MID-INVEST: 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.
What changed
MID-INVEST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8.4m
2024 · €8.3m-€16.7m
Equity
€13.7m
2024 · €28.7m-€15.0m
Cash
€147,683
2024 · €2.2m-€2.1m
Balance sheet total
€31.9m
2024 · €51.4m-€19.4m
Largest movements
Assets
- Receivables after one year -€14.4m
down €14.4m (-37.8%), from €38.0m to €23.7m
- Cash -€2.1m
down €2.1m (-93.4%), from €2.2m to €147,683
mainly Net result for the year (-€8.4m) and Contributions, distributions and other (-€6.6m)
- Tangible fixed assets -€1.9m
down €1.9m (-38.5%), from €4.9m to €3.0m
of which Plant, machinery and equipment: -€1.4m
- Receivables within one year -€1.2m
down €1.2m (-33.1%), from €3.5m to €2.3m
of which Other amounts receivable: -€1.2m
Equity and liabilities
- Reserves -€8.4m
down €8.4m (-38.1%), from €22.0m to €13.6m
of which Distributable reserves: -€7.7m
- Contributions -€6.6m
down €6.6m (-99.0%), from €6.7m to €65,000
- Debts after one year -€5.1m
down €5.1m (-30.2%), from €16.9m to €11.8m
of which Other amounts payable: -€4.9m
- Other debts +€1.0m
up €1.0m (+24.4%), from €4.1m to €5.1m
Income statement
- Financial income -€10.3m
down €10.3m (-91.4%), from €11.2m to €964,357
of which Non-recurring financial income: -€9.0m
- Financial charges +€8.9m
up €8.9m (+592%), from €1.5m to €10.4m
of which Financial charges: +€8.9m
- Other operating charges -€791,951
down €791,951 (-94.2%), from €840,786 to €48,835
- Turnover -€705,011
down €705,011 (-61.0%), from €1.2m to €450,747
- Depreciation -€458,955
down €458,955 (-87.7%), from €523,222 to €64,267
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.
Result 2024
€8.3m
Turnover
-€705,011
Other operating income
+€397,783
Services and other goods
+€141,882
Depreciation
+€458,955
Other operating charges
+€791,951
Other operating items
+€1.5m
Financial income
-€10.3m
Financial charges
-€8.9m
Taxes
+€281
Result 2025
-€8.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.9m
Investment
+€1.8m
Financing
-€11.8m
Cash 2024
€2.2m
From operations (derived)
+€7.9m
Net result for the year
-€8.4m
Depreciation
+€64,267
Receivables after one year
+€14.4m
Stocks and contracts
-€85,260
Receivables within one year
+€1.2m
Smaller working-capital items
+€20,222
Trade debts
-€301,544
Other debts
+€1.0m
Investment (derived)
+€1.8m
Investment in fixed assets (net)
+€1.8m
Financing
-€11.8m
Debts after one year
-€5.1m
Contributions, distributions and other
-€6.6m
Cash 2025
€147,683
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,359,407 | €31,947,172 | -€19.4m | -37.8% |
| Fixed assets | 21/28 | €6,896,033 | €5,007,032 | -€1.9m | -27.4% |
| Tangible fixed assets | 22/27 | €4,904,712 | €3,015,711 | -€1.9m | -38.5% |
| Land and buildings | 22 | €1,883,432 | €1,832,937 | -€50,495 | -2.7% |
| Plant, machinery and equipment | 23 | €2,330,992 | €893,638 | -€1.4m | -61.7% |
| Furniture and vehicles | 24 | €17,087 | €10,970 | -€6,117 | -35.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €238,760 | €278,166 | +€39,406 | +16.5% |
| Assets under construction and advance payments | 27 | €434,441 | €0 | -€434,441 | -100% |
| Financial fixed assets | 28 | €1,991,321 | €1,991,321 | = | 0.0% |
| Affiliated companies | 280/1 | €990 | €990 | = | 0.0% |
| Participating interests | 280 | €990 | €990 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,990,331 | €1,990,331 | = | 0.0% |
| Participating interests | 282 | €1,990,331 | €1,990,331 | = | 0.0% |
| Current assets | 29/58 | €44,463,375 | €26,940,141 | -€17.5m | -39.4% |
| Amounts receivable after more than one year | 29 | €38,034,705 | €23,652,003 | -€14.4m | -37.8% |
| Other amounts receivable | 291 | €38,034,705 | €23,652,003 | -€14.4m | -37.8% |
| Stocks and contracts in progress | 3 | €731,208 | €816,468 | +€85,260 | +11.7% |
| Stocks | 30/36 | €731,208 | €816,468 | +€85,260 | +11.7% |
| Property held for sale | 35 | €731,208 | €816,468 | +€85,260 | +11.7% |
| Amounts receivable within one year | 40/41 | €3,474,663 | €2,323,457 | -€1.2m | -33.1% |
| Trade receivables | 40 | €11,001 | €87,558 | +€76,557 | +696% |
| Other amounts receivable | 41 | €3,463,662 | €2,235,900 | -€1.2m | -35.4% |
| Cash at bank and in hand | 54/58 | €2,222,352 | €147,683 | -€2.1m | -93.4% |
| Deferred charges and accrued income | 490/1 | €447 | €529 | +€82 | +18.4% |
| Total equity and liabilities | 10/49 | €51,359,407 | €31,947,172 | -€19.4m | -37.8% |
| Equity | 10/15 | €28,690,741 | €13,677,191 | -€15.0m | -52.3% |
| Contributions | 10/11 | €6,705,000 | €65,000 | -€6.6m | -99.0% |
| Capital | 10 | €6,705,000 | €65,000 | -€6.6m | -99.0% |
| Issued capital | 100 | €6,705,000 | €65,000 | -€6.6m | -99.0% |
| Reserves | 13 | €21,985,741 | €13,612,191 | -€8.4m | -38.1% |
| Non-distributable reserves | 130/1 | €670,500 | €6,500 | -€664,000 | -99.0% |
| Legal reserve | 130 | €670,500 | €6,500 | -€664,000 | -99.0% |
| Distributable reserves | 133 | €21,315,241 | €13,605,691 | -€7.7m | -36.2% |
| Amounts payable | 17/49 | €22,668,666 | €18,269,981 | -€4.4m | -19.4% |
| Amounts payable after more than one year | 17 | €16,934,624 | €11,813,703 | -€5.1m | -30.2% |
| Financial debts | 170/4 | €321,429 | €107,143 | -€214,286 | -66.7% |
| Credit institutions | 173 | €321,429 | €107,143 | -€214,286 | -66.7% |
| Other amounts payable | 178/9 | €16,613,195 | €11,706,561 | -€4.9m | -29.5% |
| Amounts payable within one year | 42/48 | €5,721,452 | €6,423,102 | +€701,650 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €214,286 | €214,286 | = | 0.0% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €387,821 | €86,277 | -€301,544 | -77.8% |
| Suppliers | 440/4 | €387,821 | €86,277 | -€301,544 | -77.8% |
| Taxes, remuneration and social security | 45 | €281 | €0 | -€281 | -100% |
| Taxes | 450/3 | €281 | €0 | -€281 | -100% |
| Other amounts payable | 47/48 | €4,119,065 | €5,122,540 | +€1.0m | +24.4% |
| Accrued charges and deferred income | 492/3 | €12,590 | €33,175 | +€20,585 | +164% |
| Operating income | 70/76A | €1,195,083 | €2,339,008 | +€1.1m | +95.7% |
| Turnover | 70 | €1,155,758 | €450,747 | -€705,011 | -61.0% |
| Other operating income | 74 | €39,325 | €437,108 | +€397,783 | +1,012% |
| Non-recurring operating income | 76A | - | €1,451,153 | +€1.5m | |
| Operating charges | 60/66A | €2,648,322 | €1,255,533 | -€1.4m | -52.6% |
| Purchases | 600/8 | €0 | €30,467 | +€30,467 | |
| Change in stocks: decrease (increase) | 609 | €0 | -€30,467 | -€30,467 | |
| Services and other goods | 61 | €1,284,314 | €1,142,432 | -€141,882 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €523,222 | €64,267 | -€458,955 | -87.7% |
| Other operating charges | 640/8 | €840,786 | €48,835 | -€791,951 | -94.2% |
| Operating profit (loss) | 9901 | -€1,453,239 | €1,083,475 | +€2.5m | |
| Financial income | 75/76B | €11,249,110 | €964,357 | -€10.3m | -91.4% |
| Recurring financial income | 75 | €2,169,800 | €910,369 | -€1.3m | -58.0% |
| Income from financial fixed assets | 750 | €180,001 | €0 | -€180,001 | -100% |
| Income from current assets | 751 | €1,617,753 | €910,355 | -€707,398 | -43.7% |
| Other financial income | 752/9 | €372,046 | €13 | -€372,033 | -100.0% |
| Non-recurring financial income | 76B | €9,079,310 | €53,988 | -€9.0m | -99.4% |
| Financial charges | 65/66B | €1,506,906 | €10,421,381 | +€8.9m | +592% |
| Recurring financial charges | 65 | €1,506,906 | €10,421,381 | +€8.9m | +592% |
| Debt charges | 650 | €1,102,453 | €530,615 | -€571,838 | -51.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €9,815,203 | +€9.8m | |
| Other financial charges | 652/9 | €404,453 | €75,563 | -€328,889 | -81.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €8,288,965 | -€8,373,550 | -€16.7m | |
| Income taxes | 67/77 | €281 | €0 | -€281 | -100% |
| Taxes | 670/3 | €281 | €0 | -€281 | -100% |
| Profit (loss) for the period | 9904 | €8,288,684 | -€8,373,550 | -€16.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €8,288,684 | -€8,373,550 | -€16.7m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.