MIANDO: 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.
MIANDO
Largest movements
- Receivables within one year +€153,500
new in 2025: €153,500
- Tangible fixed assets -€78,577
down €78,577 (-4.1%), from €1.9m to €1.8m
of which Land and buildings: -€77,806
- Cash -€34,265
down €34,265 (-8.7%), from €395,078 to €360,812
mainly Receivables within one year (-€153,500) and Debts after one year (-€47,455)
- Deferred charges and accrued income +€26,345
up €26,345 (+32.3%), from €81,639 to €107,984
- Reserves +€111,611
up €111,611 (+52.4%), from €212,818 to €324,430
of which Distributable reserves: +€111,611
- Debts after one year -€47,455
down €47,455 (-92.2%), from €51,496 to €4,041
- Gross operating margin +€4,923
up €4,923 (+1.9%), from €258,988 to €263,911
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 | €2,404,442 | €2,471,445 | +€67,003 | +2.8% |
| Fixed assets | 21/28 | €1,927,725 | €1,849,149 | -€78,577 | -4.1% |
| Tangible fixed assets | 22/27 | €1,927,725 | €1,849,149 | -€78,577 | -4.1% |
| Land and buildings | 22 | €1,926,955 | €1,849,149 | -€77,806 | -4.0% |
| Furniture and vehicles | 24 | €770 | €0 | -€770 | -100.0% |
| Current assets | 29/58 | €476,716 | €622,296 | +€145,580 | +30.5% |
| Amounts receivable within one year | 40/41 | - | €153,500 | +€153,500 | |
| Trade receivables | 40 | - | €153,500 | +€153,500 | |
| Cash at bank and in hand | 54/58 | €395,078 | €360,812 | -€34,265 | -8.7% |
| Deferred charges and accrued income | 490/1 | €81,639 | €107,984 | +€26,345 | +32.3% |
| Total equity and liabilities | 10/49 | €2,404,442 | €2,471,445 | +€67,003 | +2.8% |
| Equity | 10/15 | €274,318 | €385,930 | +€111,611 | +40.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €212,818 | €324,430 | +€111,611 | +52.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €206,668 | €318,280 | +€111,611 | +54.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,130,123 | €2,085,515 | -€44,608 | -2.1% |
| Amounts payable after more than one year | 17 | €51,496 | €4,041 | -€47,455 | -92.2% |
| Financial debts | 170/4 | €51,496 | €4,041 | -€47,455 | -92.2% |
| Amounts payable within one year | 42/48 | €2,075,937 | €2,080,574 | +€4,637 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €45,623 | €47,455 | +€1,832 | +4.0% |
| Trade debts | 44 | €1,444 | €2,495 | +€1,051 | +72.8% |
| Suppliers | 440/4 | €1,444 | €2,495 | +€1,051 | +72.8% |
| Taxes, remuneration and social security | 45 | €10,510 | €12,067 | +€1,557 | +14.8% |
| Taxes | 450/3 | €10,510 | €12,067 | +€1,557 | +14.8% |
| Other amounts payable | 47/48 | €2,018,360 | €2,018,557 | +€197 | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,690 | €900 | -€1,790 | -66.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,111 | €78,577 | -€1,534 | -1.9% |
| Other operating charges | 640/8 | €21,414 | €22,087 | +€673 | +3.1% |
| Gross operating margin | 9900 | €258,988 | €263,911 | +€4,923 | +1.9% |
| Operating profit (loss) | 9901 | €157,463 | €163,248 | +€5,785 | +3.7% |
| Financial income | 75/76B | €5,284 | €3,302 | -€1,982 | -37.5% |
| Recurring financial income | 75 | €5,284 | €3,302 | -€1,982 | -37.5% |
| Financial charges | 65/66B | €5,134 | €3,382 | -€1,753 | -34.1% |
| Recurring financial charges | 65 | €5,134 | €3,382 | -€1,753 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €157,613 | €163,168 | +€5,556 | +3.5% |
| Income taxes | 67/77 | €50,510 | €51,557 | +€1,047 | +2.1% |
| Profit (loss) for the period | 9904 | €107,103 | €111,611 | +€4,508 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €107,103 | €111,611 | +€4,508 | +4.2% |
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 6 October 2026 via checked.be.