Dr. Jannick Mingneau: 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.
Dr. Jannick Mingneau
Largest movements
- Current investments +€20,000
new in 2025: €20,000
- Deferred charges and accrued income +€12,096
up €12,096 (+47.6%), from €25,417 to €37,512
- Cash +€11,565
up €11,565 (+9.6%), from €120,417 to €131,981
mainly Net result for the year (+€128,460) and Tax, wage and social debts (+€15,152)
- Reserves +€28,460
up €28,460 (+163%), from €17,426 to €45,886
- Tax, wage and social debts +€15,152
up €15,152 (+505%), from €3,000 to €18,152
- Trade debts -€2,697
down €2,697 (-72.6%), from €3,714 to €1,017
- Other debts +€2,283
up €2,283 (+1.9%), from €120,700 to €122,983
- Gross operating margin +€44,890
up €44,890 (+35.6%), from €126,154 to €171,044
- Taxes +€12,495
up €12,495 (+45.2%), from €27,657 to €40,152
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.
Derived cash bridge
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 | €147,671 | €190,488 | +€42,817 | +29.0% |
| Fixed assets | 21/28 | €1,838 | €994 | -€843 | -45.9% |
| Tangible fixed assets | 22/27 | €1,838 | €994 | -€843 | -45.9% |
| Plant, machinery and equipment | 23 | €949 | €474 | -€475 | -50.1% |
| Furniture and vehicles | 24 | €888 | €520 | -€368 | -41.4% |
| Current assets | 29/58 | €145,833 | €189,494 | +€43,660 | +29.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €120,417 | €131,981 | +€11,565 | +9.6% |
| Deferred charges and accrued income | 490/1 | €25,417 | €37,512 | +€12,096 | +47.6% |
| Total equity and liabilities | 10/49 | €147,671 | €190,488 | +€42,817 | +29.0% |
| Equity | 10/15 | €17,926 | €46,386 | +€28,460 | +159% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €17,426 | €45,886 | +€28,460 | +163% |
| Distributable reserves | 133 | €17,426 | €45,886 | +€28,460 | +163% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €129,745 | €144,102 | +€14,357 | +11.1% |
| Amounts payable within one year | 42/48 | €127,414 | €142,151 | +€14,738 | +11.6% |
| Trade debts | 44 | €3,714 | €1,017 | -€2,697 | -72.6% |
| Suppliers | 440/4 | €3,714 | €1,017 | -€2,697 | -72.6% |
| Taxes, remuneration and social security | 45 | €3,000 | €18,152 | +€15,152 | +505% |
| Taxes | 450/3 | €3,000 | €18,152 | +€15,152 | +505% |
| Other amounts payable | 47/48 | €120,700 | €122,983 | +€2,283 | +1.9% |
| Accrued charges and deferred income | 492/3 | €2,331 | €1,951 | -€381 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €973 | €843 | -€130 | -13.4% |
| Other operating charges | 640/8 | €1,303 | €943 | -€360 | -27.6% |
| Gross operating margin | 9900 | €126,154 | €171,044 | +€44,890 | +35.6% |
| Operating profit (loss) | 9901 | €123,878 | €169,257 | +€45,380 | +36.6% |
| Financial income | 75/76B | €735 | €0 | -€735 | -100% |
| Recurring financial income | 75 | €735 | €0 | -€735 | -100% |
| Financial charges | 65/66B | €1,739 | €646 | -€1,094 | -62.9% |
| Recurring financial charges | 65 | €1,739 | €646 | -€1,094 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €122,873 | €168,612 | +€45,738 | +37.2% |
| Income taxes | 67/77 | €27,657 | €40,152 | +€12,495 | +45.2% |
| Profit (loss) for the period | 9904 | €95,217 | €128,460 | +€33,243 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €95,217 | €128,460 | +€33,243 | +34.9% |
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 24 October 2026 via checked.be.