MIHAIL: 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.
MIHAIL
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+140%), from €784,127 to €1.9m
of which Land and buildings: +€1.0m
- Receivables after one year -€82,262
down €82,262 (-48.5%), from €169,499 to €87,237
- Receivables within one year +€62,195
up €62,195 (+62.7%), from €99,224 to €161,419
- Cash -€24,048
down €24,048 (-10.7%), from €224,105 to €200,058
mainly Investment in fixed assets (net) (-€1.3m) and Contributions, distributions and other (-€88,650)
- Debts after one year +€902,331
up €902,331 (+135%), from €666,028 to €1.6m
of which Financial debts: +€891,657
- Reserves +€61,934
up €61,934 (+13.5%), from €459,683 to €521,616
- Current portion of long-term debt +€41,512
up €41,512 (+115%), from €36,008 to €77,520
- Tax, wage and social debts +€30,955
up €30,955 (+32.4%), from €95,605 to €126,560
of which Taxes: +€21,239
- Gross operating margin +€253,766
up €253,766 (+64.8%), from €391,679 to €645,444
- Depreciation +€166,182
up €166,182 (+689%), from €24,132 to €190,313
- Staff costs +€83,215
up €83,215 (+73.3%), from €113,540 to €196,755
- Financial charges +€15,632
up €15,632 (+79.2%), from €19,736 to €35,368
- Taxes -€6,625
down €6,625 (-8.6%), from €76,989 to €70,364
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 | €1,305,320 | €2,358,884 | +€1.1m | +80.7% |
| Fixed assets | 21/28 | €786,405 | €1,882,185 | +€1.1m | +139% |
| Tangible fixed assets | 22/27 | €784,127 | €1,882,035 | +€1.1m | +140% |
| Land and buildings | 22 | €784,127 | €1,804,563 | +€1.0m | +130% |
| Furniture and vehicles | 24 | - | €77,472 | +€77,472 | |
| Financial fixed assets | 28 | €2,278 | €150 | -€2,128 | -93.4% |
| Current assets | 29/58 | €518,916 | €476,699 | -€42,217 | -8.1% |
| Amounts receivable after more than one year | 29 | €169,499 | €87,237 | -€82,262 | -48.5% |
| Other amounts receivable | 291 | €169,499 | €87,237 | -€82,262 | -48.5% |
| Amounts receivable within one year | 40/41 | €99,224 | €161,419 | +€62,195 | +62.7% |
| Trade receivables | 40 | €99,224 | €161,419 | +€62,195 | +62.7% |
| Cash at bank and in hand | 54/58 | €224,105 | €200,058 | -€24,048 | -10.7% |
| Deferred charges and accrued income | 490/1 | €26,088 | €27,986 | +€1,898 | +7.3% |
| Total equity and liabilities | 10/49 | €1,305,320 | €2,358,884 | +€1.1m | +80.7% |
| Equity | 10/15 | €478,233 | €540,166 | +€61,934 | +13.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €459,683 | €521,616 | +€61,934 | +13.5% |
| Distributable reserves | 133 | €459,683 | €521,616 | +€61,934 | +13.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €827,088 | €1,818,718 | +€991,630 | +120% |
| Amounts payable after more than one year | 17 | €666,028 | €1,568,359 | +€902,331 | +135% |
| Financial debts | 170/4 | €666,028 | €1,557,685 | +€891,657 | +134% |
| Other amounts payable | 178/9 | - | €10,674 | +€10,674 | |
| Amounts payable within one year | 42/48 | €161,060 | €249,374 | +€88,315 | +54.8% |
| Current portion of amounts payable after more than one year | 42 | €36,008 | €77,520 | +€41,512 | +115% |
| Financial debts | 43 | €8,573 | €25,093 | +€16,520 | +193% |
| Credit institutions | 430/8 | €8,573 | €25,093 | +€16,520 | +193% |
| Trade debts | 44 | €20,873 | €20,201 | -€672 | -3.2% |
| Suppliers | 440/4 | €20,873 | €20,201 | -€672 | -3.2% |
| Taxes, remuneration and social security | 45 | €95,605 | €126,560 | +€30,955 | +32.4% |
| Taxes | 450/3 | €78,373 | €99,612 | +€21,239 | +27.1% |
| Remuneration and social security | 454/9 | €17,232 | €26,948 | +€9,716 | +56.4% |
| Accrued charges and deferred income | 492/3 | - | €984 | +€984 | |
| Non-recurring operating income | 76A | - | €2,262 | +€2,262 | |
| Remuneration, social security and pensions | 62 | €113,540 | €196,755 | +€83,215 | +73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,132 | €190,313 | +€166,182 | +689% |
| Other operating charges | 640/8 | €9,053 | €14,862 | +€5,808 | +64.2% |
| Gross operating margin | 9900 | €391,679 | €645,444 | +€253,766 | +64.8% |
| Operating profit (loss) | 9901 | €244,954 | €243,515 | -€1,439 | -0.6% |
| Financial income | 75/76B | €14,016 | €12,801 | -€1,215 | -8.7% |
| Recurring financial income | 75 | €14,016 | €12,801 | -€1,215 | -8.7% |
| Financial charges | 65/66B | €19,736 | €35,368 | +€15,632 | +79.2% |
| Recurring financial charges | 65 | €19,736 | €35,368 | +€15,632 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €239,234 | €220,947 | -€18,287 | -7.6% |
| Income taxes | 67/77 | €76,989 | €70,364 | -€6,625 | -8.6% |
| Profit (loss) for the period | 9904 | €162,245 | €150,584 | -€11,661 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €162,245 | €150,584 | -€11,661 | -7.2% |
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.