MIGULIEN: 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.
MIGULIEN
Largest movements
- Receivables after one year -€52,250
down €52,250 (-70.0%), from €74,650 to €22,400
- Receivables within one year +€31,431
up €31,431 (+149%), from €21,141 to €52,572
of which Other amounts receivable: +€20,488
- Tangible fixed assets -€13,091
down €13,091 (-4.6%), from €282,225 to €269,134
of which Land and buildings: -€9,069
- Reserves -€26,594
down €26,594 (-8.5%), from €313,983 to €287,389
of which Distributable reserves: -€26,594
- Current portion of long-term debt -€10,250
no longer reported in 2025 (was €10,250)
- Other debts +€4,750
up €4,750 (+20.0%), from €23,750 to €28,500
- Gross operating margin -€11,093
down €11,093 (-34.1%), from €32,566 to €21,473
- Taxes -€2,336
down €2,336 (-44.7%), from €5,227 to €2,891
- Other operating charges -€2,018
down €2,018 (-51.6%), from €3,912 to €1,894
- Depreciation -€1,423
down €1,423 (-9.8%), from €14,514 to €13,091
- Financial income -€853
down €853 (-23.2%), from €3,684 to €2,831
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 | €388,956 | €354,150 | -€34,806 | -8.9% |
| Fixed assets | 21/28 | €282,225 | €269,134 | -€13,091 | -4.6% |
| Tangible fixed assets | 22/27 | €282,225 | €269,134 | -€13,091 | -4.6% |
| Land and buildings | 22 | €250,642 | €241,573 | -€9,069 | -3.6% |
| Plant, machinery and equipment | 23 | €29,710 | €26,508 | -€3,202 | -10.8% |
| Furniture and vehicles | 24 | €1,873 | €1,053 | -€820 | -43.8% |
| Current assets | 29/58 | €106,731 | €85,016 | -€21,715 | -20.3% |
| Amounts receivable after more than one year | 29 | €74,650 | €22,400 | -€52,250 | -70.0% |
| Other amounts receivable | 291 | €74,650 | €22,400 | -€52,250 | -70.0% |
| Amounts receivable within one year | 40/41 | €21,141 | €52,572 | +€31,431 | +149% |
| Trade receivables | 40 | - | €10,943 | +€10,943 | |
| Other amounts receivable | 41 | €21,141 | €41,629 | +€20,488 | +96.9% |
| Cash at bank and in hand | 54/58 | €10,587 | €8,481 | -€2,106 | -19.9% |
| Deferred charges and accrued income | 490/1 | €353 | €1,563 | +€1,210 | +343% |
| Total equity and liabilities | 10/49 | €388,956 | €354,150 | -€34,806 | -8.9% |
| Equity | 10/15 | €333,983 | €307,389 | -€26,594 | -8.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €313,983 | €287,389 | -€26,594 | -8.5% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €712 | €712 | = | 0.0% |
| Distributable reserves | 133 | €306,771 | €280,177 | -€26,594 | -8.7% |
| Amounts payable | 17/49 | €54,973 | €46,761 | -€8,212 | -14.9% |
| Amounts payable within one year | 42/48 | €54,973 | €45,786 | -€9,187 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €10,250 | - | -€10,250 | |
| Financial debts | 43 | €9,806 | €7,560 | -€2,246 | -22.9% |
| Other loans | 439 | €9,806 | €7,560 | -€2,246 | -22.9% |
| Trade debts | 44 | €2,102 | €1,471 | -€631 | -30.0% |
| Suppliers | 440/4 | €2,102 | €1,471 | -€631 | -30.0% |
| Taxes, remuneration and social security | 45 | €9,065 | €8,255 | -€810 | -8.9% |
| Taxes | 450/3 | €9,065 | €8,255 | -€810 | -8.9% |
| Other amounts payable | 47/48 | €23,750 | €28,500 | +€4,750 | +20.0% |
| Accrued charges and deferred income | 492/3 | - | €975 | +€975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,514 | €13,091 | -€1,423 | -9.8% |
| Other operating charges | 640/8 | €3,912 | €1,894 | -€2,018 | -51.6% |
| Gross operating margin | 9900 | €32,566 | €21,473 | -€11,093 | -34.1% |
| Operating profit (loss) | 9901 | €14,140 | €6,488 | -€7,652 | -54.1% |
| Financial income | 75/76B | €3,684 | €2,831 | -€853 | -23.2% |
| Recurring financial income | 75 | €3,684 | €2,831 | -€853 | -23.2% |
| Financial charges | 65/66B | €3,520 | €3,022 | -€498 | -14.1% |
| Recurring financial charges | 65 | €3,520 | €3,022 | -€498 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €14,304 | €6,297 | -€8,007 | -56.0% |
| Income taxes | 67/77 | €5,227 | €2,891 | -€2,336 | -44.7% |
| Profit (loss) for the period | 9904 | €9,077 | €3,406 | -€5,671 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,077 | €3,406 | -€5,671 | -62.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.