MIG: what changed
MIG
Largest movements
- Tangible fixed assets -€287,130
down €287,130 (-62.9%), from €456,524 to €169,394
of which Other tangible fixed assets: -€286,644
- Cash +€35,882
up €35,882 (+62.2%), from €57,661 to €93,543
mainly Investment in fixed assets (net) (+€273,729) and Depreciation (+€13,401)
- Receivables within one year -€10,930
down €10,930 (-45.2%), from €24,156 to €13,226
- Profit (loss) carried forward -€105,500
new in 2025: -€105,500
- Reserves -€68,479
down €68,479 (-25.7%), from €266,209 to €197,730
- Trade debts -€56,562
down €56,562 (-66.8%), from €84,706 to €28,144
- Tax, wage and social debts -€13,384
down €13,384 (-62.2%), from €21,502 to €8,118
- Debts after one year -€12,191
down €12,191 (-21.1%), from €57,802 to €45,611
- Gross operating margin -€154,295
down €154,295, from €62,132 to -€92,163
- Depreciation -€19,454
down €19,454 (-59.2%), from €32,855 to €13,401
- Taxes -€5,862
no longer reported in 2025 (was €5,862)
- Financial charges +€1,505
up €1,505 (+29.0%), from €5,189 to €6,694
- Other operating charges -€1,049
down €1,049 (-18.5%), from €5,658 to €4,609
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €538,341 | €276,163 | -€262,178 | -48.7% |
| Fixed assets | 21/28 | €456,524 | €169,394 | -€287,130 | -62.9% |
| Tangible fixed assets | 22/27 | €456,524 | €169,394 | -€287,130 | -62.9% |
| Furniture and vehicles | 24 | €4,281 | €3,795 | -€486 | -11.4% |
| Other tangible fixed assets | 26 | €452,243 | €165,599 | -€286,644 | -63.4% |
| Current assets | 29/58 | €81,817 | €106,769 | +€24,952 | +30.5% |
| Amounts receivable within one year | 40/41 | €24,156 | €13,226 | -€10,930 | -45.2% |
| Trade receivables | 40 | €24,156 | €13,226 | -€10,930 | -45.2% |
| Cash at bank and in hand | 54/58 | €57,661 | €93,543 | +€35,882 | +62.2% |
| Total equity and liabilities | 10/49 | €538,341 | €276,163 | -€262,178 | -48.7% |
| Equity | 10/15 | €286,660 | €112,681 | -€173,979 | -60.7% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €266,209 | €197,730 | -€68,479 | -25.7% |
| Distributable reserves | 133 | €266,209 | €197,730 | -€68,479 | -25.7% |
| Profit (loss) carried forward | 14 | - | -€105,500 | -€105,500 | |
| Amounts payable | 17/49 | €251,681 | €163,482 | -€88,199 | -35.0% |
| Amounts payable after more than one year | 17 | €57,802 | €45,611 | -€12,191 | -21.1% |
| Financial debts | 170/4 | €57,802 | €45,611 | -€12,191 | -21.1% |
| Amounts payable within one year | 42/48 | €193,879 | €117,871 | -€76,008 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €12,152 | €12,191 | +€39 | +0.3% |
| Trade debts | 44 | €84,706 | €28,144 | -€56,562 | -66.8% |
| Suppliers | 440/4 | €84,706 | €28,144 | -€56,562 | -66.8% |
| Taxes, remuneration and social security | 45 | €21,502 | €8,118 | -€13,384 | -62.2% |
| Taxes | 450/3 | €21,502 | €8,118 | -€13,384 | -62.2% |
| Other amounts payable | 47/48 | €75,519 | €69,418 | -€6,101 | -8.1% |
| Remuneration, social security and pensions | 62 | €347 | - | -€347 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,855 | €13,401 | -€19,454 | -59.2% |
| Other operating charges | 640/8 | €5,658 | €4,609 | -€1,049 | -18.5% |
| Non-recurring operating charges | 66A | - | €57,112 | +€57,112 | |
| Gross operating margin | 9900 | €62,132 | -€92,163 | -€154,295 | |
| Operating profit (loss) | 9901 | €23,272 | -€167,285 | -€190,557 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €5,189 | €6,694 | +€1,505 | +29.0% |
| Recurring financial charges | 65 | €5,189 | €6,694 | +€1,505 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €18,084 | -€173,979 | -€192,063 | |
| Income taxes | 67/77 | €5,862 | - | -€5,862 | |
| Profit (loss) for the period | 9904 | €12,222 | -€173,979 | -€186,201 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,222 | -€173,979 | -€186,201 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.