MIGIANI: 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.
MIGIANI
Largest movements
- Stocks and contracts +€22,943
up €22,943 (+27.4%), from €83,600 to €106,543
- Receivables within one year +€14,638
up €14,638 (+518.7%), from €2,822 to €17,460
of which Trade receivables: +€15,403
- Tangible fixed assets -€6,558
down €6,558 (-20.6%), from €31,799 to €25,240
of which Plant, machinery and equipment: -€5,104
- Cash +€6,283
up €6,283 (+211.5%), from €2,971 to €9,254
mainly Net result for the year (+€18,138) and Tax, wage and social debts (+€12,947)
- Reserves +€18,100
up €18,100 (+26.2%), from €68,960 to €87,060
- Tax, wage and social debts +€12,947
up €12,947 (+141.0%), from €9,179 to €22,126
of which Remuneration and social security: +€7,545
- Other debts +€4,745
up €4,745 (+52.8%), from €8,992 to €13,737
- Trade debts +€2,776
up €2,776 (+69.3%), from €4,005 to €6,781
- Gross operating margin +€15,264
up €15,264 (+83.7%), from €18,230 to €33,494
- Taxes +€4,336
up €4,336 (+150.1%), from €2,889 to €7,225
- Depreciation +€1,096
up €1,096 (+20.1%), from €5,462 to €6,558
- Financial charges -€748
down €748 (-48.1%), from €1,554 to €806
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 | €121,192 | €158,498 | +€37,306 | +30.8% |
| Fixed assets | 21/28 | €31,799 | €25,240 | -€6,558 | -20.6% |
| Tangible fixed assets | 22/27 | €31,799 | €25,240 | -€6,558 | -20.6% |
| Plant, machinery and equipment | 23 | €26,478 | €21,374 | -€5,104 | -19.3% |
| Furniture and vehicles | 24 | €5,321 | €3,866 | -€1,455 | -27.3% |
| Current assets | 29/58 | €89,393 | €133,257 | +€43,864 | +49.1% |
| Stocks and contracts in progress | 3 | €83,600 | €106,543 | +€22,943 | +27.4% |
| Stocks | 30/36 | €83,600 | €106,543 | +€22,943 | +27.4% |
| Amounts receivable within one year | 40/41 | €2,822 | €17,460 | +€14,638 | +518.7% |
| Trade receivables | 40 | €2,057 | €17,460 | +€15,403 | +748.8% |
| Other amounts receivable | 41 | €765 | - | -€765 | |
| Cash at bank and in hand | 54/58 | €2,971 | €9,254 | +€6,283 | +211.5% |
| Total equity and liabilities | 10/49 | €121,192 | €158,498 | +€37,306 | +30.8% |
| Equity | 10/15 | €87,716 | €105,855 | +€18,138 | +20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,960 | €87,060 | +€18,100 | +26.2% |
| Distributable reserves | 133 | €68,960 | €87,060 | +€18,100 | +26.2% |
| Profit (loss) carried forward | 14 | €156 | €195 | +€38 | +24.6% |
| Amounts payable | 17/49 | €33,476 | €52,643 | +€19,168 | +57.3% |
| Amounts payable within one year | 42/48 | €32,176 | €52,643 | +€20,468 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €4,005 | €6,781 | +€2,776 | +69.3% |
| Suppliers | 440/4 | €4,005 | €6,781 | +€2,776 | +69.3% |
| Taxes, remuneration and social security | 45 | €9,179 | €22,126 | +€12,947 | +141.0% |
| Taxes | 450/3 | €9,179 | €14,581 | +€5,401 | +58.8% |
| Remuneration and social security | 454/9 | - | €7,545 | +€7,545 | |
| Other amounts payable | 47/48 | €8,992 | €13,737 | +€4,745 | +52.8% |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,462 | €6,558 | +€1,096 | +20.1% |
| Other operating charges | 640/8 | €735 | €785 | +€50 | +6.9% |
| Gross operating margin | 9900 | €18,230 | €33,494 | +€15,264 | +83.7% |
| Operating profit (loss) | 9901 | €12,033 | €26,151 | +€14,117 | +117.3% |
| Financial income | 75/76B | €38 | €19 | -€19 | -50.1% |
| Recurring financial income | 75 | €38 | €19 | -€19 | -50.1% |
| Financial charges | 65/66B | €1,554 | €806 | -€748 | -48.1% |
| Recurring financial charges | 65 | €1,554 | €806 | -€748 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €10,517 | €25,363 | +€14,847 | +141.2% |
| Income taxes | 67/77 | €2,889 | €7,225 | +€4,336 | +150.1% |
| Profit (loss) for the period | 9904 | €7,628 | €18,138 | +€10,511 | +137.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,628 | €18,138 | +€10,511 | +137.8% |
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 3 October 2026 via checked.be.