MIFACÉ: 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.
MIFACÉ
Largest movements
- Receivables within one year +€15,402
up €15,402 (+120.1%), from €12,822 to €28,224
of which Trade receivables: +€13,476
- Current investments +€12,500
up €12,500 (+416.7%), from €3,000 to €15,500
- Cash -€5,339
down €5,339 (-34.3%), from €15,585 to €10,247
mainly Receivables within one year (-€15,402) and Current investments (-€12,500)
- Tangible fixed assets +€3,130
up €3,130 (+78.3%), from €4,000 to €7,130
- Formation expenses -€1,416
no longer reported in 2025 (was €1,416)
- Reserves +€12,710
up €12,710 (+65.1%), from €19,536 to €32,246
- Tax, wage and social debts +€10,879
up €10,879 (+80.7%), from €13,482 to €24,361
- Gross operating margin -€6,828
down €6,828 (-23.1%), from €29,546 to €22,717
- Depreciation +€1,416
new in 2025: €1,416
- Taxes -€1,416
down €1,416 (-16.9%), from €8,384 to €6,968
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 | €37,333 | €61,101 | +€23,768 | +63.7% |
| Formation expenses | 20 | €1,416 | - | -€1,416 | |
| Fixed assets | 21/28 | €4,000 | €7,130 | +€3,130 | +78.3% |
| Tangible fixed assets | 22/27 | €4,000 | €7,130 | +€3,130 | +78.3% |
| Other tangible fixed assets | 26 | €4,000 | €7,130 | +€3,130 | +78.3% |
| Current assets | 29/58 | €31,917 | €53,971 | +€22,054 | +69.1% |
| Amounts receivable within one year | 40/41 | €12,822 | €28,224 | +€15,402 | +120.1% |
| Trade receivables | 40 | €12,822 | €26,298 | +€13,476 | +105.1% |
| Other amounts receivable | 41 | - | €1,926 | +€1,926 | |
| Current investments | 50/53 | €3,000 | €15,500 | +€12,500 | +416.7% |
| Cash at bank and in hand | 54/58 | €15,585 | €10,247 | -€5,339 | -34.3% |
| Deferred charges and accrued income | 490/1 | €509 | - | -€509 | |
| Total equity and liabilities | 10/49 | €37,333 | €61,101 | +€23,768 | +63.7% |
| Equity | 10/15 | €22,036 | €34,746 | +€12,710 | +57.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,536 | €32,246 | +€12,710 | +65.1% |
| Distributable reserves | 133 | €19,536 | €32,246 | +€12,710 | +65.1% |
| Amounts payable | 17/49 | €15,297 | €26,355 | +€11,058 | +72.3% |
| Amounts payable within one year | 42/48 | €15,297 | €26,355 | +€11,058 | +72.3% |
| Trade debts | 44 | €1,494 | €1,993 | +€499 | +33.4% |
| Suppliers | 440/4 | €1,494 | €1,993 | +€499 | +33.4% |
| Taxes, remuneration and social security | 45 | €13,482 | €24,361 | +€10,879 | +80.7% |
| Taxes | 450/3 | €13,482 | €24,361 | +€10,879 | +80.7% |
| Other amounts payable | 47/48 | €321 | - | -€321 | |
| Remuneration, social security and pensions | 62 | - | €168 | +€168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,416 | +€1,416 | |
| Other operating charges | 640/8 | €552 | €354 | -€198 | -35.9% |
| Gross operating margin | 9900 | €29,546 | €22,717 | -€6,828 | -23.1% |
| Operating profit (loss) | 9901 | €28,994 | €20,779 | -€8,215 | -28.3% |
| Financial income | 75/76B | - | €244 | +€244 | |
| Recurring financial income | 75 | - | €244 | +€244 | |
| Financial charges | 65/66B | €1,074 | €1,346 | +€271 | +25.3% |
| Recurring financial charges | 65 | €1,074 | €1,346 | +€271 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €27,920 | €19,678 | -€8,242 | -29.5% |
| Income taxes | 67/77 | €8,384 | €6,968 | -€1,416 | -16.9% |
| Profit (loss) for the period | 9904 | €19,536 | €12,710 | -€6,826 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,536 | €12,710 | -€6,826 | -34.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.