MIEF: 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.
MIEF
Largest movements
- Cash -€40,442
down €40,442 (-48.8%), from €82,825 to €42,383
mainly Contributions, distributions and other (-€95,000) and Smaller working-capital items (-€166)
- Receivables within one year -€3,250
down €3,250 (-60.2%), from €5,396 to €2,146
- Tangible fixed assets -€2,773
down €2,773 (-12.7%), from €21,784 to €19,012
of which Furniture and vehicles: -€1,759
- Reserves -€46,937
down €46,937 (-46.8%), from €100,226 to €53,289
- Gross operating margin +€15,788
up €15,788 (+31.1%), from €50,843 to €66,631
- Taxes +€2,645
up €2,645 (+22.6%), from €11,687 to €14,331
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 | €112,526 | €66,205 | -€46,321 | -41.2% |
| Fixed assets | 21/28 | €21,784 | €19,012 | -€2,773 | -12.7% |
| Tangible fixed assets | 22/27 | €21,784 | €19,012 | -€2,773 | -12.7% |
| Land and buildings | 22 | €10,672 | €9,659 | -€1,013 | -9.5% |
| Furniture and vehicles | 24 | €11,112 | €9,353 | -€1,759 | -15.8% |
| Current assets | 29/58 | €90,741 | €47,194 | -€43,548 | -48.0% |
| Amounts receivable within one year | 40/41 | €5,396 | €2,146 | -€3,250 | -60.2% |
| Other amounts receivable | 41 | €5,396 | €2,146 | -€3,250 | -60.2% |
| Cash at bank and in hand | 54/58 | €82,825 | €42,383 | -€40,442 | -48.8% |
| Deferred charges and accrued income | 490/1 | €2,521 | €2,664 | +€144 | +5.7% |
| Total equity and liabilities | 10/49 | €112,526 | €66,205 | -€46,321 | -41.2% |
| Equity | 10/15 | €102,726 | €55,789 | -€46,937 | -45.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €100,226 | €53,289 | -€46,937 | -46.8% |
| Distributable reserves | 133 | €100,226 | €53,289 | -€46,937 | -46.8% |
| Amounts payable | 17/49 | €9,800 | €10,416 | +€616 | +6.3% |
| Amounts payable within one year | 42/48 | €6,644 | €7,260 | +€616 | +9.3% |
| Trade debts | 44 | €53 | €30 | -€22 | -42.6% |
| Suppliers | 440/4 | €53 | €30 | -€22 | -42.6% |
| Taxes, remuneration and social security | 45 | €6,591 | €7,230 | +€639 | +9.7% |
| Taxes | 450/3 | €6,591 | €7,230 | +€639 | +9.7% |
| Accrued charges and deferred income | 492/3 | €3,156 | €3,156 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,773 | €2,773 | = | 0.0% |
| Other operating charges | 640/8 | €566 | €579 | +€12 | +2.2% |
| Gross operating margin | 9900 | €50,843 | €66,631 | +€15,788 | +31.1% |
| Operating profit (loss) | 9901 | €47,504 | €63,279 | +€15,776 | +33.2% |
| Financial income | 75/76B | €720 | €231 | -€489 | -68.0% |
| Recurring financial income | 75 | €720 | €231 | -€489 | -68.0% |
| Financial charges | 65/66B | €1,418 | €1,116 | -€303 | -21.3% |
| Recurring financial charges | 65 | €1,418 | €1,116 | -€303 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €46,805 | €62,394 | +€15,589 | +33.3% |
| Income taxes | 67/77 | €11,687 | €14,331 | +€2,645 | +22.6% |
| Profit (loss) for the period | 9904 | €35,119 | €48,063 | +€12,944 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,119 | €48,063 | +€12,944 | +36.9% |
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 29 October 2026 via checked.be.