403 | |
| Remuneration, social security and pensions | 62 | - | €40,941 | +€40,941 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,561 | €54,868 | +€22,307 | +68.5% |
| Other operating charges | 640/8 | €1,951 | €2,336 | +€386 | +19.8% |
| Non-recurring operating charges | 66A | €295 | - | -€295 | |
| Gross operating margin | 9900 | €9,715 | €77,539 | +€67,824 | +698% |
| Operating profit (loss) | 9901 | -€25,092 | -€20,608 | +€4,485 | +17.9% |
| Financial income | 75/76B | €111 | €333 | +€222 | +199% |
| Recurring financial income | 75 | €111 | €333 | +€222 | +199% |
| Financial charges | 65/66B | €2,705 | €2,478 | -€227 | -8.4% |
| Recurring financial charges | 65 | €2,705 | €2,478 | -€227 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,686 | -€22,753 | +€4,933 | +17.8% |
| Income taxes | 67/77 | €272 | €350 | +€78 | +28.5% |
| Profit (loss) for the period | 9904 | -€27,958 | -€23,103 | +€4,855 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,958 | -€23,103 | +€4,855 | +17.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.