MIER: 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.
MIER
Largest movements
- Stocks and contracts +€77,838
up €77,838 (+88.7%), from €87,725 to €165,563
- Cash -€52,975
down €52,975 (-89.4%), from €59,225 to €6,250
mainly Stocks and contracts (-€77,838) and Investment in fixed assets (net) (-€27,206)
- Receivables within one year -€40,596
down €40,596 (-93.1%), from €43,596 to €3,000
of which Trade receivables: -€37,000
- Tangible fixed assets +€16,066
up €16,066 (+106%), from €15,161 to €31,227
of which Other tangible fixed assets: +€8,368
- Financial fixed assets +€2,368
up €2,368 (+14.7%), from €16,162 to €18,530
- Other debts +€18,967
up €18,967 (+61.7%), from €30,717 to €49,685
- Trade debts -€13,335
down €13,335 (-17.0%), from €78,528 to €65,193
- Tax, wage and social debts -€6,354
down €6,354 (-21.9%), from €28,991 to €22,636
of which Remuneration and social security: -€7,557
- Profit (loss) carried forward +€3,080
up €3,080 (+316%), from €975 to €4,055
- Gross operating margin -€63,360
down €63,360 (-61.3%), from €103,338 to €39,978
- Taxes -€15,800
down €15,800 (-84.3%), from €18,742 to €2,942
- Financial charges -€7,214
down €7,214 (-28.2%), from €25,567 to €18,353
of which Non-recurring financial charges: -€9,629
- Staff costs -€4,848
down €4,848 (-66.3%), from €7,314 to €2,466
- Depreciation +€2,428
up €2,428 (+36.3%), from €6,687 to €9,115
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 | €222,211 | €224,569 | +€2,358 | +1.1% |
| Formation expenses | 20 | €343 | - | -€343 | |
| Fixed assets | 21/28 | €31,322 | €49,757 | +€18,434 | +58.9% |
| Tangible fixed assets | 22/27 | €15,161 | €31,227 | +€16,066 | +106% |
| Plant, machinery and equipment | 23 | €8,556 | €15,218 | +€6,662 | +77.9% |
| Furniture and vehicles | 24 | €4,084 | €7,641 | +€3,557 | +87.1% |
| Leasing and similar rights | 25 | €2,521 | - | -€2,521 | |
| Other tangible fixed assets | 26 | - | €8,368 | +€8,368 | |
| Financial fixed assets | 28 | €16,162 | €18,530 | +€2,368 | +14.7% |
| Current assets | 29/58 | €190,546 | €174,813 | -€15,733 | -8.3% |
| Stocks and contracts in progress | 3 | €87,725 | €165,563 | +€77,838 | +88.7% |
| Stocks | 30/36 | €87,725 | €165,563 | +€77,838 | +88.7% |
| Amounts receivable within one year | 40/41 | €43,596 | €3,000 | -€40,596 | -93.1% |
| Trade receivables | 40 | €40,000 | €3,000 | -€37,000 | -92.5% |
| Other amounts receivable | 41 | €3,596 | - | -€3,596 | |
| Cash at bank and in hand | 54/58 | €59,225 | €6,250 | -€52,975 | -89.4% |
| Total equity and liabilities | 10/49 | €222,211 | €224,569 | +€2,358 | +1.1% |
| Equity | 10/15 | €83,975 | €87,055 | +€3,080 | +3.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €78,000 | €78,000 | = | 0.0% |
| Distributable reserves | 133 | €78,000 | €78,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €975 | €4,055 | +€3,080 | +316% |
| Amounts payable | 17/49 | €138,236 | €137,514 | -€722 | -0.5% |
| Amounts payable within one year | 42/48 | €138,236 | €137,514 | -€722 | -0.5% |
| Trade debts | 44 | €78,528 | €65,193 | -€13,335 | -17.0% |
| Suppliers | 440/4 | €78,528 | €65,193 | -€13,335 | -17.0% |
| Taxes, remuneration and social security | 45 | €28,991 | €22,636 | -€6,354 | -21.9% |
| Taxes | 450/3 | €19,833 | €21,036 | +€1,203 | +6.1% |
| Remuneration and social security | 454/9 | €9,157 | €1,600 | -€7,557 | -82.5% |
| Other amounts payable | 47/48 | €30,717 | €49,685 | +€18,967 | +61.7% |
| Remuneration, social security and pensions | 62 | €7,314 | €2,466 | -€4,848 | -66.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,687 | €9,115 | +€2,428 | +36.3% |
| Other operating charges | 640/8 | €5,298 | €4,023 | -€1,275 | -24.1% |
| Gross operating margin | 9900 | €103,338 | €39,978 | -€63,360 | -61.3% |
| Operating profit (loss) | 9901 | €84,040 | €24,374 | -€59,666 | -71.0% |
| Financial income | 75/76B | €33 | €1 | -€32 | -96.9% |
| Recurring financial income | 75 | €28 | €1 | -€27 | -96.4% |
| Non-recurring financial income | 76B | €5 | - | -€5 | |
| Financial charges | 65/66B | €25,567 | €18,353 | -€7,214 | -28.2% |
| Recurring financial charges | 65 | €15,844 | €18,259 | +€2,415 | +15.2% |
| Non-recurring financial charges | 66B | €9,723 | €94 | -€9,629 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | €58,507 | €6,022 | -€52,485 | -89.7% |
| Income taxes | 67/77 | €18,742 | €2,942 | -€15,800 | -84.3% |
| Profit (loss) for the period | 9904 | €39,765 | €3,080 | -€36,685 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,765 | €3,080 | -€36,685 | -92.3% |
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 13 October 2026 via checked.be.