MIVADEBO: 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.
MIVADEBO
Largest movements
- Tangible fixed assets +€331,889
up €331,889 (+128%), from €258,336 to €590,225
of which Land and buildings: +€329,240
- Stocks and contracts -€217,412
down €217,412 (-53.1%), from €409,712 to €192,300
- Cash +€73,411
up €73,411 (+26,689%), from €275 to €73,686
mainly Stocks and contracts (+€217,412) and Debts after one year (+€181,715)
- Debts after one year +€181,715
up €181,715 (+52.4%), from €347,108 to €528,823
of which Financial debts: +€180,575
- Revaluation surpluses +€57,000
new in 2025: €57,000
- Short-term financial debts -€34,672
no longer reported in 2025 (was €34,672)
- Current portion of long-term debt -€33,729
down €33,729 (-45.8%), from €73,607 to €39,878
- Reserves +€11,461
up €11,461 (+32.9%), from €34,845 to €46,306
- Gross operating margin -€40,098
down €40,098 (-32.3%), from €123,967 to €83,870
- Depreciation +€22,151
up €22,151 (+186%), from €11,911 to €34,063
- Financial charges -€7,701
down €7,701 (-20.2%), from €38,171 to €30,470
- Taxes -€6,437
down €6,437 (-60.1%), from €10,703 to €4,266
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 | €674,758 | €865,313 | +€190,555 | +28.2% |
| Fixed assets | 21/28 | €258,627 | €590,516 | +€331,889 | +128% |
| Tangible fixed assets | 22/27 | €258,336 | €590,225 | +€331,889 | +128% |
| Land and buildings | 22 | €251,359 | €580,599 | +€329,240 | +131% |
| Plant, machinery and equipment | 23 | €6,976 | €9,625 | +€2,649 | +38.0% |
| Financial fixed assets | 28 | €291 | €291 | = | 0.0% |
| Current assets | 29/58 | €416,131 | €274,797 | -€141,334 | -34.0% |
| Stocks and contracts in progress | 3 | €409,712 | €192,300 | -€217,412 | -53.1% |
| Stocks | 30/36 | €409,712 | €192,300 | -€217,412 | -53.1% |
| Amounts receivable within one year | 40/41 | €5,854 | €1,889 | -€3,965 | -67.7% |
| Trade receivables | 40 | €5,854 | €1,889 | -€3,965 | -67.7% |
| Cash at bank and in hand | 54/58 | €275 | €73,686 | +€73,411 | +26,689% |
| Deferred charges and accrued income | 490/1 | €291 | €6,922 | +€6,631 | +2,281% |
| Total equity and liabilities | 10/49 | €674,758 | €865,313 | +€190,555 | +28.2% |
| Equity | 10/15 | €44,845 | €113,306 | +€68,461 | +153% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €57,000 | +€57,000 | |
| Reserves | 13 | €34,845 | €46,306 | +€11,461 | +32.9% |
| Distributable reserves | 133 | €34,845 | €46,306 | +€11,461 | +32.9% |
| Amounts payable | 17/49 | €629,913 | €752,007 | +€122,094 | +19.4% |
| Amounts payable after more than one year | 17 | €347,108 | €528,823 | +€181,715 | +52.4% |
| Financial debts | 170/4 | €347,108 | €527,683 | +€180,575 | +52.0% |
| Other amounts payable | 178/9 | - | €1,140 | +€1,140 | |
| Amounts payable within one year | 42/48 | €282,020 | €221,104 | -€60,916 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €73,607 | €39,878 | -€33,729 | -45.8% |
| Financial debts | 43 | €34,672 | - | -€34,672 | |
| Credit institutions | 430/8 | €34,672 | - | -€34,672 | |
| Trade debts | 44 | €11,299 | €20,462 | +€9,163 | +81.1% |
| Suppliers | 440/4 | €11,299 | €20,462 | +€9,163 | +81.1% |
| Taxes, remuneration and social security | 45 | €32,373 | €29,618 | -€2,755 | -8.5% |
| Taxes | 450/3 | €22,866 | €21,981 | -€885 | -3.9% |
| Remuneration and social security | 454/9 | €9,507 | €7,637 | -€1,870 | -19.7% |
| Other amounts payable | 47/48 | €130,069 | €131,147 | +€1,077 | +0.8% |
| Accrued charges and deferred income | 492/3 | €785 | €2,080 | +€1,295 | +165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,911 | €34,063 | +€22,151 | +186% |
| Other operating charges | 640/8 | €4,813 | €3,610 | -€1,204 | -25.0% |
| Gross operating margin | 9900 | €123,967 | €83,870 | -€40,098 | -32.3% |
| Operating profit (loss) | 9901 | €107,243 | €46,197 | -€61,045 | -56.9% |
| Financial charges | 65/66B | €38,171 | €30,470 | -€7,701 | -20.2% |
| Recurring financial charges | 65 | €38,171 | €30,470 | -€7,701 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €69,072 | €15,727 | -€53,345 | -77.2% |
| Income taxes | 67/77 | €10,703 | €4,266 | -€6,437 | -60.1% |
| Profit (loss) for the period | 9904 | €58,368 | €11,461 | -€46,908 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,368 | €11,461 | -€46,908 | -80.4% |
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 21 October 2026 via checked.be.