MISCOVAN: what changed
Two fiscal 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.
MISCOVAN
Largest movements
- Tangible fixed assets -€187,790
down €187,790 (-13.7%), from €1.4m to €1.2m
of which Land and buildings: -€177,501
- Receivables within one year +€18,291
up €18,291 (+206.9%), from €8,840 to €27,131
of which Trade receivables: +€20,207
- Debts after one year -€153,502
down €153,502 (-19.4%), from €792,111 to €638,609
- Short-term financial debts -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Tax, wage and social debts -€14,268
down €14,268 (-89.3%), from €15,978 to €1,710
- Depreciation -€11,285
down €11,285 (-16.8%), from €67,046 to €55,761
- Taxes +€4,585
up €4,585 (+192.8%), from €2,379 to €6,964
- Financial charges -€3,295
down €3,295 (-13.1%), from €25,090 to €21,795
- Write-downs -€2,565
down €2,565 (-100.0%), from €2,565 to €0
- Other operating charges -€2,156
down €2,156 (-19.4%), from €11,113 to €8,956
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
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 | €1,408,303 | €1,223,327 | -€184,976 | -13.1% |
| Fixed assets | 21/28 | €1,369,145 | €1,181,355 | -€187,790 | -13.7% |
| Tangible fixed assets | 22/27 | €1,369,145 | €1,181,355 | -€187,790 | -13.7% |
| Land and buildings | 22 | €1,340,424 | €1,162,922 | -€177,501 | -13.2% |
| Plant, machinery and equipment | 23 | €4,559 | €2,919 | -€1,641 | -36.0% |
| Furniture and vehicles | 24 | €24,163 | €15,515 | -€8,648 | -35.8% |
| Current assets | 29/58 | €39,158 | €41,971 | +€2,814 | +7.2% |
| Stocks and contracts in progress | 3 | €17,343 | €11,641 | -€5,702 | -32.9% |
| Stocks | 30/36 | €17,343 | €11,641 | -€5,702 | -32.9% |
| Amounts receivable within one year | 40/41 | €8,840 | €27,131 | +€18,291 | +206.9% |
| Trade receivables | 40 | €79 | €20,286 | +€20,207 | +25712.0% |
| Other amounts receivable | 41 | €8,762 | €6,845 | -€1,916 | -21.9% |
| Cash at bank and in hand | 54/58 | €12,101 | €2,292 | -€9,809 | -81.1% |
| Deferred charges and accrued income | 490/1 | €873 | €907 | +€34 | +3.9% |
| Total equity and liabilities | 10/49 | €1,408,303 | €1,223,327 | -€184,976 | -13.1% |
| Equity | 10/15 | €94,692 | €107,362 | +€12,670 | +13.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €84,692 | €97,362 | +€12,670 | +15.0% |
| Distributable reserves | 133 | €84,692 | €97,362 | +€12,670 | +15.0% |
| Amounts payable | 17/49 | €1,313,611 | €1,115,964 | -€197,647 | -15.0% |
| Amounts payable after more than one year | 17 | €792,111 | €638,609 | -€153,502 | -19.4% |
| Financial debts | 170/4 | €792,111 | €638,609 | -€153,502 | -19.4% |
| Amounts payable within one year | 42/48 | €520,765 | €474,646 | -€46,119 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €70,564 | €64,066 | -€6,498 | -9.2% |
| Financial debts | 43 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Credit institutions | 430/8 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Trade debts | 44 | €18,972 | €30,355 | +€11,382 | +60.0% |
| Suppliers | 440/4 | €18,972 | €30,355 | +€11,382 | +60.0% |
| Taxes, remuneration and social security | 45 | €15,978 | €1,710 | -€14,268 | -89.3% |
| Taxes | 450/3 | €15,978 | €1,710 | -€14,268 | -89.3% |
| Other amounts payable | 47/48 | €315,251 | €328,515 | +€13,265 | +4.2% |
| Accrued charges and deferred income | 492/3 | €736 | €2,710 | +€1,974 | +268.2% |
| Non-recurring operating income | 76A | - | €14,401 | +€14,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,046 | €55,761 | -€11,285 | -16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,565 | €0 | -€2,565 | -100.0% |
| Other operating charges | 640/8 | €11,113 | €8,956 | -€2,156 | -19.4% |
| Gross operating margin | 9900 | €107,538 | €105,635 | -€1,903 | -1.8% |
| Operating profit (loss) | 9901 | €26,814 | €40,917 | +€14,104 | +52.6% |
| Financial income | 75/76B | €755 | €512 | -€243 | -32.2% |
| Recurring financial income | 75 | €755 | €512 | -€243 | -32.2% |
| Financial charges | 65/66B | €25,090 | €21,795 | -€3,295 | -13.1% |
| Recurring financial charges | 65 | €25,090 | €21,795 | -€3,295 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €2,479 | €19,634 | +€17,156 | +692.0% |
| Income taxes | 67/77 | €2,379 | €6,964 | +€4,585 | +192.8% |
| Profit (loss) for the period | 9904 | €100 | €12,670 | +€12,570 | +12534.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100 | €12,670 | +€12,570 | +12534.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.