M.I.V.: 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.
M.I.V.
Largest movements
- Tangible fixed assets -€11,896
down €11,896 (-4.0%), from €296,252 to €284,356
of which Land and buildings: -€11,631
- Cash +€5,749
up €5,749 (+254%), from €2,260 to €8,009
mainly Other debts (+€12,296) and Depreciation (+€11,896)
- Receivables within one year -€4,274
down €4,274 (-3.9%), from €108,287 to €104,013
of which Other amounts receivable: -€4,694
- Debts after one year -€17,736
down €17,736 (-11.3%), from €156,309 to €138,573
- Other debts +€12,296
up €12,296 (+88.6%), from €13,879 to €26,175
- Reserves -€9,051
down €9,051 (-7.7%), from €117,454 to €108,403
of which Tax-exempt reserves: -€5,153
- Accrued charges and deferred income +€4,497
new in 2025: €4,497
- Financial charges -€768
down €768 (-15.2%), from €5,069 to €4,301
- Depreciation -€744
down €744 (-5.9%), from €12,640 to €11,896
- Gross operating margin +€573
up €573 (+7.7%), from €7,391 to €7,964
- Other operating charges +€247
up €247 (+9.1%), from €2,717 to €2,965
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 | €407,334 | €396,453 | -€10,882 | -2.7% |
| Fixed assets | 21/28 | €296,326 | €284,430 | -€11,896 | -4.0% |
| Tangible fixed assets | 22/27 | €296,252 | €284,356 | -€11,896 | -4.0% |
| Land and buildings | 22 | €294,418 | €282,787 | -€11,631 | -4.0% |
| Plant, machinery and equipment | 23 | €1,834 | €1,569 | -€265 | -14.4% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €111,008 | €112,022 | +€1,014 | +0.9% |
| Amounts receivable within one year | 40/41 | €108,287 | €104,013 | -€4,274 | -3.9% |
| Trade receivables | 40 | €0 | €420 | +€420 | |
| Other amounts receivable | 41 | €108,287 | €103,593 | -€4,694 | -4.3% |
| Cash at bank and in hand | 54/58 | €2,260 | €8,009 | +€5,749 | +254% |
| Deferred charges and accrued income | 490/1 | €461 | €0 | -€461 | -100% |
| Total equity and liabilities | 10/49 | €407,334 | €396,453 | -€10,882 | -2.7% |
| Equity | 10/15 | €179,954 | €170,903 | -€9,051 | -5.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €117,454 | €108,403 | -€9,051 | -7.7% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,593 | €82,440 | -€5,153 | -5.9% |
| Distributable reserves | 133 | €23,611 | €19,713 | -€3,899 | -16.5% |
| Provisions and deferred taxes | 16 | €36,476 | €34,331 | -€2,146 | -5.9% |
| Deferred taxes | 168 | €36,476 | €34,331 | -€2,146 | -5.9% |
| Amounts payable | 17/49 | €190,904 | €191,219 | +€315 | +0.2% |
| Amounts payable after more than one year | 17 | €156,309 | €138,573 | -€17,736 | -11.3% |
| Financial debts | 170/4 | €156,309 | €138,573 | -€17,736 | -11.3% |
| Amounts payable within one year | 42/48 | €34,595 | €48,149 | +€13,554 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €17,316 | €17,736 | +€420 | +2.4% |
| Trade debts | 44 | €3,401 | €4,238 | +€838 | +24.6% |
| Suppliers | 440/4 | €3,401 | €4,238 | +€838 | +24.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,879 | €26,175 | +€12,296 | +88.6% |
| Accrued charges and deferred income | 492/3 | - | €4,497 | +€4,497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,640 | €11,896 | -€744 | -5.9% |
| Other operating charges | 640/8 | €2,717 | €2,965 | +€247 | +9.1% |
| Gross operating margin | 9900 | €7,391 | €7,964 | +€573 | +7.7% |
| Operating profit (loss) | 9901 | -€7,966 | -€6,897 | +€1,069 | +13.4% |
| Financial income | 75/76B | €0 | €2 | +€1 | +782% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +782% |
| Financial charges | 65/66B | €5,069 | €4,301 | -€768 | -15.2% |
| Recurring financial charges | 65 | €5,069 | €4,301 | -€768 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,035 | -€11,196 | +€1,839 | +14.1% |
| Transfer from deferred taxes | 780 | €2,146 | €2,146 | = | 0.0% |
| Income taxes | 67/77 | €0 | €1 | +€1 | +1,060% |
| Profit (loss) for the period | 9904 | -€10,889 | -€9,051 | +€1,838 | +16.9% |
| Transfer from tax-exempt reserves | 789 | €5,153 | €5,153 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,737 | -€3,899 | +€1,838 | +32.0% |
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 16 October 2026 via checked.be.