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
- Cash -€8,333
down €8,333 (-10.4%), from €80,471 to €72,138
mainly Contributions, distributions and other (-€123,906) and Investment in fixed assets (net) (-€2,479)
- Reserves -€90,458
down €90,458 (-100.0%), from €90,458 to €0
- Other debts +€69,906
up €69,906 (+129.5%), from €54,000 to €123,906
- Tax, wage and social debts +€6,479
up €6,479 (+605.1%), from €1,071 to €7,550
- Trade debts +€3,745
up €3,745 (+95.2%), from €3,935 to €7,679
- Gross operating margin -€11,209
down €11,209 (-18.6%), from €60,410 to €49,201
- Financial income -€2,529
down €2,529 (-88.4%), from €2,861 to €332
- Depreciation +€1,031
up €1,031 (+47.1%), from €2,188 to €3,219
- Taxes -€739
down €739 (-5.6%), from €13,076 to €12,337
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 | €152,464 | €142,136 | -€10,328 | -6.8% |
| Fixed assets | 21/28 | €9,797 | €9,057 | -€740 | -7.6% |
| Tangible fixed assets | 22/27 | €9,797 | €9,057 | -€740 | -7.6% |
| Land and buildings | 22 | €6,348 | €4,536 | -€1,812 | -28.5% |
| Plant, machinery and equipment | 23 | €1,108 | €577 | -€531 | -47.9% |
| Furniture and vehicles | 24 | €2,340 | €3,944 | +€1,604 | +68.5% |
| Current assets | 29/58 | €142,666 | €133,078 | -€9,588 | -6.7% |
| Amounts receivable within one year | 40/41 | €60,983 | €60,830 | -€153 | -0.3% |
| Trade receivables | 40 | €13,688 | €9,529 | -€4,159 | -30.4% |
| Other amounts receivable | 41 | €47,296 | €51,301 | +€4,005 | +8.5% |
| Cash at bank and in hand | 54/58 | €80,471 | €72,138 | -€8,333 | -10.4% |
| Deferred charges and accrued income | 490/1 | €1,212 | €111 | -€1,101 | -90.9% |
| Total equity and liabilities | 10/49 | €152,464 | €142,136 | -€10,328 | -6.8% |
| Equity | 10/15 | €93,458 | €3,000 | -€90,458 | -96.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €90,458 | €0 | -€90,458 | -100.0% |
| Distributable reserves | 133 | €90,458 | €0 | -€90,458 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,005 | €139,136 | +€80,130 | +135.8% |
| Amounts payable within one year | 42/48 | €59,005 | €139,136 | +€80,130 | +135.8% |
| Trade debts | 44 | €3,935 | €7,679 | +€3,745 | +95.2% |
| Suppliers | 440/4 | €3,935 | €7,679 | +€3,745 | +95.2% |
| Taxes, remuneration and social security | 45 | €1,071 | €7,550 | +€6,479 | +605.1% |
| Taxes | 450/3 | €1,071 | €7,550 | +€6,479 | +605.1% |
| Other amounts payable | 47/48 | €54,000 | €123,906 | +€69,906 | +129.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,188 | €3,219 | +€1,031 | +47.1% |
| Other operating charges | 640/8 | €25 | €182 | +€157 | +617.0% |
| Gross operating margin | 9900 | €60,410 | €49,201 | -€11,209 | -18.6% |
| Operating profit (loss) | 9901 | €58,196 | €45,799 | -€12,397 | -21.3% |
| Financial income | 75/76B | €2,861 | €332 | -€2,529 | -88.4% |
| Recurring financial income | 75 | €2,861 | €332 | -€2,529 | -88.4% |
| Financial charges | 65/66B | €593 | €345 | -€247 | -41.7% |
| Recurring financial charges | 65 | €593 | €345 | -€247 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €60,464 | €45,785 | -€14,679 | -24.3% |
| Income taxes | 67/77 | €13,076 | €12,337 | -€739 | -5.6% |
| Profit (loss) for the period | 9904 | €47,388 | €33,448 | -€13,941 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,388 | €33,448 | -€13,941 | -29.4% |
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 5 October 2026 via checked.be.