MIDDLEMAN: 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.
MIDDLEMAN
Largest movements
- Receivables within one year +€40,159
up €40,159 (+350.3%), from €11,464 to €51,623
of which Trade receivables: +€40,760
- Cash -€31,776
down €31,776 (-20.7%), from €153,365 to €121,590
mainly Contributions, distributions and other (-€66,901) and Receivables within one year (-€40,159)
- Deferred charges and accrued income -€5,180
down €5,180 (-80.3%), from €6,451 to €1,271
- Tax, wage and social debts +€28,027
up €28,027 (+2802.7%), from €1,000 to €29,027
of which Taxes: +€21,027
- Other debts -€22,184
down €22,184 (-19.5%), from €114,050 to €91,866
- Reserves -€5,428
down €5,428 (-3.6%), from €151,662 to €146,234
- Gross operating margin +€31,481
up €31,481 (+55.1%), from €57,177 to €88,658
- Taxes +€8,160
up €8,160 (+50.2%), from €16,246 to €24,406
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 | €286,528 | €288,414 | +€1,886 | +0.7% |
| Fixed assets | 21/28 | €4,249 | €2,931 | -€1,317 | -31.0% |
| Tangible fixed assets | 22/27 | €4,249 | €2,931 | -€1,317 | -31.0% |
| Plant, machinery and equipment | 23 | €926 | €617 | -€309 | -33.4% |
| Furniture and vehicles | 24 | €1,820 | €997 | -€823 | -45.2% |
| Other tangible fixed assets | 26 | €1,503 | €1,318 | -€185 | -12.3% |
| Current assets | 29/58 | €282,280 | €285,483 | +€3,203 | +1.1% |
| Amounts receivable after more than one year | 29 | €111,000 | €111,000 | = | 0.0% |
| Other amounts receivable | 291 | €111,000 | €111,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,464 | €51,623 | +€40,159 | +350.3% |
| Trade receivables | 40 | €10,000 | €50,760 | +€40,760 | +407.6% |
| Other amounts receivable | 41 | €1,464 | €863 | -€601 | -41.1% |
| Cash at bank and in hand | 54/58 | €153,365 | €121,590 | -€31,776 | -20.7% |
| Deferred charges and accrued income | 490/1 | €6,451 | €1,271 | -€5,180 | -80.3% |
| Total equity and liabilities | 10/49 | €286,528 | €288,414 | +€1,886 | +0.7% |
| Equity | 10/15 | €170,262 | €164,834 | -€5,428 | -3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,662 | €146,234 | -€5,428 | -3.6% |
| Distributable reserves | 133 | €151,662 | €146,234 | -€5,428 | -3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €116,266 | €123,580 | +€7,314 | +6.3% |
| Amounts payable within one year | 42/48 | €116,011 | €123,580 | +€7,569 | +6.5% |
| Trade debts | 44 | €961 | €2,687 | +€1,726 | +179.7% |
| Suppliers | 440/4 | €961 | €2,687 | +€1,726 | +179.7% |
| Taxes, remuneration and social security | 45 | €1,000 | €29,027 | +€28,027 | +2802.7% |
| Taxes | 450/3 | €0 | €21,027 | +€21,027 | |
| Remuneration and social security | 454/9 | €1,000 | €8,000 | +€7,000 | +700.0% |
| Other amounts payable | 47/48 | €114,050 | €91,866 | -€22,184 | -19.5% |
| Accrued charges and deferred income | 492/3 | €255 | €0 | -€255 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,317 | €1,317 | = | 0.0% |
| Other operating charges | 640/8 | €1,928 | €1,341 | -€588 | -30.5% |
| Gross operating margin | 9900 | €57,177 | €88,658 | +€31,481 | +55.1% |
| Operating profit (loss) | 9901 | €53,932 | €86,000 | +€32,068 | +59.5% |
| Financial income | 75/76B | €77 | €432 | +€356 | +465.3% |
| Recurring financial income | 75 | €77 | €432 | +€356 | +465.3% |
| Financial charges | 65/66B | €780 | €554 | -€226 | -29.0% |
| Recurring financial charges | 65 | €780 | €554 | -€226 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €53,228 | €85,879 | +€32,650 | +61.3% |
| Income taxes | 67/77 | €16,246 | €24,406 | +€8,160 | +50.2% |
| Profit (loss) for the period | 9904 | €36,982 | €61,473 | +€24,491 | +66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,982 | €61,473 | +€24,491 | +66.2% |
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 11 October 2026 via checked.be.