MIVC: 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.
MIVC
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€125,054
down €125,054 (-81.0%), from €154,297 to €29,243
mainly Current investments (-€150,000) and Investment in fixed assets (net) (-€62,477)
- Tangible fixed assets +€54,413
up €54,413 (+423.4%), from €12,852 to €67,265
of which Land and buildings: +€58,238
- Receivables within one year +€18,640
up €18,640 (+689.0%), from €2,705 to €21,345
of which Trade receivables: +€15,000
- Profit (loss) carried forward +€57,829
up €57,829 (+44.9%), from €128,733 to €186,562
- Debts after one year +€36,863
up €36,863 (+596.5%), from €6,180 to €43,043
- Tax, wage and social debts -€11,583
down €11,583 (-45.8%), from €25,266 to €13,683
- Current portion of long-term debt +€9,478
up €9,478 (+155.7%), from €6,089 to €15,567
- Other debts +€6,987
new in 2025: €6,987
- Gross operating margin +€37,602
up €37,602 (+60.4%), from €62,293 to €99,896
- Other operating charges +€12,464
up €12,464 (+1019.4%), from €1,223 to €13,687
- Taxes +€3,562
up €3,562 (+27.6%), from €12,884 to €16,446
- Financial charges +€1,958
up €1,958 (+367.1%), from €533 to €2,491
- Depreciation +€1,767
up €1,767 (+28.1%), from €6,298 to €8,064
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 | €170,603 | €268,553 | +€97,950 | +57.4% |
| Fixed assets | 21/28 | €12,852 | €67,265 | +€54,413 | +423.4% |
| Tangible fixed assets | 22/27 | €12,852 | €67,265 | +€54,413 | +423.4% |
| Land and buildings | 22 | - | €58,238 | +€58,238 | |
| Furniture and vehicles | 24 | €12,852 | €9,028 | -€3,825 | -29.8% |
| Current assets | 29/58 | €157,750 | €201,288 | +€43,537 | +27.6% |
| Amounts receivable within one year | 40/41 | €2,705 | €21,345 | +€18,640 | +689.0% |
| Trade receivables | 40 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | €2,705 | €6,345 | +€3,640 | +134.5% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €154,297 | €29,243 | -€125,054 | -81.0% |
| Deferred charges and accrued income | 490/1 | €748 | €699 | -€49 | -6.6% |
| Total equity and liabilities | 10/49 | €170,603 | €268,553 | +€97,950 | +57.4% |
| Equity | 10/15 | €129,733 | €187,562 | +€57,829 | +44.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,733 | €186,562 | +€57,829 | +44.9% |
| Amounts payable | 17/49 | €40,870 | €80,991 | +€40,121 | +98.2% |
| Amounts payable after more than one year | 17 | €6,180 | €43,043 | +€36,863 | +596.5% |
| Financial debts | 170/4 | €6,180 | €43,043 | +€36,863 | +596.5% |
| Amounts payable within one year | 42/48 | €34,690 | €37,556 | +€2,866 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,089 | €15,567 | +€9,478 | +155.7% |
| Trade debts | 44 | €3,336 | €1,318 | -€2,017 | -60.5% |
| Suppliers | 440/4 | €3,336 | €1,318 | -€2,017 | -60.5% |
| Taxes, remuneration and social security | 45 | €25,266 | €13,683 | -€11,583 | -45.8% |
| Taxes | 450/3 | €25,266 | €13,683 | -€11,583 | -45.8% |
| Other amounts payable | 47/48 | - | €6,987 | +€6,987 | |
| Accrued charges and deferred income | 492/3 | - | €393 | +€393 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,298 | €8,064 | +€1,767 | +28.1% |
| Other operating charges | 640/8 | €1,223 | €13,687 | +€12,464 | +1019.4% |
| Non-recurring operating charges | 66A | - | €1,876 | +€1,876 | |
| Gross operating margin | 9900 | €62,293 | €99,896 | +€37,602 | +60.4% |
| Operating profit (loss) | 9901 | €54,773 | €76,269 | +€21,496 | +39.2% |
| Financial income | 75/76B | €57 | €497 | +€441 | +780.2% |
| Recurring financial income | 75 | €57 | €497 | +€441 | +780.2% |
| Financial charges | 65/66B | €533 | €2,491 | +€1,958 | +367.1% |
| Recurring financial charges | 65 | €533 | €2,491 | +€1,958 | +367.1% |
| Profit (loss) for the period before taxes | 9903 | €54,296 | €74,275 | +€19,979 | +36.8% |
| Income taxes | 67/77 | €12,884 | €16,446 | +€3,562 | +27.6% |
| Profit (loss) for the period | 9904 | €41,412 | €57,829 | +€16,417 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,412 | €57,829 | +€16,417 | +39.6% |
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 5 October 2026 via checked.be.