MIDDELHOF: 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.
MIDDELHOF
Largest movements
- Cash +€835,866
up €835,866 (+533.9%), from €156,550 to €992,416
mainly Current investments (+€650,000) and Receivables within one year (+€297,857)
- Current investments -€650,000
down €650,000 (-100.0%), from €650,000 to €0
- Receivables within one year -€297,857
down €297,857 (-89.5%), from €332,838 to €34,982
of which Other amounts receivable: -€271,317
- Tangible fixed assets -€27,887
down €27,887 (-4.7%), from €593,191 to €565,304
- Reserves -€141,608
down €141,608 (-9.2%), from €1.5m to €1.4m
of which Distributable reserves: -€132,727
- Financial charges +€294,385
up €294,385 (+1032929.0%), from €29 to €294,413
- Gross operating margin -€201,745
down €201,745 (-42.6%), from €473,700 to €271,955
- Taxes -€85,060
down €85,060 (-100.0%), from €85,060 to €0
- Write-downs +€26,540
new in 2025: €26,540
- Financial income +€6,862
up €6,862 (+92.9%), from €7,385 to €14,247
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 | €1,736,976 | €1,596,388 | -€140,588 | -8.1% |
| Fixed assets | 21/28 | €593,191 | €565,304 | -€27,887 | -4.7% |
| Tangible fixed assets | 22/27 | €593,191 | €565,304 | -€27,887 | -4.7% |
| Land and buildings | 22 | €593,191 | €565,304 | -€27,887 | -4.7% |
| Current assets | 29/58 | €1,143,785 | €1,031,084 | -€112,701 | -9.9% |
| Amounts receivable within one year | 40/41 | €332,838 | €34,982 | -€297,857 | -89.5% |
| Trade receivables | 40 | €26,540 | €0 | -€26,540 | -100.0% |
| Other amounts receivable | 41 | €306,299 | €34,982 | -€271,317 | -88.6% |
| Current investments | 50/53 | €650,000 | €0 | -€650,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €156,550 | €992,416 | +€835,866 | +533.9% |
| Deferred charges and accrued income | 490/1 | €4,397 | €3,687 | -€711 | -16.2% |
| Total equity and liabilities | 10/49 | €1,736,976 | €1,596,388 | -€140,588 | -8.1% |
| Equity | 10/15 | €1,599,392 | €1,457,784 | -€141,608 | -8.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,537,892 | €1,396,284 | -€141,608 | -9.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,437 | €87,557 | -€8,881 | -9.2% |
| Distributable reserves | 133 | €1,435,305 | €1,302,578 | -€132,727 | -9.2% |
| Provisions and deferred taxes | 16 | €63,519 | €60,559 | -€2,960 | -4.7% |
| Provisions for liabilities and charges | 160/5 | €31,374 | €31,374 | = | 0.0% |
| Major repairs and maintenance | 162 | €31,374 | €31,374 | = | 0.0% |
| Deferred taxes | 168 | €32,146 | €29,186 | -€2,960 | -9.2% |
| Amounts payable | 17/49 | €74,064 | €78,044 | +€3,980 | +5.4% |
| Amounts payable within one year | 42/48 | €71,853 | €78,044 | +€6,191 | +8.6% |
| Trade debts | 44 | €1,584 | €8,267 | +€6,683 | +421.9% |
| Suppliers | 440/4 | €1,584 | €8,267 | +€6,683 | +421.9% |
| Taxes, remuneration and social security | 45 | €46,819 | €46,326 | -€493 | -1.1% |
| Taxes | 450/3 | €46,819 | €46,326 | -€493 | -1.1% |
| Other amounts payable | 47/48 | €23,450 | €23,450 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,211 | €0 | -€2,211 | -100.0% |
| Non-recurring operating income | 76A | €207,011 | €50,301 | -€156,710 | -75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,687 | €10,687 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,540 | +€26,540 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,924 | €0 | +€4,924 | |
| Other operating charges | 640/8 | €96,427 | €99,129 | +€2,702 | +2.8% |
| Non-recurring operating charges | 66A | €2,107 | €0 | -€2,107 | -100.0% |
| Gross operating margin | 9900 | €473,700 | €271,955 | -€201,745 | -42.6% |
| Operating profit (loss) | 9901 | €369,402 | €135,599 | -€233,803 | -63.3% |
| Financial income | 75/76B | €7,385 | €14,247 | +€6,862 | +92.9% |
| Recurring financial income | 75 | €7,385 | €14,247 | +€6,862 | +92.9% |
| Financial charges | 65/66B | €29 | €294,413 | +€294,385 | +1032929.0% |
| Recurring financial charges | 65 | €29 | €294,413 | +€294,385 | +1032929.0% |
| Profit (loss) for the period before taxes | 9903 | €376,758 | -€144,568 | -€521,326 | |
| Transfer from deferred taxes | 780 | €2,960 | €2,960 | = | 0.0% |
| Income taxes | 67/77 | €85,060 | €0 | -€85,060 | -100.0% |
| Profit (loss) for the period | 9904 | €294,658 | -€141,608 | -€436,266 | |
| Transfer from tax-exempt reserves | 789 | €8,881 | €8,881 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €303,539 | -€132,727 | -€436,266 |
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 12 October 2026 via checked.be.