MIRAGE: 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.
MIRAGE
Largest movements
- Tangible fixed assets +€163,939
up €163,939 (+324.2%), from €50,571 to €214,509
of which Furniture and vehicles: +€171,130
- Cash -€96,890
down €96,890 (-48.2%), from €200,919 to €104,029
mainly Investment in fixed assets (net) (-€182,926) and Contributions, distributions and other (-€27,697)
- Reserves +€52,597
up €52,597 (+12.7%), from €415,504 to €468,102
- Trade debts +€9,894
up €9,894 (+61.2%), from €16,170 to €26,064
- Gross operating margin -€18,618
down €18,618 (-10.3%), from €180,106 to €161,488
- Taxes -€9,713
down €9,713 (-23.0%), from €42,186 to €32,474
- Depreciation +€8,715
up €8,715 (+83.2%), from €10,477 to €19,193
- Staff costs +€5,478
up €5,478 (+23.9%), from €22,924 to €28,401
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 | €470,998 | €536,694 | +€65,696 | +13.9% |
| Fixed assets | 21/28 | €51,219 | €214,952 | +€163,734 | +319.7% |
| Intangible fixed assets | 21 | €528 | €323 | -€205 | -38.8% |
| Tangible fixed assets | 22/27 | €50,571 | €214,509 | +€163,939 | +324.2% |
| Plant, machinery and equipment | 23 | €36,069 | €31,009 | -€5,060 | -14.0% |
| Furniture and vehicles | 24 | €7,513 | €178,644 | +€171,130 | +2277.6% |
| Other tangible fixed assets | 26 | €6,988 | €4,856 | -€2,132 | -30.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €419,779 | €321,741 | -€98,038 | -23.4% |
| Stocks and contracts in progress | 3 | €15,730 | €15,010 | -€720 | -4.6% |
| Stocks | 30/36 | €15,730 | €15,010 | -€720 | -4.6% |
| Amounts receivable within one year | 40/41 | €1,400 | - | -€1,400 | |
| Trade receivables | 40 | €446 | - | -€446 | |
| Other amounts receivable | 41 | €954 | - | -€954 | |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €200,919 | €104,029 | -€96,890 | -48.2% |
| Deferred charges and accrued income | 490/1 | €1,731 | €2,703 | +€972 | +56.2% |
| Total equity and liabilities | 10/49 | €470,998 | €536,694 | +€65,696 | +13.9% |
| Equity | 10/15 | €434,104 | €486,702 | +€52,597 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €415,504 | €468,102 | +€52,597 | +12.7% |
| Distributable reserves | 133 | €415,504 | €468,102 | +€52,597 | +12.7% |
| Amounts payable | 17/49 | €36,894 | €49,992 | +€13,098 | +35.5% |
| Amounts payable within one year | 42/48 | €36,894 | €49,992 | +€13,098 | +35.5% |
| Trade debts | 44 | €16,170 | €26,064 | +€9,894 | +61.2% |
| Suppliers | 440/4 | €16,170 | €26,064 | +€9,894 | +61.2% |
| Advances received on contracts in progress | 46 | €12,339 | €10,230 | -€2,109 | -17.1% |
| Taxes, remuneration and social security | 45 | €8,385 | €13,011 | +€4,626 | +55.2% |
| Taxes | 450/3 | €5,006 | €9,356 | +€4,350 | +86.9% |
| Remuneration and social security | 454/9 | €3,378 | €3,655 | +€277 | +8.2% |
| Other amounts payable | 47/48 | - | €688 | +€688 | |
| Remuneration, social security and pensions | 62 | €22,924 | €28,401 | +€5,478 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,477 | €19,193 | +€8,715 | +83.2% |
| Other operating charges | 640/8 | €2,178 | €1,842 | -€336 | -15.4% |
| Gross operating margin | 9900 | €180,106 | €161,488 | -€18,618 | -10.3% |
| Operating profit (loss) | 9901 | €144,526 | €112,052 | -€32,474 | -22.5% |
| Financial income | 75/76B | €2,410 | €3,038 | +€628 | +26.1% |
| Recurring financial income | 75 | €2,410 | €3,038 | +€628 | +26.1% |
| Financial charges | 65/66B | €2,442 | €2,322 | -€120 | -4.9% |
| Recurring financial charges | 65 | €2,442 | €2,322 | -€120 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €144,494 | €112,768 | -€31,726 | -22.0% |
| Income taxes | 67/77 | €42,186 | €32,474 | -€9,713 | -23.0% |
| Profit (loss) for the period | 9904 | €102,308 | €80,295 | -€22,013 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,308 | €80,295 | -€22,013 | -21.5% |
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 10 October 2026 via checked.be.