MIFICAVA: what changed
MIFICAVA
Largest movements
- Cash -€46,519
down €46,519 (-30.2%), from €153,990 to €107,471
mainly Contributions, distributions and other (-€388,835) and Investment in fixed assets (net) (-€11,073)
- Receivables after one year -€35,000
down €35,000 (-43.8%), from €80,000 to €45,000
- Receivables within one year -€10,214
down €10,214 (-20.7%), from €49,385 to €39,171
of which Other amounts receivable: -€5,374
- Financial fixed assets +€6,974
up €6,974 (+25.3%), from €27,512 to €34,486
- Tangible fixed assets +€3,428
up €3,428 (+249%), from €1,377 to €4,806
of which Furniture and vehicles: +€4,806
- Profit (loss) carried forward -€269,492
down €269,492 (-100%), from €269,492 to €0
- Other debts +€205,011
new in 2025: €205,011
- Tax, wage and social debts -€9,068
down €9,068 (-37.4%), from €24,264 to €15,195
- Debts after one year -€8,688
down €8,688 (-85.6%), from €10,147 to €1,458
- Gross operating margin +€26,462
up €26,462 (+21.5%), from €122,852 to €149,314
- Taxes +€5,197
up €5,197 (+17.8%), from €29,214 to €34,412
- Financial income +€2,907
up €2,907 (+82.4%), from €3,526 to €6,433
of which Non-recurring financial income: +€4,088
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €315,596 | €233,796 | -€81,800 | -25.9% |
| Fixed assets | 21/28 | €28,889 | €39,291 | +€10,402 | +36.0% |
| Tangible fixed assets | 22/27 | €1,377 | €4,806 | +€3,428 | +249% |
| Furniture and vehicles | 24 | - | €4,806 | +€4,806 | |
| Assets under construction and advance payments | 27 | €1,377 | €0 | -€1,377 | -100% |
| Financial fixed assets | 28 | €27,512 | €34,486 | +€6,974 | +25.3% |
| Current assets | 29/58 | €286,707 | €194,505 | -€92,202 | -32.2% |
| Amounts receivable after more than one year | 29 | €80,000 | €45,000 | -€35,000 | -43.8% |
| Other amounts receivable | 291 | €80,000 | €45,000 | -€35,000 | -43.8% |
| Amounts receivable within one year | 40/41 | €49,385 | €39,171 | -€10,214 | -20.7% |
| Trade receivables | 40 | €27,347 | €22,507 | -€4,840 | -17.7% |
| Other amounts receivable | 41 | €22,038 | €16,664 | -€5,374 | -24.4% |
| Cash at bank and in hand | 54/58 | €153,990 | €107,471 | -€46,519 | -30.2% |
| Deferred charges and accrued income | 490/1 | €3,332 | €2,862 | -€469 | -14.1% |
| Total equity and liabilities | 10/49 | €315,596 | €233,796 | -€81,800 | -25.9% |
| Equity | 10/15 | €271,492 | €2,000 | -€269,492 | -99.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €269,492 | €0 | -€269,492 | -100% |
| Amounts payable | 17/49 | €44,104 | €231,796 | +€187,692 | +426% |
| Amounts payable after more than one year | 17 | €10,147 | €1,458 | -€8,688 | -85.6% |
| Financial debts | 170/4 | €10,147 | €1,458 | -€8,688 | -85.6% |
| Amounts payable within one year | 42/48 | €33,958 | €230,338 | +€196,380 | +578% |
| Current portion of amounts payable after more than one year | 42 | €8,586 | €8,688 | +€103 | +1.2% |
| Trade debts | 44 | €1,108 | €1,443 | +€335 | +30.2% |
| Suppliers | 440/4 | €1,108 | €1,443 | +€335 | +30.2% |
| Taxes, remuneration and social security | 45 | €24,264 | €15,195 | -€9,068 | -37.4% |
| Taxes | 450/3 | €24,264 | €15,195 | -€9,068 | -37.4% |
| Other amounts payable | 47/48 | - | €205,011 | +€205,011 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €671 | +€671 | |
| Other operating charges | 640/8 | €635 | €987 | +€352 | +55.5% |
| Gross operating margin | 9900 | €122,852 | €149,314 | +€26,462 | +21.5% |
| Operating profit (loss) | 9901 | €122,217 | €147,656 | +€25,439 | +20.8% |
| Financial income | 75/76B | €3,526 | €6,433 | +€2,907 | +82.4% |
| Recurring financial income | 75 | €3,526 | €2,345 | -€1,181 | -33.5% |
| Non-recurring financial income | 76B | - | €4,088 | +€4,088 | |
| Financial charges | 65/66B | €458 | €334 | -€124 | -27.1% |
| Recurring financial charges | 65 | €458 | €334 | -€124 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €125,285 | €153,755 | +€28,470 | +22.7% |
| Income taxes | 67/77 | €29,214 | €34,412 | +€5,197 | +17.8% |
| Profit (loss) for the period | 9904 | €96,070 | €119,343 | +€23,273 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €96,070 | €119,343 | +€23,273 | +24.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.