THEMIGREG: 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.
THEMIGREG
Largest movements
- Tangible fixed assets +€11,606
up €11,606 (+602%), from €1,928 to €13,534
of which Furniture and vehicles: +€11,824
- Cash -€886
down €886 (-33.7%), from €2,631 to €1,745
mainly Investment in fixed assets (net) (-€18,412) and Net result for the year (-€4,987)
- Receivables within one year -€799
down €799 (-2.0%), from €39,029 to €38,230
of which Other amounts receivable: -€3,219
- Debts after one year +€7,578
new in 2025: €7,578
- Profit (loss) carried forward -€4,987
down €4,987 (-38.7%), from -€12,883 to -€17,870
- Short-term financial debts +€3,768
new in 2025: €3,768
- Reserves +€2,881
up €2,881 (+5.9%), from €49,089 to €51,970
of which Tax-exempt reserves: +€2,881
- Other debts +€899
up €899 (+174%), from €517 to €1,416
- Purchases and services +€21,072
up €21,072 (+81.9%), from €25,730 to €46,802
- Gross operating margin -€11,351
down €11,351 (-33.6%), from €33,746 to €22,395
- Turnover +€9,721
up €9,721 (+16.3%), from €59,476 to €69,197
- Staff costs +€3,370
up €3,370 (+24.5%), from €13,776 to €17,146
- Depreciation +€2,931
up €2,931 (+75.6%), from €3,875 to €6,806
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 | €43,588 | €53,509 | +€9,921 | +22.8% |
| Fixed assets | 21/28 | €1,928 | €13,534 | +€11,606 | +602% |
| Tangible fixed assets | 22/27 | €1,928 | €13,534 | +€11,606 | +602% |
| Plant, machinery and equipment | 23 | €1,928 | €1,710 | -€218 | -11.3% |
| Furniture and vehicles | 24 | - | €11,824 | +€11,824 | |
| Current assets | 29/58 | €41,660 | €39,975 | -€1,685 | -4.0% |
| Amounts receivable within one year | 40/41 | €39,029 | €38,230 | -€799 | -2.0% |
| Trade receivables | 40 | - | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | €39,029 | €35,810 | -€3,219 | -8.2% |
| Cash at bank and in hand | 54/58 | €2,631 | €1,745 | -€886 | -33.7% |
| Total equity and liabilities | 10/49 | €43,588 | €53,509 | +€9,921 | +22.8% |
| Equity | 10/15 | €42,406 | €40,300 | -€2,106 | -5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €49,089 | €51,970 | +€2,881 | +5.9% |
| Non-distributable reserves | 130/1 | €121 | €121 | = | 0.0% |
| Reserves not available under the articles | 1311 | €121 | €121 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,968 | €51,849 | +€2,881 | +5.9% |
| Profit (loss) carried forward | 14 | -€12,883 | -€17,870 | -€4,987 | -38.7% |
| Amounts payable | 17/49 | €1,182 | €13,209 | +€12,027 | +1,018% |
| Amounts payable after more than one year | 17 | - | €7,578 | +€7,578 | |
| Financial debts | 170/4 | - | €7,578 | +€7,578 | |
| Amounts payable within one year | 42/48 | €1,182 | €5,631 | +€4,449 | +376% |
| Financial debts | 43 | - | €3,768 | +€3,768 | |
| Credit institutions | 430/8 | - | €3,768 | +€3,768 | |
| Trade debts | 44 | €665 | €447 | -€218 | -32.8% |
| Suppliers | 440/4 | €665 | €447 | -€218 | -32.8% |
| Other amounts payable | 47/48 | €517 | €1,416 | +€899 | +174% |
| Turnover | 70 | €59,476 | €69,197 | +€9,721 | +16.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €25,730 | €46,802 | +€21,072 | +81.9% |
| Remuneration, social security and pensions | 62 | €13,776 | €17,146 | +€3,370 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,875 | €6,806 | +€2,931 | +75.6% |
| Other operating charges | 640/8 | €4,343 | €2,309 | -€2,034 | -46.8% |
| Gross operating margin | 9900 | €33,746 | €22,395 | -€11,351 | -33.6% |
| Operating profit (loss) | 9901 | €11,752 | -€3,866 | -€15,618 | |
| Financial income | 75/76B | €1,999 | €2 | -€1,997 | -99.9% |
| Recurring financial income | 75 | €1,999 | €2 | -€1,997 | -99.9% |
| Financial charges | 65/66B | €232 | €1,123 | +€891 | +384% |
| Recurring financial charges | 65 | €232 | €1,123 | +€891 | +384% |
| Profit (loss) for the period before taxes | 9903 | €13,519 | -€4,987 | -€18,506 | |
| Profit (loss) for the period | 9904 | €13,519 | -€4,987 | -€18,506 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,519 | -€4,987 | -€18,506 |
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 28 October 2026 via checked.be.