MIEDEC: 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.
MIEDEC
Largest movements
- Cash +€25,664
up €25,664 (+39.7%), from €64,699 to €90,363
mainly Net result for the year (+€37,678) and Depreciation (+€19,785)
- Tangible fixed assets -€18,712
down €18,712 (-2.5%), from €750,504 to €731,792
of which Land and buildings: -€10,954
- Current investments +€15,470
up €15,470 (+5.6%), from €275,000 to €290,470
- Reserves +€37,678
up €37,678 (+7.3%), from €513,634 to €551,312
- Debts after one year -€15,471
down €15,471 (-32.0%), from €48,358 to €32,887
- Other debts +€15,431
up €15,431 (+2.9%), from €535,375 to €550,806
- Financial income +€14,954
up €14,954 (+209%), from €7,145 to €22,099
- Gross operating margin +€4,547
up €4,547 (+10.4%), from €43,776 to €48,323
- Other operating charges +€2,383
up €2,383 (+96.5%), from €2,470 to €4,853
- Depreciation -€1,724
down €1,724 (-8.0%), from €21,510 to €19,785
- Taxes -€750
down €750 (-9.6%), from €7,829 to €7,079
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.
Derived cash bridge
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 | €1,151,673 | €1,177,256 | +€25,583 | +2.2% |
| Fixed assets | 21/28 | €750,504 | €731,792 | -€18,712 | -2.5% |
| Tangible fixed assets | 22/27 | €750,504 | €731,792 | -€18,712 | -2.5% |
| Land and buildings | 22 | €351,522 | €340,568 | -€10,954 | -3.1% |
| Plant, machinery and equipment | 23 | €4,427 | €4,552 | +€125 | +2.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €394,554 | €386,672 | -€7,882 | -2.0% |
| Current assets | 29/58 | €401,169 | €445,464 | +€44,295 | +11.0% |
| Amounts receivable within one year | 40/41 | €59,003 | €57,076 | -€1,927 | -3.3% |
| Trade receivables | 40 | €53,263 | €43,211 | -€10,052 | -18.9% |
| Other amounts receivable | 41 | €5,740 | €13,865 | +€8,125 | +142% |
| Current investments | 50/53 | €275,000 | €290,470 | +€15,470 | +5.6% |
| Cash at bank and in hand | 54/58 | €64,699 | €90,363 | +€25,664 | +39.7% |
| Deferred charges and accrued income | 490/1 | €2,468 | €7,556 | +€5,088 | +206% |
| Total equity and liabilities | 10/49 | €1,151,673 | €1,177,256 | +€25,583 | +2.2% |
| Equity | 10/15 | €526,034 | €563,712 | +€37,678 | +7.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €513,634 | €551,312 | +€37,678 | +7.3% |
| Distributable reserves | 133 | €513,634 | €551,312 | +€37,678 | +7.3% |
| Amounts payable | 17/49 | €625,640 | €613,544 | -€12,095 | -1.9% |
| Amounts payable after more than one year | 17 | €48,358 | €32,887 | -€15,471 | -32.0% |
| Financial debts | 170/4 | €48,358 | €32,887 | -€15,471 | -32.0% |
| Amounts payable within one year | 42/48 | €571,122 | €579,297 | +€8,175 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €15,270 | €15,471 | +€201 | +1.3% |
| Trade debts | 44 | €12,551 | €7,666 | -€4,885 | -38.9% |
| Suppliers | 440/4 | €12,551 | €7,666 | -€4,885 | -38.9% |
| Taxes, remuneration and social security | 45 | €7,926 | €5,354 | -€2,572 | -32.4% |
| Taxes | 450/3 | €7,926 | €5,354 | -€2,572 | -32.4% |
| Other amounts payable | 47/48 | €535,375 | €550,806 | +€15,431 | +2.9% |
| Accrued charges and deferred income | 492/3 | €6,160 | €1,360 | -€4,800 | -77.9% |
| Non-recurring operating income | 76A | €0 | €15,043 | +€15,043 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,510 | €19,785 | -€1,724 | -8.0% |
| Other operating charges | 640/8 | €2,470 | €4,853 | +€2,383 | +96.5% |
| Gross operating margin | 9900 | €43,776 | €48,323 | +€4,547 | +10.4% |
| Operating profit (loss) | 9901 | €19,796 | €23,685 | +€3,888 | +19.6% |
| Financial income | 75/76B | €7,145 | €22,099 | +€14,954 | +209% |
| Recurring financial income | 75 | €7,145 | €22,099 | +€14,954 | +209% |
| Financial charges | 65/66B | €1,428 | €1,026 | -€402 | -28.1% |
| Recurring financial charges | 65 | €1,428 | €1,026 | -€402 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €25,513 | €44,758 | +€19,245 | +75.4% |
| Income taxes | 67/77 | €7,829 | €7,079 | -€750 | -9.6% |
| Profit (loss) for the period | 9904 | €17,684 | €37,678 | +€19,994 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €17,684 | €37,678 | +€19,994 | +113% |
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 18 October 2026 via checked.be.