MIMAFI: 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.
What changed
MIMAFI
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€106,895
2024 · €268,109-€161,214
Equity
€1.8m
2024 · €1.7m+€106,895
Cash
€126,383
2024 · €544,872-€418,488
Balance sheet total
€22.9m
2024 · €19.9m+€3.1m
Largest movements
Assets
- Tangible fixed assets +€4.2m
up €4.2m (+112%), from €3.8m to €8.0m
of which Land and buildings: +€4.2m
- Stocks and contracts -€3.0m
down €3.0m (-62.8%), from €4.7m to €1.8m
- Financial fixed assets +€1.1m
up €1.1m (+24.3%), from €4.3m to €5.4m
- Receivables within one year +€732,257
up €732,257 (+23.9%), from €3.1m to €3.8m
of which Other amounts receivable: +€732,257
- Receivables after one year +€437,000
up €437,000 (+12.9%), from €3.4m to €3.8m
Equity and liabilities
- Debts after one year +€4.7m
up €4.7m (+39.2%), from €11.9m to €16.5m
- Advances received -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Other debts +€1.6m
up €1.6m (+77.5%), from €2.0m to €3.6m
- Short-term financial debts -€1.4m
down €1.4m (-100%), from €1.4m to €0
Income statement
- Financial charges -€268,674
down €268,674 (-32.5%), from €827,734 to €559,060
- Taxes +€137,921
up €137,921 (+613%), from €22,504 to €160,425
- Gross operating margin -€133,229
down €133,229 (-12.9%), from €1.0m to €898,057
- Provisions +€107,935
up €107,935, from -€107,935 to €0
- Depreciation +€92,365
up €92,365 (+130%), from €70,981 to €163,346
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.
Result 2024
€268,109
Gross operating margin
-€133,229
Depreciation
-€92,365
Provisions
-€107,935
Other operating charges
-€39,051
Financial income
-€23,023
Financial charges
+€268,674
Taxes
-€137,921
Deferred taxes and other
+€103,637
Result 2025
€106,895
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.6m
Investment
-€5.4m
Financing
+€3.4m
Cash 2024
€544,872
From operations (derived)
+€1.6m
Net result for the year
+€106,895
Depreciation
+€163,346
Receivables after one year
-€437,000
Stocks and contracts
+€3.0m
Receivables within one year
-€732,257
Deferred charges and accrued income
-€4,112
Provisions
-€108,739
Trade debts
-€219,827
Tax, wage and social debts
+€123,962
Advances received
-€1.9m
Other debts
+€1.6m
Accrued charges and deferred income
+€44,490
Investment (derived)
-€5.4m
Investment in fixed assets (net)
-€5.4m
Financing
+€3.4m
Debts after one year
+€4.7m
Current portion of long-term debt
+€193,492
Short-term financial debts
-€1.4m
Cash 2025
€126,383
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,890,975 | €22,948,655 | +€3.1m | +15.4% |
| Fixed assets | 21/28 | €8,117,668 | €13,401,245 | +€5.3m | +65.1% |
| Tangible fixed assets | 22/27 | €3,786,659 | €8,015,636 | +€4.2m | +112% |
| Land and buildings | 22 | €3,781,866 | €8,012,408 | +€4.2m | +112% |
| Plant, machinery and equipment | 23 | €3,610 | €2,207 | -€1,403 | -38.9% |
| Furniture and vehicles | 24 | €1,183 | €1,021 | -€162 | -13.7% |
| Financial fixed assets | 28 | €4,331,008 | €5,385,608 | +€1.1m | +24.3% |
| Current assets | 29/58 | €11,773,308 | €9,547,410 | -€2.2m | -18.9% |
| Amounts receivable after more than one year | 29 | €3,395,000 | €3,832,000 | +€437,000 | +12.9% |
| Other amounts receivable | 291 | €3,395,000 | €3,832,000 | +€437,000 | +12.9% |
| Stocks and contracts in progress | 3 | €4,746,169 | €1,765,391 | -€3.0m | -62.8% |
| Stocks | 30/36 | €4,746,169 | €1,765,391 | -€3.0m | -62.8% |
| Amounts receivable within one year | 40/41 | €3,060,332 | €3,792,588 | +€732,257 | +23.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,060,332 | €3,792,588 | +€732,257 | +23.9% |
| Cash at bank and in hand | 54/58 | €544,872 | €126,383 | -€418,488 | -76.8% |
| Deferred charges and accrued income | 490/1 | €26,936 | €31,047 | +€4,112 | +15.3% |
| Total equity and liabilities | 10/49 | €19,890,975 | €22,948,655 | +€3.1m | +15.4% |
| Equity | 10/15 | €1,707,950 | €1,814,844 | +€106,895 | +6.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,645,950 | €1,752,844 | +€106,895 | +6.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €898,906 | €572,690 | -€326,216 | -36.3% |
| Distributable reserves | 133 | €740,843 | €1,173,954 | +€433,111 | +58.5% |
| Provisions and deferred taxes | 16 | €299,635 | €190,897 | -€108,739 | -36.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €299,635 | €190,897 | -€108,739 | -36.3% |
| Amounts payable | 17/49 | €17,883,390 | €20,942,914 | +€3.1m | +17.1% |
| Amounts payable after more than one year | 17 | €11,886,511 | €16,548,828 | +€4.7m | +39.2% |
| Financial debts | 170/4 | €11,886,511 | €16,548,828 | +€4.7m | +39.2% |
| Amounts payable within one year | 42/48 | €5,800,427 | €4,153,144 | -€1.6m | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €153,592 | €347,084 | +€193,492 | +126% |
| Financial debts | 43 | €1,407,300 | €0 | -€1.4m | -100% |
| Credit institutions | 430/8 | €1,407,300 | €0 | -€1.4m | -100% |
| Trade debts | 44 | €235,605 | €15,778 | -€219,827 | -93.3% |
| Suppliers | 440/4 | €235,605 | €15,778 | -€219,827 | -93.3% |
| Advances received on contracts in progress | 46 | €1,907,957 | €0 | -€1.9m | -100% |
| Taxes, remuneration and social security | 45 | €70,905 | €194,867 | +€123,962 | +175% |
| Taxes | 450/3 | €70,905 | €194,867 | +€123,962 | +175% |
| Other amounts payable | 47/48 | €2,025,068 | €3,595,415 | +€1.6m | +77.5% |
| Accrued charges and deferred income | 492/3 | €196,452 | €240,942 | +€44,490 | +22.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,981 | €163,346 | +€92,365 | +130% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€107,935 | €0 | +€107,935 | |
| Other operating charges | 640/8 | €50,078 | €89,129 | +€39,051 | +78.0% |
| Gross operating margin | 9900 | €1,031,286 | €898,057 | -€133,229 | -12.9% |
| Operating profit (loss) | 9901 | €1,018,162 | €645,582 | -€372,580 | -36.6% |
| Financial income | 75/76B | €95,082 | €72,059 | -€23,023 | -24.2% |
| Recurring financial income | 75 | €95,082 | €72,059 | -€23,023 | -24.2% |
| Financial charges | 65/66B | €827,734 | €559,060 | -€268,674 | -32.5% |
| Recurring financial charges | 65 | €827,734 | €559,060 | -€268,674 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €285,511 | €158,581 | -€126,929 | -44.5% |
| Transfer from deferred taxes | 780 | €89,997 | €108,739 | +€18,742 | +20.8% |
| Transfer to deferred taxes | 680 | €84,895 | €0 | -€84,895 | -100% |
| Income taxes | 67/77 | €22,504 | €160,425 | +€137,921 | +613% |
| Profit (loss) for the period | 9904 | €268,109 | €106,895 | -€161,214 | -60.1% |
| Transfer from tax-exempt reserves | 789 | €269,991 | €326,216 | +€56,225 | +20.8% |
| Transfer to tax-exempt reserves | 689 | €254,685 | €0 | -€254,685 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €283,416 | €433,111 | +€149,695 | +52.8% |
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.