MISTRALL CONSULT: 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.
MISTRALL CONSULT
Largest movements
- Tangible fixed assets +€908,113
up €908,113 (+33.9%), from €2.7m to €3.6m
of which Land and buildings: +€918,518
- Cash -€224,179
down €224,179 (-24.3%), from €924,253 to €700,073
mainly Investment in fixed assets (net) (-€1.2m) and Contributions, distributions and other (-€591,007)
- Current investments +€100,169
up €100,169 (+7,671%), from €1,306 to €101,475
- Receivables within one year +€59,080
up €59,080 (+25.6%), from €231,137 to €290,217
of which Trade receivables: +€46,199
- Debts after one year +€1.0m
up €1.0m (+46.5%), from €2.2m to €3.2m
of which Financial debts: +€624,680
- Reserves -€591,007
down €591,007 (-64.8%), from €912,247 to €321,241
of which Distributable reserves: -€591,007
- Provisions +€464,431
up €464,431 (+203%), from €229,102 to €693,533
- Other debts -€113,306
down €113,306 (-50.9%), from €222,785 to €109,479
- Current portion of long-term debt +€71,337
up €71,337 (+31.3%), from €228,232 to €299,569
- Financial charges +€116,164
up €116,164 (+108%), from €107,925 to €224,089
- Gross operating margin +€114,066
up €114,066 (+18.5%), from €617,359 to €731,424
- Provisions +€101,642
new in 2025: €101,642
- Taxes -€29,063
down €29,063 (-47.0%), from €61,853 to €32,790
- Depreciation +€18,546
up €18,546 (+8.0%), from €230,656 to €249,203
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,886,308 | €4,720,236 | +€833,928 | +21.5% |
| Fixed assets | 21/28 | €2,708,313 | €3,618,070 | +€909,757 | +33.6% |
| Intangible fixed assets | 21 | €15,673 | €17,317 | +€1,644 | +10.5% |
| Tangible fixed assets | 22/27 | €2,682,184 | €3,590,297 | +€908,113 | +33.9% |
| Land and buildings | 22 | €2,551,150 | €3,469,669 | +€918,518 | +36.0% |
| Plant, machinery and equipment | 23 | €10,286 | €8,462 | -€1,823 | -17.7% |
| Furniture and vehicles | 24 | €37,525 | €27,966 | -€9,560 | -25.5% |
| Other tangible fixed assets | 26 | €83,223 | €84,200 | +€978 | +1.2% |
| Financial fixed assets | 28 | €10,456 | €10,456 | = | 0.0% |
| Current assets | 29/58 | €1,177,995 | €1,102,166 | -€75,829 | -6.4% |
| Amounts receivable within one year | 40/41 | €231,137 | €290,217 | +€59,080 | +25.6% |
| Trade receivables | 40 | €93,026 | €139,225 | +€46,199 | +49.7% |
| Other amounts receivable | 41 | €138,111 | €150,993 | +€12,881 | +9.3% |
| Current investments | 50/53 | €1,306 | €101,475 | +€100,169 | +7,671% |
| Cash at bank and in hand | 54/58 | €924,253 | €700,073 | -€224,179 | -24.3% |
| Deferred charges and accrued income | 490/1 | €21,300 | €10,400 | -€10,900 | -51.2% |
| Total equity and liabilities | 10/49 | €3,886,308 | €4,720,236 | +€833,928 | +21.5% |
| Equity | 10/15 | €930,797 | €311,136 | -€619,661 | -66.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €912,247 | €321,241 | -€591,007 | -64.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €910,392 | €319,386 | -€591,007 | -64.9% |
| Profit (loss) carried forward | 14 | - | -€28,655 | -€28,655 | |
| Provisions and deferred taxes | 16 | €229,102 | €693,533 | +€464,431 | +203% |
| Provisions for liabilities and charges | 160/5 | €229,102 | €693,533 | +€464,431 | +203% |
| Other liabilities and charges | 164/5 | €229,102 | €693,533 | +€464,431 | +203% |
| Amounts payable | 17/49 | €2,726,409 | €3,715,568 | +€989,159 | +36.3% |
| Amounts payable after more than one year | 17 | €2,197,662 | €3,220,248 | +€1.0m | +46.5% |
| Financial debts | 170/4 | €2,193,095 | €2,817,775 | +€624,680 | +28.5% |
| Other amounts payable | 178/9 | €4,568 | €402,473 | +€397,905 | +8,712% |
| Amounts payable within one year | 42/48 | €527,158 | €493,906 | -€33,252 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €228,232 | €299,569 | +€71,337 | +31.3% |
| Trade debts | 44 | €24,550 | €10,085 | -€14,465 | -58.9% |
| Suppliers | 440/4 | €24,550 | €10,085 | -€14,465 | -58.9% |
| Advances received on contracts in progress | 46 | €904 | - | -€904 | |
| Taxes, remuneration and social security | 45 | €50,687 | €74,773 | +€24,086 | +47.5% |
| Taxes | 450/3 | €45,688 | €74,773 | +€29,085 | +63.7% |
| Remuneration and social security | 454/9 | €4,999 | - | -€4,999 | |
| Other amounts payable | 47/48 | €222,785 | €109,479 | -€113,306 | -50.9% |
| Accrued charges and deferred income | 492/3 | €1,589 | €1,415 | -€175 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €230,656 | €249,203 | +€18,546 | +8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €101,642 | +€101,642 | |
| Other operating charges | 640/8 | €99,219 | €103,868 | +€4,649 | +4.7% |
| Non-recurring operating charges | 66A | - | €65,915 | +€65,915 | |
| Gross operating margin | 9900 | €617,359 | €731,424 | +€114,066 | +18.5% |
| Operating profit (loss) | 9901 | €287,483 | €210,796 | -€76,687 | -26.7% |
| Financial income | 75/76B | €11,259 | €17,428 | +€6,169 | +54.8% |
| Recurring financial income | 75 | €11,259 | €17,428 | +€6,169 | +54.8% |
| Financial charges | 65/66B | €107,925 | €224,089 | +€116,164 | +108% |
| Recurring financial charges | 65 | €107,925 | €224,089 | +€116,164 | +108% |
| Profit (loss) for the period before taxes | 9903 | €190,817 | €4,135 | -€186,682 | -97.8% |
| Income taxes | 67/77 | €61,853 | €32,790 | -€29,063 | -47.0% |
| Profit (loss) for the period | 9904 | €128,964 | -€28,655 | -€157,619 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,964 | -€28,655 | -€157,619 |
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 25 October 2026 via checked.be.