MIGALO: 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.
MIGALO
Largest movements
- Financial fixed assets +€60,000
new in 2025: €60,000
- Cash -€14,456
down €14,456 (-13.6%), from €106,484 to €92,027
mainly Investment in fixed assets (net) (-€70,085) and Trade debts (-€5,115)
- Tangible fixed assets +€6,216
up €6,216 (+52.4%), from €11,866 to €18,082
of which Furniture and vehicles: +€6,681
- Deferred charges and accrued income -€2,953
down €2,953 (-92.6%), from €3,188 to €235
- Provisions +€39,204
new in 2025: €39,204
- Other debts +€8,028
up €8,028 (+1,593%), from €504 to €8,532
- Tax, wage and social debts +€6,537
up €6,537 (+19.2%), from €34,129 to €40,666
- Trade debts -€5,115
down €5,115 (-91.8%), from €5,574 to €460
- Provisions +€39,204
new in 2025: €39,204
- Financial charges +€26,793
up €26,793 (+36,658%), from €73 to €26,867
- Gross operating margin -€20,736
down €20,736 (-19.8%), from €104,769 to €84,033
- Taxes -€9,719
down €9,719 (-43.5%), from €22,368 to €12,648
- Depreciation +€3,288
up €3,288 (+566%), from €581 to €3,869
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 | €122,828 | €170,344 | +€47,517 | +38.7% |
| Fixed assets | 21/28 | €11,866 | €78,082 | +€66,216 | +558% |
| Tangible fixed assets | 22/27 | €11,866 | €18,082 | +€6,216 | +52.4% |
| Plant, machinery and equipment | 23 | €1,363 | €898 | -€465 | -34.1% |
| Furniture and vehicles | 24 | €10,503 | €17,184 | +€6,681 | +63.6% |
| Financial fixed assets | 28 | - | €60,000 | +€60,000 | |
| Current assets | 29/58 | €110,962 | €92,262 | -€18,700 | -16.9% |
| Amounts receivable within one year | 40/41 | €1,290 | €0 | -€1,290 | -100% |
| Trade receivables | 40 | €1,290 | €0 | -€1,290 | -100% |
| Cash at bank and in hand | 54/58 | €106,484 | €92,027 | -€14,456 | -13.6% |
| Deferred charges and accrued income | 490/1 | €3,188 | €235 | -€2,953 | -92.6% |
| Total equity and liabilities | 10/49 | €122,828 | €170,344 | +€47,517 | +38.7% |
| Equity | 10/15 | €82,621 | €81,483 | -€1,138 | -1.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,621 | €79,483 | -€1,138 | -1.4% |
| Provisions and deferred taxes | 16 | - | €39,204 | +€39,204 | |
| Provisions for liabilities and charges | 160/5 | - | €39,204 | +€39,204 | |
| Other liabilities and charges | 164/5 | - | €39,204 | +€39,204 | |
| Amounts payable | 17/49 | €40,207 | €49,658 | +€9,451 | +23.5% |
| Amounts payable within one year | 42/48 | €40,207 | €49,658 | +€9,451 | +23.5% |
| Trade debts | 44 | €5,574 | €460 | -€5,115 | -91.8% |
| Suppliers | 440/4 | €5,574 | €460 | -€5,115 | -91.8% |
| Taxes, remuneration and social security | 45 | €34,129 | €40,666 | +€6,537 | +19.2% |
| Taxes | 450/3 | €34,129 | €40,666 | +€6,537 | +19.2% |
| Other amounts payable | 47/48 | €504 | €8,532 | +€8,028 | +1,593% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581 | €3,869 | +€3,288 | +566% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €39,204 | +€39,204 | |
| Other operating charges | 640/8 | €1,126 | €2,625 | +€1,499 | +133% |
| Gross operating margin | 9900 | €104,769 | €84,033 | -€20,736 | -19.8% |
| Operating profit (loss) | 9901 | €103,061 | €38,335 | -€64,726 | -62.8% |
| Financial income | 75/76B | - | €42 | +€42 | |
| Recurring financial income | 75 | - | €42 | +€42 | |
| Financial charges | 65/66B | €73 | €26,867 | +€26,793 | +36,658% |
| Recurring financial charges | 65 | €73 | €26,867 | +€26,793 | +36,658% |
| Profit (loss) for the period before taxes | 9903 | €102,988 | €11,510 | -€91,478 | -88.8% |
| Income taxes | 67/77 | €22,368 | €12,648 | -€9,719 | -43.5% |
| Profit (loss) for the period | 9904 | €80,621 | -€1,138 | -€81,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,621 | -€1,138 | -€81,758 |
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 13 October 2026 via checked.be.