MIIC: 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.
MIIC
Largest movements
- Tangible fixed assets -€49,342
down €49,342 (-2.6%), from €1.9m to €1.9m
of which Land and buildings: -€50,400
- Cash +€47,554
up €47,554 (+21.5%), from €220,735 to €268,290
mainly Net result for the year (+€91,141) and Depreciation (+€54,236)
- Debts after one year -€111,939
down €111,939 (-11.9%), from €937,605 to €825,666
of which Financial debts: -€111,939
- Reserves +€91,141
up €91,141 (+11.1%), from €822,488 to €913,629
of which Distributable reserves: +€200,601
- Financial charges -€45,460
down €45,460 (-56.2%), from €80,957 to €35,497
- Depreciation +€14,722
up €14,722 (+37.3%), from €39,514 to €54,236
- Gross operating margin +€14,065
up €14,065 (+6.0%), from €234,105 to €248,170
- Taxes +€14,061
up €14,061 (+37.3%), from €37,720 to €51,781
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 | €2,170,351 | €2,170,789 | +€438 | 0.0% |
| Fixed assets | 21/28 | €1,905,714 | €1,855,999 | -€49,715 | -2.6% |
| Intangible fixed assets | 21 | €933 | €560 | -€373 | -40.0% |
| Tangible fixed assets | 22/27 | €1,904,781 | €1,855,439 | -€49,342 | -2.6% |
| Land and buildings | 22 | €1,902,277 | €1,851,877 | -€50,400 | -2.6% |
| Furniture and vehicles | 24 | €2,504 | €3,562 | +€1,058 | +42.3% |
| Current assets | 29/58 | €264,637 | €314,790 | +€50,153 | +19.0% |
| Amounts receivable within one year | 40/41 | €32,540 | €38,208 | +€5,669 | +17.4% |
| Trade receivables | 40 | €27,928 | €38,208 | +€10,280 | +36.8% |
| Other amounts receivable | 41 | €4,612 | - | -€4,612 | |
| Cash at bank and in hand | 54/58 | €220,735 | €268,290 | +€47,554 | +21.5% |
| Deferred charges and accrued income | 490/1 | €11,362 | €8,292 | -€3,070 | -27.0% |
| Total equity and liabilities | 10/49 | €2,170,351 | €2,170,789 | +€438 | 0.0% |
| Equity | 10/15 | €964,218 | €1,054,482 | +€90,264 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €822,488 | €913,629 | +€91,141 | +11.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €235,760 | €126,300 | -€109,460 | -46.4% |
| Distributable reserves | 133 | €584,868 | €785,469 | +€200,601 | +34.3% |
| Profit (loss) carried forward | 14 | €123,129 | €122,252 | -€877 | -0.7% |
| Amounts payable | 17/49 | €1,206,134 | €1,116,307 | -€89,827 | -7.4% |
| Amounts payable after more than one year | 17 | €937,605 | €825,666 | -€111,939 | -11.9% |
| Financial debts | 170/4 | €936,265 | €824,326 | -€111,939 | -12.0% |
| Other amounts payable | 178/9 | €1,340 | €1,340 | = | 0.0% |
| Amounts payable within one year | 42/48 | €260,341 | €274,542 | +€14,202 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €109,376 | €111,939 | +€2,563 | +2.3% |
| Trade debts | 44 | €18,142 | €6,989 | -€11,153 | -61.5% |
| Suppliers | 440/4 | €8,723 | €6,989 | -€1,733 | -19.9% |
| Bills of exchange payable | 441 | €9,419 | - | -€9,419 | |
| Taxes, remuneration and social security | 45 | €20,502 | €39,803 | +€19,301 | +94.1% |
| Taxes | 450/3 | €20,502 | €39,803 | +€19,301 | +94.1% |
| Other amounts payable | 47/48 | €112,321 | €115,810 | +€3,490 | +3.1% |
| Accrued charges and deferred income | 492/3 | €8,188 | €16,099 | +€7,911 | +96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,514 | €54,236 | +€14,722 | +37.3% |
| Other operating charges | 640/8 | €12,119 | €12,989 | +€869 | +7.2% |
| Non-recurring operating charges | 66A | - | €6,937 | +€6,937 | |
| Gross operating margin | 9900 | €234,105 | €248,170 | +€14,065 | +6.0% |
| Operating profit (loss) | 9901 | €182,471 | €174,008 | -€8,463 | -4.6% |
| Financial income | 75/76B | €5,015 | €4,412 | -€603 | -12.0% |
| Recurring financial income | 75 | €5,015 | €4,412 | -€603 | -12.0% |
| Financial charges | 65/66B | €80,957 | €35,497 | -€45,460 | -56.2% |
| Recurring financial charges | 65 | €80,957 | €35,497 | -€45,460 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | €106,529 | €142,922 | +€36,394 | +34.2% |
| Income taxes | 67/77 | €37,720 | €51,781 | +€14,061 | +37.3% |
| Profit (loss) for the period | 9904 | €68,808 | €91,141 | +€22,333 | +32.5% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €109,460 | +€25,260 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,008 | €200,601 | +€47,593 | +31.1% |
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 30 September 2026 via checked.be.