MIGATRA: 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.
MIGATRA
Largest movements
- Cash -€202,087
down €202,087 (-90.9%), from €222,330 to €20,243
mainly Tax, wage and social debts (-€133,376) and Trade debts (-€74,903)
- Receivables within one year -€24,694
down €24,694 (-10.9%), from €225,871 to €201,177
of which Trade receivables: -€20,256
- Tangible fixed assets -€12,644
down €12,644 (-51.4%), from €24,577 to €11,933
of which Furniture and vehicles: -€12,183
- Tax, wage and social debts -€133,376
down €133,376 (-93.8%), from €142,144 to €8,768
of which Taxes: -€134,421
- Trade debts -€74,903
down €74,903 (-70.3%), from €106,493 to €31,590
- Profit (loss) carried forward -€33,136
down €33,136 (-141.0%), from -€23,501 to -€56,637
- Gross operating margin -€42,353
down €42,353 (-38.6%), from €109,833 to €67,480
- Staff costs -€29,552
down €29,552 (-24.5%), from €120,396 to €90,844
- Depreciation +€1,878
up €1,878 (+17.4%), from €10,766 to €12,644
- Other operating charges -€1,282
down €1,282 (-27.5%), from €4,654 to €3,372
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 | €475,503 | €234,087 | -€241,416 | -50.8% |
| Fixed assets | 21/28 | €24,812 | €12,168 | -€12,644 | -51.0% |
| Tangible fixed assets | 22/27 | €24,577 | €11,933 | -€12,644 | -51.4% |
| Plant, machinery and equipment | 23 | €1,241 | €780 | -€461 | -37.1% |
| Furniture and vehicles | 24 | €23,336 | €11,153 | -€12,183 | -52.2% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €450,691 | €221,919 | -€228,772 | -50.8% |
| Amounts receivable within one year | 40/41 | €225,871 | €201,177 | -€24,694 | -10.9% |
| Trade receivables | 40 | €41,846 | €21,590 | -€20,256 | -48.4% |
| Other amounts receivable | 41 | €184,025 | €179,587 | -€4,438 | -2.4% |
| Cash at bank and in hand | 54/58 | €222,330 | €20,243 | -€202,087 | -90.9% |
| Deferred charges and accrued income | 490/1 | €2,490 | €500 | -€1,991 | -79.9% |
| Total equity and liabilities | 10/49 | €475,503 | €234,087 | -€241,416 | -50.8% |
| Equity | 10/15 | €226,865 | €193,729 | -€33,136 | -14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €231,766 | €231,766 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €229,907 | €229,907 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,501 | -€56,637 | -€33,136 | -141.0% |
| Amounts payable | 17/49 | €248,637 | €40,358 | -€208,279 | -83.8% |
| Amounts payable within one year | 42/48 | €248,637 | €40,358 | -€208,279 | -83.8% |
| Trade debts | 44 | €106,493 | €31,590 | -€74,903 | -70.3% |
| Suppliers | 440/4 | €106,493 | €31,590 | -€74,903 | -70.3% |
| Taxes, remuneration and social security | 45 | €142,144 | €8,768 | -€133,376 | -93.8% |
| Taxes | 450/3 | €134,656 | €236 | -€134,421 | -99.8% |
| Remuneration and social security | 454/9 | €7,488 | €8,532 | +€1,045 | +14.0% |
| Remuneration, social security and pensions | 62 | €120,396 | €90,844 | -€29,552 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,766 | €12,644 | +€1,878 | +17.4% |
| Other operating charges | 640/8 | €4,654 | €3,372 | -€1,282 | -27.5% |
| Non-recurring operating charges | 66A | €3,906 | - | -€3,906 | |
| Gross operating margin | 9900 | €109,833 | €67,480 | -€42,353 | -38.6% |
| Operating profit (loss) | 9901 | -€29,889 | -€39,380 | -€9,491 | -31.8% |
| Financial income | 75/76B | €8,532 | €8,224 | -€308 | -3.6% |
| Recurring financial income | 75 | €8,532 | €8,224 | -€308 | -3.6% |
| Financial charges | 65/66B | €1,316 | €1,801 | +€486 | +36.9% |
| Recurring financial charges | 65 | €1,316 | €1,801 | +€486 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,672 | -€32,957 | -€10,285 | -45.4% |
| Income taxes | 67/77 | €828 | €179 | -€649 | -78.4% |
| Profit (loss) for the period | 9904 | -€23,501 | -€33,136 | -€9,636 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,501 | -€33,136 | -€9,636 | -41.0% |
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 3 October 2026 via checked.be.