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.
What changed
Migeco
NACE 63.920, Other information service activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€372
2024 · €4,856-€4,484
Equity
€166,155
2024 · €165,783+€372
Cash
€22,192
2024 · €12,854+€9,338
Balance sheet total
€1.8m
2024 · €1.9m-€60,333
Largest movements
Assets
- Tangible fixed assets -€79,223
down €79,223 (-4.3%), from €1.9m to €1.8m
of which Land and buildings: -€74,174
Equity and liabilities
- Debts after one year -€66,601
down €66,601 (-4.5%), from €1.5m to €1.4m
Income statement
- Financial charges +€33,460
up €33,460 (+125.1%), from €26,742 to €60,202
- Gross operating margin +€24,594
up €24,594 (+19.2%), from €128,286 to €152,881
- Depreciation -€4,818
down €4,818 (-5.5%), from €87,617 to €82,799
- Other operating charges +€1,808
up €1,808 (+27.3%), from €6,623 to €8,431
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.
Result 2024
€4,856
Gross operating margin
+€24,594
Depreciation
+€4,818
Other operating charges
-€1,808
Other operating items
+€622
Financial income
-€498
Financial charges
-€33,460
Taxes
+€1,248
Result 2025
€372
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.
From operations
+€77,428
Investment
-€3,575
Financing
-€64,515
Cash 2024
€12,854
From operations (derived)
+€77,428
Net result for the year
+€372
Depreciation
+€82,799
Receivables within one year
-€9,442
Deferred charges and accrued income
-€110
Trade debts
-€1,274
Tax, wage and social debts
+€7,143
Other debts
-€12,625
Accrued charges and deferred income
+€10,565
Investment (derived)
-€3,575
Investment in fixed assets (net)
-€3,575
Financing
-€64,515
Debts after one year
-€66,601
Current portion of long-term debt
+€2,086
Cash 2025
€22,192
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,905,698 | €1,845,365 | -€60,333 | -3.2% |
| Fixed assets | 21/28 | €1,861,883 | €1,782,659 | -€79,223 | -4.3% |
| Tangible fixed assets | 22/27 | €1,861,633 | €1,782,409 | -€79,223 | -4.3% |
| Land and buildings | 22 | €1,854,444 | €1,780,269 | -€74,174 | -4.0% |
| Plant, machinery and equipment | 23 | €2,590 | €2,140 | -€450 | -17.4% |
| Furniture and vehicles | 24 | €4,599 | - | -€4,599 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €43,816 | €62,706 | +€18,890 | +43.1% |
| Amounts receivable within one year | 40/41 | €19,585 | €29,027 | +€9,442 | +48.2% |
| Trade receivables | 40 | €19,000 | €20,230 | +€1,230 | +6.5% |
| Other amounts receivable | 41 | €585 | €8,797 | +€8,213 | +1405.1% |
| Current investments | 50/53 | €11,003 | €11,003 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,854 | €22,192 | +€9,338 | +72.7% |
| Deferred charges and accrued income | 490/1 | €374 | €484 | +€110 | +29.3% |
| Total equity and liabilities | 10/49 | €1,905,698 | €1,845,365 | -€60,333 | -3.2% |
| Equity | 10/15 | €165,783 | €166,155 | +€372 | +0.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €164,783 | €165,155 | +€372 | +0.2% |
| Distributable reserves | 133 | €164,783 | €165,155 | +€372 | +0.2% |
| Amounts payable | 17/49 | €1,739,916 | €1,679,210 | -€60,706 | -3.5% |
| Amounts payable after more than one year | 17 | €1,473,204 | €1,406,603 | -€66,601 | -4.5% |
| Financial debts | 170/4 | €1,473,204 | €1,406,603 | -€66,601 | -4.5% |
| Amounts payable within one year | 42/48 | €253,032 | €248,363 | -€4,669 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €64,515 | €66,601 | +€2,086 | +3.2% |
| Trade debts | 44 | €5,872 | €4,598 | -€1,274 | -21.7% |
| Suppliers | 440/4 | €5,872 | €4,598 | -€1,274 | -21.7% |
| Taxes, remuneration and social security | 45 | €10,545 | €17,688 | +€7,143 | +67.7% |
| Taxes | 450/3 | €10,545 | €11,689 | +€1,145 | +10.9% |
| Remuneration and social security | 454/9 | - | €5,999 | +€5,999 | |
| Other amounts payable | 47/48 | €172,101 | €159,476 | -€12,625 | -7.3% |
| Accrued charges and deferred income | 492/3 | €13,679 | €24,244 | +€10,565 | +77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,617 | €82,799 | -€4,818 | -5.5% |
| Other operating charges | 640/8 | €6,623 | €8,431 | +€1,808 | +27.3% |
| Non-recurring operating charges | 66A | €622 | - | -€622 | |
| Gross operating margin | 9900 | €128,286 | €152,881 | +€24,594 | +19.2% |
| Operating profit (loss) | 9901 | €33,425 | €61,651 | +€28,226 | +84.4% |
| Financial income | 75/76B | €1,361 | €863 | -€498 | -36.6% |
| Recurring financial income | 75 | €1,361 | €639 | -€722 | -53.1% |
| Non-recurring financial income | 76B | - | €224 | +€224 | |
| Financial charges | 65/66B | €26,742 | €60,202 | +€33,460 | +125.1% |
| Recurring financial charges | 65 | €26,742 | €60,202 | +€33,460 | +125.1% |
| Profit (loss) for the period before taxes | 9903 | €8,043 | €2,312 | -€5,731 | -71.3% |
| Income taxes | 67/77 | €3,187 | €1,940 | -€1,248 | -39.1% |
| Profit (loss) for the period | 9904 | €4,856 | €372 | -€4,484 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,856 | €372 | -€4,484 | -92.3% |
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 11 October 2026 via checked.be.