MIRAC: 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.
MIRAC
Largest movements
- Receivables within one year +€241,633
up €241,633 (+25.2%), from €957,753 to €1.2m
of which Other amounts receivable: +€134,066
- Tangible fixed assets +€34,882
up €34,882 (+33.7%), from €103,574 to €138,456
of which Furniture and vehicles: +€40,338
- Trade debts +€189,951
up €189,951 (+154.3%), from €123,113 to €313,065
- Profit (loss) carried forward +€51,197
up €51,197 (+5.5%), from €928,898 to €980,094
- Debts after one year +€45,000
up €45,000 (+36.6%), from €122,927 to €167,927
- Write-downs -€66,616
no longer reported in 2025 (was €66,616)
- Taxes +€32,100
up €32,100 (+87.3%), from €36,756 to €68,856
- Gross operating margin -€24,628
down €24,628 (-11.5%), from €213,997 to €189,369
- Depreciation +€15,639
up €15,639 (+432.8%), from €3,613 to €19,252
- Financial charges -€4,870
down €4,870 (-21.4%), from €22,793 to €17,924
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 | €1,458,196 | €1,735,493 | +€277,298 | +19.0% |
| Fixed assets | 21/28 | €139,574 | €174,456 | +€34,882 | +25.0% |
| Tangible fixed assets | 22/27 | €103,574 | €138,456 | +€34,882 | +33.7% |
| Land and buildings | 22 | €9,716 | €9,255 | -€461 | -4.7% |
| Plant, machinery and equipment | 23 | €2,690 | €2,120 | -€570 | -21.2% |
| Furniture and vehicles | 24 | €27,270 | €67,608 | +€40,338 | +147.9% |
| Other tangible fixed assets | 26 | €63,899 | €59,473 | -€4,426 | -6.9% |
| Financial fixed assets | 28 | €36,000 | €36,000 | = | 0.0% |
| Current assets | 29/58 | €1,318,622 | €1,561,038 | +€242,416 | +18.4% |
| Stocks and contracts in progress | 3 | €359,096 | €359,096 | = | 0.0% |
| Stocks | 30/36 | €359,096 | €359,096 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €957,753 | €1,199,386 | +€241,633 | +25.2% |
| Trade receivables | 40 | €508,237 | €615,804 | +€107,567 | +21.2% |
| Other amounts receivable | 41 | €449,516 | €583,582 | +€134,066 | +29.8% |
| Cash at bank and in hand | 54/58 | €1,773 | €2,556 | +€783 | +44.1% |
| Total equity and liabilities | 10/49 | €1,458,196 | €1,735,493 | +€277,298 | +19.0% |
| Equity | 10/15 | €966,553 | €1,017,750 | +€51,197 | +5.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €19,064 | €19,064 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €17,204 | €17,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | €928,898 | €980,094 | +€51,197 | +5.5% |
| Amounts payable | 17/49 | €491,642 | €717,743 | +€226,101 | +46.0% |
| Amounts payable after more than one year | 17 | €122,927 | €167,927 | +€45,000 | +36.6% |
| Financial debts | 170/4 | €122,927 | €167,927 | +€45,000 | +36.6% |
| Amounts payable within one year | 42/48 | €368,716 | €549,816 | +€181,101 | +49.1% |
| Financial debts | 43 | €216,000 | €214,432 | -€1,568 | -0.7% |
| Credit institutions | 430/8 | - | €214,432 | +€214,432 | |
| Other loans | 439 | €216,000 | - | -€216,000 | |
| Trade debts | 44 | €123,113 | €313,065 | +€189,951 | +154.3% |
| Suppliers | 440/4 | €123,113 | €313,065 | +€189,951 | +154.3% |
| Taxes, remuneration and social security | 45 | €29,602 | €22,320 | -€7,283 | -24.6% |
| Taxes | 450/3 | €5,860 | €20,022 | +€14,163 | +241.7% |
| Remuneration and social security | 454/9 | €23,743 | €2,297 | -€21,446 | -90.3% |
| Remuneration, social security and pensions | 62 | €4,231 | €7,142 | +€2,911 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,613 | €19,252 | +€15,639 | +432.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €66,616 | - | -€66,616 | |
| Other operating charges | 640/8 | €25,495 | €27,013 | +€1,518 | +6.0% |
| Gross operating margin | 9900 | €213,997 | €189,369 | -€24,628 | -11.5% |
| Operating profit (loss) | 9901 | €114,042 | €135,962 | +€21,920 | +19.2% |
| Financial income | 75/76B | €4 | €2,014 | +€2,010 | +47745.8% |
| Recurring financial income | 75 | €4 | €2,014 | +€2,010 | +47745.8% |
| Financial charges | 65/66B | €22,793 | €17,924 | -€4,870 | -21.4% |
| Recurring financial charges | 65 | €22,793 | €17,924 | -€4,870 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €91,252 | €120,052 | +€28,800 | +31.6% |
| Income taxes | 67/77 | €36,756 | €68,856 | +€32,100 | +87.3% |
| Profit (loss) for the period | 9904 | €54,496 | €51,197 | -€3,300 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,496 | €51,197 | -€3,300 | -6.1% |
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 9 October 2026 via checked.be.