MIGRAF: 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.
MIGRAF
Largest movements
- Cash -€35,483
down €35,483 (-90.1%), from €39,392 to €3,909
mainly Investment in fixed assets (net) (-€30,527) and Net result for the year (-€26,258)
- Tangible fixed assets +€17,291
up €17,291 (+48.9%), from €35,374 to €52,664
of which Plant, machinery and equipment: +€26,007
- Current portion of long-term debt +€29,438
new in 2025: €29,438
- Profit (loss) carried forward -€26,258
down €26,258 (-964.2%), from -€2,723 to -€28,981
- Debts after one year -€16,670
down €16,670 (-47.6%), from €35,000 to €18,330
- Trade debts -€14,739
down €14,739 (-50.2%), from €29,371 to €14,632
- Other debts +€9,160
up €9,160 (+190.3%), from €4,813 to €13,973
- Gross operating margin -€29,910
down €29,910 (-59.1%), from €50,604 to €20,694
- Staff costs -€18,017
down €18,017 (-39.6%), from €45,463 to €27,446
- Taxes -€4,408
down €4,408 (-92.2%), from €4,781 to €373
- Financial charges +€3,356
up €3,356 (+362.8%), from €925 to €4,281
- Depreciation -€2,869
down €2,869 (-17.8%), from €16,105 to €13,236
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 | €91,991 | €72,963 | -€19,027 | -20.7% |
| Fixed assets | 21/28 | €46,606 | €63,897 | +€17,291 | +37.1% |
| Tangible fixed assets | 22/27 | €35,374 | €52,664 | +€17,291 | +48.9% |
| Plant, machinery and equipment | 23 | €6,549 | €32,556 | +€26,007 | +397.1% |
| Furniture and vehicles | 24 | €14,334 | €11,004 | -€3,330 | -23.2% |
| Other tangible fixed assets | 26 | €14,491 | €9,105 | -€5,387 | -37.2% |
| Financial fixed assets | 28 | €11,232 | €11,232 | = | 0.0% |
| Current assets | 29/58 | €45,385 | €9,067 | -€36,318 | -80.0% |
| Stocks and contracts in progress | 3 | €2,055 | €2,055 | = | 0.0% |
| Stocks | 30/36 | €2,055 | €2,055 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,938 | €3,103 | -€835 | -21.2% |
| Trade receivables | 40 | €12 | - | -€12 | |
| Other amounts receivable | 41 | €3,926 | €3,103 | -€823 | -21.0% |
| Cash at bank and in hand | 54/58 | €39,392 | €3,909 | -€35,483 | -90.1% |
| Total equity and liabilities | 10/49 | €91,991 | €72,963 | -€19,027 | -20.7% |
| Equity | 10/15 | €15,877 | -€10,381 | -€26,258 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,723 | -€28,981 | -€26,258 | -964.2% |
| Amounts payable | 17/49 | €76,114 | €83,345 | +€7,231 | +9.5% |
| Amounts payable after more than one year | 17 | €35,000 | €18,330 | -€16,670 | -47.6% |
| Financial debts | 170/4 | €35,000 | €18,330 | -€16,670 | -47.6% |
| Amounts payable within one year | 42/48 | €34,184 | €65,015 | +€30,831 | +90.2% |
| Current portion of amounts payable after more than one year | 42 | - | €29,438 | +€29,438 | |
| Trade debts | 44 | €29,371 | €14,632 | -€14,739 | -50.2% |
| Suppliers | 440/4 | €29,371 | €14,632 | -€14,739 | -50.2% |
| Taxes, remuneration and social security | 45 | - | €6,972 | +€6,972 | |
| Taxes | 450/3 | - | €6,972 | +€6,972 | |
| Other amounts payable | 47/48 | €4,813 | €13,973 | +€9,160 | +190.3% |
| Accrued charges and deferred income | 492/3 | €6,930 | - | -€6,930 | |
| Remuneration, social security and pensions | 62 | €45,463 | €27,446 | -€18,017 | -39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,105 | €13,236 | -€2,869 | -17.8% |
| Other operating charges | 640/8 | €2,177 | €1,615 | -€562 | -25.8% |
| Gross operating margin | 9900 | €50,604 | €20,694 | -€29,910 | -59.1% |
| Operating profit (loss) | 9901 | -€13,141 | -€21,603 | -€8,462 | -64.4% |
| Financial charges | 65/66B | €925 | €4,281 | +€3,356 | +362.8% |
| Recurring financial charges | 65 | €925 | €4,281 | +€3,356 | +362.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,066 | -€25,885 | -€11,818 | -84.0% |
| Income taxes | 67/77 | €4,781 | €373 | -€4,408 | -92.2% |
| Profit (loss) for the period | 9904 | -€18,847 | -€26,258 | -€7,411 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,847 | -€26,258 | -€7,411 | -39.3% |
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 1 October 2026 via checked.be.