MITISKA: 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.
What changed
MITISKA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €16.6m-€14.5m
Equity
€98.1m
2024 · €96.2m+€1.9m
Cash
€2.5m
2024 · €2.7m-€265,067
Balance sheet total
€110.0m
2024 · €99.5m+€10.5m
Largest movements
Assets
- Financial fixed assets +€21.2m
up €21.2m (+45.8%), from €46.4m to €67.6m
of which Affiliated companies: +€11.0m
- Current investments -€9.7m
down €9.7m (-21.6%), from €44.7m to €35.1m
Equity and liabilities
- Short-term financial debts +€10.0m
new in 2025: €10.0m
- Profit (loss) carried forward +€2.1m
up €2.1m (+2.8%), from €74.3m to €76.4m
Income statement
- Financial income -€36.1m
down €36.1m (-86.8%), from €41.6m to €5.5m
of which Non-recurring financial income: -€22.3m
- Financial charges -€21.6m
down €21.6m (-95.3%), from €22.6m to €1.1m
of which Non-recurring financial charges: -€21.0m
- Write-downs +€554,083
no longer reported in 2025 (was -€554,083)
- Other operating charges -€554,039
down €554,039 (-99.8%), from €555,396 to €1,357
- Turnover -€292,410
down €292,410 (-46.4%), from €629,936 to €337,526
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
€16.6m
Turnover
-€292,410
Other operating income
-€24,812
Services and other goods
+€283,328
Staff costs
+€56,938
Depreciation
+€1,890
Write-downs
-€554,083
Other operating charges
+€554,039
Other operating items
+€7,911
Financial income
-€36.1m
Financial charges
+€21.6m
Taxes
-€5,371
Result 2025
€2.1m
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.
From operations
+€1.1m
Investment
-€11.2m
Financing
+€9.8m
Cash 2024
€2.7m
From operations (derived)
+€1.1m
Net result for the year
+€2.1m
Depreciation
+€7,485
Receivables after one year
+€250,000
Receivables within one year
+€118,699
Deferred charges and accrued income
+€78,824
Trade debts
+€64,235
Tax, wage and social debts
+€10,723
Other debts
-€553,276
Accrued charges and deferred income
-€938,898
Investment (derived)
-€11.2m
Investment in fixed assets (net)
-€20.9m
Current investments
+€9.7m
Financing
+€9.8m
Short-term financial debts
+€10.0m
Contributions, distributions and other
-€158,948
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,493,481 | €110,006,254 | +€10.5m | +10.6% |
| Fixed assets | 21/28 | €46,998,208 | €67,903,697 | +€20.9m | +44.5% |
| Intangible fixed assets | 21 | €442 | - | -€442 | |
| Tangible fixed assets | 22/27 | €617,843 | €304,800 | -€313,043 | -50.7% |
| Land and buildings | 22 | €300,000 | €300,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €231 | - | -€231 | |
| Furniture and vehicles | 24 | €6,812 | - | -€6,812 | |
| Other tangible fixed assets | 26 | €310,800 | €4,800 | -€306,000 | -98.5% |
| Financial fixed assets | 28 | €46,379,923 | €67,598,897 | +€21.2m | +45.8% |
| Affiliated companies | 280/1 | €6,576,746 | €17,616,421 | +€11.0m | +167.9% |
| Participating interests | 280 | €6,576,746 | €16,883,851 | +€10.3m | +156.7% |
| Amounts receivable | 281 | - | €732,570 | +€732,570 | |
| Companies linked by participating interests | 282/3 | €872,139 | €1,237,389 | +€365,249 | +41.9% |
| Participating interests | 282 | €872,139 | €1,237,389 | +€365,249 | +41.9% |
| Other financial fixed assets | 284/8 | €38,931,038 | €48,745,088 | +€9.8m | +25.2% |
| Shares | 284 | €38,931,038 | €48,745,088 | +€9.8m | +25.2% |
| Current assets | 29/58 | €52,495,273 | €42,102,557 | -€10.4m | -19.8% |
| Amounts receivable after more than one year | 29 | €2,972,915 | €2,722,915 | -€250,000 | -8.4% |
| Other amounts receivable | 291 | €2,972,915 | €2,722,915 | -€250,000 | -8.4% |
| Amounts receivable within one year | 40/41 | €1,838,787 | €1,720,088 | -€118,699 | -6.5% |
| Trade receivables | 40 | €90,869 | €102,939 | +€12,071 | +13.3% |
| Other amounts receivable | 41 | €1,747,918 | €1,617,148 | -€130,770 | -7.5% |
| Current investments | 50/53 | €44,735,155 | €35,055,029 | -€9.7m | -21.6% |
| Other investments | 51/53 | €44,735,155 | €35,055,029 | -€9.7m | -21.6% |
| Cash at bank and in hand | 54/58 | €2,736,449 | €2,471,382 | -€265,067 | -9.7% |
| Deferred charges and accrued income | 490/1 | €211,968 | €133,143 | -€78,824 | -37.2% |
| Total equity and liabilities | 10/49 | €99,493,481 | €110,006,254 | +€10.5m | +10.6% |
| Equity | 10/15 | €96,193,908 | €98,123,897 | +€1.9m | +2.0% |
| Contributions | 10/11 | €1,084,061 | €1,084,061 | = | 0.0% |
| Capital | 10 | €1,084,061 | €1,084,061 | = | 0.0% |
| Issued capital | 100 | €1,084,061 | €1,084,061 | = | 0.0% |
| Reserves | 13 | €20,768,860 | €20,609,912 | -€158,948 | -0.8% |
| Non-distributable reserves | 130/1 | €108,406 | €108,406 | = | 0.0% |
| Legal reserve | 130 | €108,406 | €108,406 | = | 0.0% |
| Distributable reserves | 133 | €20,660,454 | €20,501,506 | -€158,948 | -0.8% |
| Profit (loss) carried forward | 14 | €74,340,988 | €76,429,924 | +€2.1m | +2.8% |
| Amounts payable | 17/49 | €3,299,573 | €11,882,358 | +€8.6m | +260.1% |
| Amounts payable within one year | 42/48 | €2,234,429 | €11,756,111 | +€9.5m | +426.1% |
| Financial debts | 43 | - | €10,000,000 | +€10.0m | |
| Credit institutions | 430/8 | - | €10,000,000 | +€10.0m | |
| Trade debts | 44 | €66,913 | €131,149 | +€64,235 | +96.0% |
| Suppliers | 440/4 | €66,913 | €131,149 | +€64,235 | +96.0% |
| Taxes, remuneration and social security | 45 | €515 | €11,238 | +€10,723 | +2082.7% |
| Taxes | 450/3 | €515 | €5,607 | +€5,092 | +989.0% |
| Remuneration and social security | 454/9 | - | €5,631 | +€5,631 | |
| Other amounts payable | 47/48 | €2,167,001 | €1,613,725 | -€553,276 | -25.5% |
| Accrued charges and deferred income | 492/3 | €1,065,144 | €126,246 | -€938,898 | -88.1% |
| Operating income | 70/76A | €660,306 | €349,083 | -€311,222 | -47.1% |
| Turnover | 70 | €629,936 | €337,526 | -€292,410 | -46.4% |
| Other operating income | 74 | €30,369 | €5,557 | -€24,812 | -81.7% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Operating charges | 60/66A | €3,014,650 | €2,670,627 | -€344,023 | -11.4% |
| Services and other goods | 61 | €2,892,643 | €2,609,315 | -€283,328 | -9.8% |
| Remuneration, social security and pensions | 62 | €109,408 | €52,469 | -€56,938 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,375 | €7,485 | -€1,890 | -20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€554,083 | - | +€554,083 | |
| Other operating charges | 640/8 | €555,396 | €1,357 | -€554,039 | -99.8% |
| Non-recurring operating charges | 66A | €1,911 | - | -€1,911 | |
| Operating profit (loss) | 9901 | -€2,354,344 | -€2,321,543 | +€32,801 | +1.4% |
| Financial income | 75/76B | €41,561,254 | €5,472,892 | -€36.1m | -86.8% |
| Recurring financial income | 75 | €18,853,659 | €5,045,099 | -€13.8m | -73.2% |
| Income from financial fixed assets | 750 | €14,829,605 | €1,647,773 | -€13.2m | -88.9% |
| Income from current assets | 751 | €653,551 | €994,359 | +€340,808 | +52.1% |
| Other financial income | 752/9 | €3,370,503 | €2,402,966 | -€967,537 | -28.7% |
| Non-recurring financial income | 76B | €22,707,595 | €427,793 | -€22.3m | -98.1% |
| Financial charges | 65/66B | €22,615,601 | €1,056,924 | -€21.6m | -95.3% |
| Recurring financial charges | 65 | €853,421 | €268,023 | -€585,398 | -68.6% |
| Debt charges | 650 | €117,367 | €20,920 | -€96,447 | -82.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €217,309 | -€141,481 | -€358,790 | |
| Other financial charges | 652/9 | €518,744 | €388,584 | -€130,160 | -25.1% |
| Non-recurring financial charges | 66B | €21,762,180 | €788,900 | -€21.0m | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €16,591,309 | €2,094,425 | -€14.5m | -87.4% |
| Income taxes | 67/77 | €118 | €5,489 | +€5,371 | +4558.7% |
| Taxes | 670/3 | €118 | €5,489 | +€5,371 | +4558.7% |
| Profit (loss) for the period | 9904 | €16,591,191 | €2,088,936 | -€14.5m | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,591,191 | €2,088,936 | -€14.5m | -87.4% |
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 7 October 2026 via checked.be.