LE MINARET: 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.
LE MINARET
Largest movements
- Tangible fixed assets -€15,701
down €15,701 (-9.6%), from €163,607 to €147,905
of which Other tangible fixed assets: -€8,769
- Receivables within one year -€14,072
down €14,072 (-22.6%), from €62,324 to €48,252
of which Other amounts receivable: -€9,672
- Other debts +€32,658
up €32,658 (+50.7%), from €64,363 to €97,022
- Reserves -€19,871
down €19,871 (-41.2%), from €48,264 to €28,393
of which Distributable reserves: -€19,871
- Trade debts -€19,527
down €19,527 (-51.1%), from €38,183 to €18,656
- Current portion of long-term debt -€17,422
down €17,422 (-71.5%), from €24,355 to €6,933
- Contributions +€16,361
up €16,361 (+440%), from €3,718 to €20,079
- Gross operating margin -€37,990
down €37,990 (-26.2%), from €145,263 to €107,273
- Depreciation -€11,731
down €11,731 (-32.1%), from €36,541 to €24,810
- Staff costs +€6,721
up €6,721 (+9.6%), from €70,258 to €76,979
- Taxes +€6,578
up €6,578, from -€6,379 to €198
- Other operating charges -€5,459
down €5,459 (-59.4%), from €9,187 to €3,727
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,380 | €202,663 | -€29,717 | -12.8% |
| Fixed assets | 21/28 | €163,607 | €147,905 | -€15,701 | -9.6% |
| Tangible fixed assets | 22/27 | €163,607 | €147,905 | -€15,701 | -9.6% |
| Land and buildings | 22 | €34,625 | €30,832 | -€3,793 | -11.0% |
| Plant, machinery and equipment | 23 | €20,014 | €16,979 | -€3,035 | -15.2% |
| Furniture and vehicles | 24 | €18,075 | €17,970 | -€105 | -0.6% |
| Other tangible fixed assets | 26 | €90,893 | €82,124 | -€8,769 | -9.6% |
| Current assets | 29/58 | €68,774 | €54,758 | -€14,016 | -20.4% |
| Stocks and contracts in progress | 3 | €5,515 | €6,127 | +€613 | +11.1% |
| Stocks | 30/36 | €5,515 | €6,127 | +€613 | +11.1% |
| Amounts receivable within one year | 40/41 | €62,324 | €48,252 | -€14,072 | -22.6% |
| Trade receivables | 40 | €48,000 | €43,600 | -€4,400 | -9.2% |
| Other amounts receivable | 41 | €14,324 | €4,652 | -€9,672 | -67.5% |
| Current investments | 50/53 | €537 | - | -€537 | |
| Deferred charges and accrued income | 490/1 | €398 | €378 | -€20 | -5.0% |
| Total equity and liabilities | 10/49 | €232,380 | €202,663 | -€29,717 | -12.8% |
| Equity | 10/15 | €51,982 | €48,472 | -€3,510 | -6.8% |
| Contributions | 10/11 | €3,718 | €20,079 | +€16,361 | +440% |
| Contributions outside capital | 11 | €3,718 | €20,079 | +€16,361 | +440% |
| Other | 1109/19 | €3,718 | €20,079 | +€16,361 | +440% |
| Reserves | 13 | €48,264 | €28,393 | -€19,871 | -41.2% |
| Non-distributable reserves | 130/1 | €372 | €372 | = | 0.0% |
| Legal reserve | 130 | €372 | €372 | = | 0.0% |
| Distributable reserves | 133 | €47,892 | €28,021 | -€19,871 | -41.5% |
| Amounts payable | 17/49 | €180,398 | €154,191 | -€26,208 | -14.5% |
| Amounts payable after more than one year | 17 | €26,972 | €11,080 | -€15,892 | -58.9% |
| Financial debts | 170/4 | €20,972 | €5,080 | -€15,892 | -75.8% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €153,426 | €143,110 | -€10,315 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €24,355 | €6,933 | -€17,422 | -71.5% |
| Trade debts | 44 | €38,183 | €18,656 | -€19,527 | -51.1% |
| Suppliers | 440/4 | €38,183 | €18,656 | -€19,527 | -51.1% |
| Taxes, remuneration and social security | 45 | €26,524 | €20,499 | -€6,025 | -22.7% |
| Taxes | 450/3 | €18,627 | €883 | -€17,744 | -95.3% |
| Remuneration and social security | 454/9 | €7,898 | €19,617 | +€11,719 | +148% |
| Other amounts payable | 47/48 | €64,363 | €97,022 | +€32,658 | +50.7% |
| Remuneration, social security and pensions | 62 | €70,258 | €76,979 | +€6,721 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,541 | €24,810 | -€11,731 | -32.1% |
| Other operating charges | 640/8 | €9,187 | €3,727 | -€5,459 | -59.4% |
| Gross operating margin | 9900 | €145,263 | €107,273 | -€37,990 | -26.2% |
| Operating profit (loss) | 9901 | €29,277 | €1,757 | -€27,520 | -94.0% |
| Financial income | 75/76B | €102 | €873 | +€771 | +754% |
| Recurring financial income | 75 | €102 | €873 | +€771 | +754% |
| Financial charges | 65/66B | €5,590 | €5,941 | +€351 | +6.3% |
| Recurring financial charges | 65 | €5,590 | €5,941 | +€351 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €23,789 | -€3,311 | -€27,100 | |
| Income taxes | 67/77 | -€6,379 | €198 | +€6,578 | |
| Profit (loss) for the period | 9904 | €30,168 | -€3,510 | -€33,678 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,168 | -€3,510 | -€33,678 |
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 1 November 2026 via checked.be.