MISATO: what changed
MISATO
Largest movements
- Tangible fixed assets -€9,997
down €9,997 (-33.3%), from €29,991 to €19,994
- Receivables after one year -€4,172
no longer reported in 2025 (was €4,172)
- Cash -€1,441
down €1,441 (-79.1%), from €1,821 to €380
mainly Net result for the year (-€13,134) and Provisions (-€1,326)
- Profit (loss) carried forward -€9,156
down €9,156 (-3.8%), from -€238,239 to -€247,395
- Reserves -€3,978
down €3,978 (-13.2%), from €30,197 to €26,219
of which Tax-exempt reserves: -€3,978
- Provisions -€1,326
down €1,326 (-54.6%), from €2,427 to €1,101
- Other debts -€792
down €792 (-22.7%), from €3,495 to €2,703
- Gross operating margin +€389
up €389 (+12.7%), from -€3,057 to -€2,668
- Other operating charges +€54
up €54 (+3.1%), from €1,700 to €1,754
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,362 | €20,836 | -€15,526 | -42.7% |
| Fixed assets | 21/28 | €29,992 | €19,995 | -€9,997 | -33.3% |
| Tangible fixed assets | 22/27 | €29,991 | €19,994 | -€9,997 | -33.3% |
| Land and buildings | 22 | €29,991 | €19,994 | -€9,997 | -33.3% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €6,370 | €841 | -€5,529 | -86.8% |
| Amounts receivable after more than one year | 29 | €4,172 | - | -€4,172 | |
| Other amounts receivable | 291 | €4,172 | - | -€4,172 | |
| Amounts receivable within one year | 40/41 | €377 | €461 | +€84 | +22.4% |
| Other amounts receivable | 41 | €377 | €461 | +€84 | +22.4% |
| Cash at bank and in hand | 54/58 | €1,821 | €380 | -€1,441 | -79.1% |
| Total equity and liabilities | 10/49 | €36,362 | €20,836 | -€15,526 | -42.7% |
| Equity | 10/15 | €30,166 | €17,032 | -€13,134 | -43.5% |
| Contributions | 10/11 | €238,208 | €238,208 | = | 0.0% |
| Capital | 10 | €238,208 | €238,208 | = | 0.0% |
| Issued capital | 100 | €238,208 | €238,208 | = | 0.0% |
| Reserves | 13 | €30,197 | €26,219 | -€3,978 | -13.2% |
| Non-distributable reserves | 130/1 | €14,164 | €14,164 | = | 0.0% |
| Legal reserve | 130 | €14,164 | €14,164 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,640 | €9,662 | -€3,978 | -29.2% |
| Distributable reserves | 133 | €2,392 | €2,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,239 | -€247,395 | -€9,156 | -3.8% |
| Provisions and deferred taxes | 16 | €2,427 | €1,101 | -€1,326 | -54.6% |
| Deferred taxes | 168 | €2,427 | €1,101 | -€1,326 | -54.6% |
| Amounts payable | 17/49 | €3,769 | €2,703 | -€1,066 | -28.3% |
| Amounts payable within one year | 42/48 | €3,495 | €2,703 | -€792 | -22.7% |
| Other amounts payable | 47/48 | €3,495 | €2,703 | -€792 | -22.7% |
| Accrued charges and deferred income | 492/3 | €274 | - | -€274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,997 | €9,997 | = | 0.0% |
| Other operating charges | 640/8 | €1,700 | €1,754 | +€54 | +3.1% |
| Gross operating margin | 9900 | -€3,057 | -€2,668 | +€389 | +12.7% |
| Operating profit (loss) | 9901 | -€14,755 | -€14,419 | +€335 | +2.3% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.8% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,798 | -€14,460 | +€339 | +2.3% |
| Transfer from deferred taxes | 780 | €1,326 | €1,326 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€13,472 | -€13,134 | +€339 | +2.5% |
| Transfer from tax-exempt reserves | 789 | €3,978 | €3,978 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,494 | -€9,156 | +€339 | +3.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.