MIZANA: 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.
MIZANA
Largest movements
- Receivables within one year +€20,285
up €20,285 (+54.6%), from €37,172 to €57,457
of which Trade receivables: +€18,910
- Cash -€13,362
down €13,362 (-19.2%), from €69,510 to €56,148
mainly Investment in fixed assets (net) (-€26,058) and Receivables within one year (-€20,285)
- Reserves +€9,817
up €9,817 (+6.1%), from €159,637 to €169,454
of which Distributable reserves: +€9,817
- Debts after one year -€6,838
down €6,838 (-6.1%), from €111,293 to €104,455
- Other debts +€6,370
up €6,370 (+49.6%), from €12,838 to €19,209
- Gross operating margin +€10,089
up €10,089 (+17.2%), from €58,674 to €68,763
- Depreciation +€4,751
up €4,751 (+25.6%), from €18,544 to €23,294
- Taxes -€724
down €724 (-6.7%), from €10,741 to €10,017
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 | €312,529 | €324,054 | +€11,525 | +3.7% |
| Fixed assets | 21/28 | €199,500 | €202,264 | +€2,763 | +1.4% |
| Tangible fixed assets | 22/27 | €199,500 | €202,264 | +€2,763 | +1.4% |
| Land and buildings | 22 | €174,946 | €164,648 | -€10,299 | -5.9% |
| Plant, machinery and equipment | 23 | €8,510 | €5,315 | -€3,195 | -37.5% |
| Furniture and vehicles | 24 | €16,044 | €32,301 | +€16,257 | +101.3% |
| Current assets | 29/58 | €113,029 | €121,791 | +€8,762 | +7.8% |
| Amounts receivable within one year | 40/41 | €37,172 | €57,457 | +€20,285 | +54.6% |
| Trade receivables | 40 | €37,172 | €56,082 | +€18,910 | +50.9% |
| Other amounts receivable | 41 | €0 | €1,375 | +€1,375 | |
| Cash at bank and in hand | 54/58 | €69,510 | €56,148 | -€13,362 | -19.2% |
| Deferred charges and accrued income | 490/1 | €6,347 | €8,186 | +€1,839 | +29.0% |
| Total equity and liabilities | 10/49 | €312,529 | €324,054 | +€11,525 | +3.7% |
| Equity | 10/15 | €172,037 | €181,854 | +€9,817 | +5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €159,637 | €169,454 | +€9,817 | +6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €157,777 | €167,594 | +€9,817 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,493 | €142,200 | +€1,708 | +1.2% |
| Amounts payable after more than one year | 17 | €111,293 | €104,455 | -€6,838 | -6.1% |
| Financial debts | 170/4 | €111,293 | €104,455 | -€6,838 | -6.1% |
| Amounts payable within one year | 42/48 | €29,200 | €37,746 | +€8,546 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €6,706 | €6,838 | +€133 | +2.0% |
| Trade debts | 44 | €4,364 | €4,761 | +€397 | +9.1% |
| Suppliers | 440/4 | €4,364 | €4,761 | +€397 | +9.1% |
| Taxes, remuneration and social security | 45 | €5,291 | €6,937 | +€1,646 | +31.1% |
| Taxes | 450/3 | €5,291 | €6,937 | +€1,646 | +31.1% |
| Other amounts payable | 47/48 | €12,838 | €19,209 | +€6,370 | +49.6% |
| Non-recurring operating income | 76A | €0 | €9,533 | +€9,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,544 | €23,294 | +€4,751 | +25.6% |
| Other operating charges | 640/8 | €1,917 | €1,692 | -€224 | -11.7% |
| Gross operating margin | 9900 | €58,674 | €68,763 | +€10,089 | +17.2% |
| Operating profit (loss) | 9901 | €38,214 | €43,776 | +€5,562 | +14.6% |
| Financial income | 75/76B | €0 | €19 | +€19 | |
| Recurring financial income | 75 | €0 | €19 | +€19 | |
| Financial charges | 65/66B | €4,742 | €4,752 | +€11 | +0.2% |
| Recurring financial charges | 65 | €4,742 | €4,752 | +€11 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €33,472 | €39,043 | +€5,571 | +16.6% |
| Income taxes | 67/77 | €10,741 | €10,017 | -€724 | -6.7% |
| Profit (loss) for the period | 9904 | €22,731 | €29,026 | +€6,295 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,731 | €29,026 | +€6,295 | +27.7% |
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 6 October 2026 via checked.be.