MIERA: 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.
MIERA
Largest movements
- Cash +€767,279
up €767,279 (+779.6%), from €98,422 to €865,701
mainly Current investments (+€455,000) and Receivables within one year (+€293,096)
- Current investments -€455,000
down €455,000 (-100.0%), from €455,000 to €0
- Receivables within one year -€293,096
down €293,096 (-66.3%), from €442,312 to €149,217
of which Trade receivables: -€304,601
- Tangible fixed assets -€114,532
down €114,532 (-9.0%), from €1.3m to €1.2m
of which Plant, machinery and equipment: -€100,823
- Stocks and contracts -€40,824
down €40,824 (-9.8%), from €418,095 to €377,272
- Debts after one year -€320,204
down €320,204 (-26.3%), from €1.2m to €895,920
of which Trade debts: -€225,409
- Other debts +€141,837
new in 2025: €141,837
- Reserves +€133,115
up €133,115 (+12.4%), from €1.1m to €1.2m
- Current portion of long-term debt -€32,839
down €32,839 (-25.7%), from €127,634 to €94,796
- Tax, wage and social debts -€31,153
down €31,153 (-26.3%), from €118,283 to €87,130
of which Taxes: -€37,164
- Gross operating margin -€122,456
down €122,456 (-9.2%), from €1.3m to €1.2m
- Staff costs -€67,019
down €67,019 (-9.6%), from €700,521 to €633,502
- Taxes -€15,532
down €15,532 (-11.2%), from €138,119 to €122,587
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.
Cash bridge derived
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 | €2,691,477 | €2,561,111 | -€130,366 | -4.8% |
| Fixed assets | 21/28 | €1,269,946 | €1,154,487 | -€115,459 | -9.1% |
| Tangible fixed assets | 22/27 | €1,268,981 | €1,154,449 | -€114,532 | -9.0% |
| Land and buildings | 22 | €626,620 | €626,620 | = | 0.0% |
| Plant, machinery and equipment | 23 | €493,630 | €392,807 | -€100,823 | -20.4% |
| Furniture and vehicles | 24 | €3,035 | €12,784 | +€9,749 | +321.2% |
| Other tangible fixed assets | 26 | €145,697 | €122,239 | -€23,458 | -16.1% |
| Financial fixed assets | 28 | €965 | €38 | -€927 | -96.1% |
| Current assets | 29/58 | €1,421,531 | €1,406,623 | -€14,907 | -1.0% |
| Stocks and contracts in progress | 3 | €418,095 | €377,272 | -€40,824 | -9.8% |
| Stocks | 30/36 | €418,095 | €377,272 | -€40,824 | -9.8% |
| Amounts receivable within one year | 40/41 | €442,312 | €149,217 | -€293,096 | -66.3% |
| Trade receivables | 40 | €399,532 | €94,931 | -€304,601 | -76.2% |
| Other amounts receivable | 41 | €42,780 | €54,285 | +€11,505 | +26.9% |
| Current investments | 50/53 | €455,000 | €0 | -€455,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €98,422 | €865,701 | +€767,279 | +779.6% |
| Deferred charges and accrued income | 490/1 | €7,701 | €14,434 | +€6,734 | +87.4% |
| Total equity and liabilities | 10/49 | €2,691,477 | €2,561,111 | -€130,366 | -4.8% |
| Equity | 10/15 | €1,115,542 | €1,248,657 | +€133,115 | +11.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,075,542 | €1,208,657 | +€133,115 | +12.4% |
| Distributable reserves | 133 | €1,075,542 | €1,208,657 | +€133,115 | +12.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,575,935 | €1,312,453 | -€263,482 | -16.7% |
| Amounts payable after more than one year | 17 | €1,216,124 | €895,920 | -€320,204 | -26.3% |
| Financial debts | 170/4 | €576,583 | €481,787 | -€94,796 | -16.4% |
| Trade debts | 175 | €639,542 | €414,133 | -€225,409 | -35.2% |
| Amounts payable within one year | 42/48 | €359,811 | €416,533 | +€56,723 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €127,634 | €94,796 | -€32,839 | -25.7% |
| Trade debts | 44 | €111,928 | €92,770 | -€19,157 | -17.1% |
| Suppliers | 440/4 | €111,928 | €92,770 | -€19,157 | -17.1% |
| Advances received on contracts in progress | 46 | €1,965 | €0 | -€1,965 | -100.0% |
| Taxes, remuneration and social security | 45 | €118,283 | €87,130 | -€31,153 | -26.3% |
| Taxes | 450/3 | €40,865 | €3,701 | -€37,164 | -90.9% |
| Remuneration and social security | 454/9 | €77,418 | €83,429 | +€6,011 | +7.8% |
| Other amounts payable | 47/48 | - | €141,837 | +€141,837 | |
| Remuneration, social security and pensions | 62 | €700,521 | €633,502 | -€67,019 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,802 | €147,890 | +€6,088 | +4.3% |
| Other operating charges | 640/8 | €6,087 | €6,590 | +€504 | +8.3% |
| Gross operating margin | 9900 | €1,336,397 | €1,213,941 | -€122,456 | -9.2% |
| Operating profit (loss) | 9901 | €487,988 | €425,959 | -€62,028 | -12.7% |
| Financial income | 75/76B | €5,293 | €6,749 | +€1,455 | +27.5% |
| Recurring financial income | 75 | €5,293 | €6,749 | +€1,455 | +27.5% |
| Financial charges | 65/66B | €38,674 | €35,169 | -€3,505 | -9.1% |
| Recurring financial charges | 65 | €38,674 | €35,169 | -€3,505 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €454,607 | €397,539 | -€57,068 | -12.6% |
| Income taxes | 67/77 | €138,119 | €122,587 | -€15,532 | -11.2% |
| Profit (loss) for the period | 9904 | €316,488 | €274,953 | -€41,536 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €316,488 | €274,953 | -€41,536 | -13.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.