Mivaro: 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.
Mivaro
Largest movements
- Tangible fixed assets -€18,893
down €18,893 (-4.1%), from €461,754 to €442,862
- Debts after one year -€41,260
down €41,260 (-13.9%), from €297,402 to €256,142
- Reserves +€26,265
up €26,265 (+22.7%), from €115,702 to €141,967
- Gross operating margin +€2,660
up €2,660 (+4.5%), from €59,351 to €62,012
- Financial charges -€750
down €750 (-10.5%), from €7,120 to €6,371
- Taxes +€728
up €728 (+9.1%), from €8,027 to €8,755
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 | €466,567 | €451,769 | -€14,798 | -3.2% |
| Fixed assets | 21/28 | €461,754 | €442,862 | -€18,893 | -4.1% |
| Tangible fixed assets | 22/27 | €461,754 | €442,862 | -€18,893 | -4.1% |
| Land and buildings | 22 | €461,754 | €442,862 | -€18,893 | -4.1% |
| Current assets | 29/58 | €4,813 | €8,907 | +€4,095 | +85.1% |
| Amounts receivable within one year | 40/41 | €0 | €1,245 | +€1,245 | |
| Other amounts receivable | 41 | €0 | €1,245 | +€1,245 | |
| Cash at bank and in hand | 54/58 | €4,813 | €7,662 | +€2,850 | +59.2% |
| Total equity and liabilities | 10/49 | €466,567 | €451,769 | -€14,798 | -3.2% |
| Equity | 10/15 | €128,102 | €154,367 | +€26,265 | +20.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €115,702 | €141,967 | +€26,265 | +22.7% |
| Distributable reserves | 133 | €115,702 | €141,967 | +€26,265 | +22.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €338,465 | €297,402 | -€41,063 | -12.1% |
| Amounts payable after more than one year | 17 | €297,402 | €256,142 | -€41,260 | -13.9% |
| Financial debts | 170/4 | €297,402 | €256,142 | -€41,260 | -13.9% |
| Amounts payable within one year | 42/48 | €41,063 | €41,260 | +€196 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €40,536 | €41,260 | +€723 | +1.8% |
| Taxes, remuneration and social security | 45 | €527 | €0 | -€527 | -100.0% |
| Taxes | 450/3 | €527 | €0 | -€527 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,504 | €18,893 | +€389 | +2.1% |
| Other operating charges | 640/8 | €1,687 | €1,739 | +€51 | +3.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €59,351 | €62,012 | +€2,660 | +4.5% |
| Operating profit (loss) | 9901 | €39,160 | €41,380 | +€2,220 | +5.7% |
| Financial income | 75/76B | €68 | €11 | -€57 | -84.1% |
| Recurring financial income | 75 | €68 | €11 | -€57 | -84.1% |
| Financial charges | 65/66B | €7,120 | €6,371 | -€750 | -10.5% |
| Recurring financial charges | 65 | €7,120 | €6,371 | -€750 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €32,107 | €35,020 | +€2,913 | +9.1% |
| Income taxes | 67/77 | €8,027 | €8,755 | +€728 | +9.1% |
| Profit (loss) for the period | 9904 | €24,081 | €26,265 | +€2,185 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,081 | €26,265 | +€2,185 | +9.1% |
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.