MIDGAARD: 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.
MIDGAARD
Largest movements
- Deferred charges and accrued income -€30,000
no longer reported in 2025 (was €30,000)
- Cash +€10,277
up €10,277 (+281.2%), from €3,655 to €13,933
mainly Deferred charges and accrued income (+€30,000) and Stocks and contracts (+€2,971)
- Profit (loss) carried forward -€20,865
down €20,865 (-6.3%), from €331,118 to €310,252
- Financial income -€15,682
down €15,682 (-43.1%), from €36,382 to €20,700
- Gross operating margin -€7,431
down €7,431 (-23.7%), from -€31,390 to -€38,822
- Financial charges -€798
down €798 (-59.2%), from €1,349 to €551
- Depreciation -€632
down €632 (-35.5%), from €1,779 to €1,147
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 | €505,933 | €482,732 | -€23,201 | -4.6% |
| Fixed assets | 21/28 | €3,501 | €2,354 | -€1,147 | -32.8% |
| Intangible fixed assets | 21 | €634 | - | -€634 | |
| Tangible fixed assets | 22/27 | €2,867 | €2,354 | -€513 | -17.9% |
| Furniture and vehicles | 24 | €1,443 | €1,141 | -€302 | -20.9% |
| Other tangible fixed assets | 26 | €1,424 | €1,213 | -€211 | -14.8% |
| Current assets | 29/58 | €502,432 | €480,378 | -€22,054 | -4.4% |
| Stocks and contracts in progress | 3 | €36,418 | €33,447 | -€2,971 | -8.2% |
| Stocks | 30/36 | €36,418 | €33,447 | -€2,971 | -8.2% |
| Amounts receivable within one year | 40/41 | €7,359 | €7,999 | +€640 | +8.7% |
| Trade receivables | 40 | €6,959 | €7,599 | +€640 | +9.2% |
| Other amounts receivable | 41 | €400 | €400 | = | 0.0% |
| Current investments | 50/53 | €425,000 | €425,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,655 | €13,933 | +€10,277 | +281.2% |
| Deferred charges and accrued income | 490/1 | €30,000 | - | -€30,000 | |
| Total equity and liabilities | 10/49 | €505,933 | €482,732 | -€23,201 | -4.6% |
| Equity | 10/15 | €353,118 | €332,252 | -€20,865 | -5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €331,118 | €310,252 | -€20,865 | -6.3% |
| Amounts payable | 17/49 | €152,815 | €150,479 | -€2,336 | -1.5% |
| Amounts payable after more than one year | 17 | €86,930 | €86,930 | = | 0.0% |
| Financial debts | 170/4 | €86,930 | €86,930 | = | 0.0% |
| Amounts payable within one year | 42/48 | €65,885 | €63,549 | -€2,336 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €52,246 | €52,246 | = | 0.0% |
| Trade debts | 44 | - | €194 | +€194 | |
| Suppliers | 440/4 | - | €194 | +€194 | |
| Taxes, remuneration and social security | 45 | €303 | €439 | +€136 | +45.0% |
| Taxes | 450/3 | €303 | €439 | +€136 | +45.0% |
| Other amounts payable | 47/48 | €13,337 | €10,671 | -€2,666 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,779 | €1,147 | -€632 | -35.5% |
| Other operating charges | 640/8 | €1,205 | €1,045 | -€160 | -13.3% |
| Gross operating margin | 9900 | -€31,390 | -€38,822 | -€7,431 | -23.7% |
| Operating profit (loss) | 9901 | -€34,375 | -€41,014 | -€6,639 | -19.3% |
| Financial income | 75/76B | €36,382 | €20,700 | -€15,682 | -43.1% |
| Recurring financial income | 75 | €36,382 | €20,700 | -€15,682 | -43.1% |
| Financial charges | 65/66B | €1,349 | €551 | -€798 | -59.2% |
| Recurring financial charges | 65 | €1,349 | €551 | -€798 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | €657 | -€20,865 | -€21,523 | |
| Profit (loss) for the period | 9904 | €657 | -€20,865 | -€21,523 | |
| Profit (loss) for the period to be appropriated | 9905 | €657 | -€20,865 | -€21,523 |
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 4 October 2026 via checked.be.