MISE AU NET: 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 AU NET
Largest movements
- Receivables within one year +€42,885
up €42,885 (+27.9%), from €153,508 to €196,393
of which Trade receivables: +€24,668
- Tangible fixed assets +€30,490
up €30,490 (+294%), from €10,369 to €40,859
- Cash -€21,124
down €21,124 (-40.3%), from €52,396 to €31,272
mainly Receivables within one year (-€42,885) and Investment in fixed assets (net) (-€38,227)
- Deferred charges and accrued income -€11,278
down €11,278 (-77.9%), from €14,482 to €3,204
- Stocks and contracts +€3,563
up €3,563 (+42.4%), from €8,413 to €11,977
- Advances received +€41,000
new in 2025: €41,000
- Trade debts -€34,765
down €34,765 (-44.9%), from €77,457 to €42,693
- Debts after one year +€19,986
new in 2025: €19,986
- Current portion of long-term debt +€7,135
new in 2025: €7,135
- Reserves +€5,720
up €5,720 (+5.6%), from €101,540 to €107,259
- Gross operating margin +€11,633
up €11,633 (+94.0%), from €12,377 to €24,010
- Provisions +€10,865
up €10,865, from -€9,174 to €1,691
- Financial income -€3,539
down €3,539 (-73.4%), from €4,823 to €1,284
- Other operating charges +€3,521
up €3,521 (+199%), from €1,767 to €5,288
- Taxes -€1,896
down €1,896 (-33.3%), from €5,692 to €3,797
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 | €306,869 | €351,405 | +€44,537 | +14.5% |
| Fixed assets | 21/28 | €13,069 | €43,559 | +€30,490 | +233% |
| Tangible fixed assets | 22/27 | €10,369 | €40,859 | +€30,490 | +294% |
| Furniture and vehicles | 24 | €10,369 | €40,859 | +€30,490 | +294% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €293,800 | €307,846 | +€14,046 | +4.8% |
| Amounts receivable after more than one year | 29 | €65,000 | €65,000 | = | 0.0% |
| Other amounts receivable | 291 | €65,000 | €65,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €8,413 | €11,977 | +€3,563 | +42.4% |
| Stocks | 30/36 | €8,413 | €11,977 | +€3,563 | +42.4% |
| Amounts receivable within one year | 40/41 | €153,508 | €196,393 | +€42,885 | +27.9% |
| Trade receivables | 40 | €126,868 | €151,536 | +€24,668 | +19.4% |
| Other amounts receivable | 41 | €26,640 | €44,857 | +€18,217 | +68.4% |
| Cash at bank and in hand | 54/58 | €52,396 | €31,272 | -€21,124 | -40.3% |
| Deferred charges and accrued income | 490/1 | €14,482 | €3,204 | -€11,278 | -77.9% |
| Total equity and liabilities | 10/49 | €306,869 | €351,405 | +€44,537 | +14.5% |
| Equity | 10/15 | €188,936 | €194,655 | +€5,720 | +3.0% |
| Contributions | 10/11 | €16,796 | €16,796 | = | 0.0% |
| Reserves | 13 | €101,540 | €107,259 | +€5,720 | +5.6% |
| Distributable reserves | 133 | €101,540 | €107,259 | +€5,720 | +5.6% |
| Profit (loss) carried forward | 14 | €70,600 | €70,600 | = | 0.0% |
| Provisions and deferred taxes | 16 | €30,014 | €31,705 | +€1,691 | +5.6% |
| Provisions for liabilities and charges | 160/5 | €30,014 | €31,705 | +€1,691 | +5.6% |
| Environmental obligations | 163 | €30,014 | €31,705 | +€1,691 | +5.6% |
| Amounts payable | 17/49 | €87,919 | €125,045 | +€37,126 | +42.2% |
| Amounts payable after more than one year | 17 | - | €19,986 | +€19,986 | |
| Financial debts | 170/4 | - | €19,986 | +€19,986 | |
| Amounts payable within one year | 42/48 | €87,919 | €105,059 | +€17,140 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,135 | +€7,135 | |
| Trade debts | 44 | €77,457 | €42,693 | -€34,765 | -44.9% |
| Suppliers | 440/4 | €77,457 | €42,693 | -€34,765 | -44.9% |
| Advances received on contracts in progress | 46 | - | €41,000 | +€41,000 | |
| Taxes, remuneration and social security | 45 | €10,462 | €14,232 | +€3,770 | +36.0% |
| Taxes | 450/3 | €10,462 | €14,232 | +€3,770 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,222 | €7,736 | +€514 | +7.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,174 | €1,691 | +€10,865 | |
| Other operating charges | 640/8 | €1,767 | €5,288 | +€3,521 | +199% |
| Gross operating margin | 9900 | €12,377 | €24,010 | +€11,633 | +94.0% |
| Operating profit (loss) | 9901 | €12,561 | €9,294 | -€3,266 | -26.0% |
| Financial income | 75/76B | €4,823 | €1,284 | -€3,539 | -73.4% |
| Recurring financial income | 75 | €4,823 | €1,284 | -€3,539 | -73.4% |
| Financial charges | 65/66B | €384 | €1,063 | +€678 | +176% |
| Recurring financial charges | 65 | €384 | €1,063 | +€678 | +176% |
| Profit (loss) for the period before taxes | 9903 | €17,000 | €9,516 | -€7,484 | -44.0% |
| Income taxes | 67/77 | €5,692 | €3,797 | -€1,896 | -33.3% |
| Profit (loss) for the period | 9904 | €11,308 | €5,720 | -€5,588 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,308 | €5,720 | -€5,588 | -49.4% |
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 28 October 2026 via checked.be.