MIRAFCO: 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
MIRAFCO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €731,497+€307,833
Equity
€11.4m
2024 · €10.5m+€829,331
Cash
€147,159
2024 · €27,354+€119,805
Balance sheet total
€20.5m
2024 · €21.3m-€860,237
Largest movements
Assets
- Tangible fixed assets -€1.1m
down €1.1m (-5.7%), from €18.7m to €17.7m
of which Land and buildings: -€1.0m
Equity and liabilities
- Other debts -€1.1m
down €1.1m (-78.9%), from €1.4m to €289,263
- Reserves +€829,331
up €829,331 (+9.6%), from €8.7m to €9.5m
of which Distributable reserves: +€1.4m
- Debts after one year -€326,596
down €326,596 (-4.7%), from €7.0m to €6.7m
Income statement
- Gross operating margin +€501,438
up €501,438 (+22.4%), from €2.2m to €2.7m
- Taxes +€320,917
up €320,917 (+76.7%), from €418,671 to €739,587
- Financial charges -€39,599
down €39,599 (-20.0%), from €197,691 to €158,092
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
€731,497
Gross operating margin
+€501,438
Staff costs
-€6,934
Depreciation
+€10,948
Other operating charges
+€3,501
Other operating items
-€32,226
Financial income
-€7,811
Financial charges
+€39,599
Taxes
-€320,917
Deferred taxes and other
+€120,234
Result 2025
€1.0m
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
+€109,505
Investment
+€446,896
Financing
-€436,596
Cash 2024
€27,354
From operations (derived)
+€109,505
Net result for the year
+€1.0m
Depreciation
+€628,310
Receivables after one year
-€12,000
Receivables within one year
-€83,165
Provisions
-€183,175
Trade debts
-€47,089
Tax, wage and social debts
-€22,437
Advances received
-€62,074
Other debts
-€1.1m
Accrued charges and deferred income
-€65,489
Investment (derived)
+€446,896
Investment in fixed assets (net)
+€446,896
Financing
-€436,596
Debts after one year
-€326,596
Current portion of long-term debt
+€100,000
Contributions, distributions and other
-€210,000
Cash 2025
€147,159
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,341,296 | €20,481,059 | -€860,237 | -4.0% |
| Fixed assets | 21/28 | €19,412,991 | €18,337,785 | -€1.1m | -5.5% |
| Tangible fixed assets | 22/27 | €18,743,679 | €17,668,473 | -€1.1m | -5.7% |
| Land and buildings | 22 | €17,938,813 | €16,901,819 | -€1.0m | -5.8% |
| Furniture and vehicles | 24 | €38,212 | €0 | -€38,212 | -100% |
| Other tangible fixed assets | 26 | €766,654 | €766,654 | = | 0.0% |
| Financial fixed assets | 28 | €669,312 | €669,312 | = | 0.0% |
| Current assets | 29/58 | €1,928,304 | €2,143,274 | +€214,970 | +11.1% |
| Amounts receivable after more than one year | 29 | €269,500 | €281,500 | +€12,000 | +4.5% |
| Other amounts receivable | 291 | €269,500 | €281,500 | +€12,000 | +4.5% |
| Stocks and contracts in progress | 3 | €1,614,248 | €1,614,248 | = | 0.0% |
| Stocks | 30/36 | €1,614,248 | €1,614,248 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,202 | €100,367 | +€83,165 | +483% |
| Trade receivables | 40 | €17,202 | €39,954 | +€22,752 | +132% |
| Other amounts receivable | 41 | - | €60,413 | +€60,413 | |
| Cash at bank and in hand | 54/58 | €27,354 | €147,159 | +€119,805 | +438% |
| Total equity and liabilities | 10/49 | €21,341,296 | €20,481,059 | -€860,237 | -4.0% |
| Equity | 10/15 | €10,540,576 | €11,369,906 | +€829,331 | +7.9% |
| Contributions | 10/11 | €1,880,000 | €1,880,000 | = | 0.0% |
| Capital | 10 | €1,880,000 | €1,880,000 | = | 0.0% |
| Issued capital | 100 | €1,880,000 | €1,880,000 | = | 0.0% |
| Reserves | 13 | €8,660,576 | €9,489,906 | +€829,331 | +9.6% |
| Non-distributable reserves | 130/1 | €230,632 | €230,632 | = | 0.0% |
| Legal reserve | 130 | €230,632 | €230,632 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,959,593 | €3,410,068 | -€549,526 | -13.9% |
| Distributable reserves | 133 | €4,470,351 | €5,849,207 | +€1.4m | +30.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,451,130 | €1,267,955 | -€183,175 | -12.6% |
| Provisions for liabilities and charges | 160/5 | €131,266 | €131,266 | = | 0.0% |
| Pensions and similar obligations | 160 | €131,266 | €131,266 | = | 0.0% |
| Deferred taxes | 168 | €1,319,864 | €1,136,689 | -€183,175 | -13.9% |
| Amounts payable | 17/49 | €9,349,590 | €7,843,198 | -€1.5m | -16.1% |
| Amounts payable after more than one year | 17 | €7,010,670 | €6,684,074 | -€326,596 | -4.7% |
| Financial debts | 170/4 | €7,010,670 | €6,684,074 | -€326,596 | -4.7% |
| Amounts payable within one year | 42/48 | €2,230,873 | €1,116,566 | -€1.1m | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €640,667 | €740,666 | +€100,000 | +15.6% |
| Trade debts | 44 | €84,162 | €37,073 | -€47,089 | -56.0% |
| Suppliers | 440/4 | €84,162 | €37,073 | -€47,089 | -56.0% |
| Advances received on contracts in progress | 46 | €106,978 | €44,904 | -€62,074 | -58.0% |
| Taxes, remuneration and social security | 45 | €27,098 | €4,661 | -€22,437 | -82.8% |
| Taxes | 450/3 | €16,739 | €0 | -€16,739 | -100% |
| Remuneration and social security | 454/9 | €10,359 | €4,661 | -€5,698 | -55.0% |
| Other amounts payable | 47/48 | €1,371,969 | €289,263 | -€1.1m | -78.9% |
| Accrued charges and deferred income | 492/3 | €108,047 | €42,557 | -€65,489 | -60.6% |
| Non-recurring operating income | 76A | - | €618,779 | +€618,779 | |
| Remuneration, social security and pensions | 62 | €86,030 | €92,964 | +€6,934 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639,258 | €628,310 | -€10,948 | -1.7% |
| Other operating charges | 640/8 | €241,741 | €238,240 | -€3,501 | -1.4% |
| Non-recurring operating charges | 66A | - | €32,226 | +€32,226 | |
| Gross operating margin | 9900 | €2,234,407 | €2,735,844 | +€501,438 | +22.4% |
| Operating profit (loss) | 9901 | €1,267,377 | €1,744,104 | +€476,727 | +37.6% |
| Financial income | 75/76B | €17,541 | €9,730 | -€7,811 | -44.5% |
| Recurring financial income | 75 | €17,541 | €9,730 | -€7,811 | -44.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €197,691 | €158,092 | -€39,599 | -20.0% |
| Recurring financial charges | 65 | €197,691 | €158,092 | -€39,599 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €1,087,227 | €1,595,743 | +€508,516 | +46.8% |
| Transfer from deferred taxes | 780 | €62,941 | €320,080 | +€257,138 | +409% |
| Transfer to deferred taxes | 680 | - | €136,905 | +€136,905 | |
| Income taxes | 67/77 | €418,671 | €739,587 | +€320,917 | +76.7% |
| Profit (loss) for the period | 9904 | €731,497 | €1,039,331 | +€307,833 | +42.1% |
| Transfer from tax-exempt reserves | 789 | €188,824 | €960,239 | +€771,415 | +409% |
| Transfer to tax-exempt reserves | 689 | - | €410,714 | +€410,714 | |
| Profit (loss) for the period to be appropriated | 9905 | €920,322 | €1,588,856 | +€668,534 | +72.6% |
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 18 October 2026 via checked.be.