misaRAIL: 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.
misaRAIL
Largest movements
- Cash -€40,026
down €40,026 (-68.7%), from €58,304 to €18,278
mainly Net result for the year (-€32,634) and Tax, wage and social debts (-€10,006)
- Receivables within one year -€3,406
down €3,406 (-15.0%), from €22,692 to €19,286
of which Other amounts receivable: -€5,683
- Tangible fixed assets -€2,180
no longer reported in 2025 (was €2,180)
of which Furniture and vehicles: -€2,169
- Profit (loss) carried forward -€32,634
down €32,634 (-114%), from -€28,707 to -€61,341
- Tax, wage and social debts -€10,006
down €10,006 (-62.7%), from €15,969 to €5,963
of which Taxes: -€10,006
- Other debts -€3,457
down €3,457 (-23.2%), from €14,892 to €11,436
- Gross operating margin -€3,333
down €3,333 (-13.2%), from -€25,278 to -€28,611
- Depreciation -€1,773
down €1,773 (-44.8%), from €3,953 to €2,180
- Financial charges +€618
up €618 (+429%), from €144 to €762
- Other operating charges +€327
up €327 (+58.5%), from €559 to €885
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 | €85,077 | €39,535 | -€45,542 | -53.5% |
| Fixed assets | 21/28 | €2,372 | €150 | -€2,222 | -93.7% |
| Tangible fixed assets | 22/27 | €2,180 | - | -€2,180 | |
| Plant, machinery and equipment | 23 | €11 | - | -€11 | |
| Furniture and vehicles | 24 | €2,169 | - | -€2,169 | |
| Financial fixed assets | 28 | €191 | €150 | -€41 | -21.7% |
| Current assets | 29/58 | €82,705 | €39,385 | -€43,320 | -52.4% |
| Amounts receivable within one year | 40/41 | €22,692 | €19,286 | -€3,406 | -15.0% |
| Trade receivables | 40 | €1,813 | €4,090 | +€2,277 | +126% |
| Other amounts receivable | 41 | €20,879 | €15,196 | -€5,683 | -27.2% |
| Cash at bank and in hand | 54/58 | €58,304 | €18,278 | -€40,026 | -68.7% |
| Deferred charges and accrued income | 490/1 | €1,709 | €1,821 | +€112 | +6.6% |
| Total equity and liabilities | 10/49 | €85,077 | €39,535 | -€45,542 | -53.5% |
| Equity | 10/15 | €53,753 | €21,119 | -€32,634 | -60.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,860 | €63,860 | = | 0.0% |
| 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 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,707 | -€61,341 | -€32,634 | -114% |
| Amounts payable | 17/49 | €31,324 | €18,416 | -€12,907 | -41.2% |
| Amounts payable within one year | 42/48 | €31,324 | €18,416 | -€12,907 | -41.2% |
| Trade debts | 44 | €462 | €1,017 | +€555 | +120% |
| Suppliers | 440/4 | €462 | €1,017 | +€555 | +120% |
| Taxes, remuneration and social security | 45 | €15,969 | €5,963 | -€10,006 | -62.7% |
| Taxes | 450/3 | €13,167 | €3,161 | -€10,006 | -76.0% |
| Remuneration and social security | 454/9 | €2,802 | €2,802 | = | 0.0% |
| Other amounts payable | 47/48 | €14,892 | €11,436 | -€3,457 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,953 | €2,180 | -€1,773 | -44.8% |
| Other operating charges | 640/8 | €559 | €885 | +€327 | +58.5% |
| Gross operating margin | 9900 | -€25,278 | -€28,611 | -€3,333 | -13.2% |
| Operating profit (loss) | 9901 | -€29,790 | -€31,677 | -€1,887 | -6.3% |
| Financial charges | 65/66B | €144 | €762 | +€618 | +429% |
| Recurring financial charges | 65 | €144 | €762 | +€618 | +429% |
| Profit (loss) for the period before taxes | 9903 | -€29,934 | -€32,438 | -€2,505 | -8.4% |
| Income taxes | 67/77 | €187 | €196 | +€9 | +4.8% |
| Profit (loss) for the period | 9904 | -€30,121 | -€32,634 | -€2,514 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,121 | -€32,634 | -€2,514 | -8.3% |
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 15 October 2026 via checked.be.