MIFAN: 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.
MIFAN
Largest movements
- Tangible fixed assets -€5,626
down €5,626 (-82.2%), from €6,843 to €1,217
of which Furniture and vehicles: -€5,092
- Receivables within one year -€3,714
down €3,714 (-43.6%), from €8,514 to €4,800
of which Other amounts receivable: -€1,975
- Cash -€2,619
down €2,619 (-27.6%), from €9,500 to €6,881
mainly Net result for the year (-€13,040) and Current portion of long-term debt (-€3,094)
- Deferred charges and accrued income -€627
down €627 (-68.2%), from €919 to €292
- Profit (loss) carried forward -€13,040
down €13,040 (-45.7%), from -€28,503 to -€41,543
- Other debts +€5,335
up €5,335 (+13.9%), from €38,267 to €43,602
- Current portion of long-term debt -€3,094
down €3,094 (-100.0%), from €3,094 to €0
- Trade debts -€2,005
down €2,005 (-17.4%), from €11,527 to €9,522
- Gross operating margin -€9,252
down €9,252, from €6,239 to -€3,013
- Depreciation -€1,582
down €1,582 (-22.0%), from €7,208 to €5,626
- Other operating charges +€240
up €240 (+10.6%), from €2,269 to €2,509
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 | €31,458 | €18,633 | -€12,825 | -40.8% |
| Fixed assets | 21/28 | €6,853 | €1,227 | -€5,626 | -82.1% |
| Tangible fixed assets | 22/27 | €6,843 | €1,217 | -€5,626 | -82.2% |
| Land and buildings | 22 | €759 | €423 | -€335 | -44.2% |
| Plant, machinery and equipment | 23 | €198 | €0 | -€198 | -100.0% |
| Furniture and vehicles | 24 | €5,886 | €794 | -€5,092 | -86.5% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €24,605 | €17,406 | -€7,199 | -29.3% |
| Stocks and contracts in progress | 3 | €5,673 | €5,434 | -€239 | -4.2% |
| Stocks | 30/36 | €5,673 | €5,434 | -€239 | -4.2% |
| Amounts receivable within one year | 40/41 | €8,514 | €4,800 | -€3,714 | -43.6% |
| Trade receivables | 40 | €1,739 | €0 | -€1,739 | -100.0% |
| Other amounts receivable | 41 | €6,775 | €4,800 | -€1,975 | -29.1% |
| Cash at bank and in hand | 54/58 | €9,500 | €6,881 | -€2,619 | -27.6% |
| Deferred charges and accrued income | 490/1 | €919 | €292 | -€627 | -68.2% |
| Total equity and liabilities | 10/49 | €31,458 | €18,633 | -€12,825 | -40.8% |
| Equity | 10/15 | -€22,303 | -€35,343 | -€13,040 | -58.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,503 | -€41,543 | -€13,040 | -45.7% |
| Amounts payable | 17/49 | €53,761 | €53,976 | +€215 | +0.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €53,761 | €53,976 | +€215 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €3,094 | €0 | -€3,094 | -100.0% |
| Financial debts | 43 | €792 | €780 | -€11 | -1.4% |
| Other loans | 439 | €792 | €780 | -€11 | -1.4% |
| Trade debts | 44 | €11,527 | €9,522 | -€2,005 | -17.4% |
| Suppliers | 440/4 | €11,527 | €9,522 | -€2,005 | -17.4% |
| Taxes, remuneration and social security | 45 | €81 | €72 | -€9 | -11.4% |
| Taxes | 450/3 | €81 | €72 | -€9 | -11.4% |
| Other amounts payable | 47/48 | €38,267 | €43,602 | +€5,335 | +13.9% |
| Non-recurring operating income | 76A | - | €52 | +€52 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,208 | €5,626 | -€1,582 | -22.0% |
| Other operating charges | 640/8 | €2,269 | €2,509 | +€240 | +10.6% |
| Gross operating margin | 9900 | €6,239 | -€3,013 | -€9,252 | |
| Operating profit (loss) | 9901 | -€3,238 | -€11,148 | -€7,910 | -244.3% |
| Financial income | 75/76B | €49 | €104 | +€55 | +112.3% |
| Recurring financial income | 75 | €49 | €104 | +€55 | +112.3% |
| Financial charges | 65/66B | €1,725 | €1,669 | -€56 | -3.2% |
| Recurring financial charges | 65 | €1,725 | €1,669 | -€56 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,914 | -€12,712 | -€7,799 | -158.7% |
| Income taxes | 67/77 | €310 | €327 | +€17 | +5.5% |
| Profit (loss) for the period | 9904 | -€5,224 | -€13,040 | -€7,816 | -149.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,224 | -€13,040 | -€7,816 | -149.6% |
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 7 October 2026 via checked.be.