MIDEL: 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.
What changed
MIDEL
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · -€849,725+€2.8m
Equity
€8.1m
2024 · €6.2m+€1.9m
Cash
€133,861
2024 · €28,301+€105,561
Balance sheet total
€43.6m
2024 · €41.9m+€1.7m
Largest movements
Assets
- Current investments +€4.0m
new in 2025: €4.0m
- Tangible fixed assets -€3.6m
down €3.6m (-8.6%), from €41.6m to €38.0m
of which Land and buildings: -€3.5m
- Receivables within one year +€1.2m
up €1.2m (+329%), from €353,487 to €1.5m
of which Other amounts receivable: +€903,884
Equity and liabilities
- Reserves +€1.9m
up €1.9m (+45.1%), from €4.3m to €6.2m
of which Tax-exempt reserves: +€1.6m
- Short-term financial debts -€1.5m
down €1.5m (-60.0%), from €2.5m to €1.0m
- Debts after one year +€605,948
up €605,948 (+2.0%), from €30.9m to €31.5m
- Provisions +€529,742
new in 2025: €529,742
Income statement
- Gross operating margin +€2.6m
up €2.6m (+73.0%), from €3.5m to €6.1m
- Other operating charges +€72,669
up €72,669 (+25.7%), from €283,061 to €355,730
- Depreciation -€72,563
down €72,563 (-3.7%), from €2.0m to €1.9m
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.
Result 2024
-€849,725
Gross operating margin
+€2.6m
Depreciation
+€72,563
Write-downs
+€13,828
Other operating charges
-€72,669
Other operating items
+€674,435
Financial income
+€26,342
Financial charges
+€15,164
Deferred taxes and other
-€529,742
Result 2025
€1.9m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€3.3m
Investment
-€2.3m
Financing
-€899,364
Cash 2024
€28,301
From operations (derived)
+€3.3m
Net result for the year
+€1.9m
Depreciation
+€1.9m
Receivables within one year
-€1.2m
Smaller working-capital items
-€10,313
Provisions
+€529,742
Trade debts
+€106,375
Other debts
+€57,160
Investment (derived)
-€2.3m
Investment in fixed assets (net)
+€1.7m
Current investments
-€4.0m
Financing
-€899,364
Debts after one year
+€605,948
Current portion of long-term debt
+€5,339
Short-term financial debts
-€1.5m
Contributions, distributions and other
-€10,650
Cash 2025
€133,861
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,935,505 | €43,647,889 | +€1.7m | +4.1% |
| Fixed assets | 21/28 | €41,552,700 | €37,988,494 | -€3.6m | -8.6% |
| Tangible fixed assets | 22/27 | €41,550,011 | €37,985,805 | -€3.6m | -8.6% |
| Land and buildings | 22 | €41,344,587 | €37,805,411 | -€3.5m | -8.6% |
| Plant, machinery and equipment | 23 | €204,432 | €179,975 | -€24,457 | -12.0% |
| Furniture and vehicles | 24 | €992 | €418 | -€574 | -57.8% |
| Financial fixed assets | 28 | €2,689 | €2,689 | = | 0.0% |
| Current assets | 29/58 | €382,805 | €5,659,395 | +€5.3m | +1,378% |
| Amounts receivable within one year | 40/41 | €353,487 | €1,516,650 | +€1.2m | +329% |
| Trade receivables | 40 | €323,607 | €582,886 | +€259,279 | +80.1% |
| Other amounts receivable | 41 | €29,880 | €933,764 | +€903,884 | +3,025% |
| Current investments | 50/53 | - | €4,000,000 | +€4.0m | |
| Cash at bank and in hand | 54/58 | €28,301 | €133,861 | +€105,561 | +373% |
| Deferred charges and accrued income | 490/1 | €1,018 | €8,884 | +€7,866 | +773% |
| Total equity and liabilities | 10/49 | €41,935,505 | €43,647,889 | +€1.7m | +4.1% |
| Equity | 10/15 | €6,229,595 | €8,139,863 | +€1.9m | +30.7% |
| Contributions | 10/11 | €1,945,000 | €1,945,000 | = | 0.0% |
| Capital | 10 | €1,945,000 | €1,945,000 | = | 0.0% |
| Issued capital | 100 | €1,945,000 | €1,945,000 | = | 0.0% |
| Reserves | 13 | €4,256,455 | €6,177,373 | +€1.9m | +45.1% |
| Non-distributable reserves | 130/1 | €194,500 | €194,500 | = | 0.0% |
| Legal reserve | 130 | €194,500 | €194,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,589,226 | +€1.6m | |
| Distributable reserves | 133 | €4,061,955 | €4,393,647 | +€331,692 | +8.2% |
| Investment grants | 15 | €28,141 | €17,490 | -€10,650 | -37.8% |
| Provisions and deferred taxes | 16 | - | €529,742 | +€529,742 | |
| Deferred taxes | 168 | - | €529,742 | +€529,742 | |
| Amounts payable | 17/49 | €35,705,910 | €34,978,284 | -€727,626 | -2.0% |
| Amounts payable after more than one year | 17 | €30,910,084 | €31,516,031 | +€605,948 | +2.0% |
| Financial debts | 170/4 | €30,910,084 | €31,516,031 | +€605,948 | +2.0% |
| Amounts payable within one year | 42/48 | €4,749,758 | €3,420,067 | -€1.3m | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €2,016,527 | €2,021,865 | +€5,339 | +0.3% |
| Financial debts | 43 | €2,500,000 | €1,000,000 | -€1.5m | -60.0% |
| Credit institutions | 430/8 | €2,500,000 | €1,000,000 | -€1.5m | -60.0% |
| Trade debts | 44 | €139,133 | €245,508 | +€106,375 | +76.5% |
| Suppliers | 440/4 | €139,133 | €245,508 | +€106,375 | +76.5% |
| Taxes, remuneration and social security | 45 | €22,997 | €24,433 | +€1,436 | +6.2% |
| Taxes | 450/3 | €22,997 | €24,433 | +€1,436 | +6.2% |
| Other amounts payable | 47/48 | €71,101 | €128,261 | +€57,160 | +80.4% |
| Accrued charges and deferred income | 492/3 | €46,069 | €42,186 | -€3,883 | -8.4% |
| Non-recurring operating income | 76A | €0 | €2,382,520 | +€2.4m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,961,719 | €1,889,156 | -€72,563 | -3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,967 | €9,139 | -€13,828 | -60.2% |
| Other operating charges | 640/8 | €283,061 | €355,730 | +€72,669 | +25.7% |
| Non-recurring operating charges | 66A | €674,435 | €0 | -€674,435 | -100% |
| Gross operating margin | 9900 | €3,521,183 | €6,091,905 | +€2.6m | +73.0% |
| Operating profit (loss) | 9901 | €579,000 | €3,837,880 | +€3.3m | +563% |
| Financial income | 75/76B | €16,952 | €43,294 | +€26,342 | +155% |
| Recurring financial income | 75 | €16,952 | €43,294 | +€26,342 | +155% |
| Financial charges | 65/66B | €1,445,678 | €1,430,514 | -€15,164 | -1.0% |
| Recurring financial charges | 65 | €1,445,678 | €1,430,514 | -€15,164 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€849,725 | €2,450,660 | +€3.3m | |
| Transfer to deferred taxes | 680 | - | €529,742 | +€529,742 | |
| Profit (loss) for the period | 9904 | -€849,725 | €1,920,918 | +€2.8m | |
| Transfer to tax-exempt reserves | 689 | - | €1,589,226 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€849,725 | €331,692 | +€1.2m |
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 23 October 2026 via checked.be.