MISZCO: 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.
MISZCO
Largest movements
- Tangible fixed assets -€71,011
down €71,011 (-7.3%), from €971,785 to €900,774
of which Land and buildings: -€38,800
- Cash +€34,526
up €34,526 (+478%), from €7,227 to €41,754
mainly Other debts (+€145,585) and Depreciation (+€78,529)
- Reserves -€162,000
down €162,000 (-25.4%), from €637,949 to €475,949
- Other debts +€145,585
up €145,585 (+246%), from €59,245 to €204,831
- Debts after one year -€60,372
down €60,372 (-12.2%), from €495,073 to €434,701
- Provisions +€31,200
new in 2025: €31,200
- Gross operating margin -€57,663
down €57,663 (-22.6%), from €255,079 to €197,417
- Provisions +€31,200
new in 2025: €31,200
- Taxes -€12,313
down €12,313 (-25.8%), from €47,666 to €35,353
- Depreciation +€4,328
up €4,328 (+5.8%), from €74,201 to €78,529
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 | €1,308,866 | €1,265,085 | -€43,781 | -3.3% |
| Fixed assets | 21/28 | €971,785 | €900,774 | -€71,011 | -7.3% |
| Tangible fixed assets | 22/27 | €971,785 | €900,774 | -€71,011 | -7.3% |
| Land and buildings | 22 | €791,737 | €752,937 | -€38,800 | -4.9% |
| Plant, machinery and equipment | 23 | €103,537 | €95,561 | -€7,976 | -7.7% |
| Furniture and vehicles | 24 | €76,511 | €52,276 | -€24,235 | -31.7% |
| Current assets | 29/58 | €337,082 | €364,312 | +€27,230 | +8.1% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €128,572 | €121,374 | -€7,198 | -5.6% |
| Trade receivables | 40 | €51,836 | €57,064 | +€5,227 | +10.1% |
| Other amounts receivable | 41 | €76,735 | €64,310 | -€12,425 | -16.2% |
| Cash at bank and in hand | 54/58 | €7,227 | €41,754 | +€34,526 | +478% |
| Deferred charges and accrued income | 490/1 | €1,283 | €1,184 | -€98 | -7.7% |
| Total equity and liabilities | 10/49 | €1,308,866 | €1,265,085 | -€43,781 | -3.3% |
| Equity | 10/15 | €662,949 | €500,949 | -€162,000 | -24.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €637,949 | €475,949 | -€162,000 | -25.4% |
| Distributable reserves | 133 | €637,949 | €475,949 | -€162,000 | -25.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €31,200 | +€31,200 | |
| Provisions for liabilities and charges | 160/5 | - | €31,200 | +€31,200 | |
| Other liabilities and charges | 164/5 | - | €31,200 | +€31,200 | |
| Amounts payable | 17/49 | €645,917 | €732,936 | +€87,019 | +13.5% |
| Amounts payable after more than one year | 17 | €495,073 | €434,701 | -€60,372 | -12.2% |
| Financial debts | 170/4 | €495,073 | €434,701 | -€60,372 | -12.2% |
| Amounts payable within one year | 42/48 | €150,844 | €298,236 | +€147,391 | +97.7% |
| Current portion of amounts payable after more than one year | 42 | €58,582 | €68,813 | +€10,231 | +17.5% |
| Trade debts | 44 | €6,139 | €463 | -€5,676 | -92.5% |
| Suppliers | 440/4 | €6,139 | €463 | -€5,676 | -92.5% |
| Taxes, remuneration and social security | 45 | €26,878 | €24,129 | -€2,749 | -10.2% |
| Taxes | 450/3 | €25,378 | €24,129 | -€1,249 | -4.9% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €59,245 | €204,831 | +€145,585 | +246% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,534 | €0 | -€15,534 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,201 | €78,529 | +€4,328 | +5.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €31,200 | +€31,200 | |
| Other operating charges | 640/8 | €4,819 | €4,943 | +€123 | +2.6% |
| Gross operating margin | 9900 | €255,079 | €197,417 | -€57,663 | -22.6% |
| Operating profit (loss) | 9901 | €176,059 | €82,745 | -€93,314 | -53.0% |
| Financial income | 75/76B | €6,525 | €8,231 | +€1,706 | +26.1% |
| Recurring financial income | 75 | €6,525 | €8,231 | +€1,706 | +26.1% |
| Financial charges | 65/66B | €14,135 | €12,794 | -€1,341 | -9.5% |
| Recurring financial charges | 65 | €14,135 | €12,794 | -€1,341 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €168,450 | €78,183 | -€90,267 | -53.6% |
| Income taxes | 67/77 | €47,666 | €35,353 | -€12,313 | -25.8% |
| Profit (loss) for the period | 9904 | €120,784 | €42,831 | -€77,954 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,784 | €42,831 | -€77,954 | -64.5% |
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 13 October 2026 via checked.be.