MIDCAP: 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.
MIDCAP
Largest movements
- Stocks and contracts +€839,553
up €839,553 (+51.3%), from €1.6m to €2.5m
- Tangible fixed assets +€424,326
up €424,326 (+106.9%), from €396,835 to €821,161
of which Land and buildings: +€428,196
- Cash -€232,326
down €232,326 (-75.7%), from €306,778 to €74,452
mainly Stocks and contracts (-€839,553) and Investment in fixed assets (net) (-€527,749)
- Receivables within one year +€83,570
up €83,570 (+17.7%), from €471,224 to €554,794
of which Trade receivables: +€118,236
- Financial fixed assets +€64,617
up €64,617 (+4.6%), from €1.4m to €1.5m
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Other debts +€422,382
new in 2025: €422,382
- Profit (loss) carried forward -€149,809
down €149,809, from €84,046 to -€65,763
- Tax, wage and social debts -€113,040
down €113,040 (-93.5%), from €120,873 to €7,833
- Trade debts +€84,890
up €84,890 (+13911.3%), from €610 to €85,500
- Gross operating margin +€75,044
up €75,044, from -€61,656 to €13,388
- Other operating charges +€60,027
up €60,027 (+858.3%), from €6,994 to €67,020
- Financial charges -€50,602
down €50,602 (-47.1%), from €107,537 to €56,934
- Taxes -€10,013
down €10,013 (-95.8%), from €10,449 to €436
- Depreciation +€8,540
up €8,540 (+28.2%), from €30,266 to €38,806
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 | €4,222,031 | €5,405,121 | +€1.2m | +28.0% |
| Fixed assets | 21/28 | €1,801,385 | €2,290,328 | +€488,943 | +27.1% |
| Tangible fixed assets | 22/27 | €396,835 | €821,161 | +€424,326 | +106.9% |
| Land and buildings | 22 | €367,548 | €795,744 | +€428,196 | +116.5% |
| Furniture and vehicles | 24 | €29,287 | €25,417 | -€3,870 | -13.2% |
| Financial fixed assets | 28 | €1,404,550 | €1,469,167 | +€64,617 | +4.6% |
| Current assets | 29/58 | €2,420,646 | €3,114,793 | +€694,147 | +28.7% |
| Stocks and contracts in progress | 3 | €1,637,541 | €2,477,093 | +€839,553 | +51.3% |
| Stocks | 30/36 | €1,637,541 | €2,477,093 | +€839,553 | +51.3% |
| Amounts receivable within one year | 40/41 | €471,224 | €554,794 | +€83,570 | +17.7% |
| Trade receivables | 40 | €360 | €118,597 | +€118,236 | +32798.8% |
| Other amounts receivable | 41 | €470,864 | €436,197 | -€34,667 | -7.4% |
| Cash at bank and in hand | 54/58 | €306,778 | €74,452 | -€232,326 | -75.7% |
| Deferred charges and accrued income | 490/1 | €5,103 | €8,454 | +€3,351 | +65.7% |
| Total equity and liabilities | 10/49 | €4,222,031 | €5,405,121 | +€1.2m | +28.0% |
| Equity | 10/15 | €104,506 | -€45,303 | -€149,809 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,046 | -€65,763 | -€149,809 | |
| Amounts payable | 17/49 | €4,117,525 | €5,450,424 | +€1.3m | +32.4% |
| Amounts payable after more than one year | 17 | €3,927,672 | €3,859,050 | -€68,622 | -1.7% |
| Financial debts | 170/4 | €3,927,672 | €3,859,050 | -€68,622 | -1.7% |
| Amounts payable within one year | 42/48 | €187,804 | €1,589,326 | +€1.4m | +746.3% |
| Current portion of amounts payable after more than one year | 42 | €66,321 | €68,622 | +€2,301 | +3.5% |
| Financial debts | 43 | - | €1,004,989 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,004,989 | +€1.0m | |
| Trade debts | 44 | €610 | €85,500 | +€84,890 | +13911.3% |
| Suppliers | 440/4 | €610 | €85,500 | +€84,890 | +13911.3% |
| Taxes, remuneration and social security | 45 | €120,873 | €7,833 | -€113,040 | -93.5% |
| Taxes | 450/3 | €120,873 | €7,833 | -€113,040 | -93.5% |
| Other amounts payable | 47/48 | - | €422,382 | +€422,382 | |
| Accrued charges and deferred income | 492/3 | €2,049 | €2,049 | = | 0.0% |
| Non-recurring operating income | 76A | €4,124 | €12,447 | +€8,322 | +201.8% |
| Remuneration, social security and pensions | 62 | -€459 | - | +€459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,266 | €38,806 | +€8,540 | +28.2% |
| Other operating charges | 640/8 | €6,994 | €67,020 | +€60,027 | +858.3% |
| Gross operating margin | 9900 | -€61,656 | €13,388 | +€75,044 | |
| Operating profit (loss) | 9901 | -€98,457 | -€92,438 | +€6,019 | +6.1% |
| Financial income | 75/76B | €88 | - | -€88 | |
| Recurring financial income | 75 | €88 | - | -€88 | |
| Financial charges | 65/66B | €107,537 | €56,934 | -€50,602 | -47.1% |
| Recurring financial charges | 65 | €107,537 | €56,934 | -€50,602 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | -€205,906 | -€149,372 | +€56,533 | +27.5% |
| Income taxes | 67/77 | €10,449 | €436 | -€10,013 | -95.8% |
| Profit (loss) for the period | 9904 | -€216,355 | -€149,809 | +€66,546 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€216,355 | -€149,809 | +€66,546 | +30.8% |
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.