MIAU: 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.
MIAU
Largest movements
- Receivables within one year +€236,709
up €236,709 (+111.7%), from €211,841 to €448,550
of which Other amounts receivable: +€219,915
- Tangible fixed assets +€56,357
up €56,357 (+113.9%), from €49,475 to €105,832
of which Land and buildings: +€81,845
- Cash +€47,027
up €47,027 (+152.9%), from €30,762 to €77,790
mainly Net result for the year (+€434,658) and Other debts (+€167,375)
- Other debts +€167,375
up €167,375 (+82.0%), from €204,148 to €371,523
- Reserves +€145,395
up €145,395 (+50.3%), from €289,263 to €434,658
- Tax, wage and social debts +€32,802
up €32,802 (+75.4%), from €43,501 to €76,303
of which Remuneration and social security: +€21,180
- Trade debts +€16,836
up €16,836 (+24227.4%), from €69 to €16,905
- Current portion of long-term debt -€12,626
down €12,626 (-57.0%), from €22,155 to €9,530
- Gross operating margin +€364,860
up €364,860 (+150.8%), from €241,955 to €606,815
- Taxes +€91,532
up €91,532 (+161.7%), from €56,591 to €148,122
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 | €597,967 | €938,373 | +€340,406 | +56.9% |
| Fixed assets | 21/28 | €353,481 | €409,838 | +€56,357 | +15.9% |
| Tangible fixed assets | 22/27 | €49,475 | €105,832 | +€56,357 | +113.9% |
| Land and buildings | 22 | €6,855 | €88,699 | +€81,845 | +1194.0% |
| Furniture and vehicles | 24 | €42,620 | €17,133 | -€25,487 | -59.8% |
| Financial fixed assets | 28 | €304,006 | €304,006 | = | 0.0% |
| Current assets | 29/58 | €244,486 | €528,535 | +€284,049 | +116.2% |
| Amounts receivable within one year | 40/41 | €211,841 | €448,550 | +€236,709 | +111.7% |
| Trade receivables | 40 | €750 | €17,544 | +€16,794 | +2239.2% |
| Other amounts receivable | 41 | €211,091 | €431,006 | +€219,915 | +104.2% |
| Cash at bank and in hand | 54/58 | €30,762 | €77,790 | +€47,027 | +152.9% |
| Deferred charges and accrued income | 490/1 | €1,883 | €2,195 | +€313 | +16.6% |
| Total equity and liabilities | 10/49 | €597,967 | €938,373 | +€340,406 | +56.9% |
| Equity | 10/15 | €307,863 | €453,258 | +€145,395 | +47.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €289,263 | €434,658 | +€145,395 | +50.3% |
| Distributable reserves | 133 | €289,263 | €434,658 | +€145,395 | +50.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €290,104 | €485,115 | +€195,011 | +67.2% |
| Amounts payable after more than one year | 17 | €9,530 | €0 | -€9,530 | -100.0% |
| Financial debts | 170/4 | €9,530 | €0 | -€9,530 | -100.0% |
| Amounts payable within one year | 42/48 | €280,541 | €485,103 | +€204,562 | +72.9% |
| Current portion of amounts payable after more than one year | 42 | €22,155 | €9,530 | -€12,626 | -57.0% |
| Financial debts | 43 | €10,667 | €10,842 | +€176 | +1.6% |
| Credit institutions | 430/8 | €10,667 | €10,842 | +€176 | +1.6% |
| Trade debts | 44 | €69 | €16,905 | +€16,836 | +24227.4% |
| Suppliers | 440/4 | €69 | €16,905 | +€16,836 | +24227.4% |
| Taxes, remuneration and social security | 45 | €43,501 | €76,303 | +€32,802 | +75.4% |
| Taxes | 450/3 | €25,564 | €37,187 | +€11,622 | +45.5% |
| Remuneration and social security | 454/9 | €17,937 | €39,117 | +€21,180 | +118.1% |
| Other amounts payable | 47/48 | €204,148 | €371,523 | +€167,375 | +82.0% |
| Accrued charges and deferred income | 492/3 | €33 | €12 | -€22 | -65.2% |
| Non-recurring operating income | 76A | €750 | €0 | -€750 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,210 | €28,923 | +€2,713 | +10.4% |
| Other operating charges | 640/8 | €1,395 | €942 | -€452 | -32.4% |
| Gross operating margin | 9900 | €241,955 | €606,815 | +€364,860 | +150.8% |
| Operating profit (loss) | 9901 | €214,351 | €576,949 | +€362,599 | +169.2% |
| Financial income | 75/76B | €7,243 | €7,778 | +€535 | +7.4% |
| Recurring financial income | 75 | €7,243 | €7,778 | +€535 | +7.4% |
| Financial charges | 65/66B | €3,017 | €1,947 | -€1,070 | -35.5% |
| Recurring financial charges | 65 | €3,017 | €1,947 | -€1,070 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €218,577 | €582,781 | +€364,204 | +166.6% |
| Income taxes | 67/77 | €56,591 | €148,122 | +€91,532 | +161.7% |
| Profit (loss) for the period | 9904 | €161,986 | €434,658 | +€272,672 | +168.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,986 | €434,658 | +€272,672 | +168.3% |
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.