MIEGE: 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.
MIEGE
Largest movements
- Receivables within one year -€1.5m
down €1.5m (-31.8%), from €4.6m to €3.2m
of which Other amounts receivable: -€939,539
- Tangible fixed assets +€536,457
up €536,457 (+26.4%), from €2.0m to €2.6m
of which Land and buildings: +€534,978
- Cash -€387,595
down €387,595 (-77.5%), from €500,000 to €112,405
mainly Other debts (-€1.3m) and Investment in fixed assets (net) (-€627,259)
- Receivables after one year +€349,660
up €349,660 (+25.4%), from €1.4m to €1.7m
- Profit (loss) carried forward +€1.3m
up €1.3m (+618%), from €206,394 to €1.5m
- Other debts -€1.3m
down €1.3m (-21.0%), from €6.0m to €4.8m
- Short-term financial debts -€423,468
down €423,468 (-29.7%), from €1.4m to €1.0m
- Trade debts -€289,528
down €289,528 (-4.8%), from €6.0m to €5.7m
- Financial income +€1.0m
up €1.0m (+188,482%), from €541 to €1.0m
- Gross operating margin -€219,634
down €219,634 (-27.9%), from €786,825 to €567,191
- Taxes -€143,617
down €143,617 (-63.9%), from €224,871 to €81,254
- Financial charges +€62,538
up €62,538 (+79.7%), from €78,447 to €140,985
- Depreciation +€37,818
up €37,818 (+81.2%), from €46,551 to €84,370
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 | €19,816,441 | €18,849,192 | -€967,249 | -4.9% |
| Fixed assets | 21/28 | €13,303,772 | €13,846,661 | +€542,890 | +4.1% |
| Intangible fixed assets | 21 | - | €6,093 | +€6,093 | |
| Tangible fixed assets | 22/27 | €2,033,724 | €2,570,181 | +€536,457 | +26.4% |
| Land and buildings | 22 | €2,027,320 | €2,562,298 | +€534,978 | +26.4% |
| Furniture and vehicles | 24 | €6,404 | €7,883 | +€1,479 | +23.1% |
| Financial fixed assets | 28 | €11,270,048 | €11,270,388 | +€340 | 0.0% |
| Current assets | 29/58 | €6,512,670 | €5,002,531 | -€1.5m | -23.2% |
| Amounts receivable after more than one year | 29 | €1,376,200 | €1,725,860 | +€349,660 | +25.4% |
| Other amounts receivable | 291 | €1,376,200 | €1,725,860 | +€349,660 | +25.4% |
| Amounts receivable within one year | 40/41 | €4,636,470 | €3,164,266 | -€1.5m | -31.8% |
| Trade receivables | 40 | €3,110,470 | €2,577,805 | -€532,665 | -17.1% |
| Other amounts receivable | 41 | €1,526,000 | €586,461 | -€939,539 | -61.6% |
| Cash at bank and in hand | 54/58 | €500,000 | €112,405 | -€387,595 | -77.5% |
| Total equity and liabilities | 10/49 | €19,816,441 | €18,849,192 | -€967,249 | -4.9% |
| Equity | 10/15 | €3,540,095 | €4,815,575 | +€1.3m | +36.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,315,109 | €3,315,109 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €3,296,359 | €3,296,359 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,394 | €1,481,874 | +€1.3m | +618% |
| Amounts payable | 17/49 | €16,276,346 | €14,033,617 | -€2.2m | -13.8% |
| Amounts payable after more than one year | 17 | €2,070,858 | €2,084,060 | +€13,202 | +0.6% |
| Financial debts | 170/4 | €2,070,858 | €2,084,060 | +€13,202 | +0.6% |
| Amounts payable within one year | 42/48 | €14,205,488 | €11,949,557 | -€2.3m | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €461,948 | €266,070 | -€195,878 | -42.4% |
| Financial debts | 43 | €1,423,468 | €1,000,000 | -€423,468 | -29.7% |
| Credit institutions | 430/8 | €1,423,468 | €1,000,000 | -€423,468 | -29.7% |
| Trade debts | 44 | €5,992,631 | €5,703,103 | -€289,528 | -4.8% |
| Suppliers | 440/4 | €5,992,631 | €5,703,103 | -€289,528 | -4.8% |
| Taxes, remuneration and social security | 45 | €278,405 | €204,605 | -€73,800 | -26.5% |
| Taxes | 450/3 | €278,405 | €204,605 | -€73,800 | -26.5% |
| Other amounts payable | 47/48 | €6,049,036 | €4,775,779 | -€1.3m | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,551 | €84,370 | +€37,818 | +81.2% |
| Other operating charges | 640/8 | €6,560 | €5,387 | -€1,173 | -17.9% |
| Gross operating margin | 9900 | €786,825 | €567,191 | -€219,634 | -27.9% |
| Operating profit (loss) | 9901 | €733,714 | €477,435 | -€256,279 | -34.9% |
| Financial income | 75/76B | €541 | €1,020,284 | +€1.0m | +188,482% |
| Recurring financial income | 75 | €541 | €1,020,284 | +€1.0m | +188,482% |
| Financial charges | 65/66B | €78,447 | €140,985 | +€62,538 | +79.7% |
| Recurring financial charges | 65 | €78,447 | €140,985 | +€62,538 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | €655,808 | €1,356,733 | +€700,925 | +107% |
| Income taxes | 67/77 | €224,871 | €81,254 | -€143,617 | -63.9% |
| Profit (loss) for the period | 9904 | €430,937 | €1,275,480 | +€844,543 | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €430,937 | €1,275,480 | +€844,543 | +196% |
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 24 October 2026 via checked.be.