MIR Bidco: 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
MIR Bidco
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6.6m
2024 · -€9.1m+€2.5m
Equity
€56.9m
2024 · €170.5m-€113.6m
Cash
€11.6m
2024 · €19.9m-€8.3m
Balance sheet total
€218.0m
2024 · €331.4m-€113.4m
Largest movements
Assets
- Receivables within one year -€103.4m
down €103.4m (-94.4%), from €109.5m to €6.1m
of which Other amounts receivable: -€105.8m
- Cash -€8.3m
down €8.3m (-41.9%), from €19.9m to €11.6m
mainly Contributions, distributions and other (-€106.9m) and Net result for the year (-€6.6m)
Equity and liabilities
- Contributions -€106.9m
down €106.9m (-55.2%), from €193.9m to €87.0m
- Profit (loss) carried forward -€6.6m
down €6.6m (-28.3%), from -€23.4m to -€30.1m
Income statement
- Financial income -€4.5m
down €4.5m (-42.5%), from €10.6m to €6.1m
- Other operating income +€3.6m
new in 2025: €3.6m
- Services and other goods -€2.9m
down €2.9m (-37.9%), from €7.7m to €4.8m
- Turnover -€1.2m
down €1.2m (-41.3%), from €3.0m to €1.8m
- Financial charges -€691,349
down €691,349 (-4.8%), from €14.5m to €13.9m
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
-€9.1m
Turnover
-€1.2m
Other operating income
+€3.6m
Services and other goods
+€2.9m
Other operating items
+€664,818
Financial income
-€4.5m
Financial charges
+€691,349
Taxes
+€391,114
Result 2025
-€6.6m
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
+€96.9m
Investment
+€1.7m
Financing
-€106.9m
Cash 2024
€19.9m
From operations (derived)
+€96.9m
Net result for the year
-€6.6m
Receivables within one year
+€103.4m
Smaller working-capital items
-€352,178
Trade debts
+€931,216
Other debts
-€450,000
Investment (derived)
+€1.7m
Investment in fixed assets (net)
+€1.7m
Financing
-€106.9m
Contributions, distributions and other
-€106.9m
Cash 2025
€11.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €331,408,218 | €217,961,879 | -€113.4m | -34.2% |
| Fixed assets | 21/28 | €201,823,235 | €200,142,393 | -€1.7m | -0.8% |
| Financial fixed assets | 28 | €201,823,235 | €200,142,393 | -€1.7m | -0.8% |
| Affiliated companies | 280/1 | €201,458,634 | €199,664,685 | -€1.8m | -0.9% |
| Participating interests | 280 | €175,585,487 | €175,233,901 | -€351,587 | -0.2% |
| Amounts receivable | 281 | €25,873,147 | €24,430,784 | -€1.4m | -5.6% |
| Other financial fixed assets | 284/8 | €364,601 | €477,708 | +€113,107 | +31.0% |
| Amounts receivable and cash guarantees | 285/8 | €364,601 | €477,708 | +€113,107 | +31.0% |
| Current assets | 29/58 | €129,584,982 | €17,819,486 | -€111.8m | -86.2% |
| Amounts receivable within one year | 40/41 | €109,539,018 | €6,115,978 | -€103.4m | -94.4% |
| Trade receivables | 40 | €3,057,257 | €5,396,992 | +€2.3m | +76.5% |
| Other amounts receivable | 41 | €106,481,761 | €718,987 | -€105.8m | -99.3% |
| Cash at bank and in hand | 54/58 | €19,917,438 | €11,576,390 | -€8.3m | -41.9% |
| Deferred charges and accrued income | 490/1 | €128,527 | €127,118 | -€1,409 | -1.1% |
| Total equity and liabilities | 10/49 | €331,408,218 | €217,961,879 | -€113.4m | -34.2% |
| Equity | 10/15 | €170,492,760 | €56,918,792 | -€113.6m | -66.6% |
| Contributions | 10/11 | €193,922,802 | €86,973,800 | -€106.9m | -55.2% |
| Capital | 10 | €193,922,802 | €86,973,800 | -€106.9m | -55.2% |
| Issued capital | 100 | €193,922,802 | €86,973,800 | -€106.9m | -55.2% |
| Profit (loss) carried forward | 14 | -€23,430,042 | -€30,055,008 | -€6.6m | -28.3% |
| Amounts payable | 17/49 | €160,915,457 | €161,043,087 | +€127,629 | +0.1% |
| Amounts payable after more than one year | 17 | €155,000,000 | €155,000,000 | = | 0.0% |
| Financial debts | 170/4 | €155,000,000 | €155,000,000 | = | 0.0% |
| Other loans | 174 | €155,000,000 | €155,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,076,311 | €5,307,930 | +€231,619 | +4.6% |
| Trade debts | 44 | €4,301,294 | €5,232,510 | +€931,216 | +21.6% |
| Suppliers | 440/4 | €4,301,294 | €5,232,510 | +€931,216 | +21.6% |
| Taxes, remuneration and social security | 45 | €325,017 | €75,420 | -€249,597 | -76.8% |
| Taxes | 450/3 | €325,017 | €75,420 | -€249,597 | -76.8% |
| Other amounts payable | 47/48 | €450,000 | - | -€450,000 | |
| Accrued charges and deferred income | 492/3 | €839,147 | €735,157 | -€103,990 | -12.4% |
| Operating income | 70/76A | €3,017,257 | €6,003,459 | +€3.0m | +99.0% |
| Turnover | 70 | €3,017,257 | €1,771,443 | -€1.2m | -41.3% |
| Other operating income | 74 | - | €3,567,198 | +€3.6m | |
| Non-recurring operating income | 76A | - | €664,818 | +€664,818 | |
| Operating charges | 60/66A | €7,713,295 | €4,792,672 | -€2.9m | -37.9% |
| Services and other goods | 61 | €7,713,295 | €4,792,672 | -€2.9m | -37.9% |
| Operating profit (loss) | 9901 | -€4,696,039 | €1,210,787 | +€5.9m | |
| Financial income | 75/76B | €10,648,917 | €6,121,371 | -€4.5m | -42.5% |
| Recurring financial income | 75 | €10,648,917 | €6,121,371 | -€4.5m | -42.5% |
| Income from financial fixed assets | 750 | €6,472,123 | €2,738,505 | -€3.7m | -57.7% |
| Income from current assets | 751 | €1,197,269 | €3,382,866 | +€2.2m | +183% |
| Other financial income | 752/9 | €2,979,525 | €0 | -€3.0m | -100% |
| Financial charges | 65/66B | €14,547,823 | €13,856,474 | -€691,349 | -4.8% |
| Recurring financial charges | 65 | €14,547,823 | €13,856,474 | -€691,349 | -4.8% |
| Debt charges | 650 | €13,916,382 | €12,590,605 | -€1.3m | -9.5% |
| Other financial charges | 652/9 | €631,441 | €1,265,869 | +€634,428 | +100% |
| Profit (loss) for the period before taxes | 9903 | -€8,594,944 | -€6,524,316 | +€2.1m | +24.1% |
| Income taxes | 67/77 | €491,763 | €100,650 | -€391,114 | -79.5% |
| Taxes | 670/3 | €491,763 | €100,650 | -€391,114 | -79.5% |
| Profit (loss) for the period | 9904 | -€9,086,708 | -€6,624,966 | +€2.5m | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,086,708 | -€6,624,966 | +€2.5m | +27.1% |
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 19 October 2026 via checked.be.