MIGALY: 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.
MIGALY
Largest movements
- Receivables within one year +€89,015
up €89,015 (+11.6%), from €766,409 to €855,425
- Trade debts +€34,784
up €34,784 (+5406.3%), from €643 to €35,427
- Profit (loss) carried forward +€25,666
up €25,666 (+8.1%), from €317,250 to €342,916
- Other debts +€22,597
up €22,597 (+4.7%), from €484,741 to €507,337
- Tax, wage and social debts +€9,440
up €9,440 (+64.6%), from €14,622 to €24,062
- Gross operating margin -€21,522
down €21,522 (-42.0%), from €51,220 to €29,698
- Taxes -€5,279
down €5,279 (-36.1%), from €14,622 to €9,343
- Financial income +€3,000
up €3,000 (+13.7%), from €21,915 to €24,915
- Financial charges +€727
up €727 (+5.1%), from €14,147 to €14,874
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €851,341 | €943,828 | +€92,487 | +10.9% |
| Fixed assets | 21/28 | €84,597 | €84,597 | = | 0.0% |
| Tangible fixed assets | 22/27 | €84,597 | €84,597 | = | 0.0% |
| Land and buildings | 22 | €84,597 | €84,597 | = | 0.0% |
| Current assets | 29/58 | €766,744 | €859,230 | +€92,487 | +12.1% |
| Amounts receivable within one year | 40/41 | €766,409 | €855,425 | +€89,015 | +11.6% |
| Other amounts receivable | 41 | €766,409 | €855,425 | +€89,015 | +11.6% |
| Cash at bank and in hand | 54/58 | €334 | €6 | -€329 | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €3,800 | +€3,800 | |
| Total equity and liabilities | 10/49 | €851,341 | €943,828 | +€92,487 | +10.9% |
| Equity | 10/15 | €351,335 | €377,001 | +€25,666 | +7.3% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,250 | €342,916 | +€25,666 | +8.1% |
| Amounts payable | 17/49 | €500,006 | €566,826 | +€66,821 | +13.4% |
| Amounts payable within one year | 42/48 | €500,006 | €566,826 | +€66,821 | +13.4% |
| Trade debts | 44 | €643 | €35,427 | +€34,784 | +5406.3% |
| Suppliers | 440/4 | €643 | €35,427 | +€34,784 | +5406.3% |
| Taxes, remuneration and social security | 45 | €14,622 | €24,062 | +€9,440 | +64.6% |
| Taxes | 450/3 | €14,622 | €24,062 | +€9,440 | +64.6% |
| Other amounts payable | 47/48 | €484,741 | €507,337 | +€22,597 | +4.7% |
| Other operating charges | 640/8 | €4,834 | €4,730 | -€104 | -2.1% |
| Gross operating margin | 9900 | €51,220 | €29,698 | -€21,522 | -42.0% |
| Operating profit (loss) | 9901 | €46,386 | €24,968 | -€21,418 | -46.2% |
| Financial income | 75/76B | €21,915 | €24,915 | +€3,000 | +13.7% |
| Recurring financial income | 75 | €21,915 | €24,915 | +€3,000 | +13.7% |
| Financial charges | 65/66B | €14,147 | €14,874 | +€727 | +5.1% |
| Recurring financial charges | 65 | €14,147 | €14,874 | +€727 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €54,154 | €35,009 | -€19,145 | -35.4% |
| Income taxes | 67/77 | €14,622 | €9,343 | -€5,279 | -36.1% |
| Profit (loss) for the period | 9904 | €39,532 | €25,666 | -€13,867 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,532 | €25,666 | -€13,867 | -35.1% |
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 6 October 2026 via checked.be.