MIELES: 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.
MIELES
Largest movements
- Cash +€407,033
up €407,033 (+228%), from €178,909 to €585,942
mainly Net result for the year (+€642,314) and Other debts (+€204,884)
- Receivables after one year +€80,000
new in 2025: €80,000
- Tangible fixed assets -€62,432
down €62,432 (-36.9%), from €169,128 to €106,696
of which Land and buildings: -€61,807
- Receivables within one year +€19,586
up €19,586 (+188%), from €10,414 to €30,000
of which Other amounts receivable: +€23,592
- Reserves +€406,314
up €406,314 (+519%), from €78,338 to €484,652
of which Distributable reserves: +€406,314
- Other debts +€204,884
up €204,884 (+2,954%), from €6,936 to €211,819
- Contributions -€200,000
down €200,000 (-73.3%), from €273,000 to €73,000
- Tax, wage and social debts +€33,943
new in 2025: €33,943
- Gross operating margin +€919,535
up €919,535 (+15,869%), from €5,794 to €925,330
- Taxes +€248,863
up €248,863 (+125,057%), from €199 to €249,062
- Other operating charges +€10,097
up €10,097 (+54.0%), from €18,701 to €28,798
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 | €358,452 | €803,457 | +€445,005 | +124% |
| Fixed assets | 21/28 | €169,128 | €106,696 | -€62,432 | -36.9% |
| Tangible fixed assets | 22/27 | €169,128 | €106,696 | -€62,432 | -36.9% |
| Land and buildings | 22 | €167,748 | €105,941 | -€61,807 | -36.8% |
| Furniture and vehicles | 24 | €1,380 | €755 | -€625 | -45.3% |
| Current assets | 29/58 | €189,323 | €696,761 | +€507,438 | +268% |
| Amounts receivable after more than one year | 29 | - | €80,000 | +€80,000 | |
| Other amounts receivable | 291 | - | €80,000 | +€80,000 | |
| Amounts receivable within one year | 40/41 | €10,414 | €30,000 | +€19,586 | +188% |
| Trade receivables | 40 | €4,005 | - | -€4,005 | |
| Other amounts receivable | 41 | €6,409 | €30,000 | +€23,592 | +368% |
| Cash at bank and in hand | 54/58 | €178,909 | €585,942 | +€407,033 | +228% |
| Deferred charges and accrued income | 490/1 | - | €819 | +€819 | |
| Total equity and liabilities | 10/49 | €358,452 | €803,457 | +€445,005 | +124% |
| Equity | 10/15 | €351,338 | €557,652 | +€206,314 | +58.7% |
| Contributions | 10/11 | €273,000 | €73,000 | -€200,000 | -73.3% |
| Capital | 10 | €273,000 | €73,000 | -€200,000 | -73.3% |
| Issued capital | 100 | €273,000 | €73,000 | -€200,000 | -73.3% |
| Reserves | 13 | €78,338 | €484,652 | +€406,314 | +519% |
| Non-distributable reserves | 130/1 | €27,300 | €27,300 | = | 0.0% |
| Legal reserve | 130 | €27,300 | €27,300 | = | 0.0% |
| Distributable reserves | 133 | €51,038 | €457,352 | +€406,314 | +796% |
| Amounts payable | 17/49 | €7,114 | €245,805 | +€238,691 | +3,355% |
| Amounts payable within one year | 42/48 | €7,114 | €245,805 | +€238,691 | +3,355% |
| Trade debts | 44 | €178 | €42 | -€136 | -76.3% |
| Suppliers | 440/4 | €178 | €42 | -€136 | -76.3% |
| Taxes, remuneration and social security | 45 | - | €33,943 | +€33,943 | |
| Taxes | 450/3 | - | €33,943 | +€33,943 | |
| Other amounts payable | 47/48 | €6,936 | €211,819 | +€204,884 | +2,954% |
| Non-recurring operating income | 76A | - | €924,128 | +€924,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,337 | €6,561 | +€224 | +3.5% |
| Other operating charges | 640/8 | €18,701 | €28,798 | +€10,097 | +54.0% |
| Gross operating margin | 9900 | €5,794 | €925,330 | +€919,535 | +15,869% |
| Operating profit (loss) | 9901 | -€19,244 | €889,970 | +€909,214 | |
| Financial income | 75/76B | €5,358 | €1,436 | -€3,922 | -73.2% |
| Recurring financial income | 75 | €5,358 | €1,436 | -€3,922 | -73.2% |
| Financial charges | 65/66B | €31 | €30 | -€0 | -0.5% |
| Recurring financial charges | 65 | €31 | €30 | -€0 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,916 | €891,376 | +€905,292 | |
| Income taxes | 67/77 | €199 | €249,062 | +€248,863 | +125,057% |
| Profit (loss) for the period | 9904 | -€14,115 | €642,314 | +€656,429 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,115 | €642,314 | +€656,429 |
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 26 October 2026 via checked.be.