MIGENO: 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.
MIGENO
Largest movements
- Stocks and contracts +€5,541
up €5,541 (+38.2%), from €14,500 to €20,041
of which Contracts in progress: +€4,041
- Tangible fixed assets -€5,056
down €5,056 (-21.7%), from €23,272 to €18,216
of which Plant, machinery and equipment: -€3,846
- Cash -€4,318
down €4,318 (-13.9%), from €31,174 to €26,856
mainly Debts after one year (-€6,150) and Stocks and contracts (-€5,541)
- Receivables within one year -€985
down €985 (-9.7%), from €10,162 to €9,177
of which Trade receivables: -€1,186
- Debts after one year -€6,150
down €6,150 (-17.0%), from €36,200 to €30,050
- Trade debts +€5,352
up €5,352 (+154.8%), from €3,457 to €8,809
- Tax, wage and social debts -€4,765
down €4,765 (-40.2%), from €11,863 to €7,098
- Profit (loss) carried forward +€3,516
up €3,516 (+15.7%), from €22,409 to €25,925
- Other debts -€2,357
down €2,357 (-99.3%), from €2,373 to €16
- Gross operating margin +€1,910
up €1,910 (+15.0%), from €12,768 to €14,678
- Depreciation -€1,786
down €1,786 (-29.4%), from €6,080 to €4,294
- Financial income +€880
up €880 (+284.4%), from €310 to €1,190
- Taxes +€324
up €324 (+16.4%), from €1,975 to €2,299
- Financial charges -€174
down €174 (-7.3%), from €2,397 to €2,222
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 | €88,802 | €84,398 | -€4,403 | -5.0% |
| Fixed assets | 21/28 | €26,722 | €21,666 | -€5,056 | -18.9% |
| Tangible fixed assets | 22/27 | €23,272 | €18,216 | -€5,056 | -21.7% |
| Plant, machinery and equipment | 23 | €18,698 | €14,852 | -€3,846 | -20.6% |
| Furniture and vehicles | 24 | €4,574 | €3,364 | -€1,210 | -26.5% |
| Financial fixed assets | 28 | €3,450 | €3,450 | = | 0.0% |
| Current assets | 29/58 | €62,080 | €62,732 | +€652 | +1.1% |
| Stocks and contracts in progress | 3 | €14,500 | €20,041 | +€5,541 | +38.2% |
| Stocks | 30/36 | €14,500 | €16,000 | +€1,500 | +10.3% |
| Contracts in progress | 37 | €0 | €4,041 | +€4,041 | |
| Amounts receivable within one year | 40/41 | €10,162 | €9,177 | -€985 | -9.7% |
| Trade receivables | 40 | €8,637 | €7,451 | -€1,186 | -13.7% |
| Other amounts receivable | 41 | €1,525 | €1,726 | +€201 | +13.2% |
| Cash at bank and in hand | 54/58 | €31,174 | €26,856 | -€4,318 | -13.9% |
| Deferred charges and accrued income | 490/1 | €6,244 | €6,658 | +€414 | +6.6% |
| Total equity and liabilities | 10/49 | €88,802 | €84,398 | -€4,403 | -5.0% |
| Equity | 10/15 | €34,909 | €38,425 | +€3,516 | +10.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,409 | €25,925 | +€3,516 | +15.7% |
| Amounts payable | 17/49 | €53,893 | €45,973 | -€7,920 | -14.7% |
| Amounts payable after more than one year | 17 | €36,200 | €30,050 | -€6,150 | -17.0% |
| Financial debts | 170/4 | €36,200 | €30,050 | -€6,150 | -17.0% |
| Amounts payable within one year | 42/48 | €17,693 | €15,923 | -€1,770 | -10.0% |
| Trade debts | 44 | €3,457 | €8,809 | +€5,352 | +154.8% |
| Suppliers | 440/4 | €3,457 | €8,809 | +€5,352 | +154.8% |
| Taxes, remuneration and social security | 45 | €11,863 | €7,098 | -€4,765 | -40.2% |
| Taxes | 450/3 | €11,863 | €7,098 | -€4,765 | -40.2% |
| Other amounts payable | 47/48 | €2,373 | €16 | -€2,357 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,080 | €4,294 | -€1,786 | -29.4% |
| Other operating charges | 640/8 | €887 | €858 | -€28 | -3.2% |
| Non-recurring operating charges | 66A | €0 | €2,678 | +€2,678 | |
| Gross operating margin | 9900 | €12,768 | €14,678 | +€1,910 | +15.0% |
| Operating profit (loss) | 9901 | €5,801 | €6,848 | +€1,047 | +18.0% |
| Financial income | 75/76B | €310 | €1,190 | +€880 | +284.4% |
| Recurring financial income | 75 | €310 | €1,190 | +€880 | +284.4% |
| Financial charges | 65/66B | €2,397 | €2,222 | -€174 | -7.3% |
| Recurring financial charges | 65 | €2,397 | €2,222 | -€174 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €3,714 | €5,815 | +€2,101 | +56.6% |
| Income taxes | 67/77 | €1,975 | €2,299 | +€324 | +16.4% |
| Profit (loss) for the period | 9904 | €1,739 | €3,516 | +€1,777 | +102.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,739 | €3,516 | +€1,777 | +102.2% |
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 8 October 2026 via checked.be.