Joris Minnoye: 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.
Joris Minnoye
Largest movements
- Tangible fixed assets -€44,877
down €44,877 (-15.7%), from €286,204 to €241,326
of which Leasing and similar rights: -€22,678
- Cash -€30,396
down €30,396 (-96.8%), from €31,390 to €993
mainly Current portion of long-term debt (-€30,645) and Net result for the year (-€30,290)
- Receivables within one year -€3,783
down €3,783 (-17.9%), from €21,160 to €17,377
of which Trade receivables: -€7,741
- Current portion of long-term debt -€30,645
down €30,645 (-60.6%), from €50,542 to €19,897
- Profit (loss) carried forward -€30,290
down €30,290 (-38.9%), from -€77,948 to -€108,238
- Debts after one year -€19,897
down €19,897 (-13.7%), from €145,565 to €125,667
- Other debts +€5,030
up €5,030 (+3.3%), from €152,919 to €157,949
- Gross operating margin -€29,125
down €29,125 (-58.5%), from €49,826 to €20,701
- Depreciation -€8,787
down €8,787 (-15.8%), from €55,649 to €46,862
- Financial charges -€2,025
down €2,025 (-39.3%), from €5,156 to €3,131
- Other operating charges +€1,137
up €1,137 (+214%), from €532 to €1,669
- Financial income +€670
new in 2025: €670
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 | €338,973 | €262,796 | -€76,177 | -22.5% |
| Fixed assets | 21/28 | €286,204 | €241,326 | -€44,877 | -15.7% |
| Tangible fixed assets | 22/27 | €286,204 | €241,326 | -€44,877 | -15.7% |
| Land and buildings | 22 | €222,723 | €218,421 | -€4,302 | -1.9% |
| Plant, machinery and equipment | 23 | €20,534 | €8,577 | -€11,957 | -58.2% |
| Furniture and vehicles | 24 | €11,488 | €5,548 | -€5,939 | -51.7% |
| Leasing and similar rights | 25 | €31,459 | €8,781 | -€22,678 | -72.1% |
| Current assets | 29/58 | €52,769 | €21,469 | -€31,300 | -59.3% |
| Amounts receivable within one year | 40/41 | €21,160 | €17,377 | -€3,783 | -17.9% |
| Trade receivables | 40 | €12,941 | €5,200 | -€7,741 | -59.8% |
| Other amounts receivable | 41 | €8,219 | €12,177 | +€3,958 | +48.2% |
| Cash at bank and in hand | 54/58 | €31,390 | €993 | -€30,396 | -96.8% |
| Deferred charges and accrued income | 490/1 | €219 | €3,099 | +€2,880 | +1,313% |
| Total equity and liabilities | 10/49 | €338,973 | €262,796 | -€76,177 | -22.5% |
| Equity | 10/15 | -€13,160 | -€43,450 | -€30,290 | -230% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,388 | €52,388 | = | 0.0% |
| Distributable reserves | 133 | €52,388 | €52,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,948 | -€108,238 | -€30,290 | -38.9% |
| Amounts payable | 17/49 | €352,132 | €306,246 | -€45,886 | -13.0% |
| Amounts payable after more than one year | 17 | €145,565 | €125,667 | -€19,897 | -13.7% |
| Financial debts | 170/4 | €145,565 | €125,667 | -€19,897 | -13.7% |
| Amounts payable within one year | 42/48 | €206,568 | €180,579 | -€25,989 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €50,542 | €19,897 | -€30,645 | -60.6% |
| Trade debts | 44 | €3,107 | €2,733 | -€374 | -12.0% |
| Suppliers | 440/4 | €3,107 | €2,733 | -€374 | -12.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €152,919 | €157,949 | +€5,030 | +3.3% |
| Non-recurring operating income | 76A | €15,033 | €0 | -€15,033 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,649 | €46,862 | -€8,787 | -15.8% |
| Other operating charges | 640/8 | €532 | €1,669 | +€1,137 | +214% |
| Gross operating margin | 9900 | €49,826 | €20,701 | -€29,125 | -58.5% |
| Operating profit (loss) | 9901 | -€6,355 | -€27,830 | -€21,474 | -338% |
| Financial income | 75/76B | - | €670 | +€670 | |
| Recurring financial income | 75 | - | €670 | +€670 | |
| Financial charges | 65/66B | €5,156 | €3,131 | -€2,025 | -39.3% |
| Recurring financial charges | 65 | €5,156 | €3,131 | -€2,025 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,511 | -€30,290 | -€18,779 | -163% |
| Profit (loss) for the period | 9904 | -€11,511 | -€30,290 | -€18,779 | -163% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,511 | -€30,290 | -€18,779 | -163% |
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 27 October 2026 via checked.be.