MISE: 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.
MISE
Largest movements
- Tangible fixed assets -€63,137
down €63,137 (-16.7%), from €377,159 to €314,022
- Cash +€29,225
up €29,225 (+16.6%), from €176,392 to €205,618
mainly Depreciation (+€63,137)
- Profit (loss) carried forward -€18,104
down €18,104 (-3.1%), from -€586,689 to -€604,793
- Investment grants -€9,091
down €9,091 (-28.4%), from €31,994 to €22,903
- Gross operating margin -€12,375
down €12,375 (-23.2%), from €53,397 to €41,022
- Financial income +€1,548
up €1,548 (+15.7%), from €9,878 to €11,427
- Taxes -€574
down €574, from €339 to -€236
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 | €553,551 | €520,360 | -€33,191 | -6.0% |
| Fixed assets | 21/28 | €377,159 | €314,022 | -€63,137 | -16.7% |
| Tangible fixed assets | 22/27 | €377,159 | €314,022 | -€63,137 | -16.7% |
| Land and buildings | 22 | €377,159 | €314,022 | -€63,137 | -16.7% |
| Current assets | 29/58 | €176,392 | €206,338 | +€29,945 | +17.0% |
| Amounts receivable within one year | 40/41 | - | €720 | +€720 | |
| Trade receivables | 40 | - | €19 | +€19 | |
| Other amounts receivable | 41 | - | €701 | +€701 | |
| Cash at bank and in hand | 54/58 | €176,392 | €205,618 | +€29,225 | +16.6% |
| Total equity and liabilities | 10/49 | €553,551 | €520,360 | -€33,191 | -6.0% |
| Equity | 10/15 | €63,323 | €36,128 | -€27,195 | -42.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €599,426 | €599,426 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €597,567 | €597,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€586,689 | -€604,793 | -€18,104 | -3.1% |
| Investment grants | 15 | €31,994 | €22,903 | -€9,091 | -28.4% |
| Amounts payable | 17/49 | €490,228 | €484,232 | -€5,997 | -1.2% |
| Amounts payable within one year | 42/48 | €488,837 | €483,135 | -€5,702 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €454,000 | €454,000 | = | 0.0% |
| Trade debts | 44 | €671 | - | -€671 | |
| Suppliers | 440/4 | €671 | - | -€671 | |
| Taxes, remuneration and social security | 45 | €596 | €470 | -€126 | -21.2% |
| Taxes | 450/3 | €596 | €470 | -€126 | -21.2% |
| Other amounts payable | 47/48 | €33,570 | €28,665 | -€4,904 | -14.6% |
| Accrued charges and deferred income | 492/3 | €1,391 | €1,097 | -€295 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,100 | €63,137 | +€37 | +0.1% |
| Other operating charges | 640/8 | €6,197 | €6,013 | -€184 | -3.0% |
| Gross operating margin | 9900 | €53,397 | €41,022 | -€12,375 | -23.2% |
| Operating profit (loss) | 9901 | -€15,900 | -€28,128 | -€12,228 | -76.9% |
| Financial income | 75/76B | €9,878 | €11,427 | +€1,548 | +15.7% |
| Recurring financial income | 75 | €9,878 | €11,427 | +€1,548 | +15.7% |
| Financial charges | 65/66B | €2,054 | €1,639 | -€416 | -20.2% |
| Recurring financial charges | 65 | €2,054 | €1,639 | -€416 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,076 | -€18,340 | -€10,264 | -127.1% |
| Income taxes | 67/77 | €339 | -€236 | -€574 | |
| Profit (loss) for the period | 9904 | -€8,415 | -€18,104 | -€9,689 | -115.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,415 | -€18,104 | -€9,689 | -115.2% |
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 3 October 2026 via checked.be.