MIGRAMACO: 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.
MIGRAMACO
Largest movements
- Current investments -€104,505
down €104,505 (-14.4%), from €725,000 to €620,495
- Cash -€52,461
down €52,461 (-26.1%), from €200,688 to €148,227
mainly Tax, wage and social debts (-€121,453) and Net result for the year (-€38,846)
- Tax, wage and social debts -€121,453
down €121,453 (-93.9%), from €129,316 to €7,862
- Reserves -€23,686
down €23,686 (-4.8%), from €498,525 to €474,839
of which Distributable reserves: -€23,686
- Profit (loss) carried forward -€15,159
new in 2025: -€15,159
- Gross operating margin -€40,838
down €40,838, from €25,683 to -€15,155
- Financial charges +€33,167
up €33,167 (+344.1%), from €9,639 to €42,805
- Financial income +€15,787
up €15,787 (+175.9%), from €8,977 to €24,763
- Taxes -€6,303
down €6,303 (-98.2%), from €6,420 to €116
- Depreciation -€938
down €938 (-17.3%), from €5,410 to €4,472
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 | €949,521 | €793,788 | -€155,733 | -16.4% |
| Fixed assets | 21/28 | €20,548 | €16,076 | -€4,472 | -21.8% |
| Tangible fixed assets | 22/27 | €20,548 | €16,076 | -€4,472 | -21.8% |
| Plant, machinery and equipment | 23 | €1,836 | €571 | -€1,266 | -68.9% |
| Furniture and vehicles | 24 | €6,269 | €4,956 | -€1,313 | -20.9% |
| Other tangible fixed assets | 26 | €12,443 | €10,550 | -€1,893 | -15.2% |
| Current assets | 29/58 | €928,973 | €777,712 | -€151,261 | -16.3% |
| Amounts receivable within one year | 40/41 | €2,536 | €8,990 | +€6,454 | +254.5% |
| Trade receivables | 40 | €1,650 | €177 | -€1,473 | -89.3% |
| Other amounts receivable | 41 | €886 | €8,813 | +€7,927 | +894.7% |
| Current investments | 50/53 | €725,000 | €620,495 | -€104,505 | -14.4% |
| Cash at bank and in hand | 54/58 | €200,688 | €148,227 | -€52,461 | -26.1% |
| Deferred charges and accrued income | 490/1 | €748 | - | -€748 | |
| Total equity and liabilities | 10/49 | €949,521 | €793,788 | -€155,733 | -16.4% |
| Equity | 10/15 | €651,725 | €612,880 | -€38,846 | -6.0% |
| Contributions | 10/11 | €153,200 | €153,200 | = | 0.0% |
| Reserves | 13 | €498,525 | €474,839 | -€23,686 | -4.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €479,775 | €456,089 | -€23,686 | -4.9% |
| Profit (loss) carried forward | 14 | - | -€15,159 | -€15,159 | |
| Amounts payable | 17/49 | €297,796 | €180,909 | -€116,887 | -39.3% |
| Amounts payable after more than one year | 17 | €165,000 | €165,000 | = | 0.0% |
| Financial debts | 170/4 | €165,000 | €165,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €132,796 | €15,909 | -€116,887 | -88.0% |
| Trade debts | 44 | €2,416 | €25 | -€2,390 | -99.0% |
| Suppliers | 440/4 | €2,416 | €25 | -€2,390 | -99.0% |
| Taxes, remuneration and social security | 45 | €129,316 | €7,862 | -€121,453 | -93.9% |
| Taxes | 450/3 | €129,316 | €7,862 | -€121,453 | -93.9% |
| Other amounts payable | 47/48 | €1,065 | €8,021 | +€6,956 | +653.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,410 | €4,472 | -€938 | -17.3% |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | €25,683 | -€15,155 | -€40,838 | |
| Operating profit (loss) | 9901 | €19,244 | -€20,687 | -€39,931 | |
| Financial income | 75/76B | €8,977 | €24,763 | +€15,787 | +175.9% |
| Recurring financial income | 75 | €8,977 | €24,763 | +€15,787 | +175.9% |
| Financial charges | 65/66B | €9,639 | €42,805 | +€33,167 | +344.1% |
| Recurring financial charges | 65 | €9,639 | €42,805 | +€33,167 | +344.1% |
| Profit (loss) for the period before taxes | 9903 | €18,582 | -€38,729 | -€57,311 | |
| Income taxes | 67/77 | €6,420 | €116 | -€6,303 | -98.2% |
| Profit (loss) for the period | 9904 | €12,162 | -€38,846 | -€51,008 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,162 | -€38,846 | -€51,008 |
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 4 October 2026 via checked.be.