MIFAR: 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.
MIFAR
Largest movements
- Stocks and contracts +€291,614
up €291,614 (+5,268%), from €5,536 to €297,150
- Cash -€225,774
down €225,774 (-60.4%), from €373,640 to €147,866
mainly Stocks and contracts (-€291,614) and Other debts (-€243,271)
- Receivables within one year -€6,462
down €6,462 (-64.9%), from €9,961 to €3,499
of which Trade receivables: -€3,717
- Debts after one year +€280,000
new in 2025: €280,000
- Other debts -€243,271
down €243,271 (-29.7%), from €818,454 to €575,183
- Tax, wage and social debts +€19,287
up €19,287 (+126%), from €15,320 to €34,607
of which Taxes: +€12,950
- Profit (loss) carried forward +€11,151
up €11,151 (+1.7%), from -€665,704 to -€654,553
- Gross operating margin +€401,174
up €401,174, from -€258,933 to €142,241
- Other operating charges -€43,860
down €43,860 (-97.3%), from €45,066 to €1,206
- Staff costs +€18,040
up €18,040 (+17.9%), from €100,910 to €118,950
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 | €395,376 | €458,507 | +€63,131 | +16.0% |
| Fixed assets | 21/28 | €695 | €695 | = | 0.0% |
| Financial fixed assets | 28 | €695 | €695 | = | 0.0% |
| Current assets | 29/58 | €394,681 | €457,812 | +€63,131 | +16.0% |
| Stocks and contracts in progress | 3 | €5,536 | €297,150 | +€291,614 | +5,268% |
| Stocks | 30/36 | €5,536 | €297,150 | +€291,614 | +5,268% |
| Amounts receivable within one year | 40/41 | €9,961 | €3,499 | -€6,462 | -64.9% |
| Trade receivables | 40 | €5,417 | €1,700 | -€3,717 | -68.6% |
| Other amounts receivable | 41 | €4,544 | €1,799 | -€2,745 | -60.4% |
| Cash at bank and in hand | 54/58 | €373,640 | €147,866 | -€225,774 | -60.4% |
| Deferred charges and accrued income | 490/1 | €5,544 | €9,296 | +€3,752 | +67.7% |
| Total equity and liabilities | 10/49 | €395,376 | €458,507 | +€63,131 | +16.0% |
| Equity | 10/15 | -€465,252 | -€454,101 | +€11,151 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,852 | €181,852 | = | 0.0% |
| Distributable reserves | 133 | €181,852 | €181,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€665,704 | -€654,553 | +€11,151 | +1.7% |
| Amounts payable | 17/49 | €860,628 | €912,608 | +€51,980 | +6.0% |
| Amounts payable after more than one year | 17 | - | €280,000 | +€280,000 | |
| Financial debts | 170/4 | - | €280,000 | +€280,000 | |
| Amounts payable within one year | 42/48 | €860,628 | €632,582 | -€228,046 | -26.5% |
| Trade debts | 44 | €26,853 | €22,791 | -€4,062 | -15.1% |
| Suppliers | 440/4 | €26,853 | €22,791 | -€4,062 | -15.1% |
| Taxes, remuneration and social security | 45 | €15,320 | €34,607 | +€19,287 | +126% |
| Taxes | 450/3 | €13,498 | €26,448 | +€12,950 | +95.9% |
| Remuneration and social security | 454/9 | €1,823 | €8,159 | +€6,337 | +348% |
| Other amounts payable | 47/48 | €818,454 | €575,183 | -€243,271 | -29.7% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Remuneration, social security and pensions | 62 | €100,910 | €118,950 | +€18,040 | +17.9% |
| Other operating charges | 640/8 | €45,066 | €1,206 | -€43,860 | -97.3% |
| Gross operating margin | 9900 | -€258,933 | €142,241 | +€401,174 | |
| Operating profit (loss) | 9901 | -€404,909 | €22,085 | +€426,994 | |
| Financial income | 75/76B | €379 | €774 | +€394 | +104% |
| Recurring financial income | 75 | €379 | €774 | +€394 | +104% |
| Financial charges | 65/66B | €726 | €850 | +€124 | +17.0% |
| Recurring financial charges | 65 | €726 | €850 | +€124 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | -€405,256 | €22,008 | +€427,265 | |
| Income taxes | 67/77 | €11,385 | €10,857 | -€528 | -4.6% |
| Profit (loss) for the period | 9904 | -€416,642 | €11,151 | +€427,793 | |
| Profit (loss) for the period to be appropriated | 9905 | -€416,642 | €11,151 | +€427,793 |
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 14 October 2026 via checked.be.