MISCO: 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.
MISCO
Largest movements
- Current investments +€125,872
up €125,872 (+7.0%), from €1.8m to €1.9m
- Receivables within one year -€67,808
down €67,808 (-35.4%), from €191,807 to €124,000
of which Trade receivables: -€87,719
- Receivables after one year -€32,703
down €32,703 (-25.6%), from €127,795 to €95,092
- Reserves +€59,535
up €59,535 (+2.5%), from €2.4m to €2.4m
- Short-term financial debts -€33,333
no longer reported in 2025 (was €33,333)
- Gross operating margin -€285,165
down €285,165 (-50.5%), from €564,655 to €279,491
- Financial income +€75,802
up €75,802 (+163%), from €46,422 to €122,224
- Taxes -€69,257
down €69,257 (-38.0%), from €182,076 to €112,819
- Depreciation +€6,300
up €6,300 (+22.5%), from €27,946 to €34,247
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 | €2,587,468 | €2,594,672 | +€7,203 | +0.3% |
| Fixed assets | 21/28 | €173,463 | €161,539 | -€11,924 | -6.9% |
| Tangible fixed assets | 22/27 | €173,444 | €161,520 | -€11,924 | -6.9% |
| Land and buildings | 22 | €2,999 | €2,574 | -€425 | -14.2% |
| Furniture and vehicles | 24 | €93,092 | €63,877 | -€29,215 | -31.4% |
| Other tangible fixed assets | 26 | €77,353 | €95,069 | +€17,716 | +22.9% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €2,414,006 | €2,433,133 | +€19,127 | +0.8% |
| Amounts receivable after more than one year | 29 | €127,795 | €95,092 | -€32,703 | -25.6% |
| Other amounts receivable | 291 | €127,795 | €95,092 | -€32,703 | -25.6% |
| Amounts receivable within one year | 40/41 | €191,807 | €124,000 | -€67,808 | -35.4% |
| Trade receivables | 40 | €159,543 | €71,823 | -€87,719 | -55.0% |
| Other amounts receivable | 41 | €32,265 | €52,176 | +€19,912 | +61.7% |
| Current investments | 50/53 | €1,800,725 | €1,926,597 | +€125,872 | +7.0% |
| Cash at bank and in hand | 54/58 | €247,114 | €251,785 | +€4,671 | +1.9% |
| Deferred charges and accrued income | 490/1 | €46,565 | €35,659 | -€10,906 | -23.4% |
| Total equity and liabilities | 10/49 | €2,587,468 | €2,594,672 | +€7,203 | +0.3% |
| Equity | 10/15 | €2,396,961 | €2,456,496 | +€59,535 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,378,361 | €2,437,896 | +€59,535 | +2.5% |
| Distributable reserves | 133 | €2,378,361 | €2,437,896 | +€59,535 | +2.5% |
| Amounts payable | 17/49 | €190,507 | €138,175 | -€52,332 | -27.5% |
| Amounts payable within one year | 42/48 | €190,507 | €138,175 | -€52,332 | -27.5% |
| Financial debts | 43 | €33,333 | - | -€33,333 | |
| Credit institutions | 430/8 | €33,333 | - | -€33,333 | |
| Trade debts | 44 | €22,284 | €5,796 | -€16,488 | -74.0% |
| Suppliers | 440/4 | €22,284 | €5,796 | -€16,488 | -74.0% |
| Taxes, remuneration and social security | 45 | €114,319 | €113,385 | -€934 | -0.8% |
| Taxes | 450/3 | €114,319 | €113,385 | -€934 | -0.8% |
| Other amounts payable | 47/48 | €20,571 | €18,994 | -€1,577 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,946 | €34,247 | +€6,300 | +22.5% |
| Other operating charges | 640/8 | €2,015 | €1,630 | -€385 | -19.1% |
| Gross operating margin | 9900 | €564,655 | €279,491 | -€285,165 | -50.5% |
| Operating profit (loss) | 9901 | €534,694 | €243,614 | -€291,080 | -54.4% |
| Financial income | 75/76B | €46,422 | €122,224 | +€75,802 | +163% |
| Recurring financial income | 75 | €46,422 | €122,224 | +€75,802 | +163% |
| Financial charges | 65/66B | €3,262 | €5,434 | +€2,173 | +66.6% |
| Recurring financial charges | 65 | €3,262 | €5,434 | +€2,173 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €577,855 | €360,404 | -€217,451 | -37.6% |
| Income taxes | 67/77 | €182,076 | €112,819 | -€69,257 | -38.0% |
| Profit (loss) for the period | 9904 | €395,778 | €247,585 | -€148,193 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €395,778 | €247,585 | -€148,193 | -37.4% |
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 18 October 2026 via checked.be.