MIEP & LIES: 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.
MIEP & LIES
Largest movements
- Current investments +€102,015
new in 2025: €102,015
- Receivables within one year -€37,732
down €37,732 (-87.4%), from €43,168 to €5,436
of which Other amounts receivable: -€37,433
- Tangible fixed assets -€31,250
down €31,250 (-27.3%), from €114,407 to €83,156
of which Other tangible fixed assets: -€19,146
- Reserves +€39,845
up €39,845 (+12.5%), from €317,914 to €357,759
of which Distributable reserves: +€39,845
- Trade debts -€13,282
down €13,282 (-43.7%), from €30,399 to €17,117
- Other debts +€12,148
new in 2025: €12,148
- Tax, wage and social debts -€7,274
down €7,274 (-17.2%), from €42,341 to €35,067
of which Remuneration and social security: -€8,744
- Staff costs -€17,330
down €17,330 (-6.7%), from €256,792 to €239,463
- Taxes +€5,448
up €5,448 (+51.6%), from €10,565 to €16,013
- Depreciation -€3,758
down €3,758 (-10.7%), from €35,008 to €31,250
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 | €396,854 | €428,292 | +€31,437 | +7.9% |
| Fixed assets | 21/28 | €114,547 | €83,296 | -€31,250 | -27.3% |
| Tangible fixed assets | 22/27 | €114,407 | €83,156 | -€31,250 | -27.3% |
| Plant, machinery and equipment | 23 | €2,031 | €833 | -€1,198 | -59.0% |
| Furniture and vehicles | 24 | €47,210 | €36,304 | -€10,906 | -23.1% |
| Other tangible fixed assets | 26 | €65,166 | €46,019 | -€19,146 | -29.4% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €282,308 | €344,995 | +€62,688 | +22.2% |
| Amounts receivable within one year | 40/41 | €43,168 | €5,436 | -€37,732 | -87.4% |
| Trade receivables | 40 | €5,734 | €5,436 | -€298 | -5.2% |
| Other amounts receivable | 41 | €37,433 | - | -€37,433 | |
| Current investments | 50/53 | - | €102,015 | +€102,015 | |
| Cash at bank and in hand | 54/58 | €239,140 | €237,545 | -€1,595 | -0.7% |
| Total equity and liabilities | 10/49 | €396,854 | €428,292 | +€31,437 | +7.9% |
| Equity | 10/15 | €324,114 | €363,959 | +€39,845 | +12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €317,914 | €357,759 | +€39,845 | +12.5% |
| Tax-exempt reserves | 132 | €5,935 | €5,935 | = | 0.0% |
| Distributable reserves | 133 | €311,979 | €351,824 | +€39,845 | +12.8% |
| Amounts payable | 17/49 | €72,740 | €64,332 | -€8,408 | -11.6% |
| Amounts payable within one year | 42/48 | €72,740 | €64,332 | -€8,408 | -11.6% |
| Trade debts | 44 | €30,399 | €17,117 | -€13,282 | -43.7% |
| Suppliers | 440/4 | €30,399 | €17,117 | -€13,282 | -43.7% |
| Taxes, remuneration and social security | 45 | €42,341 | €35,067 | -€7,274 | -17.2% |
| Taxes | 450/3 | €3,320 | €4,790 | +€1,470 | +44.3% |
| Remuneration and social security | 454/9 | €39,021 | €30,278 | -€8,744 | -22.4% |
| Other amounts payable | 47/48 | - | €12,148 | +€12,148 | |
| Non-recurring operating income | 76A | €18,500 | €408 | -€18,092 | -97.8% |
| Remuneration, social security and pensions | 62 | €256,792 | €239,463 | -€17,330 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,008 | €31,250 | -€3,758 | -10.7% |
| Other operating charges | 640/8 | €1,913 | €1,793 | -€120 | -6.3% |
| Non-recurring operating charges | 66A | - | €4,460 | +€4,460 | |
| Gross operating margin | 9900 | €334,813 | €331,659 | -€3,154 | -0.9% |
| Operating profit (loss) | 9901 | €41,099 | €54,693 | +€13,594 | +33.1% |
| Financial income | 75/76B | €1,026 | €1,279 | +€252 | +24.6% |
| Recurring financial income | 75 | €1,026 | €1,279 | +€252 | +24.6% |
| Financial charges | 65/66B | €73 | €114 | +€41 | +56.5% |
| Recurring financial charges | 65 | €73 | €114 | +€41 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | €42,053 | €55,857 | +€13,805 | +32.8% |
| Income taxes | 67/77 | €10,565 | €16,013 | +€5,448 | +51.6% |
| Profit (loss) for the period | 9904 | €31,488 | €39,845 | +€8,357 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,488 | €39,845 | +€8,357 | +26.5% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.