MIGSEL: 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.
MIGSEL
Largest movements
- Cash -€9,829
down €9,829 (-32.3%), from €30,454 to €20,625
mainly Investment in fixed assets (net) (-€7,500) and Receivables within one year (-€3,209)
- Tangible fixed assets +€5,318
up €5,318 (+1386.7%), from €383 to €5,701
of which Furniture and vehicles: +€5,628
- Receivables within one year +€3,209
up €3,209 (+132.4%), from €2,424 to €5,633
of which Trade receivables: +€5,525
- Stocks and contracts -€2,198
down €2,198 (-32.8%), from €6,703 to €4,505
- Other debts -€2,087
down €2,087 (-47.7%), from €4,378 to €2,290
- Trade debts -€969
down €969 (-40.9%), from €2,370 to €1,402
- Tax, wage and social debts -€745
down €745 (-42.9%), from €1,738 to €993
- Gross operating margin -€4,136
down €4,136 (-55.0%), from €7,526 to €3,389
- Depreciation -€3,703
down €3,703 (-62.9%), from €5,885 to €2,182
- Other operating charges -€140
down €140 (-13.5%), from €1,042 to €902
- Financial income -€131
down €131 (-55.6%), from €236 to €105
- Taxes -€96
down €96, from €94 to -€2
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 | €39,965 | €36,464 | -€3,501 | -8.8% |
| Fixed assets | 21/28 | €383 | €5,701 | +€5,318 | +1386.7% |
| Tangible fixed assets | 22/27 | €383 | €5,701 | +€5,318 | +1386.7% |
| Plant, machinery and equipment | 23 | €340 | €30 | -€310 | -91.2% |
| Furniture and vehicles | 24 | €43 | €5,671 | +€5,628 | +12979.3% |
| Current assets | 29/58 | €39,581 | €30,763 | -€8,818 | -22.3% |
| Stocks and contracts in progress | 3 | €6,703 | €4,505 | -€2,198 | -32.8% |
| Stocks | 30/36 | €6,703 | €4,505 | -€2,198 | -32.8% |
| Amounts receivable within one year | 40/41 | €2,424 | €5,633 | +€3,209 | +132.4% |
| Trade receivables | 40 | €106 | €5,631 | +€5,525 | +5195.1% |
| Other amounts receivable | 41 | €2,317 | €1 | -€2,316 | -99.9% |
| Cash at bank and in hand | 54/58 | €30,454 | €20,625 | -€9,829 | -32.3% |
| Total equity and liabilities | 10/49 | €39,965 | €36,464 | -€3,501 | -8.8% |
| Equity | 10/15 | €31,478 | €31,779 | +€301 | +1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €19,078 | €19,379 | +€301 | +1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,218 | €17,519 | +€301 | +1.7% |
| Amounts payable | 17/49 | €8,486 | €4,685 | -€3,801 | -44.8% |
| Amounts payable within one year | 42/48 | €8,486 | €4,685 | -€3,801 | -44.8% |
| Trade debts | 44 | €2,370 | €1,402 | -€969 | -40.9% |
| Suppliers | 440/4 | €2,370 | €1,402 | -€969 | -40.9% |
| Taxes, remuneration and social security | 45 | €1,738 | €993 | -€745 | -42.9% |
| Taxes | 450/3 | €1,738 | €993 | -€745 | -42.9% |
| Other amounts payable | 47/48 | €4,378 | €2,290 | -€2,087 | -47.7% |
| Non-recurring operating income | 76A | - | €7,769 | +€7,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,885 | €2,182 | -€3,703 | -62.9% |
| Other operating charges | 640/8 | €1,042 | €902 | -€140 | -13.5% |
| Gross operating margin | 9900 | €7,526 | €3,389 | -€4,136 | -55.0% |
| Operating profit (loss) | 9901 | €598 | €305 | -€293 | -49.0% |
| Financial income | 75/76B | €236 | €105 | -€131 | -55.6% |
| Recurring financial income | 75 | €236 | €105 | -€131 | -55.6% |
| Financial charges | 65/66B | €119 | €111 | -€7 | -6.2% |
| Recurring financial charges | 65 | €119 | €111 | -€7 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €715 | €299 | -€416 | -58.2% |
| Income taxes | 67/77 | €94 | -€2 | -€96 | |
| Profit (loss) for the period | 9904 | €621 | €301 | -€320 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €621 | €301 | -€320 | -51.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.