Mipad: 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.
Mipad
Largest movements
- Cash -€67,253
down €67,253 (-89.4%), from €75,222 to €7,969
mainly Contributions, distributions and other (-€224,259) and Other debts (-€43,538)
- Receivables within one year +€34,632
up €34,632, from €0 to €34,632
of which Trade receivables: +€32,267
- Tangible fixed assets -€13,811
down €13,811 (-19.2%), from €71,856 to €58,044
of which Furniture and vehicles: -€12,200
- Other debts -€43,538
down €43,538 (-36.8%), from €118,360 to €74,823
- Tax, wage and social debts -€1,831
down €1,831 (-18.3%), from €9,991 to €8,160
- Gross operating margin +€154,098
up €154,098 (+95.1%), from €162,001 to €316,099
- Taxes +€38,134
up €38,134 (+109%), from €35,001 to €73,135
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 | €148,482 | €102,112 | -€46,370 | -31.2% |
| Fixed assets | 21/28 | €71,856 | €58,044 | -€13,811 | -19.2% |
| Tangible fixed assets | 22/27 | €71,856 | €58,044 | -€13,811 | -19.2% |
| Furniture and vehicles | 24 | €60,805 | €48,605 | -€12,200 | -20.1% |
| Other tangible fixed assets | 26 | €11,051 | €9,439 | -€1,611 | -14.6% |
| Current assets | 29/58 | €76,626 | €44,067 | -€32,559 | -42.5% |
| Amounts receivable within one year | 40/41 | €0 | €34,632 | +€34,632 | |
| Trade receivables | 40 | - | €32,267 | +€32,267 | |
| Other amounts receivable | 41 | €0 | €2,365 | +€2,365 | |
| Cash at bank and in hand | 54/58 | €75,222 | €7,969 | -€67,253 | -89.4% |
| Deferred charges and accrued income | 490/1 | €1,404 | €1,466 | +€62 | +4.4% |
| Total equity and liabilities | 10/49 | €148,482 | €102,112 | -€46,370 | -31.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €129,882 | €83,512 | -€46,370 | -35.7% |
| Amounts payable within one year | 42/48 | €129,882 | €83,512 | -€46,370 | -35.7% |
| Trade debts | 44 | €1,530 | €529 | -€1,001 | -65.4% |
| Suppliers | 440/4 | €1,530 | €529 | -€1,001 | -65.4% |
| Taxes, remuneration and social security | 45 | €9,991 | €8,160 | -€1,831 | -18.3% |
| Taxes | 450/3 | €9,991 | €8,160 | -€1,831 | -18.3% |
| Other amounts payable | 47/48 | €118,360 | €74,823 | -€43,538 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,295 | €17,158 | +€1,862 | +12.2% |
| Other operating charges | 640/8 | €1,495 | €1,411 | -€85 | -5.7% |
| Gross operating margin | 9900 | €162,001 | €316,099 | +€154,098 | +95.1% |
| Operating profit (loss) | 9901 | €145,211 | €297,531 | +€152,320 | +105% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €140 | €140 | = | 0.0% |
| Recurring financial charges | 65 | €140 | €140 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €145,071 | €297,394 | +€152,323 | +105% |
| Income taxes | 67/77 | €35,001 | €73,135 | +€38,134 | +109% |
| Profit (loss) for the period | 9904 | €110,070 | €224,259 | +€114,189 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €110,070 | €224,259 | +€114,189 | +104% |
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 24 October 2026 via checked.be.