MIRFAK: 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.
MIRFAK
Largest movements
- Tangible fixed assets -€11,669
down €11,669 (-5.0%), from €235,108 to €223,439
of which Land and buildings: -€7,267
- Cash +€10,969
up €10,969 (+63.4%), from €17,313 to €28,282
mainly Net result for the year (+€40,517) and Depreciation (+€14,407)
- Deferred charges and accrued income +€2,882
up €2,882 (+145.3%), from €1,983 to €4,865
- Debts after one year -€20,039
down €20,039 (-13.8%), from €144,705 to €124,666
- Tax, wage and social debts +€13,787
up €13,787 (+132.1%), from €10,440 to €24,228
- Profit (loss) carried forward +€11,249
up €11,249 (+46.7%), from €24,099 to €35,348
- Reserves -€11,000
down €11,000 (-67.2%), from €16,379 to €5,379
- Accrued charges and deferred income +€3,661
new in 2025: €3,661
- Gross operating margin +€14,487
up €14,487 (+24.5%), from €59,235 to €73,722
- Taxes +€3,333
up €3,333 (+37.2%), from €8,958 to €12,291
- Financial charges -€1,053
down €1,053 (-20.3%), from €5,183 to €4,130
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 | €269,214 | €271,677 | +€2,463 | +0.9% |
| Fixed assets | 21/28 | €235,108 | €223,439 | -€11,669 | -5.0% |
| Tangible fixed assets | 22/27 | €235,108 | €223,439 | -€11,669 | -5.0% |
| Land and buildings | 22 | €211,438 | €204,172 | -€7,267 | -3.4% |
| Plant, machinery and equipment | 23 | €17,223 | €13,559 | -€3,664 | -21.3% |
| Furniture and vehicles | 24 | €1,660 | €1,849 | +€189 | +11.4% |
| Other tangible fixed assets | 26 | €4,786 | €3,859 | -€927 | -19.4% |
| Current assets | 29/58 | €34,106 | €48,239 | +€14,132 | +41.4% |
| Amounts receivable within one year | 40/41 | €14,810 | €15,092 | +€281 | +1.9% |
| Trade receivables | 40 | €14,810 | €15,092 | +€281 | +1.9% |
| Cash at bank and in hand | 54/58 | €17,313 | €28,282 | +€10,969 | +63.4% |
| Deferred charges and accrued income | 490/1 | €1,983 | €4,865 | +€2,882 | +145.3% |
| Total equity and liabilities | 10/49 | €269,214 | €271,677 | +€2,463 | +0.9% |
| Equity | 10/15 | €59,078 | €59,327 | +€249 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,379 | €5,379 | -€11,000 | -67.2% |
| Distributable reserves | 133 | €16,379 | €5,379 | -€11,000 | -67.2% |
| Profit (loss) carried forward | 14 | €24,099 | €35,348 | +€11,249 | +46.7% |
| Amounts payable | 17/49 | €210,136 | €212,350 | +€2,214 | +1.1% |
| Amounts payable after more than one year | 17 | €144,705 | €124,666 | -€20,039 | -13.8% |
| Financial debts | 170/4 | €144,705 | €124,666 | -€20,039 | -13.8% |
| Amounts payable within one year | 42/48 | €65,432 | €84,023 | +€18,592 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €19,779 | €19,929 | +€150 | +0.8% |
| Trade debts | 44 | €1,886 | €3,090 | +€1,204 | +63.9% |
| Suppliers | 440/4 | €1,886 | €3,090 | +€1,204 | +63.9% |
| Taxes, remuneration and social security | 45 | €10,440 | €24,228 | +€13,787 | +132.1% |
| Taxes | 450/3 | €10,440 | €24,228 | +€13,787 | +132.1% |
| Other amounts payable | 47/48 | €33,327 | €36,777 | +€3,450 | +10.4% |
| Accrued charges and deferred income | 492/3 | - | €3,661 | +€3,661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,247 | €14,407 | +€160 | +1.1% |
| Other operating charges | 640/8 | €2,140 | €2,377 | +€237 | +11.1% |
| Gross operating margin | 9900 | €59,235 | €73,722 | +€14,487 | +24.5% |
| Operating profit (loss) | 9901 | €42,847 | €56,938 | +€14,090 | +32.9% |
| Financial charges | 65/66B | €5,183 | €4,130 | -€1,053 | -20.3% |
| Recurring financial charges | 65 | €5,183 | €4,130 | -€1,053 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €37,664 | €52,807 | +€15,143 | +40.2% |
| Income taxes | 67/77 | €8,958 | €12,291 | +€3,333 | +37.2% |
| Profit (loss) for the period | 9904 | €28,706 | €40,517 | +€11,811 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,706 | €40,517 | +€11,811 | +41.1% |
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 29 September 2026 via checked.be.