MIPICA: 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.
MIPICA
Largest movements
- Current investments +€125,171
up €125,171 (+15.5%), from €808,703 to €933,874
- Receivables within one year -€82,822
down €82,822 (-70.9%), from €116,810 to €33,987
of which Trade receivables: -€95,724
- Tangible fixed assets -€14,815
down €14,815 (-9.3%), from €159,256 to €144,441
of which Furniture and vehicles: -€7,855
- Reserves +€45,525
up €45,525 (+5.2%), from €881,847 to €927,372
of which Distributable reserves: +€68,480
- Tax, wage and social debts -€24,531
down €24,531 (-60.3%), from €40,691 to €16,160
- Other debts +€17,753
up €17,753 (+121.9%), from €14,570 to €32,323
- Gross operating margin -€30,341
down €30,341 (-15.0%), from €201,838 to €171,497
- Taxes -€12,913
down €12,913 (-21.8%), from €59,141 to €46,228
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 | €1,107,206 | €1,140,950 | +€33,744 | +3.0% |
| Fixed assets | 21/28 | €159,256 | €144,441 | -€14,815 | -9.3% |
| Tangible fixed assets | 22/27 | €159,256 | €144,441 | -€14,815 | -9.3% |
| Land and buildings | 22 | €123,092 | €116,132 | -€6,960 | -5.7% |
| Furniture and vehicles | 24 | €36,164 | €28,309 | -€7,855 | -21.7% |
| Current assets | 29/58 | €947,950 | €996,510 | +€48,559 | +5.1% |
| Amounts receivable within one year | 40/41 | €116,810 | €33,987 | -€82,822 | -70.9% |
| Trade receivables | 40 | €108,658 | €12,934 | -€95,724 | -88.1% |
| Other amounts receivable | 41 | €8,152 | €21,053 | +€12,901 | +158.3% |
| Current investments | 50/53 | €808,703 | €933,874 | +€125,171 | +15.5% |
| Cash at bank and in hand | 54/58 | €13,244 | €23,967 | +€10,724 | +81.0% |
| Deferred charges and accrued income | 490/1 | €9,194 | €4,681 | -€4,513 | -49.1% |
| Total equity and liabilities | 10/49 | €1,107,206 | €1,140,950 | +€33,744 | +3.0% |
| Equity | 10/15 | €890,047 | €935,572 | +€45,525 | +5.1% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €881,847 | €927,372 | +€45,525 | +5.2% |
| Tax-exempt reserves | 132 | €79,790 | €56,835 | -€22,955 | -28.8% |
| Distributable reserves | 133 | €802,057 | €870,537 | +€68,480 | +8.5% |
| Amounts payable | 17/49 | €217,159 | €205,378 | -€11,781 | -5.4% |
| Amounts payable after more than one year | 17 | €142,777 | €136,110 | -€6,667 | -4.7% |
| Financial debts | 170/4 | €17,777 | €11,110 | -€6,667 | -37.5% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,097 | €58,743 | -€5,354 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | €6,667 | = | 0.0% |
| Trade debts | 44 | €2,169 | €3,593 | +€1,424 | +65.7% |
| Suppliers | 440/4 | €2,169 | €3,593 | +€1,424 | +65.7% |
| Taxes, remuneration and social security | 45 | €40,691 | €16,160 | -€24,531 | -60.3% |
| Taxes | 450/3 | €40,691 | €16,160 | -€24,531 | -60.3% |
| Other amounts payable | 47/48 | €14,570 | €32,323 | +€17,753 | +121.9% |
| Accrued charges and deferred income | 492/3 | €10,285 | €10,524 | +€240 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,038 | €16,298 | +€260 | +1.6% |
| Other operating charges | 640/8 | €2,547 | €2,975 | +€428 | +16.8% |
| Gross operating margin | 9900 | €201,838 | €171,497 | -€30,341 | -15.0% |
| Operating profit (loss) | 9901 | €183,253 | €152,225 | -€31,029 | -16.9% |
| Financial income | 75/76B | €13,536 | €11,691 | -€1,845 | -13.6% |
| Recurring financial income | 75 | €13,536 | €11,691 | -€1,845 | -13.6% |
| Financial charges | 65/66B | €10,526 | €11,403 | +€876 | +8.3% |
| Recurring financial charges | 65 | €10,526 | €11,403 | +€876 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €186,262 | €152,513 | -€33,749 | -18.1% |
| Income taxes | 67/77 | €59,141 | €46,228 | -€12,913 | -21.8% |
| Profit (loss) for the period | 9904 | €127,121 | €106,285 | -€20,837 | -16.4% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €79,790 | +€37,690 | +89.5% |
| Transfer to tax-exempt reserves | 689 | - | €56,835 | +€56,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €169,221 | €129,240 | -€39,982 | -23.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.