MIGA Management: 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.
MIGA Management
Largest movements
- Receivables within one year +€42,833
up €42,833 (+98.1%), from €43,681 to €86,514
of which Trade receivables: +€28,466
- Tangible fixed assets +€3,547
up €3,547 (+48.2%), from €7,365 to €10,912
- Stocks and contracts -€1,196
down €1,196 (-50.0%), from €2,392 to €1,196
- Tax, wage and social debts +€18,766
up €18,766 (+853.8%), from €2,198 to €20,964
of which Taxes: +€13,330
- Trade debts +€9,421
up €9,421 (+36.4%), from €25,852 to €35,273
- Accrued charges and deferred income +€8,510
up €8,510 (+381.1%), from €2,233 to €10,743
- Other debts +€4,693
new in 2025: €4,693
- Short-term financial debts +€1,981
up €1,981 (+18.9%), from €10,477 to €12,459
- Gross operating margin +€14,959
up €14,959 (+199.6%), from €7,494 to €22,453
- Staff costs +€13,016
new in 2025: €13,016
- Depreciation +€2,382
up €2,382 (+116.3%), from €2,048 to €4,430
- Financial charges +€1,946
up €1,946 (+990.1%), from €197 to €2,143
- Other operating charges +€238
up €238 (+27.6%), from €862 to €1,100
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 | €56,169 | €100,413 | +€44,243 | +78.8% |
| Formation expenses | 20 | €998 | €747 | -€251 | -25.2% |
| Fixed assets | 21/28 | €7,365 | €10,912 | +€3,547 | +48.2% |
| Tangible fixed assets | 22/27 | €7,365 | €10,912 | +€3,547 | +48.2% |
| Furniture and vehicles | 24 | €7,365 | €10,912 | +€3,547 | +48.2% |
| Current assets | 29/58 | €47,806 | €88,754 | +€40,947 | +85.7% |
| Stocks and contracts in progress | 3 | €2,392 | €1,196 | -€1,196 | -50.0% |
| Stocks | 30/36 | €2,392 | €1,196 | -€1,196 | -50.0% |
| Amounts receivable within one year | 40/41 | €43,681 | €86,514 | +€42,833 | +98.1% |
| Trade receivables | 40 | €27,762 | €56,229 | +€28,466 | +102.5% |
| Other amounts receivable | 41 | €15,918 | €30,285 | +€14,367 | +90.3% |
| Cash at bank and in hand | 54/58 | - | €83 | +€83 | |
| Deferred charges and accrued income | 490/1 | €1,734 | €961 | -€772 | -44.6% |
| Total equity and liabilities | 10/49 | €56,169 | €100,413 | +€44,243 | +78.8% |
| Equity | 10/15 | €15,409 | €16,281 | +€872 | +5.7% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,409 | €4,281 | +€872 | +25.6% |
| Amounts payable | 17/49 | €40,760 | €84,131 | +€43,371 | +106.4% |
| Amounts payable within one year | 42/48 | €38,527 | €73,389 | +€34,861 | +90.5% |
| Financial debts | 43 | €10,477 | €12,459 | +€1,981 | +18.9% |
| Credit institutions | 430/8 | €10,477 | €12,459 | +€1,981 | +18.9% |
| Trade debts | 44 | €25,852 | €35,273 | +€9,421 | +36.4% |
| Suppliers | 440/4 | €25,852 | €35,273 | +€9,421 | +36.4% |
| Taxes, remuneration and social security | 45 | €2,198 | €20,964 | +€18,766 | +853.8% |
| Taxes | 450/3 | €2,198 | €15,528 | +€13,330 | +606.5% |
| Remuneration and social security | 454/9 | - | €5,436 | +€5,436 | |
| Other amounts payable | 47/48 | - | €4,693 | +€4,693 | |
| Accrued charges and deferred income | 492/3 | €2,233 | €10,743 | +€8,510 | +381.1% |
| Remuneration, social security and pensions | 62 | - | €13,016 | +€13,016 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,048 | €4,430 | +€2,382 | +116.3% |
| Other operating charges | 640/8 | €862 | €1,100 | +€238 | +27.6% |
| Gross operating margin | 9900 | €7,494 | €22,453 | +€14,959 | +199.6% |
| Operating profit (loss) | 9901 | €4,584 | €3,908 | -€677 | -14.8% |
| Financial income | 75/76B | €1,025 | €1,097 | +€73 | +7.1% |
| Recurring financial income | 75 | €1,025 | €1,097 | +€73 | +7.1% |
| Financial charges | 65/66B | €197 | €2,143 | +€1,946 | +990.1% |
| Recurring financial charges | 65 | €197 | €2,143 | +€1,946 | +990.1% |
| Profit (loss) for the period before taxes | 9903 | €5,412 | €2,862 | -€2,550 | -47.1% |
| Income taxes | 67/77 | €2,003 | €1,990 | -€13 | -0.6% |
| Profit (loss) for the period | 9904 | €3,409 | €872 | -€2,537 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,409 | €872 | -€2,537 | -74.4% |
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 11 October 2026 via checked.be.