MISE: 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.
MISE
Largest movements
- Receivables within one year -€248,406
down €248,406 (-66.7%), from €372,594 to €124,188
of which Trade receivables: -€265,901
- Tangible fixed assets +€55,624
up €55,624 (+7.7%), from €721,467 to €777,091
of which Furniture and vehicles: +€129,289
- Receivables after one year -€30,100
down €30,100 (-6.7%), from €448,000 to €417,900
- Other debts -€203,123
down €203,123 (-63.1%), from €321,763 to €118,640
- Profit (loss) carried forward -€79,907
down €79,907 (-40.2%), from €198,611 to €118,704
- Debts after one year +€68,246
up €68,246 (+22.9%), from €297,817 to €366,063
- Tax, wage and social debts -€47,253
down €47,253 (-93.0%), from €50,833 to €3,579
- Current portion of long-term debt +€33,840
up €33,840 (+50.3%), from €67,235 to €101,075
- Gross operating margin -€243,268
down €243,268 (-92.8%), from €262,014 to €18,746
- Depreciation +€12,594
up €12,594 (+15.2%), from €82,748 to €95,342
- Other operating charges +€7,198
up €7,198 (+98.4%), from €7,313 to €14,510
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 | €1,554,940 | €1,334,509 | -€220,431 | -14.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €721,742 | €777,091 | +€55,349 | +7.7% |
| Tangible fixed assets | 22/27 | €721,467 | €777,091 | +€55,624 | +7.7% |
| Plant, machinery and equipment | 23 | €0 | €3,653 | +€3,653 | |
| Furniture and vehicles | 24 | €3,912 | €133,201 | +€129,289 | +3,305% |
| Other tangible fixed assets | 26 | €717,555 | €640,238 | -€77,317 | -10.8% |
| Financial fixed assets | 28 | €275 | €0 | -€275 | -100% |
| Current assets | 29/58 | €833,198 | €557,417 | -€275,780 | -33.1% |
| Amounts receivable after more than one year | 29 | €448,000 | €417,900 | -€30,100 | -6.7% |
| Trade receivables | 290 | €448,000 | €417,900 | -€30,100 | -6.7% |
| Amounts receivable within one year | 40/41 | €372,594 | €124,188 | -€248,406 | -66.7% |
| Trade receivables | 40 | €349,784 | €83,883 | -€265,901 | -76.0% |
| Other amounts receivable | 41 | €22,810 | €40,305 | +€17,495 | +76.7% |
| Current investments | 50/53 | €39 | €39 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,169 | €9,805 | -€364 | -3.6% |
| Deferred charges and accrued income | 490/1 | €2,395 | €5,485 | +€3,090 | +129% |
| Total equity and liabilities | 10/49 | €1,554,940 | €1,334,509 | -€220,431 | -14.2% |
| Equity | 10/15 | €813,536 | €733,629 | -€79,907 | -9.8% |
| Contributions | 10/11 | €20,065 | €20,065 | = | 0.0% |
| Reserves | 13 | €594,860 | €594,860 | = | 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 | €593,000 | €593,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €198,611 | €118,704 | -€79,907 | -40.2% |
| Amounts payable | 17/49 | €741,404 | €600,880 | -€140,524 | -19.0% |
| Amounts payable after more than one year | 17 | €297,817 | €366,063 | +€68,246 | +22.9% |
| Financial debts | 170/4 | €297,817 | €366,063 | +€68,246 | +22.9% |
| Amounts payable within one year | 42/48 | €442,808 | €234,816 | -€207,992 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €67,235 | €101,075 | +€33,840 | +50.3% |
| Trade debts | 44 | €2,978 | €11,523 | +€8,545 | +287% |
| Suppliers | 440/4 | €2,978 | €11,523 | +€8,545 | +287% |
| Taxes, remuneration and social security | 45 | €50,833 | €3,579 | -€47,253 | -93.0% |
| Taxes | 450/3 | €50,833 | €3,579 | -€47,253 | -93.0% |
| Other amounts payable | 47/48 | €321,763 | €118,640 | -€203,123 | -63.1% |
| Accrued charges and deferred income | 492/3 | €779 | €0 | -€779 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,748 | €95,342 | +€12,594 | +15.2% |
| Other operating charges | 640/8 | €7,313 | €14,510 | +€7,198 | +98.4% |
| Gross operating margin | 9900 | €262,014 | €18,746 | -€243,268 | -92.8% |
| Operating profit (loss) | 9901 | €171,953 | -€91,106 | -€263,059 | |
| Financial income | 75/76B | €22,400 | €19,900 | -€2,500 | -11.2% |
| Recurring financial income | 75 | €22,400 | €19,900 | -€2,500 | -11.2% |
| Financial charges | 65/66B | €8,130 | €8,327 | +€197 | +2.4% |
| Recurring financial charges | 65 | €8,130 | €8,327 | +€197 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €186,223 | -€79,533 | -€265,756 | |
| Income taxes | 67/77 | €707 | €373 | -€334 | -47.2% |
| Profit (loss) for the period | 9904 | €185,515 | -€79,907 | -€265,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,515 | -€79,907 | -€265,422 |
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.