MIG-ELEC: 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.
MIG-ELEC
Largest movements
- Receivables within one year -€40,499
down €40,499 (-18.3%), from €221,685 to €181,186
of which Trade receivables: -€39,403
- Cash +€20,551
up €20,551 (+103%), from €20,000 to €40,551
mainly Receivables within one year (+€40,499) and Net result for the year (+€25,000)
- Tangible fixed assets -€16,075
down €16,075 (-31.2%), from €51,456 to €35,381
of which Furniture and vehicles: -€12,138
- Intangible fixed assets -€6,500
down €6,500 (-33.3%), from €19,500 to €13,000
- Trade debts -€63,596
down €63,596 (-81.4%), from €78,086 to €14,490
- Reserves +€25,000
up €25,000 (+43.0%), from €58,175 to €83,175
of which Distributable reserves: +€25,000
- Debts after one year -€5,587
down €5,587 (-22.8%), from €24,500 to €18,913
- Short-term financial debts -€3,727
no longer reported in 2025 (was €3,727)
- Gross operating margin +€31,825
up €31,825 (+30.5%), from €104,513 to €136,338
- Taxes +€10,136
up €10,136 (+446%), from €2,275 to €12,411
- Depreciation +€6,621
up €6,621 (+37.2%), from €17,805 to €24,426
- Staff costs -€4,477
down €4,477 (-5.8%), from €77,013 to €72,536
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 | €315,882 | €273,240 | -€42,642 | -13.5% |
| Fixed assets | 21/28 | €70,956 | €48,381 | -€22,575 | -31.8% |
| Intangible fixed assets | 21 | €19,500 | €13,000 | -€6,500 | -33.3% |
| Tangible fixed assets | 22/27 | €51,456 | €35,381 | -€16,075 | -31.2% |
| Plant, machinery and equipment | 23 | €3,295 | €1,532 | -€1,763 | -53.5% |
| Furniture and vehicles | 24 | €39,341 | €27,203 | -€12,138 | -30.9% |
| Other tangible fixed assets | 26 | €8,820 | €6,646 | -€2,174 | -24.6% |
| Current assets | 29/58 | €244,926 | €224,859 | -€20,067 | -8.2% |
| Stocks and contracts in progress | 3 | €2,106 | €1,987 | -€119 | -5.7% |
| Stocks | 30/36 | €2,106 | €1,987 | -€119 | -5.7% |
| Amounts receivable within one year | 40/41 | €221,685 | €181,186 | -€40,499 | -18.3% |
| Trade receivables | 40 | €201,575 | €162,172 | -€39,403 | -19.5% |
| Other amounts receivable | 41 | €20,110 | €19,014 | -€1,096 | -5.5% |
| Cash at bank and in hand | 54/58 | €20,000 | €40,551 | +€20,551 | +103% |
| Deferred charges and accrued income | 490/1 | €1,135 | €1,135 | = | 0.0% |
| Total equity and liabilities | 10/49 | €315,882 | €273,240 | -€42,642 | -13.5% |
| Equity | 10/15 | €130,175 | €155,175 | +€25,000 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,175 | €83,175 | +€25,000 | +43.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €56,315 | €81,315 | +€25,000 | +44.4% |
| Profit (loss) carried forward | 14 | €53,400 | €53,400 | = | 0.0% |
| Amounts payable | 17/49 | €185,707 | €118,065 | -€67,642 | -36.4% |
| Amounts payable after more than one year | 17 | €24,500 | €18,913 | -€5,587 | -22.8% |
| Financial debts | 170/4 | €24,500 | €18,913 | -€5,587 | -22.8% |
| Amounts payable within one year | 42/48 | €161,207 | €99,152 | -€62,055 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €6,392 | €9,543 | +€3,151 | +49.3% |
| Financial debts | 43 | €3,727 | - | -€3,727 | |
| Credit institutions | 430/8 | €3,727 | - | -€3,727 | |
| Trade debts | 44 | €78,086 | €14,490 | -€63,596 | -81.4% |
| Suppliers | 440/4 | €78,086 | €14,490 | -€63,596 | -81.4% |
| Taxes, remuneration and social security | 45 | €43,154 | €45,271 | +€2,117 | +4.9% |
| Taxes | 450/3 | €8,475 | €15,672 | +€7,197 | +84.9% |
| Remuneration and social security | 454/9 | €34,679 | €29,599 | -€5,080 | -14.6% |
| Other amounts payable | 47/48 | €29,848 | €29,848 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €77,013 | €72,536 | -€4,477 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,805 | €24,426 | +€6,621 | +37.2% |
| Other operating charges | 640/8 | €705 | €561 | -€144 | -20.4% |
| Gross operating margin | 9900 | €104,513 | €136,338 | +€31,825 | +30.5% |
| Operating profit (loss) | 9901 | €8,990 | €38,815 | +€29,825 | +332% |
| Financial income | 75/76B | €336 | - | -€336 | |
| Recurring financial income | 75 | €336 | - | -€336 | |
| Financial charges | 65/66B | €501 | €1,404 | +€903 | +180% |
| Recurring financial charges | 65 | €501 | €1,404 | +€903 | +180% |
| Profit (loss) for the period before taxes | 9903 | €8,825 | €37,411 | +€28,586 | +324% |
| Income taxes | 67/77 | €2,275 | €12,411 | +€10,136 | +446% |
| Profit (loss) for the period | 9904 | €6,550 | €25,000 | +€18,450 | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €6,550 | €25,000 | +€18,450 | +282% |
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 22 October 2026 via checked.be.