Misakyan's: 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.
Misakyan's
Largest movements
- Stocks and contracts +€128,396
up €128,396 (+61.7%), from €207,935 to €336,331
- Tangible fixed assets -€27,447
down €27,447 (-14.8%), from €184,848 to €157,401
of which Plant, machinery and equipment: -€27,226
- Receivables within one year -€7,221
down €7,221 (-22.7%), from €31,821 to €24,600
of which Trade receivables: -€8,160
- Reserves +€95,575
up €95,575 (+812.9%), from €11,758 to €107,333
- Accrued charges and deferred income +€24,954
new in 2025: €24,954
- Other debts -€21,745
down €21,745 (-21.1%), from €103,138 to €81,393
- Short-term financial debts -€13,254
down €13,254 (-51.2%), from €25,905 to €12,652
- Current portion of long-term debt +€13,167
up €13,167 (+28.0%), from €47,028 to €60,195
- Gross operating margin +€110,920
up €110,920 (+203.4%), from €54,538 to €165,458
- Taxes +€30,360
up €30,360 (+701.3%), from €4,329 to €34,689
- Financial income +€2,131
up €2,131 (+289.8%), from €735 to €2,866
- Financial charges +€1,817
up €1,817 (+22.2%), from €8,167 to €9,984
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,816 | €521,100 | +€96,283 | +22.7% |
| Fixed assets | 21/28 | €184,848 | €157,401 | -€27,447 | -14.8% |
| Tangible fixed assets | 22/27 | €184,848 | €157,401 | -€27,447 | -14.8% |
| Plant, machinery and equipment | 23 | €184,137 | €156,911 | -€27,226 | -14.8% |
| Furniture and vehicles | 24 | €711 | €491 | -€221 | -31.0% |
| Current assets | 29/58 | €239,968 | €363,699 | +€123,730 | +51.6% |
| Stocks and contracts in progress | 3 | €207,935 | €336,331 | +€128,396 | +61.7% |
| Stocks | 30/36 | €207,935 | €336,331 | +€128,396 | +61.7% |
| Amounts receivable within one year | 40/41 | €31,821 | €24,600 | -€7,221 | -22.7% |
| Trade receivables | 40 | €18,783 | €10,624 | -€8,160 | -43.4% |
| Other amounts receivable | 41 | €13,038 | €13,977 | +€939 | +7.2% |
| Deferred charges and accrued income | 490/1 | €212 | €2,768 | +€2,555 | +1203.2% |
| Total equity and liabilities | 10/49 | €424,816 | €521,100 | +€96,283 | +22.7% |
| Equity | 10/15 | €162,958 | €258,533 | +€95,575 | +58.6% |
| Contributions | 10/11 | €151,200 | €151,200 | = | 0.0% |
| Reserves | 13 | €11,758 | €107,333 | +€95,575 | +812.9% |
| Distributable reserves | 133 | €11,758 | €107,333 | +€95,575 | +812.9% |
| Amounts payable | 17/49 | €261,858 | €262,567 | +€709 | +0.3% |
| Amounts payable after more than one year | 17 | €22,220 | €11,122 | -€11,098 | -49.9% |
| Financial debts | 170/4 | €22,220 | €11,122 | -€11,098 | -49.9% |
| Amounts payable within one year | 42/48 | €239,639 | €226,491 | -€13,147 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €47,028 | €60,195 | +€13,167 | +28.0% |
| Financial debts | 43 | €25,905 | €12,652 | -€13,254 | -51.2% |
| Credit institutions | 430/8 | €25,905 | €12,652 | -€13,254 | -51.2% |
| Trade debts | 44 | €46,916 | €48,883 | +€1,967 | +4.2% |
| Suppliers | 440/4 | €46,916 | €48,883 | +€1,967 | +4.2% |
| Taxes, remuneration and social security | 45 | €16,651 | €23,368 | +€6,717 | +40.3% |
| Taxes | 450/3 | €16,651 | €23,368 | +€6,717 | +40.3% |
| Other amounts payable | 47/48 | €103,138 | €81,393 | -€21,745 | -21.1% |
| Accrued charges and deferred income | 492/3 | - | €24,954 | +€24,954 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,074 | €27,447 | -€627 | -2.2% |
| Other operating charges | 640/8 | €1,991 | €629 | -€1,362 | -68.4% |
| Gross operating margin | 9900 | €54,538 | €165,458 | +€110,920 | +203.4% |
| Operating profit (loss) | 9901 | €24,473 | €137,382 | +€112,909 | +461.4% |
| Financial income | 75/76B | €735 | €2,866 | +€2,131 | +289.8% |
| Recurring financial income | 75 | €735 | €2,866 | +€2,131 | +289.8% |
| Financial charges | 65/66B | €8,167 | €9,984 | +€1,817 | +22.2% |
| Recurring financial charges | 65 | €8,167 | €9,984 | +€1,817 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €17,041 | €130,264 | +€113,223 | +664.4% |
| Income taxes | 67/77 | €4,329 | €34,689 | +€30,360 | +701.3% |
| Profit (loss) for the period | 9904 | €12,712 | €95,575 | +€82,863 | +651.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,712 | €95,575 | +€82,863 | +651.8% |
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 10 October 2026 via checked.be.