Miel Miel: 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.
Miel Miel
Largest movements
- Receivables within one year +€34,456
up €34,456 (+350%), from €9,839 to €44,295
of which Trade receivables: +€32,775
- Tangible fixed assets -€16,684
down €16,684 (-8.9%), from €187,772 to €171,087
of which Plant, machinery and equipment: -€15,258
- Stocks and contracts +€6,733
new in 2025: €6,733
- Cash +€3,764
up €3,764 (+980%), from €384 to €4,148
mainly Trade debts (+€24,893) and Depreciation (+€24,684)
- Debts after one year -€36,229
down €36,229 (-20.0%), from €181,071 to €144,842
- Trade debts +€24,893
up €24,893 (+204%), from €12,220 to €37,114
- Other debts +€24,168
up €24,168 (+67.2%), from €35,976 to €60,145
- Profit (loss) carried forward +€15,617
up €15,617 (+31.7%), from -€49,234 to -€33,617
- Current portion of long-term debt +€6,890
up €6,890 (+37.7%), from €18,286 to €25,176
- Gross operating margin +€47,338
up €47,338 (+1,001%), from €4,727 to €52,065
- Depreciation +€4,029
up €4,029 (+19.5%), from €20,656 to €24,684
- Financial charges +€892
up €892 (+18.2%), from €4,909 to €5,801
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 | €214,422 | €242,623 | +€28,201 | +13.2% |
| Fixed assets | 21/28 | €202,772 | €186,087 | -€16,684 | -8.2% |
| Tangible fixed assets | 22/27 | €187,772 | €171,087 | -€16,684 | -8.9% |
| Plant, machinery and equipment | 23 | €95,473 | €80,215 | -€15,258 | -16.0% |
| Furniture and vehicles | 24 | €18,101 | €6,020 | -€12,081 | -66.7% |
| Other tangible fixed assets | 26 | €74,198 | €84,852 | +€10,654 | +14.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €11,650 | €56,536 | +€44,885 | +385% |
| Stocks and contracts in progress | 3 | - | €6,733 | +€6,733 | |
| Stocks | 30/36 | - | €6,733 | +€6,733 | |
| Amounts receivable within one year | 40/41 | €9,839 | €44,295 | +€34,456 | +350% |
| Trade receivables | 40 | €8,814 | €41,589 | +€32,775 | +372% |
| Other amounts receivable | 41 | €1,025 | €2,707 | +€1,682 | +164% |
| Cash at bank and in hand | 54/58 | €384 | €4,148 | +€3,764 | +980% |
| Deferred charges and accrued income | 490/1 | €1,427 | €1,360 | -€68 | -4.7% |
| Total equity and liabilities | 10/49 | €214,422 | €242,623 | +€28,201 | +13.2% |
| Equity | 10/15 | -€44,234 | -€28,617 | +€15,617 | +35.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,234 | -€33,617 | +€15,617 | +31.7% |
| Amounts payable | 17/49 | €258,656 | €271,240 | +€12,584 | +4.9% |
| Amounts payable after more than one year | 17 | €181,071 | €144,842 | -€36,229 | -20.0% |
| Financial debts | 170/4 | €181,071 | €144,842 | -€36,229 | -20.0% |
| Amounts payable within one year | 42/48 | €69,585 | €124,194 | +€54,610 | +78.5% |
| Current portion of amounts payable after more than one year | 42 | €18,286 | €25,176 | +€6,890 | +37.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €12,220 | €37,114 | +€24,893 | +204% |
| Suppliers | 440/4 | €12,220 | €37,114 | +€24,893 | +204% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,102 | €1,760 | -€1,342 | -43.3% |
| Taxes | 450/3 | €3,102 | €460 | -€2,642 | -85.2% |
| Remuneration and social security | 454/9 | - | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | €35,976 | €60,145 | +€24,168 | +67.2% |
| Accrued charges and deferred income | 492/3 | €8,000 | €2,204 | -€5,796 | -72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,656 | €24,684 | +€4,029 | +19.5% |
| Other operating charges | 640/8 | €5,119 | €5,016 | -€103 | -2.0% |
| Non-recurring operating charges | 66A | €296 | €988 | +€692 | +234% |
| Gross operating margin | 9900 | €4,727 | €52,065 | +€47,338 | +1,001% |
| Operating profit (loss) | 9901 | -€21,343 | €21,377 | +€42,720 | |
| Financial income | 75/76B | €48 | €41 | -€6 | -13.1% |
| Recurring financial income | 75 | €48 | €41 | -€6 | -13.1% |
| Financial charges | 65/66B | €4,909 | €5,801 | +€892 | +18.2% |
| Recurring financial charges | 65 | €4,909 | €5,801 | +€892 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,204 | €15,617 | +€41,821 | |
| Profit (loss) for the period | 9904 | -€26,204 | €15,617 | +€41,821 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,204 | €15,617 | +€41,821 |
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 30 October 2026 via checked.be.