MIG&MAG: 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&MAG
Largest movements
- Cash +€171,419
up €171,419 (+96.9%), from €176,869 to €348,288
mainly Net result for the year (+€139,457) and Depreciation (+€27,136)
- Tangible fixed assets -€22,488
down €22,488 (-4.2%), from €540,199 to €517,711
of which Land and buildings: -€17,586
- Receivables within one year -€18,879
down €18,879 (-46.4%), from €40,687 to €21,808
of which Other amounts receivable: -€9,748
- Reserves +€137,596
up €137,596 (+23.9%), from €574,783 to €712,379
- Other debts -€17,526
no longer reported in 2025 (was €17,526)
- Gross operating margin +€76,009
up €76,009 (+40.0%), from €189,874 to €265,883
- Taxes +€42,770
up €42,770 (+88.5%), from €48,303 to €91,073
- Financial income -€9,632
down €9,632 (-90.2%), from €10,676 to €1,044
- Other operating charges -€9,079
down €9,079 (-80.8%), from €11,236 to €2,157
- Write-downs -€6,555
no longer reported in 2025 (was €6,555)
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 | €788,822 | €918,580 | +€129,758 | +16.4% |
| Fixed assets | 21/28 | €570,348 | €547,860 | -€22,488 | -3.9% |
| Tangible fixed assets | 22/27 | €540,199 | €517,711 | -€22,488 | -4.2% |
| Land and buildings | 22 | €523,699 | €506,113 | -€17,586 | -3.4% |
| Plant, machinery and equipment | 23 | €12,668 | €9,893 | -€2,775 | -21.9% |
| Furniture and vehicles | 24 | €2,171 | €1,085 | -€1,086 | -50.0% |
| Other tangible fixed assets | 26 | €1,661 | €620 | -€1,041 | -62.7% |
| Financial fixed assets | 28 | €30,149 | €30,149 | +€0 | 0.0% |
| Current assets | 29/58 | €218,474 | €370,720 | +€152,246 | +69.7% |
| Stocks and contracts in progress | 3 | €624 | €624 | +€0 | 0.0% |
| Stocks | 30/36 | €624 | €624 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €40,687 | €21,808 | -€18,879 | -46.4% |
| Trade receivables | 40 | €29,360 | €20,229 | -€9,131 | -31.1% |
| Other amounts receivable | 41 | €11,327 | €1,579 | -€9,748 | -86.1% |
| Cash at bank and in hand | 54/58 | €176,869 | €348,288 | +€171,419 | +96.9% |
| Deferred charges and accrued income | 490/1 | €293 | - | -€293 | |
| Total equity and liabilities | 10/49 | €788,822 | €918,580 | +€129,758 | +16.4% |
| Equity | 10/15 | €611,505 | €750,961 | +€139,456 | +22.8% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Reserves | 13 | €574,783 | €712,379 | +€137,596 | +23.9% |
| Distributable reserves | 133 | €574,783 | €712,379 | +€137,596 | +23.9% |
| Profit (loss) carried forward | 14 | €24,322 | €24,322 | -€0 | 0.0% |
| Amounts payable | 17/49 | €177,317 | €167,619 | -€9,698 | -5.5% |
| Amounts payable within one year | 42/48 | €177,317 | €167,619 | -€9,698 | -5.5% |
| Financial debts | 43 | €2,000 | - | -€2,000 | |
| Credit institutions | 430/8 | €2,000 | - | -€2,000 | |
| Trade debts | 44 | €91,547 | €95,681 | +€4,134 | +4.5% |
| Suppliers | 440/4 | €91,547 | €95,681 | +€4,134 | +4.5% |
| Taxes, remuneration and social security | 45 | €66,245 | €71,938 | +€5,693 | +8.6% |
| Taxes | 450/3 | €66,245 | €71,938 | +€5,693 | +8.6% |
| Other amounts payable | 47/48 | €17,526 | - | -€17,526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,460 | €27,136 | +€2,676 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,555 | - | -€6,555 | |
| Other operating charges | 640/8 | €11,236 | €2,157 | -€9,079 | -80.8% |
| Gross operating margin | 9900 | €189,874 | €265,883 | +€76,009 | +40.0% |
| Operating profit (loss) | 9901 | €147,623 | €236,590 | +€88,967 | +60.3% |
| Financial income | 75/76B | €10,676 | €1,044 | -€9,632 | -90.2% |
| Recurring financial income | 75 | €10,676 | €1,044 | -€9,632 | -90.2% |
| Financial charges | 65/66B | €6,823 | €7,104 | +€281 | +4.1% |
| Recurring financial charges | 65 | €6,823 | €7,104 | +€281 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €151,476 | €230,530 | +€79,054 | +52.2% |
| Income taxes | 67/77 | €48,303 | €91,073 | +€42,770 | +88.5% |
| Profit (loss) for the period | 9904 | €103,172 | €139,457 | +€36,285 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,172 | €139,457 | +€36,285 | +35.2% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.