MISAO: 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.
MISAO
Largest movements
- Cash +€35,364
up €35,364 (+58.8%), from €60,150 to €95,514
mainly Other debts (+€26,631) and Depreciation (+€23,309)
- Tangible fixed assets -€18,910
down €18,910 (-32.5%), from €58,122 to €39,211
of which Furniture and vehicles: -€21,559
- Receivables within one year -€7,622
down €7,622 (-33.0%), from €23,070 to €15,449
of which Other amounts receivable: -€7,622
- Other debts +€26,631
up €26,631 (+592%), from €4,500 to €31,131
- Accrued charges and deferred income -€20,267
no longer reported in 2025 (was €20,267)
- Debts after one year -€17,321
down €17,321 (-74.8%), from €23,167 to €5,845
- Trade debts +€16,793
up €16,793 (+461%), from €3,639 to €20,432
- Reserves +€4,006
up €4,006 (+12.6%), from €31,860 to €35,866
of which Distributable reserves: +€4,006
- Gross operating margin +€7,893
up €7,893 (+26.2%), from €30,123 to €38,016
- Taxes +€2,348
up €2,348 (+134%), from €1,755 to €4,103
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €142,781 | €151,641 | +€8,860 | +6.2% |
| Fixed assets | 21/28 | €58,180 | €39,269 | -€18,910 | -32.5% |
| Tangible fixed assets | 22/27 | €58,122 | €39,211 | -€18,910 | -32.5% |
| Plant, machinery and equipment | 23 | - | €3,909 | +€3,909 | |
| Furniture and vehicles | 24 | €47,271 | €25,712 | -€21,559 | -45.6% |
| Other tangible fixed assets | 26 | €10,851 | €9,590 | -€1,261 | -11.6% |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €84,601 | €112,372 | +€27,771 | +32.8% |
| Stocks and contracts in progress | 3 | €840 | €840 | = | 0.0% |
| Stocks | 30/36 | €840 | €840 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,070 | €15,449 | -€7,622 | -33.0% |
| Trade receivables | 40 | €14,520 | €14,520 | = | 0.0% |
| Other amounts receivable | 41 | €8,550 | €929 | -€7,622 | -89.1% |
| Cash at bank and in hand | 54/58 | €60,150 | €95,514 | +€35,364 | +58.8% |
| Deferred charges and accrued income | 490/1 | €540 | €569 | +€28 | +5.2% |
| Total equity and liabilities | 10/49 | €142,781 | €151,641 | +€8,860 | +6.2% |
| Equity | 10/15 | €61,800 | €65,806 | +€4,006 | +6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,860 | €35,866 | +€4,006 | +12.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €34,006 | +€4,006 | +13.4% |
| Profit (loss) carried forward | 14 | €23,740 | €23,740 | = | 0.0% |
| Amounts payable | 17/49 | €80,981 | €85,835 | +€4,854 | +6.0% |
| Amounts payable after more than one year | 17 | €23,167 | €5,845 | -€17,321 | -74.8% |
| Financial debts | 170/4 | €23,167 | €5,845 | -€17,321 | -74.8% |
| Amounts payable within one year | 42/48 | €37,547 | €79,990 | +€42,443 | +113% |
| Current portion of amounts payable after more than one year | 42 | €18,407 | €18,788 | +€381 | +2.1% |
| Trade debts | 44 | €3,639 | €20,432 | +€16,793 | +461% |
| Suppliers | 440/4 | €3,639 | €20,432 | +€16,793 | +461% |
| Taxes, remuneration and social security | 45 | €11,001 | €9,638 | -€1,362 | -12.4% |
| Taxes | 450/3 | €7,381 | €5,947 | -€1,434 | -19.4% |
| Remuneration and social security | 454/9 | €3,620 | €3,691 | +€71 | +2.0% |
| Other amounts payable | 47/48 | €4,500 | €31,131 | +€26,631 | +592% |
| Accrued charges and deferred income | 492/3 | €20,267 | - | -€20,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,484 | €23,309 | -€175 | -0.7% |
| Other operating charges | 640/8 | €384 | €101 | -€283 | -73.7% |
| Gross operating margin | 9900 | €30,123 | €38,016 | +€7,893 | +26.2% |
| Operating profit (loss) | 9901 | €6,254 | €14,606 | +€8,352 | +134% |
| Financial income | 75/76B | €456 | €169 | -€287 | -62.9% |
| Recurring financial income | 75 | €456 | €169 | -€287 | -62.9% |
| Financial charges | 65/66B | €995 | €667 | -€328 | -33.0% |
| Recurring financial charges | 65 | €995 | €667 | -€328 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €5,715 | €14,109 | +€8,394 | +147% |
| Income taxes | 67/77 | €1,755 | €4,103 | +€2,348 | +134% |
| Profit (loss) for the period | 9904 | €3,960 | €10,006 | +€6,046 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €3,960 | €10,006 | +€6,046 | +153% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.