MIFLO: 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.
MIFLO
Largest movements
- Tangible fixed assets -€16,669
down €16,669 (-5.4%), from €307,500 to €290,831
of which Land and buildings: -€10,865
- Cash -€13,955
down €13,955 (-32.1%), from €43,426 to €29,471
mainly Contributions, distributions and other (-€29,714) and Investment in fixed assets (net) (-€20,940)
- Receivables within one year +€4,990
up €4,990 (+83.8%), from €5,953 to €10,943
- Reserves -€29,714
down €29,714 (-28.0%), from €106,195 to €76,481
- Other debts +€28,229
new in 2025: €28,229
- Debts after one year -€20,805
down €20,805 (-18.2%), from €114,358 to €93,553
- Trade debts -€4,233
down €4,233 (-57.6%), from €7,352 to €3,119
- Accrued charges and deferred income +€4,106
up €4,106 (+14.4%), from €28,607 to €32,714
- Gross operating margin -€5,057
down €5,057 (-9.4%), from €53,885 to €48,828
- Depreciation +€4,335
up €4,335 (+13.0%), from €33,273 to €37,608
- Taxes -€2,535
down €2,535 (-30.3%), from €8,362 to €5,827
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 | €399,358 | €377,363 | -€21,995 | -5.5% |
| Fixed assets | 21/28 | €308,244 | €291,575 | -€16,669 | -5.4% |
| Tangible fixed assets | 22/27 | €307,500 | €290,831 | -€16,669 | -5.4% |
| Land and buildings | 22 | €287,585 | €276,721 | -€10,865 | -3.8% |
| Plant, machinery and equipment | 23 | €6,424 | €5,904 | -€520 | -8.1% |
| Furniture and vehicles | 24 | €9,635 | €7,577 | -€2,059 | -21.4% |
| Other tangible fixed assets | 26 | €3,856 | €631 | -€3,225 | -83.6% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €91,114 | €85,788 | -€5,326 | -5.8% |
| Amounts receivable within one year | 40/41 | €5,953 | €10,943 | +€4,990 | +83.8% |
| Other amounts receivable | 41 | €5,953 | €10,943 | +€4,990 | +83.8% |
| Cash at bank and in hand | 54/58 | €43,426 | €29,471 | -€13,955 | -32.1% |
| Deferred charges and accrued income | 490/1 | €41,735 | €45,374 | +€3,639 | +8.7% |
| Total equity and liabilities | 10/49 | €399,358 | €377,363 | -€21,995 | -5.5% |
| Equity | 10/15 | €228,109 | €198,416 | -€29,694 | -13.0% |
| Contributions | 10/11 | €6,355 | €6,355 | = | 0.0% |
| Reserves | 13 | €106,195 | €76,481 | -€29,714 | -28.0% |
| Distributable reserves | 133 | €106,195 | €76,481 | -€29,714 | -28.0% |
| Profit (loss) carried forward | 14 | €115,559 | €115,579 | +€21 | 0.0% |
| Amounts payable | 17/49 | €171,249 | €178,948 | +€7,699 | +4.5% |
| Amounts payable after more than one year | 17 | €114,358 | €93,553 | -€20,805 | -18.2% |
| Financial debts | 170/4 | €114,358 | €93,553 | -€20,805 | -18.2% |
| Amounts payable within one year | 42/48 | €28,284 | €52,682 | +€24,398 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €20,350 | €20,805 | +€455 | +2.2% |
| Trade debts | 44 | €7,352 | €3,119 | -€4,233 | -57.6% |
| Suppliers | 440/4 | €7,352 | €3,119 | -€4,233 | -57.6% |
| Taxes, remuneration and social security | 45 | €581 | €529 | -€53 | -9.1% |
| Taxes | 450/3 | €581 | €529 | -€53 | -9.1% |
| Other amounts payable | 47/48 | - | €28,229 | +€28,229 | |
| Accrued charges and deferred income | 492/3 | €28,607 | €32,714 | +€4,106 | +14.4% |
| Remuneration, social security and pensions | 62 | €384 | - | -€384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,273 | €37,608 | +€4,335 | +13.0% |
| Other operating charges | 640/8 | €2,510 | €2,304 | -€206 | -8.2% |
| Gross operating margin | 9900 | €53,885 | €48,828 | -€5,057 | -9.4% |
| Operating profit (loss) | 9901 | €17,717 | €8,916 | -€8,801 | -49.7% |
| Financial income | 75/76B | €203 | €200 | -€3 | -1.6% |
| Recurring financial income | 75 | €203 | €200 | -€3 | -1.6% |
| Financial charges | 65/66B | €2,826 | €3,268 | +€442 | +15.6% |
| Recurring financial charges | 65 | €2,826 | €3,268 | +€442 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €15,094 | €5,848 | -€9,246 | -61.3% |
| Income taxes | 67/77 | €8,362 | €5,827 | -€2,535 | -30.3% |
| Profit (loss) for the period | 9904 | €6,732 | €21 | -€6,712 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,732 | €21 | -€6,712 | -99.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.