MIGA: what changed
Two fiscal 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.
MIGA
Largest movements
- Cash +€235,303
up €235,303 (+209.8%), from €112,144 to €347,447
mainly Trade debts (+€191,151) and Net result for the year (+€121,458)
- Tangible fixed assets -€68,498
down €68,498 (-7.3%), from €942,324 to €873,826
- Current investments +€58,252
up €58,252 (+150.0%), from €38,835 to €97,087
- Trade debts +€191,151
up €191,151 (+28.3%), from €676,262 to €867,413
- Debts after one year -€56,262
down €56,262 (-68.1%), from €82,572 to €26,310
of which Financial debts: -€31,733
- Reserves +€51,000
up €51,000 (+15.0%), from €339,100 to €390,100
of which Distributable reserves: +€51,000
- Tax, wage and social debts +€25,840
up €25,840 (+33.2%), from €77,938 to €103,778
of which Remuneration and social security: +€12,934
- Other debts +€20,683
up €20,683 (+16.6%), from €124,508 to €145,191
- Gross operating margin -€41,330
down €41,330 (-4.9%), from €848,975 to €807,644
- Staff costs -€23,873
down €23,873 (-4.6%), from €523,252 to €499,379
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,619,343 | €1,833,481 | +€214,137 | +13.2% |
| Fixed assets | 21/28 | €942,424 | €873,926 | -€68,498 | -7.3% |
| Tangible fixed assets | 22/27 | €942,324 | €873,826 | -€68,498 | -7.3% |
| Land and buildings | 22 | €722,133 | €696,742 | -€25,391 | -3.5% |
| Plant, machinery and equipment | 23 | €199,150 | €171,547 | -€27,603 | -13.9% |
| Furniture and vehicles | 24 | €21,041 | €5,537 | -€15,504 | -73.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €676,919 | €959,554 | +€282,635 | +41.8% |
| Stocks and contracts in progress | 3 | €428,402 | €411,678 | -€16,724 | -3.9% |
| Stocks | 30/36 | €428,402 | €411,678 | -€16,724 | -3.9% |
| Amounts receivable within one year | 40/41 | €73,547 | €81,321 | +€7,773 | +10.6% |
| Trade receivables | 40 | €61,888 | €75,282 | +€13,394 | +21.6% |
| Other amounts receivable | 41 | €11,660 | €6,039 | -€5,621 | -48.2% |
| Current investments | 50/53 | €38,835 | €97,087 | +€58,252 | +150.0% |
| Cash at bank and in hand | 54/58 | €112,144 | €347,447 | +€235,303 | +209.8% |
| Deferred charges and accrued income | 490/1 | €23,991 | €22,021 | -€1,970 | -8.2% |
| Total equity and liabilities | 10/49 | €1,619,343 | €1,833,481 | +€214,137 | +13.2% |
| Equity | 10/15 | €544,231 | €596,688 | +€52,458 | +9.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €339,100 | €390,100 | +€51,000 | +15.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €277,000 | €328,000 | +€51,000 | +18.4% |
| Profit (loss) carried forward | 14 | €5,131 | €6,588 | +€1,458 | +28.4% |
| Amounts payable | 17/49 | €1,075,113 | €1,236,792 | +€161,680 | +15.0% |
| Amounts payable after more than one year | 17 | €82,572 | €26,310 | -€56,262 | -68.1% |
| Financial debts | 170/4 | €49,757 | €18,024 | -€31,733 | -63.8% |
| Other amounts payable | 178/9 | €32,814 | €8,286 | -€24,529 | -74.7% |
| Amounts payable within one year | 42/48 | €988,340 | €1,205,573 | +€217,232 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €109,632 | €89,191 | -€20,441 | -18.6% |
| Trade debts | 44 | €676,262 | €867,413 | +€191,151 | +28.3% |
| Suppliers | 440/4 | €676,262 | €867,413 | +€191,151 | +28.3% |
| Taxes, remuneration and social security | 45 | €77,938 | €103,778 | +€25,840 | +33.2% |
| Taxes | 450/3 | - | €12,906 | +€12,906 | |
| Remuneration and social security | 454/9 | €77,938 | €90,871 | +€12,934 | +16.6% |
| Other amounts payable | 47/48 | €124,508 | €145,191 | +€20,683 | +16.6% |
| Accrued charges and deferred income | 492/3 | €4,201 | €4,910 | +€709 | +16.9% |
| Remuneration, social security and pensions | 62 | €523,252 | €499,379 | -€23,873 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,439 | €78,688 | +€249 | +0.3% |
| Other operating charges | 640/8 | €30,479 | €30,692 | +€213 | +0.7% |
| Gross operating margin | 9900 | €848,975 | €807,644 | -€41,330 | -4.9% |
| Operating profit (loss) | 9901 | €216,805 | €198,886 | -€17,919 | -8.3% |
| Financial income | 75/76B | €835 | €8,502 | +€7,667 | +917.9% |
| Recurring financial income | 75 | €835 | €8,502 | +€7,667 | +917.9% |
| Financial charges | 65/66B | €32,839 | €33,634 | +€796 | +2.4% |
| Recurring financial charges | 65 | €32,839 | €33,634 | +€796 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €184,801 | €173,753 | -€11,048 | -6.0% |
| Income taxes | 67/77 | €48,263 | €52,296 | +€4,032 | +8.4% |
| Profit (loss) for the period | 9904 | €136,538 | €121,458 | -€15,080 | -11.0% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,438 | €121,458 | +€27,020 | +28.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.