DR. MINNEKEER: 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. MINNEKEER
Largest movements
- Receivables within one year +€44,406
up €44,406 (+29.7%), from €149,522 to €193,928
of which Trade receivables: +€47,239
- Cash +€24,517
up €24,517 (+164%), from €14,916 to €39,434
mainly Net result for the year (+€77,415) and Depreciation (+€19,298)
- Tangible fixed assets -€8,365
down €8,365 (-15.2%), from €55,162 to €46,797
of which Land and buildings: -€13,460
- Reserves +€77,415
up €77,415 (+28.9%), from €267,652 to €345,066
- Short-term financial debts -€12,229
down €12,229 (-48.5%), from €25,221 to €12,992
- Accrued charges and deferred income -€7,185
no longer reported in 2025 (was €7,185)
- Staff costs +€4,532
up €4,532 (+95.8%), from -€4,730 to -€198
- Gross operating margin -€3,604
down €3,604 (-2.6%), from €138,542 to €134,938
- Taxes -€3,364
down €3,364 (-8.3%), from €40,507 to €37,144
- Financial income -€3,331
down €3,331 (-90.3%), from €3,687 to €356
of which Financial income: -€2,914
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 | €307,958 | €368,516 | +€60,558 | +19.7% |
| Fixed assets | 21/28 | €56,612 | €48,247 | -€8,365 | -14.8% |
| Tangible fixed assets | 22/27 | €55,162 | €46,797 | -€8,365 | -15.2% |
| Land and buildings | 22 | €30,665 | €17,205 | -€13,460 | -43.9% |
| Plant, machinery and equipment | 23 | €1,950 | €1,605 | -€345 | -17.7% |
| Furniture and vehicles | 24 | €16,193 | €22,560 | +€6,368 | +39.3% |
| Other tangible fixed assets | 26 | €6,354 | €5,426 | -€928 | -14.6% |
| Financial fixed assets | 28 | €1,450 | €1,450 | = | 0.0% |
| Current assets | 29/58 | €251,346 | €320,269 | +€68,923 | +27.4% |
| Amounts receivable after more than one year | 29 | €86,907 | €86,907 | = | 0.0% |
| Other amounts receivable | 291 | €86,907 | €86,907 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €149,522 | €193,928 | +€44,406 | +29.7% |
| Trade receivables | 40 | €131,939 | €179,178 | +€47,239 | +35.8% |
| Other amounts receivable | 41 | €17,583 | €14,750 | -€2,834 | -16.1% |
| Cash at bank and in hand | 54/58 | €14,916 | €39,434 | +€24,517 | +164% |
| Total equity and liabilities | 10/49 | €307,958 | €368,516 | +€60,558 | +19.7% |
| Equity | 10/15 | €274,652 | €352,066 | +€77,415 | +28.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €267,652 | €345,066 | +€77,415 | +28.9% |
| Distributable reserves | 133 | €267,652 | €345,066 | +€77,415 | +28.9% |
| Amounts payable | 17/49 | €33,306 | €16,449 | -€16,857 | -50.6% |
| Amounts payable within one year | 42/48 | €26,121 | €16,449 | -€9,671 | -37.0% |
| Financial debts | 43 | €25,221 | €12,992 | -€12,229 | -48.5% |
| Credit institutions | 430/8 | €25,221 | €12,992 | -€12,229 | -48.5% |
| Trade debts | 44 | €900 | €1,426 | +€526 | +58.5% |
| Suppliers | 440/4 | €900 | €1,426 | +€526 | +58.5% |
| Taxes, remuneration and social security | 45 | - | €2,031 | +€2,031 | |
| Taxes | 450/3 | - | €2,031 | +€2,031 | |
| Accrued charges and deferred income | 492/3 | €7,185 | - | -€7,185 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | -€4,730 | -€198 | +€4,532 | +95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,357 | €19,298 | +€940 | +5.1% |
| Other operating charges | 640/8 | €659 | €674 | +€15 | +2.3% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €138,542 | €134,938 | -€3,604 | -2.6% |
| Operating profit (loss) | 9901 | €124,255 | €115,164 | -€9,091 | -7.3% |
| Financial income | 75/76B | €3,687 | €356 | -€3,331 | -90.3% |
| Recurring financial income | 75 | €3,270 | €356 | -€2,914 | -89.1% |
| Non-recurring financial income | 76B | €417 | - | -€417 | |
| Financial charges | 65/66B | €1,739 | €961 | -€779 | -44.8% |
| Recurring financial charges | 65 | €1,600 | €961 | -€639 | -39.9% |
| Non-recurring financial charges | 66B | €140 | - | -€140 | |
| Profit (loss) for the period before taxes | 9903 | €126,203 | €114,559 | -€11,644 | -9.2% |
| Income taxes | 67/77 | €40,507 | €37,144 | -€3,364 | -8.3% |
| Profit (loss) for the period | 9904 | €85,695 | €77,415 | -€8,281 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,695 | €77,415 | -€8,281 | -9.7% |
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 29 October 2026 via checked.be.