MIGALE: 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.
MIGALE
Largest movements
- Receivables within one year +€10,163
up €10,163 (+11.2%), from €90,890 to €101,053
- Cash -€8,961
down €8,961 (-16.1%), from €55,587 to €46,626
mainly Investment in fixed assets (net) (-€16,426) and Net result for the year (-€14,380)
- Tangible fixed assets +€8,419
up €8,419 (+31.6%), from €26,624 to €35,043
of which Furniture and vehicles: +€12,930
- Deferred charges and accrued income -€3,762
down €3,762 (-46.6%), from €8,076 to €4,314
- Reserves -€53,984
down €53,984 (-100.0%), from €53,984 to €0
- Profit (loss) carried forward +€39,605
up €39,605 (+36.1%), from -€109,754 to -€70,149
- Trade debts +€19,057
up €19,057 (+48.4%), from €39,362 to €58,419
- Tax, wage and social debts -€2,802
down €2,802 (-8.9%), from €31,570 to €28,767
of which Taxes: -€3,239
- Gross operating margin +€94,434
up €94,434 (+675.6%), from €13,979 to €108,413
- Depreciation -€4,422
down €4,422 (-30.1%), from €14,683 to €10,261
- Taxes +€2,006
up €2,006, from -€2,006 to €0
- Staff costs +€1,352
up €1,352 (+1.2%), from €108,900 to €110,251
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 | €185,162 | €187,037 | +€1,875 | +1.0% |
| Formation expenses | 20 | €975 | €0 | -€975 | -100.0% |
| Fixed assets | 21/28 | €27,903 | €35,043 | +€7,141 | +25.6% |
| Intangible fixed assets | 21 | €1,279 | €0 | -€1,279 | -100.0% |
| Tangible fixed assets | 22/27 | €26,624 | €35,043 | +€8,419 | +31.6% |
| Plant, machinery and equipment | 23 | €3,959 | €2,229 | -€1,730 | -43.7% |
| Furniture and vehicles | 24 | €84 | €13,014 | +€12,930 | +15310.6% |
| Other tangible fixed assets | 26 | €22,580 | €19,800 | -€2,781 | -12.3% |
| Current assets | 29/58 | €156,284 | €151,994 | -€4,291 | -2.7% |
| Stocks and contracts in progress | 3 | €1,731 | €0 | -€1,731 | -100.0% |
| Stocks | 30/36 | €1,731 | €0 | -€1,731 | -100.0% |
| Amounts receivable within one year | 40/41 | €90,890 | €101,053 | +€10,163 | +11.2% |
| Trade receivables | 40 | €90,890 | €101,053 | +€10,163 | +11.2% |
| Cash at bank and in hand | 54/58 | €55,587 | €46,626 | -€8,961 | -16.1% |
| Deferred charges and accrued income | 490/1 | €8,076 | €4,314 | -€3,762 | -46.6% |
| Total equity and liabilities | 10/49 | €185,162 | €187,037 | +€1,875 | +1.0% |
| Equity | 10/15 | €114,230 | €99,851 | -€14,380 | -12.6% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €53,984 | €0 | -€53,984 | -100.0% |
| Distributable reserves | 133 | €53,984 | €0 | -€53,984 | -100.0% |
| Profit (loss) carried forward | 14 | -€109,754 | -€70,149 | +€39,605 | +36.1% |
| Amounts payable | 17/49 | €70,932 | €87,186 | +€16,254 | +22.9% |
| Amounts payable within one year | 42/48 | €70,932 | €87,186 | +€16,254 | +22.9% |
| Trade debts | 44 | €39,362 | €58,419 | +€19,057 | +48.4% |
| Suppliers | 440/4 | €39,362 | €58,419 | +€19,057 | +48.4% |
| Taxes, remuneration and social security | 45 | €31,570 | €28,767 | -€2,802 | -8.9% |
| Taxes | 450/3 | €19,380 | €16,141 | -€3,239 | -16.7% |
| Remuneration and social security | 454/9 | €12,190 | €12,626 | +€436 | +3.6% |
| Remuneration, social security and pensions | 62 | €108,900 | €110,251 | +€1,352 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,683 | €10,261 | -€4,422 | -30.1% |
| Other operating charges | 640/8 | €694 | €1,133 | +€439 | +63.3% |
| Gross operating margin | 9900 | €13,979 | €108,413 | +€94,434 | +675.6% |
| Operating profit (loss) | 9901 | -€110,298 | -€13,232 | +€97,066 | +88.0% |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €1,462 | €1,204 | -€258 | -17.7% |
| Recurring financial charges | 65 | €1,462 | €1,204 | -€258 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | -€111,760 | -€14,380 | +€97,380 | +87.1% |
| Income taxes | 67/77 | -€2,006 | €0 | +€2,006 | |
| Profit (loss) for the period | 9904 | -€109,754 | -€14,380 | +€95,374 | +86.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€109,754 | -€14,380 | +€95,374 | +86.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.