MIASMA: 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.
MIASMA
Largest movements
- Receivables within one year -€27,832
down €27,832 (-23.7%), from €117,509 to €89,676
of which Trade receivables: -€29,021
- Cash +€22,511
up €22,511 (+1,059%), from €2,126 to €24,637
mainly Net result for the year (+€63,585) and Receivables within one year (+€27,832)
- Deferred charges and accrued income -€6,978
down €6,978 (-67.8%), from €10,297 to €3,319
- Tangible fixed assets -€6,451
down €6,451 (-2.5%), from €253,232 to €246,781
of which Land and buildings: -€8,004
- Profit (loss) carried forward +€63,585
up €63,585 (+30.2%), from -€210,692 to -€147,108
- Debts after one year -€26,696
down €26,696 (-14.4%), from €185,031 to €158,336
- Trade debts -€21,937
down €21,937 (-20.2%), from €108,548 to €86,611
- Other debts -€19,836
down €19,836 (-14.2%), from €139,321 to €119,485
- Tax, wage and social debts -€11,084
down €11,084 (-49.0%), from €22,636 to €11,552
of which Remuneration and social security: -€8,798
- Staff costs -€49,707
down €49,707 (-72.6%), from €68,492 to €18,786
- Gross operating margin +€17,804
up €17,804 (+20.2%), from €88,153 to €105,957
- Other operating charges -€3,543
down €3,543 (-59.5%), from €5,954 to €2,411
- Depreciation -€2,169
down €2,169 (-17.9%), from €12,113 to €9,944
- Financial charges +€1,398
up €1,398 (+13.7%), from €10,189 to €11,587
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 | €383,163 | €364,413 | -€18,751 | -4.9% |
| Fixed assets | 21/28 | €253,232 | €246,781 | -€6,451 | -2.5% |
| Tangible fixed assets | 22/27 | €253,232 | €246,781 | -€6,451 | -2.5% |
| Land and buildings | 22 | €244,456 | €236,452 | -€8,004 | -3.3% |
| Plant, machinery and equipment | 23 | €859 | €236 | -€623 | -72.5% |
| Furniture and vehicles | 24 | €2,893 | €5,604 | +€2,711 | +93.7% |
| Other tangible fixed assets | 26 | €5,025 | €4,490 | -€535 | -10.6% |
| Current assets | 29/58 | €129,931 | €117,632 | -€12,300 | -9.5% |
| Amounts receivable within one year | 40/41 | €117,509 | €89,676 | -€27,832 | -23.7% |
| Trade receivables | 40 | €117,509 | €88,488 | -€29,021 | -24.7% |
| Other amounts receivable | 41 | - | €1,188 | +€1,188 | |
| Cash at bank and in hand | 54/58 | €2,126 | €24,637 | +€22,511 | +1,059% |
| Deferred charges and accrued income | 490/1 | €10,297 | €3,319 | -€6,978 | -67.8% |
| Total equity and liabilities | 10/49 | €383,163 | €364,413 | -€18,751 | -4.9% |
| Equity | 10/15 | -€157,416 | -€93,832 | +€63,585 | +40.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €40,876 | €40,876 | = | 0.0% |
| Distributable reserves | 133 | €40,876 | €40,876 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,692 | -€147,108 | +€63,585 | +30.2% |
| Amounts payable | 17/49 | €540,580 | €458,245 | -€82,335 | -15.2% |
| Amounts payable after more than one year | 17 | €185,031 | €158,336 | -€26,696 | -14.4% |
| Financial debts | 170/4 | €185,031 | €158,336 | -€26,696 | -14.4% |
| Amounts payable within one year | 42/48 | €355,549 | €299,909 | -€55,640 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €33,856 | €32,261 | -€1,594 | -4.7% |
| Financial debts | 43 | €51,188 | €50,000 | -€1,188 | -2.3% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Other loans | 439 | €1,188 | - | -€1,188 | |
| Trade debts | 44 | €108,548 | €86,611 | -€21,937 | -20.2% |
| Suppliers | 440/4 | €108,548 | €86,611 | -€21,937 | -20.2% |
| Taxes, remuneration and social security | 45 | €22,636 | €11,552 | -€11,084 | -49.0% |
| Taxes | 450/3 | €9,434 | €7,149 | -€2,285 | -24.2% |
| Remuneration and social security | 454/9 | €13,202 | €4,404 | -€8,798 | -66.6% |
| Other amounts payable | 47/48 | €139,321 | €119,485 | -€19,836 | -14.2% |
| Non-recurring operating income | 76A | - | €3,897 | +€3,897 | |
| Remuneration, social security and pensions | 62 | €68,492 | €18,786 | -€49,707 | -72.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,113 | €9,944 | -€2,169 | -17.9% |
| Other operating charges | 640/8 | €5,954 | €2,411 | -€3,543 | -59.5% |
| Gross operating margin | 9900 | €88,153 | €105,957 | +€17,804 | +20.2% |
| Operating profit (loss) | 9901 | €1,594 | €74,817 | +€73,223 | +4,594% |
| Financial income | 75/76B | €11 | €355 | +€344 | +3,078% |
| Recurring financial income | 75 | €11 | €355 | +€344 | +3,078% |
| Financial charges | 65/66B | €10,189 | €11,587 | +€1,398 | +13.7% |
| Recurring financial charges | 65 | €10,189 | €11,587 | +€1,398 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,584 | €63,585 | +€72,169 | |
| Profit (loss) for the period | 9904 | -€8,584 | €63,585 | +€72,169 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,584 | €63,585 | +€72,169 |
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 18 October 2026 via checked.be.