Miba construct: 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.
Miba construct
Largest movements
- Receivables within one year +€150,773
up €150,773 (+139.9%), from €107,765 to €258,538
of which Trade receivables: +€149,857
- Deferred charges and accrued income +€36,446
up €36,446 (+347.3%), from €10,496 to €46,942
- Tangible fixed assets +€7,564
up €7,564 (+547.8%), from €1,381 to €8,945
of which Plant, machinery and equipment: +€6,480
- Cash -€5,731
down €5,731 (-95.1%), from €6,027 to €296
mainly Receivables within one year (-€150,773) and Deferred charges and accrued income (-€36,446)
- Trade debts +€117,601
up €117,601 (+171.7%), from €68,480 to €186,080
- Debts after one year +€60,000
new in 2025: €60,000
- Tax, wage and social debts +€27,644
up €27,644 (+37.4%), from €73,913 to €101,557
of which Remuneration and social security: +€40,852
- Profit (loss) carried forward -€16,240
down €16,240 (-51.6%), from €31,453 to €15,213
- Gross operating margin +€75,410
up €75,410, from -€2,283 to €73,127
- Other operating charges +€29,787
up €29,787 (+235.0%), from €12,674 to €42,461
- Staff costs +€3,962
up €3,962 (+9.6%), from €41,071 to €45,033
- Financial charges +€2,240
up €2,240 (+120.4%), from €1,861 to €4,101
- Depreciation +€776
up €776 (+182.5%), from €425 to €1,201
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 | €237,489 | €429,602 | +€192,113 | +80.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,381 | €8,945 | +€7,564 | +547.8% |
| Tangible fixed assets | 22/27 | €1,381 | €8,945 | +€7,564 | +547.8% |
| Plant, machinery and equipment | 23 | €1,381 | €7,861 | +€6,480 | +469.3% |
| Furniture and vehicles | 24 | - | €1,084 | +€1,084 | |
| Current assets | 29/58 | €236,108 | €420,657 | +€184,549 | +78.2% |
| Amounts receivable after more than one year | 29 | €111,820 | €114,881 | +€3,061 | +2.7% |
| Other amounts receivable | 291 | €111,820 | €114,881 | +€3,061 | +2.7% |
| Amounts receivable within one year | 40/41 | €107,765 | €258,538 | +€150,773 | +139.9% |
| Trade receivables | 40 | €106,825 | €256,682 | +€149,857 | +140.3% |
| Other amounts receivable | 41 | €940 | €1,856 | +€915 | +97.3% |
| Cash at bank and in hand | 54/58 | €6,027 | €296 | -€5,731 | -95.1% |
| Deferred charges and accrued income | 490/1 | €10,496 | €46,942 | +€36,446 | +347.3% |
| Total equity and liabilities | 10/49 | €237,489 | €429,602 | +€192,113 | +80.9% |
| Equity | 10/15 | €31,753 | €15,513 | -€16,240 | -51.1% |
| Contributions | 10/11 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,453 | €15,213 | -€16,240 | -51.6% |
| Amounts payable | 17/49 | €205,736 | €414,089 | +€208,353 | +101.3% |
| Amounts payable after more than one year | 17 | - | €60,000 | +€60,000 | |
| Financial debts | 170/4 | - | €60,000 | +€60,000 | |
| Amounts payable within one year | 42/48 | €205,389 | €351,925 | +€146,537 | +71.3% |
| Trade debts | 44 | €68,480 | €186,080 | +€117,601 | +171.7% |
| Suppliers | 440/4 | €68,480 | €186,080 | +€117,601 | +171.7% |
| Taxes, remuneration and social security | 45 | €73,913 | €101,557 | +€27,644 | +37.4% |
| Taxes | 450/3 | €25,467 | €12,259 | -€13,208 | -51.9% |
| Remuneration and social security | 454/9 | €48,445 | €89,297 | +€40,852 | +84.3% |
| Other amounts payable | 47/48 | €62,996 | €64,288 | +€1,292 | +2.1% |
| Accrued charges and deferred income | 492/3 | €348 | €2,164 | +€1,816 | +522.4% |
| Remuneration, social security and pensions | 62 | €41,071 | €45,033 | +€3,962 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €425 | €1,201 | +€776 | +182.5% |
| Other operating charges | 640/8 | €12,674 | €42,461 | +€29,787 | +235.0% |
| Non-recurring operating charges | 66A | €4,754 | - | -€4,754 | |
| Gross operating margin | 9900 | -€2,283 | €73,127 | +€75,410 | |
| Operating profit (loss) | 9901 | -€61,207 | -€15,568 | +€45,639 | +74.6% |
| Financial income | 75/76B | €3,256 | €3,429 | +€173 | +5.3% |
| Recurring financial income | 75 | €3,256 | €3,429 | +€173 | +5.3% |
| Financial charges | 65/66B | €1,861 | €4,101 | +€2,240 | +120.4% |
| Recurring financial charges | 65 | €1,861 | €4,101 | +€2,240 | +120.4% |
| Profit (loss) for the period before taxes | 9903 | -€59,811 | -€16,240 | +€43,572 | +72.8% |
| Income taxes | 67/77 | €0 | €0 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€59,811 | -€16,240 | +€43,572 | +72.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,811 | -€16,240 | +€43,572 | +72.8% |
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.