MIGAFRI: 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.
MIGAFRI
Largest movements
- Receivables within one year -€7,487
down €7,487 (-9.8%), from €76,683 to €69,196
of which Other amounts receivable: -€7,575
- Tangible fixed assets -€4,827
down €4,827 (-13.0%), from €37,263 to €32,437
of which Furniture and vehicles: -€8,075
- Intangible fixed assets -€2,000
down €2,000 (-12.6%), from €15,833 to €13,833
- Other debts -€45,110
down €45,110 (-97.0%), from €46,525 to €1,415
- Trade debts +€33,285
up €33,285 (+54.9%), from €60,587 to €93,872
- Gross operating margin -€56,975
down €56,975 (-25.3%), from €225,397 to €168,422
- Financial income -€5,618
down €5,618 (-99.9%), from €5,621 to €3
- Staff costs -€4,590
down €4,590 (-8.2%), from €55,889 to €51,300
- Depreciation -€2,449
down €2,449 (-18.8%), from €13,024 to €10,575
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 | €136,497 | €123,891 | -€12,606 | -9.2% |
| Fixed assets | 21/28 | €53,097 | €47,451 | -€5,646 | -10.6% |
| Intangible fixed assets | 21 | €15,833 | €13,833 | -€2,000 | -12.6% |
| Tangible fixed assets | 22/27 | €37,263 | €32,437 | -€4,827 | -13.0% |
| Plant, machinery and equipment | 23 | €19,688 | €22,936 | +€3,248 | +16.5% |
| Furniture and vehicles | 24 | €17,575 | €9,500 | -€8,075 | -45.9% |
| Financial fixed assets | 28 | - | €1,181 | +€1,181 | |
| Current assets | 29/58 | €83,400 | €76,440 | -€6,960 | -8.3% |
| Stocks and contracts in progress | 3 | €2,748 | €2,126 | -€622 | -22.6% |
| Stocks | 30/36 | €2,748 | €2,126 | -€622 | -22.6% |
| Amounts receivable within one year | 40/41 | €76,683 | €69,196 | -€7,487 | -9.8% |
| Trade receivables | 40 | - | €88 | +€88 | |
| Other amounts receivable | 41 | €76,683 | €69,108 | -€7,575 | -9.9% |
| Cash at bank and in hand | 54/58 | €2,397 | €3,245 | +€848 | +35.4% |
| Deferred charges and accrued income | 490/1 | €1,572 | €1,873 | +€301 | +19.1% |
| Total equity and liabilities | 10/49 | €136,497 | €123,891 | -€12,606 | -9.2% |
| Equity | 10/15 | €10,282 | €10,348 | +€66 | +0.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €282 | €348 | +€66 | +23.2% |
| Distributable reserves | 133 | €282 | €348 | +€66 | +23.2% |
| Amounts payable | 17/49 | €126,214 | €113,543 | -€12,671 | -10.0% |
| Amounts payable within one year | 42/48 | €126,214 | €113,543 | -€12,671 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €875 | - | -€875 | |
| Trade debts | 44 | €60,587 | €93,872 | +€33,285 | +54.9% |
| Suppliers | 440/4 | €60,587 | €93,872 | +€33,285 | +54.9% |
| Taxes, remuneration and social security | 45 | €18,227 | €18,256 | +€30 | +0.2% |
| Taxes | 450/3 | €12,169 | €13,546 | +€1,377 | +11.3% |
| Remuneration and social security | 454/9 | €6,057 | €4,710 | -€1,347 | -22.2% |
| Other amounts payable | 47/48 | €46,525 | €1,415 | -€45,110 | -97.0% |
| Non-recurring operating income | 76A | - | €5,930 | +€5,930 | |
| Remuneration, social security and pensions | 62 | €55,889 | €51,300 | -€4,590 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,024 | €10,575 | -€2,449 | -18.8% |
| Other operating charges | 640/8 | €1,359 | €3,054 | +€1,695 | +125% |
| Gross operating margin | 9900 | €225,397 | €168,422 | -€56,975 | -25.3% |
| Operating profit (loss) | 9901 | €155,124 | €103,493 | -€51,632 | -33.3% |
| Financial income | 75/76B | €5,621 | €3 | -€5,618 | -99.9% |
| Recurring financial income | 75 | €5,621 | €3 | -€5,618 | -99.9% |
| Financial charges | 65/66B | €1,903 | €3,314 | +€1,411 | +74.2% |
| Recurring financial charges | 65 | €1,903 | €3,314 | +€1,411 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | €158,842 | €100,181 | -€58,661 | -36.9% |
| Income taxes | 67/77 | €4,778 | €4,116 | -€662 | -13.9% |
| Profit (loss) for the period | 9904 | €154,064 | €96,066 | -€57,999 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €154,064 | €96,066 | -€57,999 | -37.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.