MIPC: 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.
MIPC
Largest movements
- Receivables within one year +€42,700
up €42,700 (+129.2%), from €33,051 to €75,751
of which Other amounts receivable: +€58,329
- Cash +€38,327
up €38,327 (+31.9%), from €120,032 to €158,359
mainly Net result for the year (+€94,585) and Depreciation (+€40,310)
- Tangible fixed assets -€34,075
down €34,075 (-9.1%), from €376,321 to €342,245
of which Furniture and vehicles: -€19,650
- Intangible fixed assets +€11,094
new in 2025: €11,094
- Reserves +€95,580
up €95,580 (+34.7%), from €275,708 to €371,288
of which Distributable reserves: +€95,580
- Trade debts +€35,255
up €35,255 (+570.5%), from €6,179 to €41,434
- Tax, wage and social debts -€32,317
down €32,317 (-66.3%), from €48,719 to €16,402
- Debts after one year -€31,157
down €31,157 (-22.2%), from €140,470 to €109,314
- Other debts -€10,357
down €10,357 (-97.5%), from €10,620 to €263
- Gross operating margin +€24,912
up €24,912 (+14.7%), from €169,373 to €194,285
- Taxes +€10,077
up €10,077 (+25.3%), from €39,781 to €49,858
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 | €534,054 | €589,973 | +€55,919 | +10.5% |
| Fixed assets | 21/28 | €376,321 | €353,339 | -€22,982 | -6.1% |
| Intangible fixed assets | 21 | - | €11,094 | +€11,094 | |
| Tangible fixed assets | 22/27 | €376,321 | €342,245 | -€34,075 | -9.1% |
| Land and buildings | 22 | €292,063 | €276,634 | -€15,428 | -5.3% |
| Plant, machinery and equipment | 23 | €6,083 | €7,086 | +€1,003 | +16.5% |
| Furniture and vehicles | 24 | €77,410 | €57,760 | -€19,650 | -25.4% |
| Other tangible fixed assets | 26 | €764 | €764 | = | 0.0% |
| Current assets | 29/58 | €157,734 | €236,634 | +€78,900 | +50.0% |
| Amounts receivable within one year | 40/41 | €33,051 | €75,751 | +€42,700 | +129.2% |
| Trade receivables | 40 | €31,953 | €16,325 | -€15,628 | -48.9% |
| Other amounts receivable | 41 | €1,098 | €59,426 | +€58,329 | +5314.6% |
| Cash at bank and in hand | 54/58 | €120,032 | €158,359 | +€38,327 | +31.9% |
| Deferred charges and accrued income | 490/1 | €4,651 | €2,524 | -€2,127 | -45.7% |
| Total equity and liabilities | 10/49 | €534,054 | €589,973 | +€55,919 | +10.5% |
| Equity | 10/15 | €296,768 | €391,352 | +€94,585 | +31.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €275,708 | €371,288 | +€95,580 | +34.7% |
| Tax-exempt reserves | 132 | €28 | €28 | = | 0.0% |
| Distributable reserves | 133 | €275,680 | €371,260 | +€95,580 | +34.7% |
| Profit (loss) carried forward | 14 | €1,060 | €64 | -€995 | -93.9% |
| Amounts payable | 17/49 | €237,286 | €198,621 | -€38,666 | -16.3% |
| Amounts payable after more than one year | 17 | €140,470 | €109,314 | -€31,157 | -22.2% |
| Financial debts | 170/4 | €140,470 | €109,314 | -€31,157 | -22.2% |
| Amounts payable within one year | 42/48 | €96,816 | €89,307 | -€7,509 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €29,807 | €31,157 | +€1,349 | +4.5% |
| Financial debts | 43 | €1,491 | €51 | -€1,440 | -96.6% |
| Other loans | 439 | €1,491 | €51 | -€1,440 | -96.6% |
| Trade debts | 44 | €6,179 | €41,434 | +€35,255 | +570.5% |
| Suppliers | 440/4 | €6,179 | €41,434 | +€35,255 | +570.5% |
| Taxes, remuneration and social security | 45 | €48,719 | €16,402 | -€32,317 | -66.3% |
| Taxes | 450/3 | €48,719 | €16,402 | -€32,317 | -66.3% |
| Other amounts payable | 47/48 | €10,620 | €263 | -€10,357 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,672 | €40,310 | +€639 | +1.6% |
| Other operating charges | 640/8 | €2,867 | €2,932 | +€65 | +2.3% |
| Gross operating margin | 9900 | €169,373 | €194,285 | +€24,912 | +14.7% |
| Operating profit (loss) | 9901 | €126,835 | €151,042 | +€24,208 | +19.1% |
| Financial income | 75/76B | €833 | €785 | -€48 | -5.7% |
| Recurring financial income | 75 | €833 | €785 | -€48 | -5.7% |
| Financial charges | 65/66B | €8,706 | €7,385 | -€1,321 | -15.2% |
| Recurring financial charges | 65 | €8,706 | €7,385 | -€1,321 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €118,962 | €144,442 | +€25,481 | +21.4% |
| Income taxes | 67/77 | €39,781 | €49,858 | +€10,077 | +25.3% |
| Profit (loss) for the period | 9904 | €79,181 | €94,585 | +€15,404 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €79,181 | €94,585 | +€15,404 | +19.5% |
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.