MIBALDO: 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.
MIBALDO
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€220,193
down €220,193 (-97.0%), from €227,021 to €6,828
mainly Current investments (-€250,000) and Receivables within one year (-€151,777)
- Receivables within one year +€151,777
up €151,777 (+369%), from €41,175 to €192,952
of which Trade receivables: +€162,381
- Receivables after one year -€87,895
down €87,895 (-100%), from €87,895 to €0
- Deferred charges and accrued income +€13,126
up €13,126 (+519%), from €2,530 to €15,656
- Other debts +€158,766
up €158,766 (+1,804%), from €8,799 to €167,565
- Reserves -€32,188
down €32,188 (-12.0%), from €268,484 to €236,296
- Debts after one year -€28,509
down €28,509 (-22.5%), from €126,726 to €98,217
- Tax, wage and social debts +€23,196
up €23,196 (+325%), from €7,146 to €30,341
- Short-term financial debts -€21,198
down €21,198 (-99.8%), from €21,239 to €41
of which Credit institutions: -€21,198
- Gross operating margin -€36,088
down €36,088 (-39.0%), from €92,644 to €56,555
- Taxes -€8,258
down €8,258 (-49.0%), from €16,849 to €8,590
- Financial charges +€3,745
up €3,745 (+71.2%), from €5,258 to €9,003
- Financial income +€1,180
up €1,180 (+40.8%), from €2,890 to €4,070
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 | €478,440 | €579,042 | +€100,603 | +21.0% |
| Fixed assets | 21/28 | €119,819 | €113,606 | -€6,213 | -5.2% |
| Intangible fixed assets | 21 | €4,915 | €915 | -€4,000 | -81.4% |
| Tangible fixed assets | 22/27 | €114,904 | €112,691 | -€2,213 | -1.9% |
| Land and buildings | 22 | €112,047 | €110,488 | -€1,559 | -1.4% |
| Other tangible fixed assets | 26 | €2,856 | €2,202 | -€654 | -22.9% |
| Current assets | 29/58 | €358,621 | €465,436 | +€106,815 | +29.8% |
| Amounts receivable after more than one year | 29 | €87,895 | €0 | -€87,895 | -100% |
| Other amounts receivable | 291 | €87,895 | €0 | -€87,895 | -100% |
| Amounts receivable within one year | 40/41 | €41,175 | €192,952 | +€151,777 | +369% |
| Trade receivables | 40 | €4,539 | €166,920 | +€162,381 | +3,578% |
| Other amounts receivable | 41 | €36,637 | €26,033 | -€10,604 | -28.9% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €227,021 | €6,828 | -€220,193 | -97.0% |
| Deferred charges and accrued income | 490/1 | €2,530 | €15,656 | +€13,126 | +519% |
| Total equity and liabilities | 10/49 | €478,440 | €579,042 | +€100,603 | +21.0% |
| Equity | 10/15 | €287,084 | €254,896 | -€32,188 | -11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €268,484 | €236,296 | -€32,188 | -12.0% |
| Distributable reserves | 133 | €268,484 | €236,296 | -€32,188 | -12.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €191,356 | €324,147 | +€132,791 | +69.4% |
| Amounts payable after more than one year | 17 | €126,726 | €98,217 | -€28,509 | -22.5% |
| Financial debts | 170/4 | €126,726 | €98,217 | -€28,509 | -22.5% |
| Amounts payable within one year | 42/48 | €62,710 | €219,266 | +€156,556 | +250% |
| Current portion of amounts payable after more than one year | 42 | €7,351 | €8,057 | +€707 | +9.6% |
| Financial debts | 43 | €21,239 | €41 | -€21,198 | -99.8% |
| Credit institutions | 430/8 | €21,239 | €41 | -€21,198 | -99.8% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €18,176 | €13,262 | -€4,914 | -27.0% |
| Suppliers | 440/4 | €18,176 | €13,262 | -€4,914 | -27.0% |
| Taxes, remuneration and social security | 45 | €7,146 | €30,341 | +€23,196 | +325% |
| Taxes | 450/3 | €7,146 | €30,341 | +€23,196 | +325% |
| Other amounts payable | 47/48 | €8,799 | €167,565 | +€158,766 | +1,804% |
| Accrued charges and deferred income | 492/3 | €1,920 | €6,663 | +€4,743 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,882 | €12,775 | -€106 | -0.8% |
| Other operating charges | 640/8 | €3,007 | €2,445 | -€563 | -18.7% |
| Gross operating margin | 9900 | €92,644 | €56,555 | -€36,088 | -39.0% |
| Operating profit (loss) | 9901 | €76,755 | €41,335 | -€35,420 | -46.1% |
| Financial income | 75/76B | €2,890 | €4,070 | +€1,180 | +40.8% |
| Recurring financial income | 75 | €2,890 | €4,070 | +€1,180 | +40.8% |
| Financial charges | 65/66B | €5,258 | €9,003 | +€3,745 | +71.2% |
| Recurring financial charges | 65 | €5,258 | €9,003 | +€3,745 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | €74,386 | €36,402 | -€37,984 | -51.1% |
| Income taxes | 67/77 | €16,849 | €8,590 | -€8,258 | -49.0% |
| Profit (loss) for the period | 9904 | €57,538 | €27,812 | -€29,726 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,538 | €27,812 | -€29,726 | -51.7% |
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 14 October 2026 via checked.be.