Mithrandir: 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.
Mithrandir
Largest movements
- Cash +€34,531
up €34,531 (+808.2%), from €4,272 to €38,804
mainly Net result for the year (+€43,955) and Receivables after one year (+€18,940)
- Receivables after one year -€18,940
down €18,940 (-46.3%), from €40,940 to €22,000
- Receivables within one year -€14,762
down €14,762 (-64.4%), from €22,939 to €8,177
of which Trade receivables: -€14,799
- Tangible fixed assets -€10,666
down €10,666 (-21.1%), from €50,478 to €39,812
- Debts after one year -€11,806
down €11,806 (-28.0%), from €42,181 to €30,375
- Other debts -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Short-term financial debts +€6,394
up €6,394, from €0 to €6,394
- Profit (loss) carried forward +€3,955
up €3,955 (+131.2%), from €3,014 to €6,969
- Trade debts +€1,810
up €1,810 (+487.2%), from €372 to €2,181
- Gross operating margin +€13,276
up €13,276 (+21.7%), from €61,055 to €74,331
- Depreciation +€3,357
up €3,357 (+38.5%), from €8,725 to €12,082
- Other operating charges -€2,939
down €2,939 (-60.1%), from €4,889 to €1,949
- Financial income -€1,940
down €1,940 (-63.2%), from €3,071 to €1,131
- Taxes -€899
down €899 (-5.5%), from €16,241 to €15,343
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 | €120,363 | €110,831 | -€9,532 | -7.9% |
| Fixed assets | 21/28 | €50,478 | €39,812 | -€10,666 | -21.1% |
| Tangible fixed assets | 22/27 | €50,478 | €39,812 | -€10,666 | -21.1% |
| Furniture and vehicles | 24 | €50,478 | €39,812 | -€10,666 | -21.1% |
| Current assets | 29/58 | €69,884 | €71,019 | +€1,134 | +1.6% |
| Amounts receivable after more than one year | 29 | €40,940 | €22,000 | -€18,940 | -46.3% |
| Other amounts receivable | 291 | €40,940 | €22,000 | -€18,940 | -46.3% |
| Amounts receivable within one year | 40/41 | €22,939 | €8,177 | -€14,762 | -64.4% |
| Trade receivables | 40 | €14,842 | €43 | -€14,799 | -99.7% |
| Other amounts receivable | 41 | €8,097 | €8,134 | +€37 | +0.5% |
| Cash at bank and in hand | 54/58 | €4,272 | €38,804 | +€34,531 | +808.2% |
| Deferred charges and accrued income | 490/1 | €1,734 | €2,038 | +€305 | +17.6% |
| Total equity and liabilities | 10/49 | €120,363 | €110,831 | -€9,532 | -7.9% |
| Equity | 10/15 | €4,014 | €7,969 | +€3,955 | +98.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,014 | €6,969 | +€3,955 | +131.2% |
| Amounts payable | 17/49 | €116,349 | €102,862 | -€13,487 | -11.6% |
| Amounts payable after more than one year | 17 | €42,181 | €30,375 | -€11,806 | -28.0% |
| Financial debts | 170/4 | €42,181 | €30,375 | -€11,806 | -28.0% |
| Amounts payable within one year | 42/48 | €74,167 | €72,486 | -€1,681 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €11,382 | €11,806 | +€423 | +3.7% |
| Financial debts | 43 | €0 | €6,394 | +€6,394 | |
| Credit institutions | 430/8 | €0 | €6,394 | +€6,394 | |
| Trade debts | 44 | €372 | €2,181 | +€1,810 | +487.2% |
| Suppliers | 440/4 | €372 | €2,181 | +€1,810 | +487.2% |
| Taxes, remuneration and social security | 45 | €12,414 | €12,105 | -€309 | -2.5% |
| Taxes | 450/3 | €12,414 | €12,105 | -€309 | -2.5% |
| Other amounts payable | 47/48 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,725 | €12,082 | +€3,357 | +38.5% |
| Other operating charges | 640/8 | €4,889 | €1,949 | -€2,939 | -60.1% |
| Non-recurring operating charges | 66A | €3,159 | €0 | -€3,159 | -100.0% |
| Gross operating margin | 9900 | €61,055 | €74,331 | +€13,276 | +21.7% |
| Operating profit (loss) | 9901 | €44,283 | €60,300 | +€16,017 | +36.2% |
| Financial income | 75/76B | €3,071 | €1,131 | -€1,940 | -63.2% |
| Recurring financial income | 75 | €3,071 | €1,131 | -€1,940 | -63.2% |
| Financial charges | 65/66B | €2,004 | €2,134 | +€129 | +6.5% |
| Recurring financial charges | 65 | €2,004 | €2,134 | +€129 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €45,350 | €59,297 | +€13,948 | +30.8% |
| Income taxes | 67/77 | €16,241 | €15,343 | -€899 | -5.5% |
| Profit (loss) for the period | 9904 | €29,108 | €43,955 | +€14,846 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,108 | €43,955 | +€14,846 | +51.0% |
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.