MIEL23: 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.
MIEL23
Largest movements
- Cash +€95,968
up €95,968 (+99.2%), from €96,764 to €192,732
mainly Net result for the year (+€109,071) and Tax, wage and social debts (+€34,917)
- Tangible fixed assets +€57,831
up €57,831 (+68.2%), from €84,843 to €142,673
of which Plant, machinery and equipment: +€57,770
- Reserves +€109,071
up €109,071 (+85.6%), from €127,411 to €236,482
- Tax, wage and social debts +€34,917
up €34,917 (+90.8%), from €38,461 to €73,378
- Trade debts +€4,622
up €4,622 (+169%), from €2,735 to €7,356
- Depreciation +€16,822
up €16,822 (+277%), from €6,075 to €22,897
- Financial income +€3,124
up €3,124 (+698%), from €447 to €3,571
- Gross operating margin -€2,605
down €2,605 (-1.5%), from €170,054 to €167,449
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 | €219,649 | €372,295 | +€152,646 | +69.5% |
| Fixed assets | 21/28 | €84,843 | €142,673 | +€57,831 | +68.2% |
| Tangible fixed assets | 22/27 | €84,843 | €142,673 | +€57,831 | +68.2% |
| Land and buildings | 22 | €12,726 | €11,107 | -€1,619 | -12.7% |
| Plant, machinery and equipment | 23 | €72,117 | €129,886 | +€57,770 | +80.1% |
| Furniture and vehicles | 24 | - | €1,680 | +€1,680 | |
| Current assets | 29/58 | €134,806 | €229,622 | +€94,816 | +70.3% |
| Stocks and contracts in progress | 3 | €4,736 | €3,479 | -€1,257 | -26.5% |
| Stocks | 30/36 | €4,736 | €3,479 | -€1,257 | -26.5% |
| Amounts receivable within one year | 40/41 | €7,859 | €5,116 | -€2,743 | -34.9% |
| Trade receivables | 40 | €3,217 | €4,888 | +€1,671 | +51.9% |
| Other amounts receivable | 41 | €4,642 | €228 | -€4,414 | -95.1% |
| Current investments | 50/53 | €24,661 | €27,968 | +€3,307 | +13.4% |
| Cash at bank and in hand | 54/58 | €96,764 | €192,732 | +€95,968 | +99.2% |
| Deferred charges and accrued income | 490/1 | €786 | €327 | -€459 | -58.4% |
| Total equity and liabilities | 10/49 | €219,649 | €372,295 | +€152,646 | +69.5% |
| Equity | 10/15 | €132,411 | €241,482 | +€109,071 | +82.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €127,411 | €236,482 | +€109,071 | +85.6% |
| Distributable reserves | 133 | €127,411 | €236,482 | +€109,071 | +85.6% |
| Amounts payable | 17/49 | €87,238 | €130,813 | +€43,575 | +49.9% |
| Amounts payable within one year | 42/48 | €46,985 | €87,012 | +€40,027 | +85.2% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €2,735 | €7,356 | +€4,622 | +169% |
| Suppliers | 440/4 | €2,735 | €7,356 | +€4,622 | +169% |
| Taxes, remuneration and social security | 45 | €38,461 | €73,378 | +€34,917 | +90.8% |
| Taxes | 450/3 | €38,461 | €73,378 | +€34,917 | +90.8% |
| Other amounts payable | 47/48 | €5,789 | €6,273 | +€484 | +8.4% |
| Accrued charges and deferred income | 492/3 | €40,253 | €43,801 | +€3,547 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,075 | €22,897 | +€16,822 | +277% |
| Other operating charges | 640/8 | €633 | €648 | +€14 | +2.3% |
| Gross operating margin | 9900 | €170,054 | €167,449 | -€2,605 | -1.5% |
| Operating profit (loss) | 9901 | €163,346 | €143,905 | -€19,441 | -11.9% |
| Financial income | 75/76B | €447 | €3,571 | +€3,124 | +698% |
| Recurring financial income | 75 | €447 | €3,571 | +€3,124 | +698% |
| Financial charges | 65/66B | €959 | €1,662 | +€702 | +73.2% |
| Recurring financial charges | 65 | €959 | €1,662 | +€702 | +73.2% |
| Profit (loss) for the period before taxes | 9903 | €162,834 | €145,814 | -€17,020 | -10.5% |
| Income taxes | 67/77 | €35,423 | €36,743 | +€1,320 | +3.7% |
| Profit (loss) for the period | 9904 | €127,411 | €109,071 | -€18,340 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €127,411 | €109,071 | -€18,340 | -14.4% |
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 22 October 2026 via checked.be.