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 +€865,920
up €865,920 (+110.5%), from €783,344 to €1.6m
of which Land and buildings: +€805,948
- Cash -€432,075
down €432,075 (-70.1%), from €616,755 to €184,680
mainly Investment in fixed assets (net) (-€1.1m) and Stocks and contracts (-€145,050)
- Stocks and contracts +€145,050
up €145,050 (+41.1%), from €352,897 to €497,947
- Debts after one year +€567,544
up €567,544 (+125.0%), from €454,122 to €1.0m
- Current portion of long-term debt +€33,432
up €33,432 (+106.5%), from €31,384 to €64,816
- Tax, wage and social debts -€29,975
down €29,975 (-76.0%), from €39,423 to €9,449
of which Taxes: -€26,467
- Trade debts -€25,674
down €25,674 (-36.5%), from €70,273 to €44,599
- Turnover -€690,195
no longer reported in 2025 (was €690,195)
- Purchases and services -€353,763
no longer reported in 2025 (was €353,763)
- Depreciation +€87,178
up €87,178 (+79.7%), from €109,416 to €196,595
- Gross operating margin -€27,843
down €27,843 (-7.7%), from €360,440 to €332,597
- Taxes -€27,313
down €27,313 (-84.6%), from €32,296 to €4,984
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 | €1,787,239 | €2,362,834 | +€575,594 | +32.2% |
| Fixed assets | 21/28 | €783,459 | €1,649,379 | +€865,920 | +110.5% |
| Tangible fixed assets | 22/27 | €783,344 | €1,649,264 | +€865,920 | +110.5% |
| Land and buildings | 22 | €512,787 | €1,318,735 | +€805,948 | +157.2% |
| Plant, machinery and equipment | 23 | €119,646 | €226,916 | +€107,270 | +89.7% |
| Furniture and vehicles | 24 | €150,911 | €103,613 | -€47,298 | -31.3% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €1,003,780 | €713,455 | -€290,326 | -28.9% |
| Stocks and contracts in progress | 3 | €352,897 | €497,947 | +€145,050 | +41.1% |
| Stocks | 30/36 | €352,897 | €497,947 | +€145,050 | +41.1% |
| Amounts receivable within one year | 40/41 | €30,364 | €26,970 | -€3,394 | -11.2% |
| Trade receivables | 40 | €21,257 | €15,521 | -€5,737 | -27.0% |
| Other amounts receivable | 41 | €9,106 | €11,449 | +€2,343 | +25.7% |
| Cash at bank and in hand | 54/58 | €616,755 | €184,680 | -€432,075 | -70.1% |
| Deferred charges and accrued income | 490/1 | €3,765 | €3,858 | +€93 | +2.5% |
| Total equity and liabilities | 10/49 | €1,787,239 | €2,362,834 | +€575,594 | +32.2% |
| Equity | 10/15 | €1,074,838 | €1,095,403 | +€20,565 | +1.9% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €380,600 | €401,165 | +€20,565 | +5.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €172,600 | €161,271 | -€11,328 | -6.6% |
| Distributable reserves | 133 | €208,000 | €239,894 | +€31,894 | +15.3% |
| Profit (loss) carried forward | 14 | €244,238 | €244,238 | = | 0.0% |
| Provisions and deferred taxes | 16 | €57,533 | €53,757 | -€3,776 | -6.6% |
| Deferred taxes | 168 | €57,533 | €53,757 | -€3,776 | -6.6% |
| Amounts payable | 17/49 | €654,868 | €1,213,673 | +€558,805 | +85.3% |
| Amounts payable after more than one year | 17 | €454,122 | €1,021,667 | +€567,544 | +125.0% |
| Financial debts | 170/4 | €454,122 | €1,021,667 | +€567,544 | +125.0% |
| Amounts payable within one year | 42/48 | €161,170 | €147,707 | -€13,464 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €31,384 | €64,816 | +€33,432 | +106.5% |
| Trade debts | 44 | €70,273 | €44,599 | -€25,674 | -36.5% |
| Suppliers | 440/4 | €70,273 | €44,599 | -€25,674 | -36.5% |
| Advances received on contracts in progress | 46 | €4,270 | €3,263 | -€1,007 | -23.6% |
| Taxes, remuneration and social security | 45 | €39,423 | €9,449 | -€29,975 | -76.0% |
| Taxes | 450/3 | €32,351 | €5,884 | -€26,467 | -81.8% |
| Remuneration and social security | 454/9 | €7,072 | €3,564 | -€3,508 | -49.6% |
| Other amounts payable | 47/48 | €15,821 | €25,580 | +€9,759 | +61.7% |
| Accrued charges and deferred income | 492/3 | €39,576 | €44,300 | +€4,725 | +11.9% |
| Turnover | 70 | €690,195 | - | -€690,195 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €353,763 | - | -€353,763 | |
| Remuneration, social security and pensions | 62 | €66,694 | €47,204 | -€19,490 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,416 | €196,595 | +€87,178 | +79.7% |
| Other operating charges | 640/8 | €31,451 | €29,369 | -€2,082 | -6.6% |
| Gross operating margin | 9900 | €360,440 | €332,597 | -€27,843 | -7.7% |
| Operating profit (loss) | 9901 | €152,879 | €59,430 | -€93,449 | -61.1% |
| Financial income | 75/76B | €2,810 | €3,396 | +€586 | +20.8% |
| Recurring financial income | 75 | €2,810 | €3,396 | +€586 | +20.8% |
| Financial charges | 65/66B | €35,115 | €41,054 | +€5,939 | +16.9% |
| Recurring financial charges | 65 | €35,115 | €41,054 | +€5,939 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €120,574 | €21,773 | -€98,802 | -81.9% |
| Transfer from deferred taxes | 780 | - | €3,776 | +€3,776 | |
| Income taxes | 67/77 | €32,296 | €4,984 | -€27,313 | -84.6% |
| Profit (loss) for the period | 9904 | €88,278 | €20,565 | -€67,713 | -76.7% |
| Transfer from tax-exempt reserves | 789 | - | €11,328 | +€11,328 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €88,278 | €31,894 | -€56,385 | -63.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.