Mivan: 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.
Mivan
Largest movements
- Cash +€356,994
up €356,994 (+165.6%), from €215,533 to €572,527
mainly Net result for the year (+€352,288) and Investment in fixed assets (net) (+€260,446)
- Stocks and contracts +€323,792
up €323,792 (+36.7%), from €882,594 to €1.2m
- Tangible fixed assets -€299,894
down €299,894 (-37.4%), from €800,897 to €501,003
of which Land and buildings: -€346,508
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year -€38,323
down €38,323 (-44.7%), from €85,768 to €47,446
of which Trade receivables: -€28,707
- Reserves +€277,588
up €277,588 (+36.9%), from €752,133 to €1.0m
- Debts after one year -€124,736
down €124,736 (-18.0%), from €691,877 to €567,141
- Tax, wage and social debts +€27,267
up €27,267 (+56.3%), from €48,421 to €75,688
of which Taxes: +€25,467
- Gross operating margin +€189,194
up €189,194 (+45.9%), from €412,241 to €601,435
- Taxes +€57,310
up €57,310 (+54.6%), from €105,029 to €162,339
- Financial charges +€20,667
up €20,667 (+78.7%), from €26,269 to €46,936
- Write-downs -€11,653
no longer reported in 2025 (was €11,653)
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 | €2,184,792 | €2,327,362 | +€142,569 | +6.5% |
| Fixed assets | 21/28 | €800,898 | €501,003 | -€299,894 | -37.4% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -32.3% |
| Tangible fixed assets | 22/27 | €800,897 | €501,003 | -€299,894 | -37.4% |
| Land and buildings | 22 | €773,833 | €427,325 | -€346,508 | -44.8% |
| Furniture and vehicles | 24 | €23,005 | €71,164 | +€48,159 | +209.3% |
| Other tangible fixed assets | 26 | €4,060 | €2,514 | -€1,546 | -38.1% |
| Current assets | 29/58 | €1,383,895 | €1,826,358 | +€442,464 | +32.0% |
| Stocks and contracts in progress | 3 | €882,594 | €1,206,386 | +€323,792 | +36.7% |
| Stocks | 30/36 | €882,594 | €1,206,386 | +€323,792 | +36.7% |
| Amounts receivable within one year | 40/41 | €85,768 | €47,446 | -€38,323 | -44.7% |
| Trade receivables | 40 | €66,822 | €38,115 | -€28,707 | -43.0% |
| Other amounts receivable | 41 | €18,946 | €9,331 | -€9,615 | -50.8% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €215,533 | €572,527 | +€356,994 | +165.6% |
| Total equity and liabilities | 10/49 | €2,184,792 | €2,327,362 | +€142,569 | +6.5% |
| Equity | 10/15 | €753,133 | €1,030,721 | +€277,588 | +36.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €752,133 | €1,029,721 | +€277,588 | +36.9% |
| Distributable reserves | 133 | €752,133 | €1,029,721 | +€277,588 | +36.9% |
| Amounts payable | 17/49 | €1,431,659 | €1,296,641 | -€135,018 | -9.4% |
| Amounts payable after more than one year | 17 | €691,877 | €567,141 | -€124,736 | -18.0% |
| Financial debts | 170/4 | €691,877 | €567,141 | -€124,736 | -18.0% |
| Amounts payable within one year | 42/48 | €739,783 | €729,500 | -€10,282 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €65,380 | €62,488 | -€2,892 | -4.4% |
| Financial debts | 43 | €517,973 | €517,973 | = | 0.0% |
| Credit institutions | 430/8 | €517,973 | €517,973 | = | 0.0% |
| Trade debts | 44 | €24,940 | €6,426 | -€18,514 | -74.2% |
| Suppliers | 440/4 | €24,940 | €6,426 | -€18,514 | -74.2% |
| Taxes, remuneration and social security | 45 | €48,421 | €75,688 | +€27,267 | +56.3% |
| Taxes | 450/3 | €48,421 | €73,888 | +€25,467 | +52.6% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €83,068 | €66,926 | -€16,143 | -19.4% |
| Non-recurring operating income | 76A | €138,358 | €309,039 | +€170,681 | +123.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,352 | €39,448 | +€96 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,653 | - | -€11,653 | |
| Other operating charges | 640/8 | €3,531 | €4,472 | +€940 | +26.6% |
| Gross operating margin | 9900 | €412,241 | €601,435 | +€189,194 | +45.9% |
| Operating profit (loss) | 9901 | €357,704 | €557,515 | +€199,811 | +55.9% |
| Financial income | 75/76B | €9,252 | €4,047 | -€5,205 | -56.3% |
| Recurring financial income | 75 | €9,252 | €4,047 | -€5,205 | -56.3% |
| Financial charges | 65/66B | €26,269 | €46,936 | +€20,667 | +78.7% |
| Recurring financial charges | 65 | €26,269 | €46,936 | +€20,667 | +78.7% |
| Profit (loss) for the period before taxes | 9903 | €340,688 | €514,626 | +€173,939 | +51.1% |
| Income taxes | 67/77 | €105,029 | €162,339 | +€57,310 | +54.6% |
| Profit (loss) for the period | 9904 | €235,658 | €352,288 | +€116,629 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €235,658 | €352,288 | +€116,629 | +49.5% |
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.