MIFATI: 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.
MIFATI
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Cash +€958,414
up €958,414 (+2758.1%), from €34,748 to €993,162
mainly Net result for the year (+€2.0m) and Investment in fixed assets (net) (+€290,000)
- Financial fixed assets -€290,000
down €290,000 (-99.2%), from €292,300 to €2,300
- Reserves +€2.0m
up €2.0m (+1480.0%), from €132,518 to €2.1m
- Tax, wage and social debts +€185,510
up €185,510 (+1457.5%), from €12,728 to €198,238
- Financial income +€2.2m
up €2.2m (+5066.6%), from €43,339 to €2.2m
of which Non-recurring financial income: +€2.2m
- Taxes +€196,623
up €196,623 (+5660.3%), from €3,474 to €200,097
- Gross operating margin -€45,054
down €45,054, from €6,732 to -€38,322
- Other operating charges -€8,510
down €8,510 (-87.0%), from €9,783 to €1,273
- Financial charges -€2,940
down €2,940 (-68.6%), from €4,286 to €1,347
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 | €333,643 | €2,482,038 | +€2.1m | +643.9% |
| Fixed assets | 21/28 | €293,204 | €2,962 | -€290,242 | -99.0% |
| Tangible fixed assets | 22/27 | €904 | €662 | -€242 | -26.8% |
| Other tangible fixed assets | 26 | €904 | €662 | -€242 | -26.8% |
| Financial fixed assets | 28 | €292,300 | €2,300 | -€290,000 | -99.2% |
| Current assets | 29/58 | €40,439 | €2,479,076 | +€2.4m | +6030.4% |
| Amounts receivable within one year | 40/41 | €3,802 | €10,233 | +€6,430 | +169.1% |
| Trade receivables | 40 | €3,630 | €5,173 | +€1,543 | +42.5% |
| Other amounts receivable | 41 | €172 | €5,060 | +€4,887 | +2833.8% |
| Current investments | 50/53 | - | €1,475,355 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €34,748 | €993,162 | +€958,414 | +2758.1% |
| Deferred charges and accrued income | 490/1 | €1,888 | €325 | -€1,563 | -82.8% |
| Total equity and liabilities | 10/49 | €333,643 | €2,482,038 | +€2.1m | +643.9% |
| Equity | 10/15 | €283,598 | €2,244,915 | +€2.0m | +691.6% |
| Contributions | 10/11 | €130,460 | €130,460 | = | 0.0% |
| Reserves | 13 | €132,518 | €2,093,835 | +€2.0m | +1480.0% |
| Distributable reserves | 133 | €132,518 | €2,093,835 | +€2.0m | +1480.0% |
| Profit (loss) carried forward | 14 | €20,619 | €20,619 | = | 0.0% |
| Amounts payable | 17/49 | €50,046 | €237,123 | +€187,078 | +373.8% |
| Amounts payable within one year | 42/48 | €50,046 | €237,123 | +€187,078 | +373.8% |
| Trade debts | 44 | €1,209 | €2,342 | +€1,133 | +93.7% |
| Suppliers | 440/4 | €1,209 | €2,342 | +€1,133 | +93.7% |
| Taxes, remuneration and social security | 45 | €12,728 | €198,238 | +€185,510 | +1457.5% |
| Taxes | 450/3 | €12,728 | €198,238 | +€185,510 | +1457.5% |
| Other amounts payable | 47/48 | €36,109 | €36,544 | +€435 | +1.2% |
| Non-recurring operating income | 76A | €15,550 | - | -€15,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €788 | €242 | -€546 | -69.3% |
| Other operating charges | 640/8 | €9,783 | €1,273 | -€8,510 | -87.0% |
| Gross operating margin | 9900 | €6,732 | -€38,322 | -€45,054 | |
| Operating profit (loss) | 9901 | -€3,839 | -€39,837 | -€35,998 | -937.7% |
| Financial income | 75/76B | €43,339 | €2,239,141 | +€2.2m | +5066.6% |
| Recurring financial income | 75 | €43,339 | €21,921 | -€21,418 | -49.4% |
| Non-recurring financial income | 76B | - | €2,217,220 | +€2.2m | |
| Financial charges | 65/66B | €4,286 | €1,347 | -€2,940 | -68.6% |
| Recurring financial charges | 65 | €4,286 | €1,347 | -€2,940 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €35,213 | €2,197,957 | +€2.2m | +6141.9% |
| Income taxes | 67/77 | €3,474 | €200,097 | +€196,623 | +5660.3% |
| Profit (loss) for the period | 9904 | €31,739 | €1,997,861 | +€2.0m | +6194.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,739 | €1,997,861 | +€2.0m | +6194.6% |
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 9 October 2026 via checked.be.