MIGAL: 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.
What changed
MIGAL
NACE 93.110, Operation of sports facilities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13,075
2024 · -€26,931+€40,006
Equity
€3.5m
2024 · €3.5m+€13,075
Cash
€101,742
2024 · €59,818+€41,924
Balance sheet total
€5.3m
2024 · €5.5m-€164,308
Largest movements
Assets
- Tangible fixed assets -€169,520
down €169,520 (-3.2%), from €5.3m to €5.1m
of which Land and buildings: -€167,915
Equity and liabilities
- Debts after one year -€147,108
down €147,108 (-15.6%), from €945,018 to €797,910
Income statement
- Gross operating margin +€748,200
up €748,200 (+240.9%), from €310,605 to €1.1m
- Write-downs +€733,097
new in 2025: €733,097
- Provisions -€52,205
down €52,205, from €26,103 to -€26,103
- Financial charges +€34,756
up €34,756 (+57.2%), from €60,735 to €95,492
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.
Result 2024
-€26,931
Gross operating margin
+€748,200
Depreciation
+€1,609
Write-downs
-€733,097
Provisions
+€52,205
Other operating charges
+€5,846
Financial charges
-€34,756
Result 2025
€13,075
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.
From operations
+€150,149
Investment
+€32,000
Financing
-€140,225
Cash 2024
€59,818
From operations (derived)
+€150,149
Net result for the year
+€13,075
Depreciation
+€176,391
Receivables within one year
+€752
Deferred charges and accrued income
-€2,911
Provisions
-€26,103
Trade debts
-€13,156
Other debts
+€2,101
Investment (derived)
+€32,000
Investment in fixed assets (net)
+€32,000
Financing
-€140,225
Debts after one year
-€147,108
Current portion of long-term debt
+€6,883
Cash 2025
€101,742
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,459,171 | €5,294,863 | -€164,308 | -3.0% |
| Fixed assets | 21/28 | €5,363,188 | €5,154,797 | -€208,391 | -3.9% |
| Intangible fixed assets | 21 | €72,338 | €65,466 | -€6,871 | -9.5% |
| Tangible fixed assets | 22/27 | €5,258,850 | €5,089,331 | -€169,520 | -3.2% |
| Land and buildings | 22 | €5,217,318 | €5,049,403 | -€167,915 | -3.2% |
| Plant, machinery and equipment | 23 | €39,901 | €38,628 | -€1,273 | -3.2% |
| Furniture and vehicles | 24 | €1,632 | €1,300 | -€332 | -20.3% |
| Financial fixed assets | 28 | €32,000 | - | -€32,000 | |
| Current assets | 29/58 | €95,983 | €140,066 | +€44,083 | +45.9% |
| Amounts receivable within one year | 40/41 | €7,730 | €6,978 | -€752 | -9.7% |
| Trade receivables | 40 | €6,978 | €6,978 | = | 0.0% |
| Other amounts receivable | 41 | €752 | - | -€752 | |
| Cash at bank and in hand | 54/58 | €59,818 | €101,742 | +€41,924 | +70.1% |
| Deferred charges and accrued income | 490/1 | €28,435 | €31,346 | +€2,911 | +10.2% |
| Total equity and liabilities | 10/49 | €5,459,171 | €5,294,863 | -€164,308 | -3.0% |
| Equity | 10/15 | €3,509,694 | €3,522,769 | +€13,075 | +0.4% |
| Contributions | 10/11 | €3,550,000 | €3,550,000 | = | 0.0% |
| Capital | 10 | €3,550,000 | €3,550,000 | = | 0.0% |
| Issued capital | 100 | €3,550,000 | €3,550,000 | = | 0.0% |
| Reserves | 13 | €345,460 | €345,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €345,460 | €345,460 | = | 0.0% |
| Other | 1319 | €345,460 | €345,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€385,766 | -€372,691 | +€13,075 | +3.4% |
| Provisions and deferred taxes | 16 | €26,103 | - | -€26,103 | |
| Provisions for liabilities and charges | 160/5 | €26,103 | - | -€26,103 | |
| Environmental obligations | 163 | €26,103 | - | -€26,103 | |
| Amounts payable | 17/49 | €1,923,374 | €1,772,094 | -€151,280 | -7.9% |
| Amounts payable after more than one year | 17 | €945,018 | €797,910 | -€147,108 | -15.6% |
| Financial debts | 170/4 | €945,018 | €797,910 | -€147,108 | -15.6% |
| Amounts payable within one year | 42/48 | €978,356 | €974,184 | -€4,173 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €140,225 | €147,108 | +€6,883 | +4.9% |
| Financial debts | 43 | €205,000 | €205,000 | = | 0.0% |
| Credit institutions | 430/8 | €205,000 | €205,000 | = | 0.0% |
| Trade debts | 44 | €27,354 | €14,197 | -€13,156 | -48.1% |
| Suppliers | 440/4 | €27,354 | €14,197 | -€13,156 | -48.1% |
| Other amounts payable | 47/48 | €605,778 | €607,878 | +€2,101 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,000 | €176,391 | -€1,609 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €733,097 | +€733,097 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €26,103 | -€26,103 | -€52,205 | |
| Other operating charges | 640/8 | €72,697 | €66,852 | -€5,846 | -8.0% |
| Gross operating margin | 9900 | €310,605 | €1,058,804 | +€748,200 | +240.9% |
| Operating profit (loss) | 9901 | €33,804 | €108,567 | +€74,763 | +221.2% |
| Financial charges | 65/66B | €60,735 | €95,492 | +€34,756 | +57.2% |
| Recurring financial charges | 65 | €60,735 | €95,492 | +€34,756 | +57.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,931 | €13,075 | +€40,006 | |
| Profit (loss) for the period | 9904 | -€26,931 | €13,075 | +€40,006 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,931 | €13,075 | +€40,006 |
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 9 October 2026 via checked.be.