MISERE: 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.
MISERE
Largest movements
- Cash -€31,043
down €31,043 (-63.0%), from €49,311 to €18,269
mainly Trade debts (-€46,818) and Receivables within one year (-€10,877)
- Receivables within one year +€10,877
up €10,877 (+302.0%), from €3,602 to €14,479
of which Trade receivables: +€10,001
- Tangible fixed assets -€9,548
down €9,548 (-17.7%), from €53,841 to €44,292
of which Plant, machinery and equipment: -€13,632
- Stocks and contracts +€6,325
up €6,325 (+59.4%), from €10,647 to €16,971
- Trade debts -€46,818
no longer reported in 2025 (was €46,818)
- Reserves +€12,927
up €12,927 (+27.2%), from €47,517 to €60,444
of which Distributable reserves: +€12,927
- Tax, wage and social debts +€12,770
up €12,770 (+435.3%), from €2,934 to €15,704
of which Taxes: +€9,799
- Current portion of long-term debt -€1,779
no longer reported in 2025 (was €1,779)
- Staff costs -€15,814
down €15,814 (-17.1%), from €92,405 to €76,591
- Gross operating margin -€14,030
down €14,030 (-10.3%), from €135,825 to €121,795
- Other operating charges +€5,168
up €5,168 (+912.1%), from €567 to €5,734
- Taxes +€2,352
new in 2025: €2,352
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 | €118,129 | €94,740 | -€23,389 | -19.8% |
| Fixed assets | 21/28 | €54,569 | €45,021 | -€9,548 | -17.5% |
| Tangible fixed assets | 22/27 | €53,841 | €44,292 | -€9,548 | -17.7% |
| Plant, machinery and equipment | 23 | €40,536 | €26,904 | -€13,632 | -33.6% |
| Furniture and vehicles | 24 | €5,864 | €7,408 | +€1,545 | +26.3% |
| Other tangible fixed assets | 26 | €7,441 | €9,980 | +€2,539 | +34.1% |
| Financial fixed assets | 28 | €728 | €728 | = | 0.0% |
| Current assets | 29/58 | €63,560 | €49,719 | -€13,841 | -21.8% |
| Stocks and contracts in progress | 3 | €10,647 | €16,971 | +€6,325 | +59.4% |
| Stocks | 30/36 | €10,647 | €16,971 | +€6,325 | +59.4% |
| Amounts receivable within one year | 40/41 | €3,602 | €14,479 | +€10,877 | +302.0% |
| Trade receivables | 40 | €187 | €10,188 | +€10,001 | +5353.1% |
| Other amounts receivable | 41 | €3,415 | €4,291 | +€876 | +25.7% |
| Cash at bank and in hand | 54/58 | €49,311 | €18,269 | -€31,043 | -63.0% |
| Total equity and liabilities | 10/49 | €118,129 | €94,740 | -€23,389 | -19.8% |
| Equity | 10/15 | €66,109 | €79,036 | +€12,927 | +19.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €47,517 | €60,444 | +€12,927 | +27.2% |
| Tax-exempt reserves | 132 | €694 | €694 | = | 0.0% |
| Distributable reserves | 133 | €46,823 | €59,749 | +€12,927 | +27.6% |
| Amounts payable | 17/49 | €52,019 | €15,704 | -€36,315 | -69.8% |
| Amounts payable within one year | 42/48 | €52,019 | €15,704 | -€36,315 | -69.8% |
| Current portion of amounts payable after more than one year | 42 | €1,779 | - | -€1,779 | |
| Trade debts | 44 | €46,818 | - | -€46,818 | |
| Suppliers | 440/4 | €46,818 | - | -€46,818 | |
| Taxes, remuneration and social security | 45 | €2,934 | €15,704 | +€12,770 | +435.3% |
| Taxes | 450/3 | - | €9,799 | +€9,799 | |
| Remuneration and social security | 454/9 | €2,934 | €5,905 | +€2,972 | +101.3% |
| Other amounts payable | 47/48 | €488 | - | -€488 | |
| Remuneration, social security and pensions | 62 | €92,405 | €76,591 | -€15,814 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,889 | €19,783 | +€893 | +4.7% |
| Other operating charges | 640/8 | €567 | €5,734 | +€5,168 | +912.1% |
| Gross operating margin | 9900 | €135,825 | €121,795 | -€14,030 | -10.3% |
| Operating profit (loss) | 9901 | €23,964 | €19,687 | -€4,277 | -17.8% |
| Financial income | 75/76B | €25 | €30 | +€5 | +21.7% |
| Recurring financial income | 75 | €25 | €30 | +€5 | +21.7% |
| Financial charges | 65/66B | €4,336 | €4,439 | +€103 | +2.4% |
| Recurring financial charges | 65 | €4,336 | €4,439 | +€103 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €19,653 | €15,278 | -€4,375 | -22.3% |
| Income taxes | 67/77 | - | €2,352 | +€2,352 | |
| Profit (loss) for the period | 9904 | €19,653 | €12,927 | -€6,727 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,653 | €12,927 | -€6,727 | -34.2% |
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 4 October 2026 via checked.be.