MISA: 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.
MISA
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€371,232
down €371,232 (-78.9%), from €470,295 to €99,063
mainly Current investments (-€400,000) and Tax, wage and social debts (-€8,252)
- Tangible fixed assets -€25,495
down €25,495 (-33.9%), from €75,136 to €49,641
of which Plant, machinery and equipment: -€21,002
- Profit (loss) carried forward +€15,740
up €15,740 (+27.7%), from -€56,850 to -€41,110
- Tax, wage and social debts -€8,252
down €8,252 (-77.4%), from €10,665 to €2,413
- Gross operating margin +€80,004
up €80,004, from -€41,967 to €38,037
- Staff costs -€9,691
no longer reported in 2025 (was €9,691)
- Financial income -€2,116
down €2,116 (-23.0%), from €9,212 to €7,096
- Depreciation -€1,848
down €1,848 (-6.6%), from €28,047 to €26,199
- Other operating charges +€813
up €813 (+34.7%), from €2,342 to €3,155
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 | €548,078 | €553,424 | +€5,346 | +1.0% |
| Fixed assets | 21/28 | €75,136 | €49,641 | -€25,495 | -33.9% |
| Tangible fixed assets | 22/27 | €75,136 | €49,641 | -€25,495 | -33.9% |
| Land and buildings | 22 | €34,807 | €30,314 | -€4,493 | -12.9% |
| Plant, machinery and equipment | 23 | €40,329 | €19,327 | -€21,002 | -52.1% |
| Current assets | 29/58 | €472,942 | €503,783 | +€30,841 | +6.5% |
| Amounts receivable within one year | 40/41 | €758 | €4,720 | +€3,962 | +522.7% |
| Other amounts receivable | 41 | €758 | €4,720 | +€3,962 | +522.7% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €470,295 | €99,063 | -€371,232 | -78.9% |
| Deferred charges and accrued income | 490/1 | €1,889 | - | -€1,889 | |
| Total equity and liabilities | 10/49 | €548,078 | €553,424 | +€5,346 | +1.0% |
| Equity | 10/15 | €534,548 | €550,288 | +€15,740 | +2.9% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €585,193 | €585,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,510 | - | -€9,510 | |
| Reserves not available under the articles | 1311 | €9,510 | - | -€9,510 | |
| Distributable reserves | 133 | €575,683 | €585,193 | +€9,510 | +1.7% |
| Profit (loss) carried forward | 14 | -€56,850 | -€41,110 | +€15,740 | +27.7% |
| Amounts payable | 17/49 | €13,530 | €3,136 | -€10,394 | -76.8% |
| Amounts payable within one year | 42/48 | €13,516 | €3,122 | -€10,394 | -76.9% |
| Trade debts | 44 | €2,197 | €71 | -€2,126 | -96.8% |
| Suppliers | 440/4 | €2,197 | €71 | -€2,126 | -96.8% |
| Taxes, remuneration and social security | 45 | €10,665 | €2,413 | -€8,252 | -77.4% |
| Taxes | 450/3 | €10,665 | €2,413 | -€8,252 | -77.4% |
| Other amounts payable | 47/48 | €654 | €638 | -€16 | -2.4% |
| Accrued charges and deferred income | 492/3 | €14 | €14 | = | 0.0% |
| Non-recurring operating income | 76A | €1,537 | €37,188 | +€35,651 | +2319.5% |
| Remuneration, social security and pensions | 62 | €9,691 | - | -€9,691 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,047 | €26,199 | -€1,848 | -6.6% |
| Other operating charges | 640/8 | €2,342 | €3,155 | +€813 | +34.7% |
| Gross operating margin | 9900 | -€41,967 | €38,037 | +€80,004 | |
| Operating profit (loss) | 9901 | -€82,047 | €8,683 | +€90,730 | |
| Financial income | 75/76B | €9,212 | €7,096 | -€2,116 | -23.0% |
| Recurring financial income | 75 | €9,212 | €7,096 | -€2,116 | -23.0% |
| Financial charges | 65/66B | €377 | €39 | -€338 | -89.7% |
| Recurring financial charges | 65 | €215 | €39 | -€176 | -81.9% |
| Non-recurring financial charges | 66B | €162 | - | -€162 | |
| Profit (loss) for the period before taxes | 9903 | -€73,212 | €15,740 | +€88,952 | |
| Profit (loss) for the period | 9904 | -€73,212 | €15,740 | +€88,952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,212 | €15,740 | +€88,952 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.