MIHAM: what changed
MIHAM
Largest movements
- Cash +€36,827
up €36,827 (+77.9%), from €47,283 to €84,110
mainly Tax, wage and social debts (+€62,580) and Trade debts (+€45,940)
- Receivables within one year +€27,728
up €27,728 (+213%), from €13,017 to €40,745
of which Trade receivables: +€23,548
- Stocks and contracts +€23,194
up €23,194 (+989%), from €2,345 to €25,539
- Financial fixed assets +€14,550
up €14,550 (+46.8%), from €31,061 to €45,611
- Tangible fixed assets +€5,258
up €5,258 (+895%), from €587 to €5,845
of which Plant, machinery and equipment: +€3,645
- Tax, wage and social debts +€62,580
up €62,580 (+178%), from €35,212 to €97,792
of which Remuneration and social security: +€55,237
- Trade debts +€45,940
up €45,940 (+112%), from €41,017 to €86,957
- Staff costs +€181,607
up €181,607 (+148%), from €122,891 to €304,497
- Gross operating margin +€176,687
up €176,687 (+125%), from €141,380 to €318,066
- Other operating charges +€8,701
up €8,701 (+6,961%), from €125 to €8,826
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,097 | €203,071 | +€106,974 | +111% |
| Fixed assets | 21/28 | €32,444 | €52,053 | +€19,609 | +60.4% |
| Intangible fixed assets | 21 | €795 | €597 | -€198 | -24.9% |
| Tangible fixed assets | 22/27 | €587 | €5,845 | +€5,258 | +895% |
| Plant, machinery and equipment | 23 | - | €3,645 | +€3,645 | |
| Furniture and vehicles | 24 | €587 | €2,200 | +€1,613 | +274% |
| Financial fixed assets | 28 | €31,061 | €45,611 | +€14,550 | +46.8% |
| Current assets | 29/58 | €63,653 | €151,018 | +€87,365 | +137% |
| Stocks and contracts in progress | 3 | €2,345 | €25,539 | +€23,194 | +989% |
| Stocks | 30/36 | €2,345 | €25,539 | +€23,194 | +989% |
| Amounts receivable within one year | 40/41 | €13,017 | €40,745 | +€27,728 | +213% |
| Trade receivables | 40 | €1,307 | €24,855 | +€23,548 | +1,802% |
| Other amounts receivable | 41 | €11,710 | €15,889 | +€4,179 | +35.7% |
| Cash at bank and in hand | 54/58 | €47,283 | €84,110 | +€36,827 | +77.9% |
| Deferred charges and accrued income | 490/1 | €1,008 | €624 | -€384 | -38.1% |
| Total equity and liabilities | 10/49 | €96,097 | €203,071 | +€106,974 | +111% |
| Equity | 10/15 | €19,677 | €18,321 | -€1,356 | -6.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,677 | €10,321 | -€1,356 | -11.6% |
| Amounts payable | 17/49 | €76,419 | €184,749 | +€108,330 | +142% |
| Amounts payable within one year | 42/48 | €76,419 | €184,749 | +€108,330 | +142% |
| Trade debts | 44 | €41,017 | €86,957 | +€45,940 | +112% |
| Suppliers | 440/4 | €41,017 | €86,957 | +€45,940 | +112% |
| Taxes, remuneration and social security | 45 | €35,212 | €97,792 | +€62,580 | +178% |
| Taxes | 450/3 | €5,073 | €12,416 | +€7,343 | +145% |
| Remuneration and social security | 454/9 | €30,139 | €85,376 | +€55,237 | +183% |
| Other amounts payable | 47/48 | €190 | - | -€190 | |
| Remuneration, social security and pensions | 62 | €122,891 | €304,497 | +€181,607 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659 | €1,097 | +€438 | +66.4% |
| Other operating charges | 640/8 | €125 | €8,826 | +€8,701 | +6,961% |
| Gross operating margin | 9900 | €141,380 | €318,066 | +€176,687 | +125% |
| Operating profit (loss) | 9901 | €17,705 | €3,646 | -€14,059 | -79.4% |
| Financial income | 75/76B | - | €27 | +€27 | |
| Recurring financial income | 75 | - | €27 | +€27 | |
| Financial charges | 65/66B | €2,134 | €3,478 | +€1,344 | +63.0% |
| Recurring financial charges | 65 | €2,134 | €3,478 | +€1,344 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €15,571 | €195 | -€15,376 | -98.8% |
| Income taxes | 67/77 | €3,893 | €1,551 | -€2,343 | -60.2% |
| Profit (loss) for the period | 9904 | €11,677 | -€1,356 | -€13,033 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,677 | -€1,356 | -€13,033 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.