MIPAL: 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.
MIPAL
Largest movements
- Cash -€248,188
down €248,188 (-68.8%), from €360,506 to €112,318
mainly Other debts (-€159,452) and Investment in fixed assets (net) (-€134,193)
- Tangible fixed assets +€65,008
up €65,008 (+9.6%), from €679,757 to €744,764
of which Land and buildings: +€70,805
- Receivables within one year -€20,547
down €20,547 (-47.4%), from €43,378 to €22,830
of which Trade receivables: -€22,419
- Other debts -€159,452
down €159,452 (-32.7%), from €487,639 to €328,187
- Reserves -€31,141
down €31,141 (-8.3%), from €374,762 to €343,621
of which Distributable reserves: -€31,141
- Gross operating margin -€169,768
down €169,768 (-64.8%), from €262,086 to €92,318
- Taxes -€40,813
down €40,813 (-99.3%), from €41,098 to €285
- Depreciation +€14,312
up €14,312 (+26.1%), from €54,873 to €69,186
- Financial income -€2,787
down €2,787 (-48.6%), from €5,733 to €2,946
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 | €1,146,011 | €947,431 | -€198,580 | -17.3% |
| Fixed assets | 21/28 | €679,757 | €744,764 | +€65,008 | +9.6% |
| Tangible fixed assets | 22/27 | €679,757 | €744,764 | +€65,008 | +9.6% |
| Land and buildings | 22 | €604,525 | €675,329 | +€70,805 | +11.7% |
| Furniture and vehicles | 24 | €75,232 | €69,435 | -€5,797 | -7.7% |
| Current assets | 29/58 | €466,254 | €202,667 | -€263,588 | -56.5% |
| Amounts receivable within one year | 40/41 | €43,378 | €22,830 | -€20,547 | -47.4% |
| Trade receivables | 40 | €22,419 | €0 | -€22,419 | -100.0% |
| Other amounts receivable | 41 | €20,958 | €22,830 | +€1,872 | +8.9% |
| Current investments | 50/53 | €59,924 | €59,924 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €360,506 | €112,318 | -€248,188 | -68.8% |
| Deferred charges and accrued income | 490/1 | €2,446 | €7,594 | +€5,147 | +210.4% |
| Total equity and liabilities | 10/49 | €1,146,011 | €947,431 | -€198,580 | -17.3% |
| Equity | 10/15 | €393,362 | €362,221 | -€31,141 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,762 | €343,621 | -€31,141 | -8.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €12,765 | €12,765 | = | 0.0% |
| Distributable reserves | 133 | €361,997 | €330,856 | -€31,141 | -8.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €752,649 | €585,209 | -€167,439 | -22.2% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €514,729 | €343,457 | -€171,271 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €22,681 | €13,090 | -€9,591 | -42.3% |
| Suppliers | 440/4 | €22,681 | €13,090 | -€9,591 | -42.3% |
| Taxes, remuneration and social security | 45 | €4,409 | €2,180 | -€2,229 | -50.5% |
| Taxes | 450/3 | €4,409 | €2,180 | -€2,229 | -50.5% |
| Other amounts payable | 47/48 | €487,639 | €328,187 | -€159,452 | -32.7% |
| Accrued charges and deferred income | 492/3 | €37,920 | €41,752 | +€3,832 | +10.1% |
| Non-recurring operating income | 76A | €190,760 | €0 | -€190,760 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,873 | €69,186 | +€14,312 | +26.1% |
| Other operating charges | 640/8 | €21,488 | €19,851 | -€1,637 | -7.6% |
| Gross operating margin | 9900 | €262,086 | €92,318 | -€169,768 | -64.8% |
| Operating profit (loss) | 9901 | €185,725 | €3,281 | -€182,444 | -98.2% |
| Financial income | 75/76B | €5,733 | €2,946 | -€2,787 | -48.6% |
| Recurring financial income | 75 | €5,733 | €2,946 | -€2,787 | -48.6% |
| Financial charges | 65/66B | €36,837 | €37,082 | +€245 | +0.7% |
| Recurring financial charges | 65 | €36,837 | €37,082 | +€245 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €154,621 | -€30,856 | -€185,477 | |
| Income taxes | 67/77 | €41,098 | €285 | -€40,813 | -99.3% |
| Profit (loss) for the period | 9904 | €113,523 | -€31,141 | -€144,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,523 | -€31,141 | -€144,664 |
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 11 October 2026 via checked.be.