MIQUETOT: 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.
What changed
MIQUETOT
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €11.0m-€9.1m
Equity
€78.2m
2024 · €76.9m+€1.2m
Cash
€4.2m
2024 · €4.8m-€601,678
Balance sheet total
€129.9m
2024 · €129.7m+€242,798
Largest movements
Assets
- Tangible fixed assets +€5.0m
up €5.0m (+21.0%), from €23.9m to €28.9m
of which Land and buildings: +€5.8m
- Financial fixed assets -€4.1m
down €4.1m (-5.3%), from €77.9m to €73.8m
of which Affiliated companies: -€4.1m
- Current investments -€1.5m
down €1.5m (-16.7%), from €8.9m to €7.4m
Equity and liabilities
- Debts after one year -€1.3m
down €1.3m (-2.8%), from €46.6m to €45.3m
Income statement
- Financial income -€6.5m
down €6.5m (-67.7%), from €9.6m to €3.1m
- Financial charges +€2.8m
up €2.8m (+250%), from €1.1m to €4.0m
of which Non-recurring financial charges: +€2.7m
- Turnover +€272,078
up €272,078 (+5.8%), from €4.7m to €5.0m
- Taxes -€166,192
down €166,192 (-37.0%), from €448,577 to €282,385
- Depreciation +€107,242
up €107,242 (+7.9%), from €1.4m to €1.5m
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.
Result 2024
€11.0m
Turnover
+€272,078
Other operating income
+€7,634
Services and other goods
-€39,412
Staff costs
-€13,027
Depreciation
-€107,242
Other operating charges
-€3,654
Financial income
-€6.5m
Financial charges
-€2.8m
Taxes
+€166,192
Result 2025
€2.0m
raises the resultlowers the result
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.
From operations
+€2.0m
Investment
-€937,559
Financing
-€1.6m
Cash 2024
€4.8m
From operations (derived)
+€2.0m
Net result for the year
+€2.0m
Depreciation
+€1.5m
Receivables after one year
-€100,000
Receivables within one year
-€1.3m
Deferred charges and accrued income
-€6,653
Trade debts
+€16,642
Tax, wage and social debts
+€167,539
Other debts
-€272,022
Accrued charges and deferred income
+€920
Investment (derived)
-€937,559
Investment in fixed assets (net)
-€2.4m
Current investments
+€1.5m
Financing
-€1.6m
Debts after one year
-€1.3m
Current portion of long-term debt
+€406,492
Short-term financial debts
+€352
Contributions, distributions and other
-€723,193
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,660,146 | €129,902,944 | +€242,798 | +0.2% |
| Fixed assets | 21/28 | €101,818,675 | €102,780,812 | +€962,138 | +0.9% |
| Intangible fixed assets | 21 | €78,068 | €122,130 | +€44,061 | +56.4% |
| Tangible fixed assets | 22/27 | €23,870,143 | €28,893,454 | +€5.0m | +21.0% |
| Land and buildings | 22 | €19,261,826 | €25,038,698 | +€5.8m | +30.0% |
| Plant, machinery and equipment | 23 | €529,484 | €507,128 | -€22,356 | -4.2% |
| Furniture and vehicles | 24 | €35,405 | €16,661 | -€18,744 | -52.9% |
| Other tangible fixed assets | 26 | €1,749,255 | €2,123,440 | +€374,186 | +21.4% |
| Assets under construction and advance payments | 27 | €2,294,173 | €1,207,527 | -€1.1m | -47.4% |
| Financial fixed assets | 28 | €77,870,463 | €73,765,229 | -€4.1m | -5.3% |
| Affiliated companies | 280/1 | €77,870,100 | €73,764,866 | -€4.1m | -5.3% |
| Participating interests | 280 | €77,870,100 | €73,764,866 | -€4.1m | -5.3% |
| Other financial fixed assets | 284/8 | €363 | €363 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €27,841,472 | €27,122,132 | -€719,340 | -2.6% |
| Amounts receivable after more than one year | 29 | €3,702,629 | €3,802,629 | +€100,000 | +2.7% |
| Other amounts receivable | 291 | €3,702,629 | €3,802,629 | +€100,000 | +2.7% |
| Amounts receivable within one year | 40/41 | €10,437,080 | €11,702,011 | +€1.3m | +12.1% |
| Trade receivables | 40 | €1,564 | €56,110 | +€54,545 | +3,487% |
| Other amounts receivable | 41 | €10,435,516 | €11,645,901 | +€1.2m | +11.6% |
| Current investments | 50/53 | €8,900,062 | €7,410,816 | -€1.5m | -16.7% |
| Other investments | 51/53 | €8,900,062 | €7,410,816 | -€1.5m | -16.7% |
| Cash at bank and in hand | 54/58 | €4,793,450 | €4,191,772 | -€601,678 | -12.6% |
| Deferred charges and accrued income | 490/1 | €8,251 | €14,904 | +€6,653 | +80.6% |
| Total equity and liabilities | 10/49 | €129,660,146 | €129,902,944 | +€242,798 | +0.2% |
| Equity | 10/15 | €76,937,083 | €78,174,061 | +€1.2m | +1.6% |
| Contributions | 10/11 | €133,890 | €133,890 | = | 0.0% |
| Capital | 10 | €133,797 | €133,797 | = | 0.0% |
| Issued capital | 100 | €133,797 | €133,797 | = | 0.0% |
| Contributions outside capital | 11 | €93 | €93 | = | 0.0% |
| Share premium | 1100/10 | €93 | €93 | = | 0.0% |
| Revaluation surpluses | 12 | €1,717,283 | €2,919,937 | +€1.2m | +70.0% |
| Reserves | 13 | €75,085,910 | €75,120,234 | +€34,324 | 0.0% |
| Non-distributable reserves | 130/1 | €13,380 | €13,380 | = | 0.0% |
| Legal reserve | 130 | €13,380 | €13,380 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,667 | €6,667 | = | 0.0% |
| Distributable reserves | 133 | €75,065,863 | €75,100,187 | +€34,324 | 0.0% |
| Amounts payable | 17/49 | €52,723,063 | €51,728,883 | -€994,180 | -1.9% |
| Amounts payable after more than one year | 17 | €46,603,934 | €45,289,830 | -€1.3m | -2.8% |
| Financial debts | 170/4 | €46,603,934 | €45,289,830 | -€1.3m | -2.8% |
| Credit institutions | 173 | €46,603,934 | €45,289,830 | -€1.3m | -2.8% |
| Amounts payable within one year | 42/48 | €6,118,340 | €6,437,343 | +€319,004 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €5,538,312 | €5,944,804 | +€406,492 | +7.3% |
| Financial debts | 43 | €27,493 | €27,845 | +€352 | +1.3% |
| Credit institutions | 430/8 | €27,493 | €27,845 | +€352 | +1.3% |
| Trade debts | 44 | €16,980 | €33,622 | +€16,642 | +98.0% |
| Suppliers | 440/4 | €16,980 | €33,622 | +€16,642 | +98.0% |
| Taxes, remuneration and social security | 45 | €44,494 | €212,034 | +€167,539 | +377% |
| Taxes | 450/3 | €26,300 | €188,424 | +€162,123 | +616% |
| Remuneration and social security | 454/9 | €18,194 | €23,610 | +€5,416 | +29.8% |
| Other amounts payable | 47/48 | €491,061 | €219,039 | -€272,022 | -55.4% |
| Accrued charges and deferred income | 492/3 | €789 | €1,710 | +€920 | +117% |
| Operating income | 70/76A | €4,851,447 | €5,131,159 | +€279,712 | +5.8% |
| Turnover | 70 | €4,720,840 | €4,992,918 | +€272,078 | +5.8% |
| Other operating income | 74 | €130,607 | €138,241 | +€7,634 | +5.8% |
| Operating charges | 60/66A | €1,857,718 | €2,021,053 | +€163,335 | +8.8% |
| Services and other goods | 61 | €200,310 | €239,723 | +€39,412 | +19.7% |
| Remuneration, social security and pensions | 62 | €167,544 | €180,571 | +€13,027 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,357,425 | €1,464,667 | +€107,242 | +7.9% |
| Other operating charges | 640/8 | €132,438 | €136,092 | +€3,654 | +2.8% |
| Operating profit (loss) | 9901 | €2,993,729 | €3,110,106 | +€116,377 | +3.9% |
| Financial income | 75/76B | €9,617,407 | €3,102,641 | -€6.5m | -67.7% |
| Recurring financial income | 75 | €9,617,407 | €3,102,641 | -€6.5m | -67.7% |
| Income from financial fixed assets | 750 | €9,526,000 | €2,500,000 | -€7.0m | -73.8% |
| Income from current assets | 751 | €91,407 | €411,489 | +€320,083 | +350% |
| Other financial income | 752/9 | - | €191,151 | +€191,151 | |
| Financial charges | 65/66B | €1,133,105 | €3,970,190 | +€2.8m | +250% |
| Recurring financial charges | 65 | €1,133,105 | €1,229,442 | +€96,338 | +8.5% |
| Debt charges | 650 | €1,133,105 | €1,228,923 | +€95,819 | +8.5% |
| Other financial charges | 652/9 | - | €519 | +€519 | |
| Non-recurring financial charges | 66B | - | €2,740,748 | +€2.7m | |
| Profit (loss) for the period before taxes | 9903 | €11,478,031 | €2,242,556 | -€9.2m | -80.5% |
| Income taxes | 67/77 | €448,577 | €282,385 | -€166,192 | -37.0% |
| Taxes | 670/3 | €448,577 | €619,024 | +€170,447 | +38.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €336,639 | +€336,639 | |
| Profit (loss) for the period | 9904 | €11,029,454 | €1,960,171 | -€9.1m | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,029,454 | €1,960,171 | -€9.1m | -82.2% |
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 28 October 2026 via checked.be.