MIGLENN: 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.
MIGLENN
Largest movements
- Cash -€7,593
down €7,593 (-67.7%), from €11,218 to €3,625
mainly Debts after one year (-€9,020) and Investment in fixed assets (net) (-€5,000)
- Tangible fixed assets -€3,295
down €3,295 (-1.1%), from €295,089 to €291,794
- Debts after one year -€9,020
down €9,020 (-5.2%), from €175,121 to €166,101
- Depreciation -€9,282
down €9,282 (-52.8%), from €17,577 to €8,295
- Gross operating margin -€4,423
down €4,423 (-27.3%), from €16,224 to €11,801
- Other operating charges -€2,158
down €2,158 (-93.9%), from €2,298 to €141
- Financial charges -€421
down €421 (-6.9%), from €6,124 to €5,702
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 | €306,710 | €295,898 | -€10,811 | -3.5% |
| Fixed assets | 21/28 | €295,224 | €291,929 | -€3,295 | -1.1% |
| Tangible fixed assets | 22/27 | €295,089 | €291,794 | -€3,295 | -1.1% |
| Land and buildings | 22 | €295,089 | €291,794 | -€3,295 | -1.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €11,485 | €3,969 | -€7,516 | -65.4% |
| Amounts receivable within one year | 40/41 | €268 | €345 | +€77 | +28.7% |
| Other amounts receivable | 41 | €268 | €345 | +€77 | +28.7% |
| Cash at bank and in hand | 54/58 | €11,218 | €3,625 | -€7,593 | -67.7% |
| Total equity and liabilities | 10/49 | €306,710 | €295,898 | -€10,811 | -3.5% |
| Equity | 10/15 | €111,306 | €108,969 | -€2,337 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,732 | €112,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €91,503 | €91,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,026 | -€22,363 | -€2,337 | -11.7% |
| Amounts payable | 17/49 | €195,404 | €186,930 | -€8,474 | -4.3% |
| Amounts payable after more than one year | 17 | €175,121 | €166,101 | -€9,020 | -5.2% |
| Financial debts | 170/4 | €175,121 | €166,101 | -€9,020 | -5.2% |
| Amounts payable within one year | 42/48 | €20,283 | €20,829 | +€546 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €8,707 | €9,020 | +€313 | +3.6% |
| Trade debts | 44 | €1,129 | €2,001 | +€873 | +77.3% |
| Suppliers | 440/4 | €1,129 | €2,001 | +€873 | +77.3% |
| Advances received on contracts in progress | 46 | €640 | - | -€640 | |
| Other amounts payable | 47/48 | €9,807 | €9,807 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,577 | €8,295 | -€9,282 | -52.8% |
| Other operating charges | 640/8 | €2,298 | €141 | -€2,158 | -93.9% |
| Gross operating margin | 9900 | €16,224 | €11,801 | -€4,423 | -27.3% |
| Operating profit (loss) | 9901 | -€3,651 | €3,365 | +€7,016 | |
| Financial charges | 65/66B | €6,124 | €5,702 | -€421 | -6.9% |
| Recurring financial charges | 65 | €6,124 | €5,702 | -€421 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,775 | -€2,337 | +€7,438 | +76.1% |
| Profit (loss) for the period | 9904 | -€9,775 | -€2,337 | +€7,438 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,775 | -€2,337 | +€7,438 | +76.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.