MIEKO: 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.
MIEKO
Largest movements
- Cash +€168,313
up €168,313 (+44.3%), from €380,306 to €548,618
mainly Depreciation (+€141,543) and Net result for the year (+€87,288)
- Tangible fixed assets -€141,543
down €141,543 (-4.4%), from €3.2m to €3.1m
of which Land and buildings: -€139,731
- Current investments +€67,356
up €67,356 (+7.8%), from €863,164 to €930,520
- Reserves +€86,122
up €86,122 (+4.1%), from €2.1m to €2.2m
of which Distributable reserves: +€130,000
- Depreciation -€32,724
down €32,724 (-18.8%), from €174,266 to €141,543
- Gross operating margin +€24,733
up €24,733 (+9.2%), from €269,504 to €294,238
- Financial charges +€22,400
up €22,400 (+68,923%), from €33 to €22,433
- Taxes +€8,922
up €8,922 (+25.6%), from €34,868 to €43,790
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 | €4,491,102 | €4,592,008 | +€100,905 | +2.2% |
| Fixed assets | 21/28 | €3,241,454 | €3,099,912 | -€141,543 | -4.4% |
| Tangible fixed assets | 22/27 | €3,241,454 | €3,099,912 | -€141,543 | -4.4% |
| Land and buildings | 22 | €3,234,508 | €3,094,777 | -€139,731 | -4.3% |
| Plant, machinery and equipment | 23 | €3,993 | €2,995 | -€998 | -25.0% |
| Furniture and vehicles | 24 | €2,954 | €2,140 | -€814 | -27.6% |
| Current assets | 29/58 | €1,249,648 | €1,492,096 | +€242,448 | +19.4% |
| Amounts receivable within one year | 40/41 | €6,178 | €12,958 | +€6,780 | +110% |
| Trade receivables | 40 | - | €267 | +€267 | |
| Other amounts receivable | 41 | €6,178 | €12,692 | +€6,513 | +105% |
| Current investments | 50/53 | €863,164 | €930,520 | +€67,356 | +7.8% |
| Cash at bank and in hand | 54/58 | €380,306 | €548,618 | +€168,313 | +44.3% |
| Total equity and liabilities | 10/49 | €4,491,102 | €4,592,008 | +€100,905 | +2.2% |
| Equity | 10/15 | €3,578,646 | €3,665,934 | +€87,288 | +2.4% |
| Contributions | 10/11 | €1,476,363 | €1,476,363 | = | 0.0% |
| Capital | 10 | €1,476,363 | €1,476,363 | = | 0.0% |
| Issued capital | 100 | €1,476,363 | €1,476,363 | = | 0.0% |
| Reserves | 13 | €2,101,414 | €2,187,536 | +€86,122 | +4.1% |
| Non-distributable reserves | 130/1 | €147,637 | €147,637 | = | 0.0% |
| Legal reserve | 130 | €147,637 | €147,637 | = | 0.0% |
| Tax-exempt reserves | 132 | €563,777 | €519,899 | -€43,878 | -7.8% |
| Distributable reserves | 133 | €1,390,000 | €1,520,000 | +€130,000 | +9.4% |
| Profit (loss) carried forward | 14 | €869 | €2,034 | +€1,165 | +134% |
| Provisions and deferred taxes | 16 | €254,128 | €234,320 | -€19,808 | -7.8% |
| Deferred taxes | 168 | €254,128 | €234,320 | -€19,808 | -7.8% |
| Amounts payable | 17/49 | €658,328 | €691,753 | +€33,425 | +5.1% |
| Amounts payable after more than one year | 17 | €563,700 | €571,700 | +€8,000 | +1.4% |
| Financial debts | 170/4 | €561,000 | €560,000 | -€1,000 | -0.2% |
| Other amounts payable | 178/9 | €2,700 | €11,700 | +€9,000 | +333% |
| Amounts payable within one year | 42/48 | €90,813 | €96,053 | +€5,240 | +5.8% |
| Trade debts | 44 | €566 | €4,924 | +€4,358 | +770% |
| Suppliers | 440/4 | €566 | €4,924 | +€4,358 | +770% |
| Taxes, remuneration and social security | 45 | €2,025 | €3,043 | +€1,018 | +50.2% |
| Taxes | 450/3 | €2,025 | €3,043 | +€1,018 | +50.2% |
| Other amounts payable | 47/48 | €88,222 | €88,087 | -€135 | -0.2% |
| Accrued charges and deferred income | 492/3 | €3,815 | €24,000 | +€20,185 | +529% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,266 | €141,543 | -€32,724 | -18.8% |
| Other operating charges | 640/8 | €22,490 | €23,939 | +€1,449 | +6.4% |
| Gross operating margin | 9900 | €269,504 | €294,238 | +€24,733 | +9.2% |
| Operating profit (loss) | 9901 | €72,748 | €128,756 | +€56,008 | +77.0% |
| Financial income | 75/76B | €3,487 | €4,947 | +€1,460 | +41.9% |
| Recurring financial income | 75 | €3,487 | €4,947 | +€1,460 | +41.9% |
| Financial charges | 65/66B | €33 | €22,433 | +€22,400 | +68,923% |
| Recurring financial charges | 65 | €33 | €22,433 | +€22,400 | +68,923% |
| Profit (loss) for the period before taxes | 9903 | €76,203 | €111,270 | +€35,067 | +46.0% |
| Transfer from deferred taxes | 780 | €19,808 | €19,808 | = | 0.0% |
| Income taxes | 67/77 | €34,868 | €43,790 | +€8,922 | +25.6% |
| Profit (loss) for the period | 9904 | €61,143 | €87,288 | +€26,145 | +42.8% |
| Transfer from tax-exempt reserves | 789 | €43,878 | €43,878 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,020 | €131,165 | +€26,145 | +24.9% |
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 15 October 2026 via checked.be.