MIRAC: 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.
MIRAC
Largest movements
- Cash -€105,594
down €105,594 (-96.7%), from €109,221 to €3,627
mainly Investment in fixed assets (net) (-€74,032) and Trade debts (-€70,798)
- Receivables within one year -€62,375
down €62,375 (-51.9%), from €120,141 to €57,766
of which Trade receivables: -€37,930
- Tangible fixed assets +€46,933
up €46,933 (+696.2%), from €6,741 to €53,674
of which Furniture and vehicles: +€48,643
- Financial fixed assets +€23,034
up €23,034 (+2843.7%), from €810 to €23,844
- Trade debts -€70,798
down €70,798 (-71.5%), from €99,080 to €28,282
- Debts after one year -€22,166
down €22,166 (-31.8%), from €69,628 to €47,462
- Advances received -€15,486
no longer reported in 2025 (was €15,486)
- Current portion of long-term debt +€7,118
up €7,118 (+184.0%), from €3,869 to €10,987
- Profit (loss) carried forward +€5,246
up €5,246 (+26.1%), from €20,108 to €25,354
- Gross operating margin -€55,478
down €55,478 (-32.6%), from €170,364 to €114,886
- Other operating charges -€30,226
down €30,226 (-76.1%), from €39,697 to €9,471
- Purchases and services -€28,943
down €28,943 (-6.7%), from €432,878 to €403,935
- Staff costs -€10,930
down €10,930 (-11.1%), from €98,581 to €87,651
- Financial charges -€5,103
down €5,103 (-71.5%), from €7,135 to €2,033
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 | €243,278 | €145,078 | -€98,201 | -40.4% |
| Fixed assets | 21/28 | €7,551 | €77,517 | +€69,966 | +926.5% |
| Tangible fixed assets | 22/27 | €6,741 | €53,674 | +€46,933 | +696.2% |
| Furniture and vehicles | 24 | €3,554 | €52,196 | +€48,643 | +1368.8% |
| Other tangible fixed assets | 26 | €3,188 | €1,478 | -€1,710 | -53.6% |
| Financial fixed assets | 28 | €810 | €23,844 | +€23,034 | +2843.7% |
| Current assets | 29/58 | €235,727 | €67,560 | -€168,167 | -71.3% |
| Amounts receivable within one year | 40/41 | €120,141 | €57,766 | -€62,375 | -51.9% |
| Trade receivables | 40 | €87,710 | €49,780 | -€37,930 | -43.2% |
| Other amounts receivable | 41 | €32,431 | €7,987 | -€24,444 | -75.4% |
| Cash at bank and in hand | 54/58 | €109,221 | €3,627 | -€105,594 | -96.7% |
| Deferred charges and accrued income | 490/1 | €6,365 | €6,167 | -€198 | -3.1% |
| Total equity and liabilities | 10/49 | €243,278 | €145,078 | -€98,201 | -40.4% |
| Equity | 10/15 | €20,208 | €25,454 | +€5,246 | +26.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,108 | €25,354 | +€5,246 | +26.1% |
| Amounts payable | 17/49 | €223,070 | €119,623 | -€103,447 | -46.4% |
| Amounts payable after more than one year | 17 | €69,628 | €47,462 | -€22,166 | -31.8% |
| Financial debts | 170/4 | €69,628 | €47,462 | -€22,166 | -31.8% |
| Amounts payable within one year | 42/48 | €153,035 | €72,161 | -€80,873 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €3,869 | €10,987 | +€7,118 | +184.0% |
| Trade debts | 44 | €99,080 | €28,282 | -€70,798 | -71.5% |
| Suppliers | 440/4 | €99,080 | €28,282 | -€70,798 | -71.5% |
| Advances received on contracts in progress | 46 | €15,486 | - | -€15,486 | |
| Taxes, remuneration and social security | 45 | €34,600 | €32,892 | -€1,707 | -4.9% |
| Taxes | 450/3 | €30,409 | €20,661 | -€9,748 | -32.1% |
| Remuneration and social security | 454/9 | €4,191 | €12,232 | +€8,041 | +191.9% |
| Accrued charges and deferred income | 492/3 | €407 | - | -€407 | |
| Goods, raw materials, services and sundry goods | 60/61 | €432,878 | €403,935 | -€28,943 | -6.7% |
| Remuneration, social security and pensions | 62 | €98,581 | €87,651 | -€10,930 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,565 | €4,066 | -€1,500 | -26.9% |
| Other operating charges | 640/8 | €39,697 | €9,471 | -€30,226 | -76.1% |
| Non-recurring operating charges | 66A | €1,200 | - | -€1,200 | |
| Gross operating margin | 9900 | €170,364 | €114,886 | -€55,478 | -32.6% |
| Operating profit (loss) | 9901 | €25,320 | €13,698 | -€11,622 | -45.9% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €7,135 | €2,033 | -€5,103 | -71.5% |
| Recurring financial charges | 65 | €7,135 | €2,033 | -€5,103 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €18,185 | €11,678 | -€6,507 | -35.8% |
| Income taxes | 67/77 | €3,637 | €6,432 | +€2,795 | +76.8% |
| Profit (loss) for the period | 9904 | €14,548 | €5,246 | -€9,302 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,548 | €5,246 | -€9,302 | -63.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.