MISIL: 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.
MISIL
Largest movements
- Receivables within one year -€154,525
down €154,525 (-23.9%), from €647,618 to €493,093
of which Trade receivables: -€186,396
- Deferred charges and accrued income -€83,406
down €83,406 (-89.1%), from €93,651 to €10,246
- Tangible fixed assets -€21,732
down €21,732 (-2.7%), from €791,912 to €770,180
of which Land and buildings: -€18,395
- Other debts -€194,096
down €194,096 (-67.5%), from €287,726 to €93,631
- Debts after one year -€50,001
down €50,001 (-6.5%), from €769,795 to €719,794
- Trade debts -€48,867
down €48,867 (-79.9%), from €61,129 to €12,262
- Reserves +€36,362
up €36,362 (+13.0%), from €280,614 to €316,976
of which Distributable reserves: +€43,886
- Gross operating margin -€10,019
down €10,019 (-10.8%), from €92,513 to €82,494
- Financial income -€2,181
down €2,181 (-9.8%), from €22,321 to €20,139
- Taxes +€1,452
up €1,452 (+7.5%), from €19,252 to €20,704
- Depreciation -€1,157
down €1,157 (-5.1%), from €22,890 to €21,732
- Other operating charges +€1,032
up €1,032 (+74.8%), from €1,379 to €2,411
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 | €1,542,265 | €1,282,443 | -€259,822 | -16.8% |
| Fixed assets | 21/28 | €792,291 | €770,399 | -€21,892 | -2.8% |
| Tangible fixed assets | 22/27 | €791,912 | €770,180 | -€21,732 | -2.7% |
| Land and buildings | 22 | €787,395 | €768,999 | -€18,395 | -2.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,518 | €1,181 | -€3,337 | -73.9% |
| Financial fixed assets | 28 | €379 | €219 | -€160 | -42.2% |
| Current assets | 29/58 | €749,974 | €512,044 | -€237,930 | -31.7% |
| Amounts receivable within one year | 40/41 | €647,618 | €493,093 | -€154,525 | -23.9% |
| Trade receivables | 40 | €239,606 | €53,211 | -€186,396 | -77.8% |
| Other amounts receivable | 41 | €408,011 | €439,882 | +€31,871 | +7.8% |
| Cash at bank and in hand | 54/58 | €8,705 | €8,706 | +€1 | 0.0% |
| Deferred charges and accrued income | 490/1 | €93,651 | €10,246 | -€83,406 | -89.1% |
| Total equity and liabilities | 10/49 | €1,542,265 | €1,282,443 | -€259,822 | -16.8% |
| Equity | 10/15 | €330,614 | €366,976 | +€36,362 | +11.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €280,614 | €316,976 | +€36,362 | +13.0% |
| Non-distributable reserves | 130/1 | €5,000 | €0 | -€5,000 | -100.0% |
| Other | 1319 | €5,000 | €0 | -€5,000 | -100.0% |
| Tax-exempt reserves | 132 | €82,336 | €79,813 | -€2,523 | -3.1% |
| Distributable reserves | 133 | €193,278 | €237,164 | +€43,886 | +22.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,494 | €11,863 | -€631 | -5.0% |
| Deferred taxes | 168 | €12,494 | €11,863 | -€631 | -5.0% |
| Amounts payable | 17/49 | €1,199,157 | €903,604 | -€295,553 | -24.6% |
| Amounts payable after more than one year | 17 | €769,795 | €719,794 | -€50,001 | -6.5% |
| Financial debts | 170/4 | €769,795 | €719,794 | -€50,001 | -6.5% |
| Amounts payable within one year | 42/48 | €426,066 | €182,700 | -€243,366 | -57.1% |
| Current portion of amounts payable after more than one year | 42 | €48,951 | €50,001 | +€1,050 | +2.1% |
| Financial debts | 43 | - | €3,400 | +€3,400 | |
| Credit institutions | 430/8 | - | €3,400 | +€3,400 | |
| Trade debts | 44 | €61,129 | €12,262 | -€48,867 | -79.9% |
| Suppliers | 440/4 | €61,129 | €12,262 | -€48,867 | -79.9% |
| Taxes, remuneration and social security | 45 | €28,260 | €23,406 | -€4,854 | -17.2% |
| Taxes | 450/3 | €28,260 | €23,406 | -€4,854 | -17.2% |
| Other amounts payable | 47/48 | €287,726 | €93,631 | -€194,096 | -67.5% |
| Accrued charges and deferred income | 492/3 | €3,296 | €1,110 | -€2,186 | -66.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,890 | €21,732 | -€1,157 | -5.1% |
| Other operating charges | 640/8 | €1,379 | €2,411 | +€1,032 | +74.8% |
| Gross operating margin | 9900 | €92,513 | €82,494 | -€10,019 | -10.8% |
| Operating profit (loss) | 9901 | €68,244 | €58,350 | -€9,894 | -14.5% |
| Financial income | 75/76B | €22,321 | €20,139 | -€2,181 | -9.8% |
| Recurring financial income | 75 | €22,321 | €20,139 | -€2,181 | -9.8% |
| Financial charges | 65/66B | €22,676 | €22,054 | -€622 | -2.7% |
| Recurring financial charges | 65 | €22,676 | €22,054 | -€622 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €67,888 | €56,436 | -€11,453 | -16.9% |
| Transfer from deferred taxes | 780 | €631 | €631 | = | 0.0% |
| Income taxes | 67/77 | €19,252 | €20,704 | +€1,452 | +7.5% |
| Profit (loss) for the period | 9904 | €49,267 | €36,362 | -€12,905 | -26.2% |
| Transfer from tax-exempt reserves | 789 | €2,523 | €2,523 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,791 | €38,886 | -€12,905 | -24.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.