MISSEGHERS: 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.
MISSEGHERS
Largest movements
- Financial fixed assets -€350,000
down €350,000 (-53.8%), from €650,500 to €300,500
- Cash -€78,727
down €78,727 (-90.2%), from €87,285 to €8,557
mainly Net result for the year (-€411,646) and Debts after one year (-€51,051)
- Receivables within one year -€21,750
down €21,750 (-86.7%), from €25,101 to €3,350
of which Trade receivables: -€21,650
- Profit (loss) carried forward -€411,646
down €411,646 (-73.8%), from -€557,566 to -€969,212
- Debts after one year -€51,051
down €51,051 (-4.7%), from €1.1m to €1.0m
- Write-downs -€650,000
no longer reported in 2025 (was €650,000)
- Financial charges +€349,997
up €349,997 (+252,323%), from €139 to €350,136
of which Non-recurring financial charges: +€350,000
- Gross operating margin -€100,258
down €100,258, from €53,378 to -€46,881
- Depreciation +€6,476
up €6,476 (+90.6%), from €7,151 to €13,627
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 | €828,823 | €366,386 | -€462,437 | -55.8% |
| Fixed assets | 21/28 | €703,488 | €347,844 | -€355,644 | -50.6% |
| Tangible fixed assets | 22/27 | €52,988 | €47,344 | -€5,644 | -10.7% |
| Plant, machinery and equipment | 23 | €52,988 | €40,541 | -€12,446 | -23.5% |
| Furniture and vehicles | 24 | - | €6,802 | +€6,802 | |
| Financial fixed assets | 28 | €650,500 | €300,500 | -€350,000 | -53.8% |
| Current assets | 29/58 | €125,335 | €18,542 | -€106,793 | -85.2% |
| Stocks and contracts in progress | 3 | €12,950 | €6,475 | -€6,475 | -50.0% |
| Stocks | 30/36 | €12,950 | €6,475 | -€6,475 | -50.0% |
| Amounts receivable within one year | 40/41 | €25,101 | €3,350 | -€21,750 | -86.7% |
| Trade receivables | 40 | €25,000 | €3,350 | -€21,650 | -86.6% |
| Other amounts receivable | 41 | €101 | - | -€101 | |
| Cash at bank and in hand | 54/58 | €87,285 | €8,557 | -€78,727 | -90.2% |
| Deferred charges and accrued income | 490/1 | - | €159 | +€159 | |
| Total equity and liabilities | 10/49 | €828,823 | €366,386 | -€462,437 | -55.8% |
| Equity | 10/15 | -€539,660 | -€951,307 | -€411,646 | -76.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €5,505 | €5,505 | = | 0.0% |
| Distributable reserves | 133 | €5,505 | €5,505 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€557,566 | -€969,212 | -€411,646 | -73.8% |
| Amounts payable | 17/49 | €1,368,484 | €1,317,692 | -€50,791 | -3.7% |
| Amounts payable after more than one year | 17 | €1,092,216 | €1,041,166 | -€51,051 | -4.7% |
| Financial debts | 170/4 | €1,092,216 | €1,041,166 | -€51,051 | -4.7% |
| Amounts payable within one year | 42/48 | €276,267 | €276,527 | +€260 | +0.1% |
| Trade debts | 44 | €420 | €3,697 | +€3,276 | +779% |
| Suppliers | 440/4 | €420 | €3,697 | +€3,276 | +779% |
| Taxes, remuneration and social security | 45 | €1,894 | €540 | -€1,354 | -71.5% |
| Taxes | 450/3 | €1,894 | €540 | -€1,354 | -71.5% |
| Other amounts payable | 47/48 | €273,953 | €272,290 | -€1,663 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,151 | €13,627 | +€6,476 | +90.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €650,000 | - | -€650,000 | |
| Other operating charges | 640/8 | €1,122 | €1,310 | +€188 | +16.8% |
| Gross operating margin | 9900 | €53,378 | -€46,881 | -€100,258 | |
| Operating profit (loss) | 9901 | -€604,896 | -€61,818 | +€543,077 | +89.8% |
| Financial income | 75/76B | €54 | €308 | +€254 | +466% |
| Recurring financial income | 75 | €54 | €308 | +€254 | +466% |
| Financial charges | 65/66B | €139 | €350,136 | +€349,997 | +252,323% |
| Recurring financial charges | 65 | €139 | €136 | -€3 | -2.0% |
| Non-recurring financial charges | 66B | - | €350,000 | +€350,000 | |
| Profit (loss) for the period before taxes | 9903 | -€604,980 | -€411,646 | +€193,334 | +32.0% |
| Profit (loss) for the period | 9904 | -€604,980 | -€411,646 | +€193,334 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€604,980 | -€411,646 | +€193,334 | +32.0% |
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 29 October 2026 via checked.be.