MIENAS: 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.
MIENAS
Largest movements
- Financial fixed assets +€380,000
new in 2025: €380,000
- Cash -€83,926
down €83,926 (-61.3%), from €136,953 to €53,027
mainly Investment in fixed assets (net) (-€380,000) and Other debts (-€34,389)
- Receivables within one year -€20,930
down €20,930 (-94.2%), from €22,212 to €1,282
of which Trade receivables: -€12,100
- Debts after one year +€217,405
new in 2025: €217,405
- Reserves +€56,600
up €56,600 (+59.7%), from €94,800 to €151,400
- Other debts -€34,389
down €34,389 (-99.6%), from €34,533 to €144
- Current portion of long-term debt +€32,595
new in 2025: €32,595
- Gross operating margin +€42,786
up €42,786 (+93.9%), from €45,562 to €88,348
- Taxes +€19,149
up €19,149 (+188%), from €10,163 to €29,312
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 | €160,754 | €434,930 | +€274,176 | +171% |
| Fixed assets | 21/28 | €1,472 | €380,621 | +€379,150 | +25,765% |
| Tangible fixed assets | 22/27 | €1,472 | €621 | -€850 | -57.8% |
| Furniture and vehicles | 24 | €1,472 | €621 | -€850 | -57.8% |
| Financial fixed assets | 28 | - | €380,000 | +€380,000 | |
| Current assets | 29/58 | €159,282 | €54,309 | -€104,973 | -65.9% |
| Amounts receivable within one year | 40/41 | €22,212 | €1,282 | -€20,930 | -94.2% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100% |
| Other amounts receivable | 41 | €10,112 | €1,282 | -€8,830 | -87.3% |
| Cash at bank and in hand | 54/58 | €136,953 | €53,027 | -€83,926 | -61.3% |
| Deferred charges and accrued income | 490/1 | €118 | €0 | -€118 | -100% |
| Total equity and liabilities | 10/49 | €160,754 | €434,930 | +€274,176 | +171% |
| Equity | 10/15 | €100,058 | €156,683 | +€56,625 | +56.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €94,800 | €151,400 | +€56,600 | +59.7% |
| Distributable reserves | 133 | €94,800 | €151,400 | +€56,600 | +59.7% |
| Profit (loss) carried forward | 14 | €258 | €283 | +€25 | +9.7% |
| Amounts payable | 17/49 | €60,696 | €278,247 | +€217,551 | +358% |
| Amounts payable after more than one year | 17 | - | €217,405 | +€217,405 | |
| Financial debts | 170/4 | - | €217,405 | +€217,405 | |
| Amounts payable within one year | 42/48 | €59,940 | €60,642 | +€701 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | - | €32,595 | +€32,595 | |
| Trade debts | 44 | €310 | €26 | -€285 | -91.8% |
| Suppliers | 440/4 | €310 | €26 | -€285 | -91.8% |
| Taxes, remuneration and social security | 45 | €25,097 | €27,877 | +€2,780 | +11.1% |
| Taxes | 450/3 | €22,597 | €25,377 | +€2,780 | +12.3% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €34,533 | €144 | -€34,389 | -99.6% |
| Accrued charges and deferred income | 492/3 | €755 | €200 | -€555 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €701 | €850 | +€150 | +21.4% |
| Other operating charges | 640/8 | €528 | €1,111 | +€583 | +110% |
| Gross operating margin | 9900 | €45,562 | €88,348 | +€42,786 | +93.9% |
| Operating profit (loss) | 9901 | €44,334 | €86,387 | +€42,053 | +94.9% |
| Financial income | 75/76B | €118 | €0 | -€118 | -100% |
| Recurring financial income | 75 | €118 | €0 | -€118 | -100% |
| Financial charges | 65/66B | €169 | €450 | +€280 | +165% |
| Recurring financial charges | 65 | €169 | €450 | +€280 | +165% |
| Profit (loss) for the period before taxes | 9903 | €44,282 | €85,937 | +€41,655 | +94.1% |
| Income taxes | 67/77 | €10,163 | €29,312 | +€19,149 | +188% |
| Profit (loss) for the period | 9904 | €34,119 | €56,625 | +€22,506 | +66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,119 | €56,625 | +€22,506 | +66.0% |
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.