MIDHAN: 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.
MIDHAN
Largest movements
- Current investments +€337,313
up €337,313 (+382.6%), from €88,168 to €425,482
- Cash -€233,931
down €233,931 (-42.5%), from €550,251 to €316,320
mainly Current investments (-€337,313) and Contributions, distributions and other (-€95,167)
- Receivables within one year +€32,996
up €32,996 (+32.3%), from €102,000 to €134,996
of which Trade receivables: +€32,970
- Tangible fixed assets -€13,929
down €13,929 (-3.8%), from €361,887 to €347,958
of which Plant, machinery and equipment: -€9,124
- Reserves +€134,591
up €134,591 (+17.6%), from €766,593 to €901,184
of which Distributable reserves: +€134,591
- Debts after one year -€23,417
down €23,417 (-20.5%), from €114,437 to €91,020
- Gross operating margin +€34,834
up €34,834 (+9.9%), from €352,348 to €387,182
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 | €1,104,326 | €1,226,767 | +€122,442 | +11.1% |
| Fixed assets | 21/28 | €361,887 | €347,958 | -€13,929 | -3.8% |
| Tangible fixed assets | 22/27 | €361,887 | €347,958 | -€13,929 | -3.8% |
| Land and buildings | 22 | €295,256 | €291,660 | -€3,596 | -1.2% |
| Plant, machinery and equipment | 23 | €49,746 | €40,622 | -€9,124 | -18.3% |
| Furniture and vehicles | 24 | €16,885 | €15,675 | -€1,210 | -7.2% |
| Current assets | 29/58 | €742,438 | €878,809 | +€136,371 | +18.4% |
| Amounts receivable within one year | 40/41 | €102,000 | €134,996 | +€32,996 | +32.3% |
| Trade receivables | 40 | €102,000 | €134,970 | +€32,970 | +32.3% |
| Other amounts receivable | 41 | €0 | €26 | +€26 | |
| Current investments | 50/53 | €88,168 | €425,482 | +€337,313 | +382.6% |
| Cash at bank and in hand | 54/58 | €550,251 | €316,320 | -€233,931 | -42.5% |
| Deferred charges and accrued income | 490/1 | €2,019 | €2,012 | -€7 | -0.3% |
| Total equity and liabilities | 10/49 | €1,104,326 | €1,226,767 | +€122,442 | +11.1% |
| Equity | 10/15 | €797,593 | €932,184 | +€134,591 | +16.9% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €766,593 | €901,184 | +€134,591 | +17.6% |
| Non-distributable reserves | 130/1 | €22,214 | €22,214 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,214 | €22,214 | = | 0.0% |
| Distributable reserves | 133 | €744,380 | €878,971 | +€134,591 | +18.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €306,732 | €294,583 | -€12,149 | -4.0% |
| Amounts payable after more than one year | 17 | €114,437 | €91,020 | -€23,417 | -20.5% |
| Financial debts | 170/4 | €114,437 | €91,020 | -€23,417 | -20.5% |
| Amounts payable within one year | 42/48 | €192,295 | €203,563 | +€11,268 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €37,816 | €40,362 | +€2,546 | +6.7% |
| Trade debts | 44 | €2,389 | €4,306 | +€1,917 | +80.3% |
| Suppliers | 440/4 | €2,389 | €4,306 | +€1,917 | +80.3% |
| Taxes, remuneration and social security | 45 | €76,456 | €73,457 | -€2,999 | -3.9% |
| Taxes | 450/3 | €76,456 | €73,457 | -€2,999 | -3.9% |
| Other amounts payable | 47/48 | €75,634 | €85,437 | +€9,803 | +13.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,847 | €43,734 | +€887 | +2.1% |
| Other operating charges | 640/8 | €4,279 | €4,089 | -€189 | -4.4% |
| Gross operating margin | 9900 | €352,348 | €387,182 | +€34,834 | +9.9% |
| Operating profit (loss) | 9901 | €305,222 | €339,359 | +€34,136 | +11.2% |
| Financial income | 75/76B | €173 | €1,584 | +€1,411 | +817.3% |
| Recurring financial income | 75 | €173 | €1,584 | +€1,411 | +817.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,931 | €6,166 | -€764 | -11.0% |
| Recurring financial charges | 65 | €6,931 | €6,166 | -€764 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €298,464 | €334,776 | +€36,312 | +12.2% |
| Income taxes | 67/77 | €101,905 | €105,018 | +€3,113 | +3.1% |
| Profit (loss) for the period | 9904 | €196,559 | €229,758 | +€33,198 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €196,559 | €229,758 | +€33,198 | +16.9% |
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 7 October 2026 via checked.be.