Mibor: 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.
Mibor
Largest movements
- Cash -€55,910
down €55,910 (-11.7%), from €477,659 to €421,748
mainly Contributions, distributions and other (-€240,000) and Investment in fixed assets (net) (-€130,915)
- Receivables within one year +€35,831
up €35,831 (+24.7%), from €145,278 to €181,109
of which Trade receivables: +€54,001
- Tangible fixed assets +€30,495
up €30,495 (+6.3%), from €481,810 to €512,304
of which Plant, machinery and equipment: +€52,273
- Other debts -€110,558
down €110,558 (-31.6%), from €350,000 to €239,442
- Debts after one year +€108,229
up €108,229 (+23.2%), from €466,582 to €574,811
of which Trade debts: +€79,476
- Trade debts -€40,754
down €40,754 (-31.5%), from €129,410 to €88,656
- Reserves +€32,511
up €32,511 (+25.7%), from €126,379 to €158,889
- Short-term financial debts +€17,343
up €17,343 (+39.0%), from €44,432 to €61,775
- Gross operating margin +€47,378
up €47,378 (+6.0%), from €789,870 to €837,248
- Depreciation +€14,462
up €14,462 (+16.8%), from €85,958 to €100,420
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 | €1,448,000 | €1,447,033 | -€967 | -0.1% |
| Fixed assets | 21/28 | €482,510 | €513,004 | +€30,495 | +6.3% |
| Tangible fixed assets | 22/27 | €481,810 | €512,304 | +€30,495 | +6.3% |
| Plant, machinery and equipment | 23 | €218,424 | €270,697 | +€52,273 | +23.9% |
| Furniture and vehicles | 24 | €4,060 | €6,273 | +€2,213 | +54.5% |
| Other tangible fixed assets | 26 | €259,325 | €235,334 | -€23,992 | -9.3% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €965,490 | €934,029 | -€31,462 | -3.3% |
| Stocks and contracts in progress | 3 | €339,231 | €327,767 | -€11,464 | -3.4% |
| Stocks | 30/36 | €339,231 | €327,767 | -€11,464 | -3.4% |
| Amounts receivable within one year | 40/41 | €145,278 | €181,109 | +€35,831 | +24.7% |
| Trade receivables | 40 | €117,143 | €171,143 | +€54,001 | +46.1% |
| Other amounts receivable | 41 | €28,136 | €9,966 | -€18,169 | -64.6% |
| Cash at bank and in hand | 54/58 | €477,659 | €421,748 | -€55,910 | -11.7% |
| Deferred charges and accrued income | 490/1 | €3,322 | €3,404 | +€82 | +2.5% |
| Total equity and liabilities | 10/49 | €1,448,000 | €1,447,033 | -€967 | -0.1% |
| Equity | 10/15 | €326,379 | €358,889 | +€32,511 | +10.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €126,379 | €158,889 | +€32,511 | +25.7% |
| Distributable reserves | 133 | €126,379 | €158,889 | +€32,511 | +25.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,121,621 | €1,088,144 | -€33,477 | -3.0% |
| Amounts payable after more than one year | 17 | €466,582 | €574,811 | +€108,229 | +23.2% |
| Financial debts | 170/4 | €115,205 | €143,958 | +€28,754 | +25.0% |
| Trade debts | 175 | €351,377 | €430,853 | +€79,476 | +22.6% |
| Amounts payable within one year | 42/48 | €655,039 | €513,332 | -€141,707 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €82,795 | €81,246 | -€1,549 | -1.9% |
| Financial debts | 43 | €44,432 | €61,775 | +€17,343 | +39.0% |
| Credit institutions | 430/8 | €44,432 | €61,775 | +€17,343 | +39.0% |
| Trade debts | 44 | €129,410 | €88,656 | -€40,754 | -31.5% |
| Suppliers | 440/4 | €129,410 | €88,656 | -€40,754 | -31.5% |
| Taxes, remuneration and social security | 45 | €48,402 | €42,213 | -€6,190 | -12.8% |
| Taxes | 450/3 | €16,913 | €13,295 | -€3,617 | -21.4% |
| Remuneration and social security | 454/9 | €31,490 | €28,917 | -€2,572 | -8.2% |
| Other amounts payable | 47/48 | €350,000 | €239,442 | -€110,558 | -31.6% |
| Remuneration, social security and pensions | 62 | €353,534 | €352,656 | -€878 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,958 | €100,420 | +€14,462 | +16.8% |
| Other operating charges | 640/8 | €4,094 | €2,132 | -€1,962 | -47.9% |
| Gross operating margin | 9900 | €789,870 | €837,248 | +€47,378 | +6.0% |
| Operating profit (loss) | 9901 | €346,285 | €382,040 | +€35,755 | +10.3% |
| Financial income | 75/76B | €2,924 | €1,602 | -€1,322 | -45.2% |
| Recurring financial income | 75 | €2,924 | €1,602 | -€1,322 | -45.2% |
| Financial charges | 65/66B | €24,542 | €20,035 | -€4,507 | -18.4% |
| Recurring financial charges | 65 | €24,542 | €20,035 | -€4,507 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €324,667 | €363,607 | +€38,941 | +12.0% |
| Income taxes | 67/77 | €83,457 | €91,097 | +€7,639 | +9.2% |
| Profit (loss) for the period | 9904 | €241,209 | €272,511 | +€31,301 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €241,209 | €272,511 | +€31,301 | +13.0% |
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 9 October 2026 via checked.be.