MIBO: what changed
Two fiscal 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.
MIBO
Largest movements
- Receivables within one year +€207,237
up €207,237 (+27.3%), from €757,906 to €965,142
of which Other amounts receivable: +€205,411
- Current investments +€155,049
up €155,049 (+9.7%), from €1.6m to €1.7m
- Cash +€149,840
up €149,840 (+12.4%), from €1.2m to €1.4m
mainly Net result for the year (+€722,031) and Depreciation (+€34,713)
- Reserves +€647,031
up €647,031 (+10.4%), from €6.2m to €6.9m
of which Distributable reserves: +€650,523
- Tax, wage and social debts -€112,753
down €112,753 (-54.6%), from €206,592 to €93,839
- Financial charges -€361,657
down €361,657, from €255,157 to -€106,500
of which Financial charges: -€361,657
- Financial income -€211,569
down €211,569 (-29.6%), from €714,244 to €502,676
of which Financial income: -€197,578
- Taxes +€51,259
up €51,259 (+45.6%), from €112,304 to €163,562
- Gross operating margin +€46,139
up €46,139 (+16.4%), from €281,736 to €327,875
- Other operating charges +€3,409
up €3,409 (+23.0%), from €14,801 to €18,210
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.
Cash bridge derived
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 | €7,658,257 | €8,163,488 | +€505,230 | +6.6% |
| Fixed assets | 21/28 | €3,166,455 | €3,165,531 | -€924 | 0.0% |
| Tangible fixed assets | 22/27 | €652,602 | €617,889 | -€34,713 | -5.3% |
| Land and buildings | 22 | €652,187 | €617,578 | -€34,609 | -5.3% |
| Plant, machinery and equipment | 23 | €415 | €311 | -€104 | -25.0% |
| Financial fixed assets | 28 | €2,513,853 | €2,547,642 | +€33,789 | +1.3% |
| Current assets | 29/58 | €4,491,802 | €4,997,957 | +€506,155 | +11.3% |
| Amounts receivable after more than one year | 29 | €839,750 | €839,750 | = | 0.0% |
| Other amounts receivable | 291 | €839,750 | €839,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €757,906 | €965,142 | +€207,237 | +27.3% |
| Trade receivables | 40 | €102,144 | €103,970 | +€1,826 | +1.8% |
| Other amounts receivable | 41 | €655,762 | €861,172 | +€205,411 | +31.3% |
| Current investments | 50/53 | €1,593,295 | €1,748,345 | +€155,049 | +9.7% |
| Cash at bank and in hand | 54/58 | €1,210,510 | €1,360,350 | +€149,840 | +12.4% |
| Deferred charges and accrued income | 490/1 | €90,340 | €84,370 | -€5,971 | -6.6% |
| Total equity and liabilities | 10/49 | €7,658,257 | €8,163,488 | +€505,230 | +6.6% |
| Equity | 10/15 | €7,218,643 | €7,865,675 | +€647,031 | +9.0% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €6,227,450 | €6,874,481 | +€647,031 | +10.4% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,850 | €31,359 | -€3,491 | -10.0% |
| Distributable reserves | 133 | €6,122,600 | €6,773,123 | +€650,523 | +10.6% |
| Profit (loss) carried forward | 14 | €291,193 | €291,193 | = | 0.0% |
| Provisions and deferred taxes | 16 | €14,639 | €13,172 | -€1,467 | -10.0% |
| Deferred taxes | 168 | €14,639 | €13,172 | -€1,467 | -10.0% |
| Amounts payable | 17/49 | €424,975 | €284,641 | -€140,334 | -33.0% |
| Amounts payable after more than one year | 17 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Financial debts | 170/4 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts payable within one year | 42/48 | €358,083 | €242,837 | -€115,246 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €27,083 | €27,083 | = | 0.0% |
| Financial debts | 43 | €16,936 | €20,223 | +€3,287 | +19.4% |
| Credit institutions | 430/8 | €16,936 | €20,223 | +€3,287 | +19.4% |
| Trade debts | 44 | €53,185 | €26,692 | -€26,493 | -49.8% |
| Suppliers | 440/4 | €53,185 | €26,692 | -€26,493 | -49.8% |
| Taxes, remuneration and social security | 45 | €206,592 | €93,839 | -€112,753 | -54.6% |
| Taxes | 450/3 | €206,592 | €93,839 | -€112,753 | -54.6% |
| Other amounts payable | 47/48 | €54,287 | €75,000 | +€20,713 | +38.2% |
| Accrued charges and deferred income | 492/3 | €16,891 | €16,803 | -€88 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,803 | €34,713 | -€90 | -0.3% |
| Other operating charges | 640/8 | €14,801 | €18,210 | +€3,409 | +23.0% |
| Non-recurring operating charges | 66A | €414,386 | €0 | -€414,386 | -100.0% |
| Gross operating margin | 9900 | €281,736 | €327,875 | +€46,139 | +16.4% |
| Operating profit (loss) | 9901 | -€182,254 | €274,952 | +€457,206 | |
| Financial income | 75/76B | €714,244 | €502,676 | -€211,569 | -29.6% |
| Recurring financial income | 75 | €691,220 | €493,642 | -€197,578 | -28.6% |
| Non-recurring financial income | 76B | €23,025 | €9,033 | -€13,991 | -60.8% |
| Financial charges | 65/66B | €255,157 | -€106,500 | -€361,657 | |
| Recurring financial charges | 65 | €255,157 | -€106,500 | -€361,657 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €276,833 | €884,127 | +€607,294 | +219.4% |
| Transfer from deferred taxes | 780 | €1,467 | €1,467 | = | 0.0% |
| Income taxes | 67/77 | €112,304 | €163,562 | +€51,259 | +45.6% |
| Profit (loss) for the period | 9904 | €165,996 | €722,031 | +€556,035 | +335.0% |
| Transfer from tax-exempt reserves | 789 | €3,491 | €3,491 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €169,488 | €725,523 | +€556,035 | +328.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.