MIAMZ: 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.
MIAMZ
Largest movements
- Cash +€14,237
up €14,237 (+18.8%), from €75,840 to €90,077
mainly Net result for the year (+€27,679) and Depreciation (+€15,297)
- Tangible fixed assets -€10,297
down €10,297 (-27.1%), from €38,055 to €27,758
- Deferred charges and accrued income -€2,410
no longer reported in 2025 (was €2,410)
- Trade debts +€11,773
up €11,773 (+62.3%), from €18,896 to €30,669
- Tax, wage and social debts -€10,357
down €10,357 (-22.8%), from €45,467 to €35,110
- Reserves +€2,500
up €2,500 (+5.0%), from €50,000 to €52,500
- Staff costs -€36,738
down €36,738 (-8.9%), from €411,652 to €374,914
- Taxes +€23,136
up €23,136 (+145.7%), from €15,880 to €39,016
- Gross operating margin +€5,916
up €5,916 (+1.3%), from €460,530 to €466,446
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 | €201,183 | €204,501 | +€3,319 | +1.6% |
| Fixed assets | 21/28 | €64,108 | €53,811 | -€10,297 | -16.1% |
| Tangible fixed assets | 22/27 | €38,055 | €27,758 | -€10,297 | -27.1% |
| Plant, machinery and equipment | 23 | €14,761 | €9,779 | -€4,982 | -33.8% |
| Furniture and vehicles | 24 | €8,756 | €5,520 | -€3,236 | -37.0% |
| Other tangible fixed assets | 26 | €14,538 | €12,460 | -€2,078 | -14.3% |
| Financial fixed assets | 28 | €26,053 | €26,053 | = | 0.0% |
| Current assets | 29/58 | €137,075 | €150,690 | +€13,615 | +9.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,167 | €6,167 | = | 0.0% |
| Stocks | 30/36 | €6,167 | €6,167 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,659 | €4,447 | +€1,788 | +67.2% |
| Trade receivables | 40 | €1,713 | - | -€1,713 | |
| Other amounts receivable | 41 | €946 | €4,447 | +€3,501 | +369.9% |
| Cash at bank and in hand | 54/58 | €75,840 | €90,077 | +€14,237 | +18.8% |
| Deferred charges and accrued income | 490/1 | €2,410 | - | -€2,410 | |
| Total equity and liabilities | 10/49 | €201,183 | €204,501 | +€3,319 | +1.6% |
| Equity | 10/15 | €136,043 | €138,722 | +€2,679 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,000 | €52,500 | +€2,500 | +5.0% |
| Distributable reserves | 133 | €50,000 | €52,500 | +€2,500 | +5.0% |
| Profit (loss) carried forward | 14 | €67,443 | €67,622 | +€179 | +0.3% |
| Amounts payable | 17/49 | €65,140 | €65,779 | +€639 | +1.0% |
| Amounts payable after more than one year | 17 | €777 | - | -€777 | |
| Trade debts | 175 | €777 | - | -€777 | |
| Amounts payable within one year | 42/48 | €64,363 | €65,779 | +€1,416 | +2.2% |
| Trade debts | 44 | €18,896 | €30,669 | +€11,773 | +62.3% |
| Suppliers | 440/4 | €18,896 | €30,669 | +€11,773 | +62.3% |
| Taxes, remuneration and social security | 45 | €45,467 | €35,110 | -€10,357 | -22.8% |
| Remuneration and social security | 454/9 | €45,467 | €35,110 | -€10,357 | -22.8% |
| Remuneration, social security and pensions | 62 | €411,652 | €374,914 | -€36,738 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,904 | €15,297 | -€607 | -3.8% |
| Other operating charges | 640/8 | €3,450 | €2,659 | -€791 | -22.9% |
| Gross operating margin | 9900 | €460,530 | €466,446 | +€5,916 | +1.3% |
| Operating profit (loss) | 9901 | €29,524 | €73,576 | +€44,052 | +149.2% |
| Financial income | 75/76B | €81 | €869 | +€788 | +972.6% |
| Recurring financial income | 75 | €81 | €869 | +€788 | +972.6% |
| Financial charges | 65/66B | €8,483 | €7,751 | -€732 | -8.6% |
| Recurring financial charges | 65 | €8,483 | €7,751 | -€732 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €21,122 | €66,695 | +€45,572 | +215.8% |
| Income taxes | 67/77 | €15,880 | €39,016 | +€23,136 | +145.7% |
| Profit (loss) for the period | 9904 | €5,242 | €27,679 | +€22,437 | +428.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,242 | €27,679 | +€22,437 | +428.0% |
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 9 October 2026 via checked.be.