MIYAGE: 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.
MIYAGE
Largest movements
- Receivables within one year +€16,081
up €16,081 (+140.8%), from €11,425 to €27,507
of which Trade receivables: +€12,107
- Cash -€14,229
down €14,229 (-10.4%), from €137,073 to €122,844
mainly Receivables within one year (-€16,081) and Investment in fixed assets (net) (-€12,229)
- Stocks and contracts +€5,279
up €5,279 (+20.3%), from €25,999 to €31,278
- Tangible fixed assets -€3,817
down €3,817 (-6.8%), from €56,110 to €52,293
of which Furniture and vehicles: -€7,951
- Intangible fixed assets -€2,550
down €2,550 (-43.1%), from €5,920 to €3,370
- Trade debts +€13,294
up €13,294 (+17.6%), from €75,453 to €88,747
- Tax, wage and social debts -€11,569
down €11,569 (-42.0%), from €27,566 to €15,997
of which Taxes: -€10,286
- Debts after one year -€9,438
down €9,438 (-38.7%), from €24,366 to €14,928
- Reserves +€7,827
up €7,827 (+28.2%), from €27,764 to €35,592
- Purchases and services +€46,152
up €46,152 (+16.5%), from €279,901 to €326,052
- Gross operating margin -€26,596
down €26,596 (-33.6%), from €79,149 to €52,553
- Taxes -€7,867
down €7,867 (-65.5%), from €12,019 to €4,152
- Depreciation +€3,093
up €3,093 (+19.9%), from €15,503 to €18,596
- Staff costs -€1,664
down €1,664 (-7.9%), from €21,107 to €19,444
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 | €247,096 | €248,330 | +€1,233 | +0.5% |
| Fixed assets | 21/28 | €62,029 | €55,663 | -€6,367 | -10.3% |
| Intangible fixed assets | 21 | €5,920 | €3,370 | -€2,550 | -43.1% |
| Tangible fixed assets | 22/27 | €56,110 | €52,293 | -€3,817 | -6.8% |
| Plant, machinery and equipment | 23 | €19,543 | €23,677 | +€4,134 | +21.2% |
| Furniture and vehicles | 24 | €36,567 | €28,616 | -€7,951 | -21.7% |
| Current assets | 29/58 | €185,067 | €192,667 | +€7,600 | +4.1% |
| Stocks and contracts in progress | 3 | €25,999 | €31,278 | +€5,279 | +20.3% |
| Stocks | 30/36 | €25,999 | €31,278 | +€5,279 | +20.3% |
| Amounts receivable within one year | 40/41 | €11,425 | €27,507 | +€16,081 | +140.8% |
| Trade receivables | 40 | €6,576 | €18,684 | +€12,107 | +184.1% |
| Other amounts receivable | 41 | €4,849 | €8,823 | +€3,974 | +82.0% |
| Current investments | 50/53 | €6,892 | €6,679 | -€213 | -3.1% |
| Cash at bank and in hand | 54/58 | €137,073 | €122,844 | -€14,229 | -10.4% |
| Deferred charges and accrued income | 490/1 | €3,678 | €4,360 | +€682 | +18.5% |
| Total equity and liabilities | 10/49 | €247,096 | €248,330 | +€1,233 | +0.5% |
| Equity | 10/15 | €90,553 | €98,380 | +€7,827 | +8.6% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Contributions outside capital | 11 | €8,200 | €8,200 | = | 0.0% |
| Other | 1109/19 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €27,764 | €35,592 | +€7,827 | +28.2% |
| Distributable reserves | 133 | €27,764 | €35,592 | +€7,827 | +28.2% |
| Profit (loss) carried forward | 14 | €54,589 | €54,589 | = | 0.0% |
| Amounts payable | 17/49 | €156,543 | €149,949 | -€6,594 | -4.2% |
| Amounts payable after more than one year | 17 | €24,366 | €14,928 | -€9,438 | -38.7% |
| Financial debts | 170/4 | €24,366 | €14,928 | -€9,438 | -38.7% |
| Amounts payable within one year | 42/48 | €131,930 | €134,986 | +€3,056 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €10,745 | €11,137 | +€392 | +3.6% |
| Trade debts | 44 | €75,453 | €88,747 | +€13,294 | +17.6% |
| Suppliers | 440/4 | €75,453 | €88,747 | +€13,294 | +17.6% |
| Advances received on contracts in progress | 46 | - | €845 | +€845 | |
| Taxes, remuneration and social security | 45 | €27,566 | €15,997 | -€11,569 | -42.0% |
| Taxes | 450/3 | €20,024 | €9,738 | -€10,286 | -51.4% |
| Remuneration and social security | 454/9 | €7,542 | €6,259 | -€1,283 | -17.0% |
| Other amounts payable | 47/48 | €18,165 | €18,260 | +€94 | +0.5% |
| Accrued charges and deferred income | 492/3 | €248 | €35 | -€213 | -85.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €279,901 | €326,052 | +€46,152 | +16.5% |
| Remuneration, social security and pensions | 62 | €21,107 | €19,444 | -€1,664 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,503 | €18,596 | +€3,093 | +19.9% |
| Other operating charges | 640/8 | €590 | €1,431 | +€841 | +142.4% |
| Gross operating margin | 9900 | €79,149 | €52,553 | -€26,596 | -33.6% |
| Operating profit (loss) | 9901 | €41,948 | €13,082 | -€28,866 | -68.8% |
| Financial income | 75/76B | €572 | €1,342 | +€770 | +134.7% |
| Recurring financial income | 75 | €572 | €1,342 | +€770 | +134.7% |
| Financial charges | 65/66B | €2,737 | €2,445 | -€292 | -10.7% |
| Recurring financial charges | 65 | €2,737 | €2,445 | -€292 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €39,783 | €11,979 | -€27,804 | -69.9% |
| Income taxes | 67/77 | €12,019 | €4,152 | -€7,867 | -65.5% |
| Profit (loss) for the period | 9904 | €27,764 | €7,827 | -€19,937 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,764 | €7,827 | -€19,937 | -71.8% |
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 10 October 2026 via checked.be.