MIECO-EFFECT: 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.
MIECO-EFFECT
Largest movements
- Receivables within one year +€66,341
up €66,341 (+34.4%), from €193,120 to €259,461
of which Other amounts receivable: +€41,681
- Cash +€25,803
up €25,803 (+7.8%), from €329,110 to €354,914
mainly Net result for the year (+€123,627) and Depreciation (+€24,980)
- Tangible fixed assets -€14,733
down €14,733 (-9.2%), from €160,116 to €145,382
of which Plant, machinery and equipment: -€7,941
- Deferred charges and accrued income +€12,700
up €12,700 (+552%), from €2,300 to €15,000
- Reserves +€123,627
up €123,627 (+22.0%), from €561,818 to €685,445
of which Distributable reserves: +€123,627
- Tax, wage and social debts -€15,635
down €15,635 (-28.4%), from €55,049 to €39,414
- Other debts -€12,940
no longer reported in 2024 (was €12,940)
- Debts after one year -€10,000
down €10,000 (-20.3%), from €49,167 to €39,167
- Gross operating margin -€97,264
down €97,264 (-14.1%), from €690,165 to €592,901
- Staff costs -€51,470
down €51,470 (-11.8%), from €434,644 to €383,174
- Taxes -€15,209
down €15,209 (-20.4%), from €74,504 to €59,295
- Depreciation +€8,208
up €8,208 (+48.9%), from €16,772 to €24,980
From the 2023 result to the 2024 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.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €714,646 | €804,757 | +€90,111 | +12.6% |
| Fixed assets | 21/28 | €160,116 | €145,382 | -€14,733 | -9.2% |
| Tangible fixed assets | 22/27 | €160,116 | €145,382 | -€14,733 | -9.2% |
| Land and buildings | 22 | €131,805 | €127,809 | -€3,996 | -3.0% |
| Plant, machinery and equipment | 23 | €25,514 | €17,573 | -€7,941 | -31.1% |
| Furniture and vehicles | 24 | €2,797 | - | -€2,797 | |
| Current assets | 29/58 | €554,530 | €659,375 | +€104,845 | +18.9% |
| Stocks and contracts in progress | 3 | €30,000 | €30,000 | = | 0.0% |
| Stocks | 30/36 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €193,120 | €259,461 | +€66,341 | +34.4% |
| Trade receivables | 40 | €134,498 | €159,159 | +€24,661 | +18.3% |
| Other amounts receivable | 41 | €58,622 | €100,302 | +€41,681 | +71.1% |
| Cash at bank and in hand | 54/58 | €329,110 | €354,914 | +€25,803 | +7.8% |
| Deferred charges and accrued income | 490/1 | €2,300 | €15,000 | +€12,700 | +552% |
| Total equity and liabilities | 10/49 | €714,646 | €804,757 | +€90,111 | +12.6% |
| Equity | 10/15 | €573,118 | €696,745 | +€123,627 | +21.6% |
| Contributions | 10/11 | €11,300 | €11,300 | = | 0.0% |
| Reserves | 13 | €561,818 | €685,445 | +€123,627 | +22.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €559,958 | €683,585 | +€123,627 | +22.1% |
| Amounts payable | 17/49 | €141,528 | €108,012 | -€33,516 | -23.7% |
| Amounts payable after more than one year | 17 | €49,167 | €39,167 | -€10,000 | -20.3% |
| Financial debts | 170/4 | €49,167 | €39,167 | -€10,000 | -20.3% |
| Amounts payable within one year | 42/48 | €92,361 | €68,845 | -€23,516 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €14,373 | €19,431 | +€5,058 | +35.2% |
| Suppliers | 440/4 | €14,373 | €19,431 | +€5,058 | +35.2% |
| Taxes, remuneration and social security | 45 | €55,049 | €39,414 | -€15,635 | -28.4% |
| Taxes | 450/3 | €55,049 | €39,414 | -€15,635 | -28.4% |
| Other amounts payable | 47/48 | €12,940 | - | -€12,940 | |
| Non-recurring operating income | 76A | €7,434 | €4,085 | -€3,349 | -45.1% |
| Remuneration, social security and pensions | 62 | €434,644 | €383,174 | -€51,470 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,772 | €24,980 | +€8,208 | +48.9% |
| Other operating charges | 640/8 | €814 | €676 | -€138 | -16.9% |
| Gross operating margin | 9900 | €690,165 | €592,901 | -€97,264 | -14.1% |
| Operating profit (loss) | 9901 | €237,934 | €184,070 | -€53,864 | -22.6% |
| Financial income | 75/76B | - | €732 | +€732 | |
| Recurring financial income | 75 | - | €732 | +€732 | |
| Financial charges | 65/66B | €1,857 | €1,881 | +€24 | +1.3% |
| Recurring financial charges | 65 | €1,857 | €1,881 | +€24 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €236,077 | €182,922 | -€53,156 | -22.5% |
| Income taxes | 67/77 | €74,504 | €59,295 | -€15,209 | -20.4% |
| Profit (loss) for the period | 9904 | €161,574 | €123,627 | -€37,947 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €161,574 | €123,627 | -€37,947 | -23.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.