MIGARTE: 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.
MIGARTE
Largest movements
- Receivables within one year -€9,454
down €9,454 (-36.5%), from €25,885 to €16,431
- Deferred charges and accrued income -€3,031
down €3,031 (-48.9%), from €6,196 to €3,165
- Cash -€2,084
down €2,084 (-21.2%), from €9,850 to €7,766
mainly Net result for the year (-€15,523) and Other debts (-€3,094)
- Tangible fixed assets +€632
up €632 (+14.1%), from €4,468 to €5,100
- Profit (loss) carried forward -€15,523
down €15,523, from €10,762 to -€4,761
- Trade debts +€3,123
up €3,123 (+137%), from €2,277 to €5,400
- Other debts -€3,094
down €3,094 (-33.0%), from €9,370 to €6,276
- Tax, wage and social debts +€1,509
up €1,509 (+25.2%), from €5,982 to €7,491
of which Remuneration and social security: +€5,400
- Gross operating margin -€24,702
down €24,702, from €16,278 to -€8,423
- Depreciation -€3,582
down €3,582 (-67.6%), from €5,298 to €1,716
- Taxes -€1,819
down €1,819 (-89.6%), from €2,030 to €210
- Other operating charges -€1,623
down €1,623 (-56.1%), from €2,893 to €1,270
- Financial charges -€538
down €538 (-12.1%), from €4,444 to €3,906
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 | €47,659 | €33,722 | -€13,937 | -29.2% |
| Fixed assets | 21/28 | €5,728 | €6,360 | +€632 | +11.0% |
| Tangible fixed assets | 22/27 | €4,468 | €5,100 | +€632 | +14.1% |
| Plant, machinery and equipment | 23 | €4,468 | €5,100 | +€632 | +14.1% |
| Financial fixed assets | 28 | €1,260 | €1,260 | = | 0.0% |
| Current assets | 29/58 | €41,930 | €27,361 | -€14,569 | -34.7% |
| Amounts receivable within one year | 40/41 | €25,885 | €16,431 | -€9,454 | -36.5% |
| Trade receivables | 40 | €25,885 | €16,431 | -€9,454 | -36.5% |
| Cash at bank and in hand | 54/58 | €9,850 | €7,766 | -€2,084 | -21.2% |
| Deferred charges and accrued income | 490/1 | €6,196 | €3,165 | -€3,031 | -48.9% |
| Total equity and liabilities | 10/49 | €47,659 | €33,722 | -€13,937 | -29.2% |
| Equity | 10/15 | €29,022 | €13,499 | -€15,523 | -53.5% |
| Contributions | 10/11 | €3,860 | €3,860 | = | 0.0% |
| Reserves | 13 | €14,400 | €14,400 | = | 0.0% |
| Distributable reserves | 133 | €14,400 | €14,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,762 | -€4,761 | -€15,523 | |
| Amounts payable | 17/49 | €18,637 | €20,223 | +€1,586 | +8.5% |
| Amounts payable within one year | 42/48 | €18,637 | €20,223 | +€1,586 | +8.5% |
| Financial debts | 43 | €1,008 | €1,056 | +€48 | +4.8% |
| Credit institutions | 430/8 | €1,008 | €1,056 | +€48 | +4.8% |
| Trade debts | 44 | €2,277 | €5,400 | +€3,123 | +137% |
| Suppliers | 440/4 | €2,277 | €5,400 | +€3,123 | +137% |
| Taxes, remuneration and social security | 45 | €5,982 | €7,491 | +€1,509 | +25.2% |
| Taxes | 450/3 | €5,982 | €2,091 | -€3,891 | -65.0% |
| Remuneration and social security | 454/9 | - | €5,400 | +€5,400 | |
| Other amounts payable | 47/48 | €9,370 | €6,276 | -€3,094 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,298 | €1,716 | -€3,582 | -67.6% |
| Other operating charges | 640/8 | €2,893 | €1,270 | -€1,623 | -56.1% |
| Non-recurring operating charges | 66A | €111 | - | -€111 | |
| Gross operating margin | 9900 | €16,278 | -€8,423 | -€24,702 | |
| Operating profit (loss) | 9901 | €7,977 | -€11,409 | -€19,386 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +1,908% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1,908% |
| Financial charges | 65/66B | €4,444 | €3,906 | -€538 | -12.1% |
| Recurring financial charges | 65 | €4,444 | €3,906 | -€538 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €3,533 | -€15,313 | -€18,846 | |
| Income taxes | 67/77 | €2,030 | €210 | -€1,819 | -89.6% |
| Profit (loss) for the period | 9904 | €1,503 | -€15,523 | -€17,027 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,503 | -€15,523 | -€17,027 |
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 31 October 2026 via checked.be.