MIGER: 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.
MIGER
Largest movements
- Tangible fixed assets -€47,999
down €47,999 (-4.4%), from €1.1m to €1.0m
of which Land and buildings: -€50,766
- Debts after one year -€55,960
down €55,960 (-6.4%), from €870,303 to €814,343
- Gross operating margin +€15,571
up €15,571 (+19.6%), from €79,599 to €95,170
- Depreciation +€11,694
up €11,694 (+24.6%), from €47,505 to €59,199
- Financial charges +€3,890
up €3,890 (+16.9%), from €22,960 to €26,849
- Other operating charges +€1,502
up €1,502 (+19.9%), from €7,530 to €9,032
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 | €1,109,007 | €1,055,187 | -€53,820 | -4.9% |
| Fixed assets | 21/28 | €1,096,038 | €1,048,039 | -€47,999 | -4.4% |
| Tangible fixed assets | 22/27 | €1,096,038 | €1,048,039 | -€47,999 | -4.4% |
| Land and buildings | 22 | €1,070,081 | €1,019,315 | -€50,766 | -4.7% |
| Furniture and vehicles | 24 | €25,958 | €28,724 | +€2,767 | +10.7% |
| Current assets | 29/58 | €12,969 | €7,148 | -€5,821 | -44.9% |
| Amounts receivable within one year | 40/41 | €925 | €390 | -€535 | -57.8% |
| Trade receivables | 40 | €925 | €390 | -€535 | -57.8% |
| Cash at bank and in hand | 54/58 | €12,044 | €6,758 | -€5,286 | -43.9% |
| Total equity and liabilities | 10/49 | €1,109,007 | €1,055,187 | -€53,820 | -4.9% |
| Equity | 10/15 | €120,248 | €120,226 | -€22 | 0.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €20,238 | €20,238 | = | 0.0% |
| Distributable reserves | 133 | €20,238 | €20,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10 | -€12 | -€22 | |
| Amounts payable | 17/49 | €988,759 | €934,961 | -€53,798 | -5.4% |
| Amounts payable after more than one year | 17 | €870,303 | €814,343 | -€55,960 | -6.4% |
| Financial debts | 170/4 | €870,303 | €814,343 | -€55,960 | -6.4% |
| Amounts payable within one year | 42/48 | €118,456 | €120,618 | +€2,162 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €62,266 | €63,960 | +€1,694 | +2.7% |
| Trade debts | 44 | - | €50 | +€50 | |
| Suppliers | 440/4 | - | €50 | +€50 | |
| Advances received on contracts in progress | 46 | - | €925 | +€925 | |
| Taxes, remuneration and social security | 45 | €968 | €461 | -€507 | -52.4% |
| Taxes | 450/3 | €968 | €461 | -€507 | -52.4% |
| Other amounts payable | 47/48 | €55,222 | €55,222 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,505 | €59,199 | +€11,694 | +24.6% |
| Other operating charges | 640/8 | €7,530 | €9,032 | +€1,502 | +19.9% |
| Gross operating margin | 9900 | €79,599 | €95,170 | +€15,571 | +19.6% |
| Operating profit (loss) | 9901 | €24,564 | €26,939 | +€2,375 | +9.7% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €22,960 | €26,849 | +€3,890 | +16.9% |
| Recurring financial charges | 65 | €22,960 | €26,849 | +€3,890 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €1,610 | €90 | -€1,520 | -94.4% |
| Income taxes | 67/77 | €351 | €112 | -€239 | -68.1% |
| Profit (loss) for the period | 9904 | €1,260 | -€22 | -€1,281 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,260 | -€22 | -€1,281 |
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.