MIGJORN: 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.
MIGJORN
Largest movements
- Receivables within one year +€47,399
up €47,399 (+1,263%), from €3,753 to €51,152
of which Other amounts receivable: +€46,983
- Cash -€39,916
down €39,916 (-5.9%), from €673,136 to €633,220
mainly Contributions, distributions and other (-€105,000) and Receivables within one year (-€47,399)
- Intangible fixed assets -€35,000
down €35,000 (-33.3%), from €105,000 to €70,000
- Deferred charges and accrued income +€12,080
new in 2025: €12,080
- Tax, wage and social debts -€13,873
no longer reported in 2025 (was €13,873)
- Reserves -€10,000
down €10,000 (-1.3%), from €760,000 to €750,000
of which Non-distributable reserves: -€10,000
- Gross operating margin -€44,747
down €44,747 (-19.4%), from €230,814 to €186,068
- Taxes -€14,012
down €14,012 (-22.6%), from €61,873 to €47,861
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.
Derived cash bridge
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 | €795,364 | €773,364 | -€22,000 | -2.8% |
| Fixed assets | 21/28 | €118,474 | €76,911 | -€41,563 | -35.1% |
| Intangible fixed assets | 21 | €105,000 | €70,000 | -€35,000 | -33.3% |
| Tangible fixed assets | 22/27 | €13,474 | €6,911 | -€6,563 | -48.7% |
| Furniture and vehicles | 24 | €10,781 | €4,484 | -€6,297 | -58.4% |
| Other tangible fixed assets | 26 | €2,694 | €2,427 | -€266 | -9.9% |
| Current assets | 29/58 | €676,889 | €696,452 | +€19,563 | +2.9% |
| Amounts receivable within one year | 40/41 | €3,753 | €51,152 | +€47,399 | +1,263% |
| Trade receivables | 40 | - | €416 | +€416 | |
| Other amounts receivable | 41 | €3,753 | €50,736 | +€46,983 | +1,252% |
| Cash at bank and in hand | 54/58 | €673,136 | €633,220 | -€39,916 | -5.9% |
| Deferred charges and accrued income | 490/1 | - | €12,080 | +€12,080 | |
| Total equity and liabilities | 10/49 | €795,364 | €773,364 | -€22,000 | -2.8% |
| Equity | 10/15 | €781,245 | €772,234 | -€9,011 | -1.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €760,000 | €750,000 | -€10,000 | -1.3% |
| Non-distributable reserves | 130/1 | €673,000 | €663,000 | -€10,000 | -1.5% |
| Reserves not available under the articles | 1311 | €673,000 | €663,000 | -€10,000 | -1.5% |
| Distributable reserves | 133 | €87,000 | €87,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €785 | €1,774 | +€989 | +126% |
| Amounts payable | 17/49 | €14,118 | €1,129 | -€12,989 | -92.0% |
| Amounts payable within one year | 42/48 | €14,118 | €1,129 | -€12,989 | -92.0% |
| Trade debts | 44 | €246 | - | -€246 | |
| Suppliers | 440/4 | €246 | - | -€246 | |
| Taxes, remuneration and social security | 45 | €13,873 | - | -€13,873 | |
| Taxes | 450/3 | €13,873 | - | -€13,873 | |
| Other amounts payable | 47/48 | - | €1,129 | +€1,129 | |
| Non-recurring operating income | 76A | - | €197 | +€197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,563 | €41,563 | = | 0.0% |
| Other operating charges | 640/8 | €31 | €380 | +€348 | +1,107% |
| Gross operating margin | 9900 | €230,814 | €186,068 | -€44,747 | -19.4% |
| Operating profit (loss) | 9901 | €189,220 | €144,125 | -€45,095 | -23.8% |
| Financial income | 75/76B | €114 | €0 | -€114 | -99.9% |
| Recurring financial income | 75 | €114 | €0 | -€114 | -99.9% |
| Financial charges | 65/66B | €351 | €275 | -€75 | -21.4% |
| Recurring financial charges | 65 | €351 | €275 | -€75 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €188,983 | €143,850 | -€45,133 | -23.9% |
| Income taxes | 67/77 | €61,873 | €47,861 | -€14,012 | -22.6% |
| Profit (loss) for the period | 9904 | €127,110 | €95,989 | -€31,121 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €127,110 | €95,989 | -€31,121 | -24.5% |
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 17 October 2026 via checked.be.