MIDN: 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.
MIDN
Largest movements
- Tangible fixed assets +€136,514
up €136,514 (+27.6%), from €494,004 to €630,517
of which Leasing and similar rights: +€194,949
- Receivables within one year +€123,844
up €123,844 (+33.7%), from €367,478 to €491,322
of which Trade receivables: +€76,682
- Cash -€30,805
down €30,805 (-15.3%), from €200,843 to €170,038
mainly Investment in fixed assets (net) (-€310,536) and Receivables within one year (-€123,844)
- Tax, wage and social debts +€121,457
up €121,457 (+46.9%), from €258,714 to €380,171
of which Taxes: +€109,943
- Reserves +€103,193
up €103,193 (+34.5%), from €299,528 to €402,721
- Other debts +€100,685
new in 2025: €100,685
- Trade debts -€67,627
down €67,627 (-25.2%), from €268,328 to €200,701
- Debts after one year -€61,341
down €61,341 (-8.9%), from €686,821 to €625,481
of which Financial debts: -€78,491
- Gross operating margin +€542,032
up €542,032 (+42.8%), from €1.3m to €1.8m
- Staff costs +€235,208
up €235,208 (+26.2%), from €898,413 to €1.1m
- Taxes +€107,059
up €107,059 (+430.6%), from €24,865 to €131,923
- Financial charges +€62,413
up €62,413 (+135.2%), from €46,170 to €108,583
- Other operating charges +€37,893
up €37,893 (+182.5%), from €20,762 to €58,655
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 | €1,667,479 | €1,896,332 | +€228,854 | +13.7% |
| Fixed assets | 21/28 | €538,400 | €662,689 | +€124,289 | +23.1% |
| Intangible fixed assets | 21 | €42,896 | €32,171 | -€10,725 | -25.0% |
| Tangible fixed assets | 22/27 | €494,004 | €630,517 | +€136,514 | +27.6% |
| Land and buildings | 22 | €19,409 | €90,854 | +€71,445 | +368.1% |
| Plant, machinery and equipment | 23 | €403,035 | €291,327 | -€111,708 | -27.7% |
| Furniture and vehicles | 24 | €71,560 | €53,387 | -€18,172 | -25.4% |
| Leasing and similar rights | 25 | - | €194,949 | +€194,949 | |
| Financial fixed assets | 28 | €1,500 | €0 | -€1,500 | -100.0% |
| Current assets | 29/58 | €1,129,079 | €1,233,643 | +€104,565 | +9.3% |
| Amounts receivable after more than one year | 29 | €521,566 | €521,566 | = | 0.0% |
| Other amounts receivable | 291 | €521,566 | €521,566 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €367,478 | €491,322 | +€123,844 | +33.7% |
| Trade receivables | 40 | €220,680 | €297,363 | +€76,682 | +34.7% |
| Other amounts receivable | 41 | €146,798 | €193,959 | +€47,161 | +32.1% |
| Cash at bank and in hand | 54/58 | €200,843 | €170,038 | -€30,805 | -15.3% |
| Deferred charges and accrued income | 490/1 | €39,192 | €50,717 | +€11,526 | +29.4% |
| Total equity and liabilities | 10/49 | €1,667,479 | €1,896,332 | +€228,854 | +13.7% |
| Equity | 10/15 | €318,128 | €421,321 | +€103,193 | +32.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €299,528 | €402,721 | +€103,193 | +34.5% |
| Distributable reserves | 133 | €299,528 | €402,721 | +€103,193 | +34.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,349,350 | €1,475,011 | +€125,661 | +9.3% |
| Amounts payable after more than one year | 17 | €686,821 | €625,481 | -€61,341 | -8.9% |
| Financial debts | 170/4 | €686,821 | €608,330 | -€78,491 | -11.4% |
| Other amounts payable | 178/9 | - | €17,150 | +€17,150 | |
| Amounts payable within one year | 42/48 | €662,529 | €849,531 | +€187,002 | +28.2% |
| Current portion of amounts payable after more than one year | 42 | €135,488 | €138,536 | +€3,048 | +2.2% |
| Financial debts | 43 | - | €29,438 | +€29,438 | |
| Credit institutions | 430/8 | - | €29,438 | +€29,438 | |
| Trade debts | 44 | €268,328 | €200,701 | -€67,627 | -25.2% |
| Suppliers | 440/4 | €268,328 | €200,701 | -€67,627 | -25.2% |
| Taxes, remuneration and social security | 45 | €258,714 | €380,171 | +€121,457 | +46.9% |
| Taxes | 450/3 | €127,555 | €237,497 | +€109,943 | +86.2% |
| Remuneration and social security | 454/9 | €131,159 | €142,674 | +€11,514 | +8.8% |
| Other amounts payable | 47/48 | - | €100,685 | +€100,685 | |
| Remuneration, social security and pensions | 62 | €898,413 | €1,133,621 | +€235,208 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,618 | €186,247 | -€1,371 | -0.7% |
| Other operating charges | 640/8 | €20,762 | €58,655 | +€37,893 | +182.5% |
| Non-recurring operating charges | 66A | €35,888 | €0 | -€35,888 | -100.0% |
| Gross operating margin | 9900 | €1,265,569 | €1,807,601 | +€542,032 | +42.8% |
| Operating profit (loss) | 9901 | €122,888 | €429,079 | +€306,191 | +249.2% |
| Financial income | 75/76B | €23,065 | €20,605 | -€2,460 | -10.7% |
| Recurring financial income | 75 | €23,065 | €20,605 | -€2,460 | -10.7% |
| Financial charges | 65/66B | €46,170 | €108,583 | +€62,413 | +135.2% |
| Recurring financial charges | 65 | €46,170 | €108,583 | +€62,413 | +135.2% |
| Profit (loss) for the period before taxes | 9903 | €99,784 | €341,101 | +€241,317 | +241.8% |
| Income taxes | 67/77 | €24,865 | €131,923 | +€107,059 | +430.6% |
| Profit (loss) for the period | 9904 | €74,919 | €209,177 | +€134,259 | +179.2% |
| Profit (loss) for the period to be appropriated | 9905 | €74,919 | €209,177 | +€134,259 | +179.2% |
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 5 October 2026 via checked.be.