MIDRAS PROJECTS: 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
MIDRAS PROJECTS
NACE 41.001, General construction of residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€360,445
2024 · -€10,302+€370,748
Equity
€910,441
2024 · €549,996+€360,445
Cash
€32,429
2024 · €35,111-€2,682
Balance sheet total
€12.5m
2024 · €6.9m+€5.6m
Largest movements
Assets
- Tangible fixed assets +€5.6m
up €5.6m (+81.3%), from €6.8m to €12.4m
Equity and liabilities
- Debts after one year +€5.8m
up €5.8m (+135.6%), from €4.2m to €10.0m
- Other debts -€1.0m
down €1.0m (-78.4%), from €1.3m to €285,281
- Reserves +€822,391
up €822,391 (+249.2%), from €329,996 to €1.2m
of which Tax-exempt reserves: +€822,391
- Profit (loss) carried forward -€461,946
down €461,946, from €0 to -€461,946
- Provisions +€274,130
new in 2025: €274,130
Income statement
- Gross operating margin +€1.5m
up €1.5m (+325.0%), from €450,888 to €1.9m
- Depreciation +€728,910
up €728,910 (+251.8%), from €289,459 to €1.0m
- Financial charges +€84,398
up €84,398 (+63.2%), from €133,445 to €217,843
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
-€10,302
Gross operating margin
+€1.5m
Depreciation
-€728,910
Other operating charges
-€8,855
Financial income
+€1,554
Financial charges
-€84,398
Deferred taxes and other
-€274,130
Result 2025
€360,445
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.
From operations
+€572,056
Investment
-€6.6m
Financing
+€6.0m
Cash 2024
€35,111
From operations (derived)
+€572,056
Net result for the year
+€360,445
Depreciation
+€1.0m
Smaller working-capital items
-€6,208
Deferred charges and accrued income
-€20,623
Provisions
+€274,130
Trade debts
-€140,961
Other debts
-€1.0m
Accrued charges and deferred income
+€120,847
Investment (derived)
-€6.6m
Investment in fixed assets (net)
-€6.6m
Financing
+€6.0m
Debts after one year
+€5.8m
Current portion of long-term debt
+€244,457
Cash 2025
€32,429
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,878,345 | €12,459,058 | +€5.6m | +81.1% |
| Fixed assets | 21/28 | €6,826,546 | €12,378,044 | +€5.6m | +81.3% |
| Tangible fixed assets | 22/27 | €6,826,546 | €12,378,044 | +€5.6m | +81.3% |
| Land and buildings | 22 | €6,826,546 | €12,378,044 | +€5.6m | +81.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €51,799 | €81,014 | +€29,215 | +56.4% |
| Amounts receivable within one year | 40/41 | €12,287 | €23,561 | +€11,274 | +91.8% |
| Trade receivables | 40 | €3,896 | €15,881 | +€11,985 | +307.6% |
| Other amounts receivable | 41 | €8,391 | €7,681 | -€710 | -8.5% |
| Cash at bank and in hand | 54/58 | €35,111 | €32,429 | -€2,682 | -7.6% |
| Deferred charges and accrued income | 490/1 | €4,401 | €25,024 | +€20,623 | +468.6% |
| Total equity and liabilities | 10/49 | €6,878,345 | €12,459,058 | +€5.6m | +81.1% |
| Equity | 10/15 | €549,996 | €910,441 | +€360,445 | +65.5% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €329,996 | €1,152,387 | +€822,391 | +249.2% |
| Tax-exempt reserves | 132 | €18,750 | €841,141 | +€822,391 | +4386.1% |
| Distributable reserves | 133 | €311,246 | €311,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€461,946 | -€461,946 | |
| Provisions and deferred taxes | 16 | - | €274,130 | +€274,130 | |
| Deferred taxes | 168 | - | €274,130 | +€274,130 | |
| Amounts payable | 17/49 | €6,328,349 | €11,274,486 | +€4.9m | +78.2% |
| Amounts payable after more than one year | 17 | €4,242,065 | €9,992,737 | +€5.8m | +135.6% |
| Financial debts | 170/4 | €4,242,065 | €9,992,737 | +€5.8m | +135.6% |
| Amounts payable within one year | 42/48 | €2,078,584 | €1,153,201 | -€925,383 | -44.5% |
| Current portion of amounts payable after more than one year | 42 | €353,563 | €598,019 | +€244,457 | +69.1% |
| Trade debts | 44 | €403,621 | €262,660 | -€140,961 | -34.9% |
| Suppliers | 440/4 | €403,621 | €262,660 | -€140,961 | -34.9% |
| Taxes, remuneration and social security | 45 | €2,175 | €7,242 | +€5,067 | +232.9% |
| Taxes | 450/3 | €2,175 | €7,242 | +€5,067 | +232.9% |
| Other amounts payable | 47/48 | €1,319,225 | €285,281 | -€1.0m | -78.4% |
| Accrued charges and deferred income | 492/3 | €7,700 | €128,547 | +€120,847 | +1569.4% |
| Non-recurring operating income | 76A | - | €1,277,595 | +€1.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289,459 | €1,018,369 | +€728,910 | +251.8% |
| Other operating charges | 640/8 | €39,215 | €48,069 | +€8,855 | +22.6% |
| Gross operating margin | 9900 | €450,888 | €1,916,375 | +€1.5m | +325.0% |
| Operating profit (loss) | 9901 | €122,214 | €849,937 | +€727,722 | +595.4% |
| Financial income | 75/76B | €928 | €2,482 | +€1,554 | +167.5% |
| Recurring financial income | 75 | €928 | €2,482 | +€1,554 | +167.5% |
| Financial charges | 65/66B | €133,445 | €217,843 | +€84,398 | +63.2% |
| Recurring financial charges | 65 | €133,445 | €217,843 | +€84,398 | +63.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,302 | €634,576 | +€644,878 | |
| Transfer from deferred taxes | 780 | - | €4,186 | +€4,186 | |
| Transfer to deferred taxes | 680 | - | €278,317 | +€278,317 | |
| Income taxes | 67/77 | €0 | €0 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€10,302 | €360,445 | +€370,748 | |
| Transfer from tax-exempt reserves | 789 | - | €12,559 | +€12,559 | |
| Transfer to tax-exempt reserves | 689 | - | €834,951 | +€834,951 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,302 | -€461,946 | -€451,644 | -4383.9% |
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 9 October 2026 via checked.be.