MIANDER: 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.
MIANDER
Largest movements
- Tangible fixed assets -€28,561
down €28,561 (-11.9%), from €240,845 to €212,284
- Debts after one year -€25,295
down €25,295 (-12.2%), from €206,995 to €181,700
of which Financial debts: -€25,295
- Profit (loss) carried forward -€3,359
down €3,359 (-2.3%), from -€143,543 to -€146,902
- Gross operating margin -€13,796
down €13,796 (-27.1%), from €50,921 to €37,126
- Depreciation -€13,177
down €13,177 (-31.6%), from €41,738 to €28,561
- Other operating charges +€1,404
up €1,404 (+32.5%), from €4,325 to €5,729
- Financial charges +€1,387
up €1,387 (+28.9%), from €4,807 to €6,194
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 | €254,285 | €223,690 | -€30,595 | -12.0% |
| Fixed assets | 21/28 | €240,845 | €212,284 | -€28,561 | -11.9% |
| Tangible fixed assets | 22/27 | €240,845 | €212,284 | -€28,561 | -11.9% |
| Land and buildings | 22 | €240,845 | €212,284 | -€28,561 | -11.9% |
| Current assets | 29/58 | €13,440 | €11,407 | -€2,033 | -15.1% |
| Cash at bank and in hand | 54/58 | €10,453 | €9,090 | -€1,363 | -13.0% |
| Deferred charges and accrued income | 490/1 | €2,987 | €2,317 | -€670 | -22.4% |
| Total equity and liabilities | 10/49 | €254,285 | €223,690 | -€30,595 | -12.0% |
| Equity | 10/15 | -€124,943 | -€128,302 | -€3,359 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,543 | -€146,902 | -€3,359 | -2.3% |
| Amounts payable | 17/49 | €379,228 | €351,992 | -€27,236 | -7.2% |
| Amounts payable after more than one year | 17 | €206,995 | €181,700 | -€25,295 | -12.2% |
| Financial debts | 170/4 | €206,185 | €180,890 | -€25,295 | -12.3% |
| Other amounts payable | 178/9 | €810 | €810 | = | 0.0% |
| Amounts payable within one year | 42/48 | €172,225 | €170,292 | -€1,933 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €26,918 | €25,295 | -€1,623 | -6.0% |
| Trade debts | 44 | €715 | €861 | +€146 | +20.4% |
| Suppliers | 440/4 | €715 | €861 | +€146 | +20.4% |
| Other amounts payable | 47/48 | €144,592 | €144,136 | -€456 | -0.3% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,738 | €28,561 | -€13,177 | -31.6% |
| Other operating charges | 640/8 | €4,325 | €5,729 | +€1,404 | +32.5% |
| Gross operating margin | 9900 | €50,921 | €37,126 | -€13,796 | -27.1% |
| Operating profit (loss) | 9901 | €4,858 | €2,835 | -€2,023 | -41.6% |
| Financial charges | 65/66B | €4,807 | €6,194 | +€1,387 | +28.9% |
| Recurring financial charges | 65 | €4,807 | €6,194 | +€1,387 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €51 | -€3,359 | -€3,410 | |
| Profit (loss) for the period | 9904 | €51 | -€3,359 | -€3,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €51 | -€3,359 | -€3,410 |
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 8 October 2026 via checked.be.