MIBELCO: 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.
MIBELCO
Largest movements
- Cash +€18,277
up €18,277 (+7.4%), from €245,841 to €264,118
mainly Net result for the year (+€15,082) and Depreciation (+€5,523)
- Reserves +€15,400
up €15,400 (+1.7%), from €907,918 to €923,318
of which Distributable reserves: +€15,400
- Turnover -€36,819
down €36,819 (-40.0%), from €92,091 to €55,272
- Financial income +€12,337
up €12,337 (+351%), from €3,513 to €15,850
- Gross operating margin -€6,173
down €6,173 (-9.4%), from €65,940 to €59,766
- Purchases and services -€5,001
down €5,001 (-19.6%), from €25,507 to €20,506
- Taxes +€4,703
up €4,703 (+121%), from €3,897 to €8,600
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 | €1,364,508 | €1,373,781 | +€9,272 | +0.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €40,009 | €34,486 | -€5,523 | -13.8% |
| Tangible fixed assets | 22/27 | €39,860 | €34,338 | -€5,523 | -13.9% |
| Land and buildings | 22 | €18,096 | €34,338 | +€16,241 | +89.8% |
| Plant, machinery and equipment | 23 | €21,217 | €0 | -€21,217 | -100% |
| Furniture and vehicles | 24 | €547 | - | -€547 | |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €1,324,499 | €1,339,294 | +€14,795 | +1.1% |
| Stocks and contracts in progress | 3 | €2,153 | €2,953 | +€800 | +37.1% |
| Stocks | 30/36 | €2,153 | €2,953 | +€800 | +37.1% |
| Amounts receivable within one year | 40/41 | €975,958 | €970,958 | -€5,000 | -0.5% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €975,958 | €970,958 | -€5,000 | -0.5% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €245,841 | €264,118 | +€18,277 | +7.4% |
| Deferred charges and accrued income | 490/1 | €547 | €1,266 | +€719 | +131% |
| Total equity and liabilities | 10/49 | €1,364,508 | €1,373,781 | +€9,272 | +0.7% |
| Equity | 10/15 | €1,307,546 | €1,322,628 | +€15,082 | +1.2% |
| Contributions | 10/11 | €399,176 | €399,176 | = | 0.0% |
| Capital | 10 | €399,176 | €399,176 | = | 0.0% |
| Issued capital | 100 | €399,176 | €399,176 | = | 0.0% |
| Reserves | 13 | €907,918 | €923,318 | +€15,400 | +1.7% |
| Non-distributable reserves | 130/1 | €39,918 | €39,918 | = | 0.0% |
| Legal reserve | 130 | €39,918 | €39,918 | = | 0.0% |
| Distributable reserves | 133 | €868,000 | €883,400 | +€15,400 | +1.8% |
| Profit (loss) carried forward | 14 | €453 | €134 | -€318 | -70.3% |
| Amounts payable | 17/49 | €56,962 | €51,153 | -€5,810 | -10.2% |
| Amounts payable within one year | 42/48 | €56,951 | €51,141 | -€5,810 | -10.2% |
| Trade debts | 44 | €3,616 | €3,416 | -€200 | -5.5% |
| Suppliers | 440/4 | €3,616 | €3,416 | -€200 | -5.5% |
| Taxes, remuneration and social security | 45 | €20,185 | €14,575 | -€5,610 | -27.8% |
| Taxes | 450/3 | €11,733 | €6,738 | -€4,995 | -42.6% |
| Remuneration and social security | 454/9 | €8,451 | €7,837 | -€615 | -7.3% |
| Other amounts payable | 47/48 | €33,151 | €33,151 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12 | €12 | = | 0.0% |
| Turnover | 70 | €92,091 | €55,272 | -€36,819 | -40.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €25,507 | €20,506 | -€5,001 | -19.6% |
| Remuneration, social security and pensions | 62 | €43,853 | €40,583 | -€3,270 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,523 | €5,523 | +€0 | 0.0% |
| Other operating charges | 640/8 | €5,315 | €5,586 | +€272 | +5.1% |
| Gross operating margin | 9900 | €65,940 | €59,766 | -€6,173 | -9.4% |
| Operating profit (loss) | 9901 | €11,250 | €8,075 | -€3,175 | -28.2% |
| Financial income | 75/76B | €3,513 | €15,850 | +€12,337 | +351% |
| Recurring financial income | 75 | €3,513 | €15,850 | +€12,337 | +351% |
| Financial charges | 65/66B | €106 | €243 | +€137 | +130% |
| Recurring financial charges | 65 | €106 | €243 | +€137 | +130% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €14,657 | €23,681 | +€9,025 | +61.6% |
| Income taxes | 67/77 | €3,897 | €8,600 | +€4,703 | +121% |
| Profit (loss) for the period | 9904 | €10,760 | €15,082 | +€4,322 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,760 | €15,082 | +€4,322 | +40.2% |
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 18 October 2026 via checked.be.