MIARELLI: 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.
MIARELLI
Largest movements
- Cash +€35,106
up €35,106 (+26.7%), from €131,504 to €166,609
mainly Net result for the year (+€53,041) and Other debts (+€27,337)
- Tangible fixed assets +€27,820
up €27,820 (+261.9%), from €10,624 to €38,443
of which Furniture and vehicles: +€20,807
- Stocks and contracts -€11,871
down €11,871 (-82.9%), from €14,312 to €2,441
- Receivables within one year +€2,697
up €2,697 (+308.2%), from €875 to €3,572
of which Trade receivables: +€2,457
- Other debts +€27,337
up €27,337 (+770.4%), from €3,548 to €30,885
- Trade debts +€11,076
up €11,076 (+39.2%), from €28,289 to €39,365
- Current portion of long-term debt +€8,105
up €8,105 (+158.8%), from €5,104 to €13,209
- Profit (loss) carried forward +€5,775
up €5,775 (+17.1%), from €33,836 to €39,611
- Tax, wage and social debts +€4,268
up €4,268 (+6.0%), from €70,626 to €74,895
of which Taxes: +€19,239
- Gross operating margin +€23,460
up €23,460 (+21.2%), from €110,665 to €134,125
- Staff costs -€9,962
down €9,962 (-16.3%), from €61,299 to €51,337
- Depreciation +€7,067
up €7,067 (+95.0%), from €7,436 to €14,503
- Other operating charges +€5,712
up €5,712 (+185.1%), from €3,086 to €8,798
- Financial charges +€2,633
up €2,633, from -€465 to €2,168
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 | €158,067 | €211,543 | +€53,476 | +33.8% |
| Formation expenses | 20 | €573 | €298 | -€275 | -48.0% |
| Fixed assets | 21/28 | €10,804 | €38,623 | +€27,820 | +257.5% |
| Tangible fixed assets | 22/27 | €10,624 | €38,443 | +€27,820 | +261.9% |
| Plant, machinery and equipment | 23 | €10,624 | €17,637 | +€7,013 | +66.0% |
| Furniture and vehicles | 24 | - | €20,807 | +€20,807 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €146,691 | €172,622 | +€25,931 | +17.7% |
| Stocks and contracts in progress | 3 | €14,312 | €2,441 | -€11,871 | -82.9% |
| Stocks | 30/36 | €14,312 | €2,441 | -€11,871 | -82.9% |
| Amounts receivable within one year | 40/41 | €875 | €3,572 | +€2,697 | +308.2% |
| Trade receivables | 40 | €875 | €3,332 | +€2,457 | +280.8% |
| Other amounts receivable | 41 | - | €240 | +€240 | |
| Cash at bank and in hand | 54/58 | €131,504 | €166,609 | +€35,106 | +26.7% |
| Total equity and liabilities | 10/49 | €158,067 | €211,543 | +€53,476 | +33.8% |
| Equity | 10/15 | €44,836 | €50,611 | +€5,775 | +12.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,836 | €39,611 | +€5,775 | +17.1% |
| Amounts payable | 17/49 | €113,231 | €160,932 | +€47,702 | +42.1% |
| Amounts payable after more than one year | 17 | €5,663 | €2,579 | -€3,084 | -54.5% |
| Financial debts | 170/4 | €5,663 | €2,579 | -€3,084 | -54.5% |
| Amounts payable within one year | 42/48 | €107,568 | €158,353 | +€50,786 | +47.2% |
| Current portion of amounts payable after more than one year | 42 | €5,104 | €13,209 | +€8,105 | +158.8% |
| Trade debts | 44 | €28,289 | €39,365 | +€11,076 | +39.2% |
| Suppliers | 440/4 | €28,289 | €39,365 | +€11,076 | +39.2% |
| Taxes, remuneration and social security | 45 | €70,626 | €74,895 | +€4,268 | +6.0% |
| Taxes | 450/3 | €22,919 | €42,158 | +€19,239 | +83.9% |
| Remuneration and social security | 454/9 | €47,707 | €32,737 | -€14,970 | -31.4% |
| Other amounts payable | 47/48 | €3,548 | €30,885 | +€27,337 | +770.4% |
| Remuneration, social security and pensions | 62 | €61,299 | €51,337 | -€9,962 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,436 | €14,503 | +€7,067 | +95.0% |
| Other operating charges | 640/8 | €3,086 | €8,798 | +€5,712 | +185.1% |
| Non-recurring operating charges | 66A | €14,284 | €199 | -€14,085 | -98.6% |
| Gross operating margin | 9900 | €110,665 | €134,125 | +€23,460 | +21.2% |
| Operating profit (loss) | 9901 | €24,559 | €59,288 | +€34,729 | +141.4% |
| Financial income | 75/76B | €68 | - | -€68 | |
| Recurring financial income | 75 | €68 | - | -€68 | |
| Financial charges | 65/66B | -€465 | €2,168 | +€2,633 | |
| Recurring financial charges | 65 | -€465 | €2,168 | +€2,633 | |
| Profit (loss) for the period before taxes | 9903 | €25,092 | €57,120 | +€32,028 | +127.6% |
| Income taxes | 67/77 | €6,456 | €4,079 | -€2,377 | -36.8% |
| Profit (loss) for the period | 9904 | €18,636 | €53,041 | +€34,405 | +184.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,636 | €53,041 | +€34,405 | +184.6% |
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 1 October 2026 via checked.be.