E. MINNEN: 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.
E. MINNEN
Largest movements
- Tangible fixed assets -€29,538
down €29,538 (-22.7%), from €129,868 to €100,330
of which Furniture and vehicles: -€28,796
- Current investments +€15,885
up €15,885 (+7.6%), from €208,257 to €224,142
- Cash -€5,817
down €5,817 (-25.9%), from €22,453 to €16,636
mainly Other debts (-€27,377) and Trade debts (-€19,840)
- Other debts -€27,377
down €27,377 (-19.6%), from €139,714 to €112,337
- Reserves +€20,029
up €20,029 (+11.6%), from €173,122 to €193,151
of which Distributable reserves: +€20,029
- Trade debts -€19,840
down €19,840 (-80.4%), from €24,678 to €4,839
- Tax, wage and social debts +€7,718
up €7,718 (+189%), from €4,077 to €11,794
- Depreciation -€18,345
down €18,345 (-38.3%), from €47,882 to €29,538
- Taxes +€7,645
up €7,645 (+169%), from €4,537 to €12,182
- Gross operating margin +€848
up €848 (+1.4%), from €60,956 to €61,805
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 | €360,577 | €341,107 | -€19,470 | -5.4% |
| Fixed assets | 21/28 | €129,868 | €100,330 | -€29,538 | -22.7% |
| Tangible fixed assets | 22/27 | €129,868 | €100,330 | -€29,538 | -22.7% |
| Plant, machinery and equipment | 23 | €4,384 | €3,642 | -€742 | -16.9% |
| Furniture and vehicles | 24 | €125,484 | €96,688 | -€28,796 | -22.9% |
| Current assets | 29/58 | €230,709 | €240,777 | +€10,068 | +4.4% |
| Current investments | 50/53 | €208,257 | €224,142 | +€15,885 | +7.6% |
| Cash at bank and in hand | 54/58 | €22,453 | €16,636 | -€5,817 | -25.9% |
| Total equity and liabilities | 10/49 | €360,577 | €341,107 | -€19,470 | -5.4% |
| Equity | 10/15 | €191,714 | €211,743 | +€20,029 | +10.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €173,122 | €193,151 | +€20,029 | +11.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,898 | €2,898 | = | 0.0% |
| Distributable reserves | 133 | €168,365 | €188,394 | +€20,029 | +11.9% |
| Provisions and deferred taxes | 16 | €394 | €394 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €394 | €394 | = | 0.0% |
| Pensions and similar obligations | 160 | €394 | €394 | = | 0.0% |
| Amounts payable | 17/49 | €168,469 | €128,970 | -€39,499 | -23.4% |
| Amounts payable within one year | 42/48 | €168,469 | €128,970 | -€39,499 | -23.4% |
| Trade debts | 44 | €24,678 | €4,839 | -€19,840 | -80.4% |
| Suppliers | 440/4 | €24,678 | €4,839 | -€19,840 | -80.4% |
| Taxes, remuneration and social security | 45 | €4,077 | €11,794 | +€7,718 | +189% |
| Taxes | 450/3 | €4,077 | €11,794 | +€7,718 | +189% |
| Other amounts payable | 47/48 | €139,714 | €112,337 | -€27,377 | -19.6% |
| Non-recurring operating income | 76A | €3,523 | - | -€3,523 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,882 | €29,538 | -€18,345 | -38.3% |
| Other operating charges | 640/8 | €1,549 | €1,370 | -€180 | -11.6% |
| Gross operating margin | 9900 | €60,956 | €61,805 | +€848 | +1.4% |
| Operating profit (loss) | 9901 | €11,524 | €30,897 | +€19,373 | +168% |
| Financial income | 75/76B | €1,554 | €1,314 | -€240 | -15.4% |
| Recurring financial income | 75 | €1,554 | €1,314 | -€240 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €13,078 | €32,211 | +€19,133 | +146% |
| Income taxes | 67/77 | €4,537 | €12,182 | +€7,645 | +169% |
| Profit (loss) for the period | 9904 | €8,541 | €20,029 | +€11,488 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €8,541 | €20,029 | +€11,488 | +135% |
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 23 October 2026 via checked.be.