MIFREVA: 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.
MIFREVA
Largest movements
- Tangible fixed assets -€26,063
down €26,063 (-7.7%), from €336,473 to €310,409
of which Land and buildings: -€14,575
- Debts after one year -€59,570
down €59,570 (-38.7%), from €153,838 to €94,268
- Current portion of long-term debt +€30,743
up €30,743 (+106.6%), from €28,828 to €59,570
- Gross operating margin -€35,203
down €35,203 (-49.7%), from €70,830 to €35,627
- Taxes -€11,766
down €11,766 (-73.9%), from €15,912 to €4,146
- Financial charges -€1,012
down €1,012 (-18.5%), from €5,473 to €4,461
- Other operating charges +€793
up €793 (+16.9%), from €4,690 to €5,484
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 | €433,554 | €400,644 | -€32,911 | -7.6% |
| Fixed assets | 21/28 | €336,473 | €310,409 | -€26,063 | -7.7% |
| Tangible fixed assets | 22/27 | €336,473 | €310,409 | -€26,063 | -7.7% |
| Land and buildings | 22 | €301,052 | €286,477 | -€14,575 | -4.8% |
| Leasing and similar rights | 25 | €35,420 | €23,933 | -€11,488 | -32.4% |
| Current assets | 29/58 | €97,082 | €90,234 | -€6,848 | -7.1% |
| Amounts receivable within one year | 40/41 | €92,710 | €88,578 | -€4,132 | -4.5% |
| Trade receivables | 40 | €63,019 | €57,959 | -€5,060 | -8.0% |
| Other amounts receivable | 41 | €29,691 | €30,619 | +€928 | +3.1% |
| Cash at bank and in hand | 54/58 | €4,372 | €1,122 | -€3,250 | -74.3% |
| Deferred charges and accrued income | 490/1 | - | €534 | +€534 | |
| Total equity and liabilities | 10/49 | €433,554 | €400,644 | -€32,911 | -7.6% |
| Equity | 10/15 | €189,257 | €186,028 | -€3,229 | -1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €127,257 | €124,028 | -€3,229 | -2.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €93,361 | €88,175 | -€5,187 | -5.6% |
| Distributable reserves | 133 | €27,696 | €29,653 | +€1,957 | +7.1% |
| Provisions and deferred taxes | 16 | €23,340 | €22,044 | -€1,297 | -5.6% |
| Deferred taxes | 168 | €23,340 | €22,044 | -€1,297 | -5.6% |
| Amounts payable | 17/49 | €220,957 | €192,572 | -€28,385 | -12.8% |
| Amounts payable after more than one year | 17 | €153,838 | €94,268 | -€59,570 | -38.7% |
| Financial debts | 170/4 | €153,838 | €94,268 | -€59,570 | -38.7% |
| Amounts payable within one year | 42/48 | €67,119 | €98,305 | +€31,185 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €28,828 | €59,570 | +€30,743 | +106.6% |
| Trade debts | 44 | €15,425 | €14,310 | -€1,116 | -7.2% |
| Suppliers | 440/4 | €15,425 | €14,310 | -€1,116 | -7.2% |
| Taxes, remuneration and social security | 45 | €20,085 | €21,643 | +€1,558 | +7.8% |
| Taxes | 450/3 | €20,085 | €21,643 | +€1,558 | +7.8% |
| Other amounts payable | 47/48 | €2,782 | €2,782 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,063 | €26,063 | = | 0.0% |
| Other operating charges | 640/8 | €4,690 | €5,484 | +€793 | +16.9% |
| Gross operating margin | 9900 | €70,830 | €35,627 | -€35,203 | -49.7% |
| Operating profit (loss) | 9901 | €40,077 | €4,081 | -€35,996 | -89.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,473 | €4,461 | -€1,012 | -18.5% |
| Recurring financial charges | 65 | €5,473 | €4,461 | -€1,012 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €34,604 | -€380 | -€34,984 | |
| Transfer from deferred taxes | 780 | €1,297 | €1,297 | = | 0.0% |
| Income taxes | 67/77 | €15,912 | €4,146 | -€11,766 | -73.9% |
| Profit (loss) for the period | 9904 | €19,989 | -€3,229 | -€23,218 | |
| Transfer from tax-exempt reserves | 789 | €5,187 | €5,187 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,175 | €1,957 | -€23,218 | -92.2% |
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 4 October 2026 via checked.be.