MIGB: 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.
MIGB
Largest movements
- Receivables within one year +€123,883
up €123,883 (+43.3%), from €285,821 to €409,704
of which Other amounts receivable: +€129,402
- Financial fixed assets -€67,000
down €67,000 (-2.1%), from €3.1m to €3.1m
- Profit (loss) carried forward +€582,688
up €582,688 (+72.0%), from €809,716 to €1.4m
- Other debts -€485,000
down €485,000 (-80.6%), from €602,010 to €117,010
- Debts after one year -€94,786
down €94,786 (-23.7%), from €399,713 to €304,927
- Financial income +€610,169
up €610,169 (+6,226,215%), from €10 to €610,179
- Financial charges +€173,703
up €173,703 (+1,014%), from €17,129 to €190,832
of which Non-recurring financial charges: +€177,448
- Staff costs -€26,411
no longer reported in 2025 (was €26,411)
- Gross operating margin -€12,154
down €12,154 (-4.8%), from €255,629 to €243,475
- Taxes +€2,910
up €2,910 (+5.8%), from €50,357 to €53,267
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 | €3,594,807 | €3,599,847 | +€5,039 | +0.1% |
| Fixed assets | 21/28 | €3,255,551 | €3,170,959 | -€84,592 | -2.6% |
| Intangible fixed assets | 21 | €82,299 | €66,109 | -€16,190 | -19.7% |
| Tangible fixed assets | 22/27 | €25,627 | €24,225 | -€1,402 | -5.5% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €25,627 | €24,225 | -€1,402 | -5.5% |
| Financial fixed assets | 28 | €3,147,625 | €3,080,625 | -€67,000 | -2.1% |
| Current assets | 29/58 | €339,257 | €428,888 | +€89,631 | +26.4% |
| Amounts receivable within one year | 40/41 | €285,821 | €409,704 | +€123,883 | +43.3% |
| Trade receivables | 40 | €18,426 | €12,906 | -€5,520 | -30.0% |
| Other amounts receivable | 41 | €267,395 | €396,798 | +€129,402 | +48.4% |
| Cash at bank and in hand | 54/58 | €46,554 | €15,684 | -€30,870 | -66.3% |
| Deferred charges and accrued income | 490/1 | €6,882 | €3,500 | -€3,382 | -49.1% |
| Total equity and liabilities | 10/49 | €3,594,807 | €3,599,847 | +€5,039 | +0.1% |
| Equity | 10/15 | €2,453,176 | €3,035,864 | +€582,688 | +23.8% |
| Contributions | 10/11 | €1,643,460 | €1,643,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €809,716 | €1,392,404 | +€582,688 | +72.0% |
| Amounts payable | 17/49 | €1,141,632 | €563,982 | -€577,649 | -50.6% |
| Amounts payable after more than one year | 17 | €399,713 | €304,927 | -€94,786 | -23.7% |
| Financial debts | 170/4 | €399,713 | €304,927 | -€94,786 | -23.7% |
| Amounts payable within one year | 42/48 | €735,350 | €252,936 | -€482,414 | -65.6% |
| Current portion of amounts payable after more than one year | 42 | €126,563 | €96,903 | -€29,660 | -23.4% |
| Financial debts | 43 | - | €8,418 | +€8,418 | |
| Credit institutions | 430/8 | - | €8,418 | +€8,418 | |
| Trade debts | 44 | €295 | €25,693 | +€25,399 | +8,618% |
| Suppliers | 440/4 | €295 | €25,693 | +€25,399 | +8,618% |
| Taxes, remuneration and social security | 45 | €6,482 | €4,911 | -€1,571 | -24.2% |
| Taxes | 450/3 | €6,335 | €4,911 | -€1,424 | -22.5% |
| Remuneration and social security | 454/9 | €147 | €0 | -€147 | -100% |
| Other amounts payable | 47/48 | €602,010 | €117,010 | -€485,000 | -80.6% |
| Accrued charges and deferred income | 492/3 | €6,568 | €6,120 | -€448 | -6.8% |
| Remuneration, social security and pensions | 62 | €26,411 | - | -€26,411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,943 | €24,473 | +€2,530 | +11.5% |
| Other operating charges | 640/8 | €1,293 | €2,393 | +€1,100 | +85.1% |
| Gross operating margin | 9900 | €255,629 | €243,475 | -€12,154 | -4.8% |
| Operating profit (loss) | 9901 | €205,982 | €216,609 | +€10,626 | +5.2% |
| Financial income | 75/76B | €10 | €610,179 | +€610,169 | +6,226,215% |
| Recurring financial income | 75 | €10 | €610,179 | +€610,169 | +6,226,215% |
| Financial charges | 65/66B | €17,129 | €190,832 | +€173,703 | +1,014% |
| Recurring financial charges | 65 | €17,129 | €13,384 | -€3,745 | -21.9% |
| Non-recurring financial charges | 66B | - | €177,448 | +€177,448 | |
| Profit (loss) for the period before taxes | 9903 | €188,863 | €635,955 | +€447,093 | +237% |
| Income taxes | 67/77 | €50,357 | €53,267 | +€2,910 | +5.8% |
| Profit (loss) for the period | 9904 | €138,506 | €582,688 | +€444,183 | +321% |
| Profit (loss) for the period to be appropriated | 9905 | €138,506 | €582,688 | +€444,183 | +321% |
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 17 October 2026 via checked.be.