MISAP: 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.
MISAP
Largest movements
- Cash +€10,585
up €10,585 (+37.5%), from €28,215 to €38,801
mainly Net result for the year (+€16,900) and Trade debts (+€8,008)
- Tangible fixed assets -€3,768
down €3,768 (-41.2%), from €9,141 to €5,373
- Receivables within one year +€3,458
up €3,458 (+21.3%), from €16,246 to €19,704
of which Trade receivables: +€5,785
- Deferred charges and accrued income +€1,423
up €1,423 (+63.1%), from €2,254 to €3,676
- Trade debts +€8,008
up €8,008 (+27,083%), from €30 to €8,038
- Reserves +€7,011
up €7,011 (+70.9%), from €9,889 to €16,900
- Other debts -€5,348
down €5,348 (-28.4%), from €18,800 to €13,452
- Tax, wage and social debts +€2,029
up €2,029 (+23.2%), from €8,765 to €10,794
- Gross operating margin +€10,773
up €10,773 (+64.9%), from €16,590 to €27,363
- Depreciation +€2,493
up €2,493 (+127%), from €1,970 to €4,463
- Taxes +€1,574
up €1,574 (+41.2%), from €3,819 to €5,393
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
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 | €56,107 | €67,804 | +€11,698 | +20.8% |
| Fixed assets | 21/28 | €9,391 | €5,623 | -€3,768 | -40.1% |
| Tangible fixed assets | 22/27 | €9,141 | €5,373 | -€3,768 | -41.2% |
| Furniture and vehicles | 24 | €9,141 | €5,373 | -€3,768 | -41.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €46,715 | €62,181 | +€15,466 | +33.1% |
| Amounts receivable within one year | 40/41 | €16,246 | €19,704 | +€3,458 | +21.3% |
| Trade receivables | 40 | €13,885 | €19,670 | +€5,785 | +41.7% |
| Other amounts receivable | 41 | €2,361 | €34 | -€2,327 | -98.6% |
| Cash at bank and in hand | 54/58 | €28,215 | €38,801 | +€10,585 | +37.5% |
| Deferred charges and accrued income | 490/1 | €2,254 | €3,676 | +€1,423 | +63.1% |
| Total equity and liabilities | 10/49 | €56,107 | €67,804 | +€11,698 | +20.8% |
| Equity | 10/15 | €28,489 | €35,500 | +€7,011 | +24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,889 | €16,900 | +€7,011 | +70.9% |
| Distributable reserves | 133 | €9,889 | €16,900 | +€7,011 | +70.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,618 | €32,305 | +€4,687 | +17.0% |
| Amounts payable within one year | 42/48 | €27,594 | €32,284 | +€4,690 | +17.0% |
| Trade debts | 44 | €30 | €8,038 | +€8,008 | +27,083% |
| Suppliers | 440/4 | €30 | €8,038 | +€8,008 | +27,083% |
| Taxes, remuneration and social security | 45 | €8,765 | €10,794 | +€2,029 | +23.2% |
| Taxes | 450/3 | €8,765 | €10,794 | +€2,029 | +23.2% |
| Other amounts payable | 47/48 | €18,800 | €13,452 | -€5,348 | -28.4% |
| Accrued charges and deferred income | 492/3 | €23 | €21 | -€3 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,970 | €4,463 | +€2,493 | +127% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €16,590 | €27,363 | +€10,773 | +64.9% |
| Operating profit (loss) | 9901 | €13,848 | €22,501 | +€8,652 | +62.5% |
| Financial income | 75/76B | €123 | €54 | -€69 | -56.0% |
| Recurring financial income | 75 | €123 | €54 | -€69 | -56.0% |
| Financial charges | 65/66B | €485 | €262 | -€223 | -46.0% |
| Recurring financial charges | 65 | €485 | €262 | -€223 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €13,486 | €22,293 | +€8,806 | +65.3% |
| Income taxes | 67/77 | €3,819 | €5,393 | +€1,574 | +41.2% |
| Profit (loss) for the period | 9904 | €9,667 | €16,900 | +€7,232 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,667 | €16,900 | +€7,232 | +74.8% |
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 21 October 2026 via checked.be.