MIGUAL: 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.
MIGUAL
Largest movements
- Financial fixed assets +€515,000
up €515,000 (+7.3%), from €7.1m to €7.6m
- Cash +€503,326
up €503,326 (+35.3%), from €1.4m to €1.9m
- Stocks and contracts -€439,757
no longer reported in 2024 (was €439,757)
- Tangible fixed assets +€353,454
up €353,454 (+21.7%), from €1.6m to €2.0m
of which Land and buildings: +€367,684
- Receivables within one year +€318,886
up €318,886 (+54.3%), from €587,759 to €906,645
- Other debts +€1.1m
up €1.1m (+1,029%), from €106,050 to €1.2m
- Reserves +€316,154
up €316,154 (+15.1%), from €2.1m to €2.4m
of which Distributable reserves: +€239,150
- Financial income +€1.0m
up €1.0m (+129%), from €792,836 to €1.8m
- Financial charges -€139,344
down €139,344, from €84,095 to -€55,249
- Depreciation +€99,927
up €99,927 (+93.2%), from €107,265 to €207,193
- Gross operating margin -€85,099
down €85,099 (-443%), from -€19,219 to -€104,318
- Taxes -€27,074
down €27,074 (-51.5%), from €52,583 to €25,509
From the 2023 result to the 2024 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,396,240 | €14,804,153 | +€1.4m | +10.5% |
| Fixed assets | 21/28 | €8,699,032 | €9,567,486 | +€868,454 | +10.0% |
| Tangible fixed assets | 22/27 | €1,629,669 | €1,983,124 | +€353,454 | +21.7% |
| Land and buildings | 22 | €1,474,467 | €1,842,152 | +€367,684 | +24.9% |
| Plant, machinery and equipment | 23 | €2,501 | €1,731 | -€770 | -30.8% |
| Furniture and vehicles | 24 | €152,701 | €139,241 | -€13,460 | -8.8% |
| Financial fixed assets | 28 | €7,069,363 | €7,584,362 | +€515,000 | +7.3% |
| Current assets | 29/58 | €4,697,208 | €5,236,667 | +€539,459 | +11.5% |
| Amounts receivable after more than one year | 29 | €1,005,833 | €1,005,833 | = | 0.0% |
| Other amounts receivable | 291 | €1,005,833 | €1,005,833 | = | 0.0% |
| Stocks and contracts in progress | 3 | €439,757 | - | -€439,757 | |
| Stocks | 30/36 | €439,757 | - | -€439,757 | |
| Amounts receivable within one year | 40/41 | €587,759 | €906,645 | +€318,886 | +54.3% |
| Other amounts receivable | 41 | €587,759 | €906,645 | +€318,886 | +54.3% |
| Current investments | 50/53 | €1,234,635 | €1,392,169 | +€157,534 | +12.8% |
| Cash at bank and in hand | 54/58 | €1,425,006 | €1,928,333 | +€503,326 | +35.3% |
| Deferred charges and accrued income | 490/1 | €4,217 | €3,687 | -€530 | -12.6% |
| Total equity and liabilities | 10/49 | €13,396,240 | €14,804,153 | +€1.4m | +10.5% |
| Equity | 10/15 | €13,285,388 | €13,601,541 | +€316,154 | +2.4% |
| Contributions | 10/11 | €10,617,181 | €10,617,181 | = | 0.0% |
| Capital | 10 | €10,617,181 | €10,617,181 | = | 0.0% |
| Issued capital | 100 | €10,617,181 | €10,617,181 | = | 0.0% |
| Reserves | 13 | €2,089,027 | €2,405,180 | +€316,154 | +15.1% |
| Non-distributable reserves | 130/1 | €355,098 | €432,102 | +€77,003 | +21.7% |
| Legal reserve | 130 | €355,098 | €432,102 | +€77,003 | +21.7% |
| Distributable reserves | 133 | €1,733,928 | €1,973,079 | +€239,150 | +13.8% |
| Profit (loss) carried forward | 14 | €579,180 | €579,180 | = | 0.0% |
| Amounts payable | 17/49 | €110,852 | €1,202,612 | +€1.1m | +985% |
| Amounts payable within one year | 42/48 | €109,219 | €1,202,612 | +€1.1m | +1,001% |
| Trade debts | 44 | €3,169 | €5,504 | +€2,335 | +73.7% |
| Suppliers | 440/4 | €3,169 | €5,504 | +€2,335 | +73.7% |
| Taxes, remuneration and social security | 45 | - | €7 | +€7 | |
| Taxes | 450/3 | - | €7 | +€7 | |
| Other amounts payable | 47/48 | €106,050 | €1,197,100 | +€1.1m | +1,029% |
| Accrued charges and deferred income | 492/3 | €1,633 | - | -€1,633 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,265 | €207,193 | +€99,927 | +93.2% |
| Other operating charges | 640/8 | €15,315 | €21,317 | +€6,002 | +39.2% |
| Gross operating margin | 9900 | -€19,219 | -€104,318 | -€85,099 | -443% |
| Operating profit (loss) | 9901 | -€141,800 | -€332,828 | -€191,029 | -135% |
| Financial income | 75/76B | €792,836 | €1,819,242 | +€1.0m | +129% |
| Recurring financial income | 75 | €792,836 | €1,819,242 | +€1.0m | +129% |
| Financial charges | 65/66B | €84,095 | -€55,249 | -€139,344 | |
| Recurring financial charges | 65 | €84,095 | -€55,249 | -€139,344 | |
| Profit (loss) for the period before taxes | 9903 | €566,941 | €1,541,663 | +€974,722 | +172% |
| Income taxes | 67/77 | €52,583 | €25,509 | -€27,074 | -51.5% |
| Profit (loss) for the period | 9904 | €514,358 | €1,516,154 | +€1.0m | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €514,358 | €1,516,154 | +€1.0m | +195% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.