MIGECO: 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.
MIGECO
Largest movements
- Tangible fixed assets -€65,286
down €65,286 (-6.3%), from €1.0m to €968,722
- Cash +€34,395
up €34,395 (+225.3%), from €15,269 to €49,664
mainly Depreciation (+€86,815) and Net result for the year (+€27,692)
- Debts after one year -€57,152
down €57,152 (-7.7%), from €743,809 to €686,657
- Profit (loss) carried forward +€27,692
up €27,692 (+24.9%), from €111,048 to €138,741
- Other debts +€21,468
up €21,468 (+18.7%), from €114,985 to €136,453
- Short-term financial debts -€20,000
no longer reported in 2025 (was €20,000)
- Gross operating margin +€31,708
up €31,708 (+24.2%), from €131,092 to €162,799
- Taxes +€8,138
up €8,138 (+1166.9%), from €697 to €8,835
- Depreciation +€4,936
up €4,936 (+6.0%), from €81,879 to €86,815
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 | €1,074,991 | €1,053,828 | -€21,163 | -2.0% |
| Fixed assets | 21/28 | €1,034,008 | €968,722 | -€65,286 | -6.3% |
| Tangible fixed assets | 22/27 | €1,034,008 | €968,722 | -€65,286 | -6.3% |
| Land and buildings | 22 | €712,638 | €693,908 | -€18,729 | -2.6% |
| Plant, machinery and equipment | 23 | €1,046 | €769 | -€277 | -26.5% |
| Furniture and vehicles | 24 | €49,420 | €26,605 | -€22,815 | -46.2% |
| Other tangible fixed assets | 26 | €270,904 | €247,439 | -€23,465 | -8.7% |
| Current assets | 29/58 | €40,983 | €85,107 | +€44,124 | +107.7% |
| Amounts receivable within one year | 40/41 | €23,197 | €33,149 | +€9,952 | +42.9% |
| Trade receivables | 40 | €12,560 | €16,347 | +€3,787 | +30.2% |
| Other amounts receivable | 41 | €10,637 | €16,802 | +€6,165 | +58.0% |
| Cash at bank and in hand | 54/58 | €15,269 | €49,664 | +€34,395 | +225.3% |
| Deferred charges and accrued income | 490/1 | €2,517 | €2,293 | -€224 | -8.9% |
| Total equity and liabilities | 10/49 | €1,074,991 | €1,053,828 | -€21,163 | -2.0% |
| Equity | 10/15 | €123,536 | €151,228 | +€27,692 | +22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €87 | €87 | = | 0.0% |
| Distributable reserves | 133 | €87 | €87 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,048 | €138,741 | +€27,692 | +24.9% |
| Amounts payable | 17/49 | €951,455 | €902,600 | -€48,855 | -5.1% |
| Amounts payable after more than one year | 17 | €743,809 | €686,657 | -€57,152 | -7.7% |
| Financial debts | 170/4 | €743,809 | €686,657 | -€57,152 | -7.7% |
| Amounts payable within one year | 42/48 | €207,646 | €215,944 | +€8,298 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €55,522 | €57,135 | +€1,612 | +2.9% |
| Financial debts | 43 | €20,000 | - | -€20,000 | |
| Other loans | 439 | €20,000 | - | -€20,000 | |
| Trade debts | 44 | €3,454 | €6,400 | +€2,946 | +85.3% |
| Suppliers | 440/4 | €3,454 | €6,400 | +€2,946 | +85.3% |
| Taxes, remuneration and social security | 45 | €13,684 | €15,956 | +€2,271 | +16.6% |
| Taxes | 450/3 | €13,684 | €15,956 | +€2,271 | +16.6% |
| Other amounts payable | 47/48 | €114,985 | €136,453 | +€21,468 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,879 | €86,815 | +€4,936 | +6.0% |
| Other operating charges | 640/8 | €3,790 | €3,449 | -€340 | -9.0% |
| Gross operating margin | 9900 | €131,092 | €162,799 | +€31,708 | +24.2% |
| Operating profit (loss) | 9901 | €45,423 | €72,535 | +€27,112 | +59.7% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €36,532 | €36,039 | -€493 | -1.3% |
| Recurring financial charges | 65 | €36,532 | €36,039 | -€493 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €8,891 | €36,527 | +€27,636 | +310.8% |
| Income taxes | 67/77 | €697 | €8,835 | +€8,138 | +1166.9% |
| Profit (loss) for the period | 9904 | €8,194 | €27,692 | +€19,498 | +238.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,194 | €27,692 | +€19,498 | +238.0% |
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 12 October 2026 via checked.be.