MINA: what changed
Two fiscal 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.
MINA
Largest movements
- Cash +€71,170
up €71,170 (+109.2%), from €65,148 to €136,318
mainly Net result for the year (+€63,859) and Depreciation (+€33,940)
- Tangible fixed assets -€14,388
down €14,388 (-5.4%), from €264,318 to €249,930
- Reserves +€63,859
up €63,859 (+22.1%), from €288,634 to €352,493
of which Distributable reserves: +€68,655
- Gross operating margin +€8,197
up €8,197 (+6.5%), from €125,640 to €133,837
- Depreciation +€5,428
up €5,428 (+19.0%), from €28,512 to €33,940
- Taxes -€1,645
down €1,645 (-5.3%), from €30,787 to €29,142
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.
Cash bridge derived
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 | €390,037 | €448,724 | +€58,687 | +15.0% |
| Fixed assets | 21/28 | €264,318 | €249,930 | -€14,388 | -5.4% |
| Tangible fixed assets | 22/27 | €264,318 | €249,930 | -€14,388 | -5.4% |
| Land and buildings | 22 | €264,318 | €249,930 | -€14,388 | -5.4% |
| Current assets | 29/58 | €125,719 | €198,794 | +€73,075 | +58.1% |
| Amounts receivable after more than one year | 29 | €25,114 | €25,114 | = | 0.0% |
| Trade receivables | 290 | €25,114 | €25,114 | = | 0.0% |
| Current investments | 50/53 | €29,610 | €29,610 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,148 | €136,318 | +€71,170 | +109.2% |
| Deferred charges and accrued income | 490/1 | €5,847 | €7,752 | +€1,905 | +32.6% |
| Total equity and liabilities | 10/49 | €390,037 | €448,724 | +€58,687 | +15.0% |
| Equity | 10/15 | €309,444 | €373,303 | +€63,859 | +20.6% |
| Contributions | 10/11 | €26,647 | €26,647 | = | 0.0% |
| Reserves | 13 | €288,634 | €352,493 | +€63,859 | +22.1% |
| Tax-exempt reserves | 132 | €4,796 | - | -€4,796 | |
| Distributable reserves | 133 | €283,838 | €352,493 | +€68,655 | +24.2% |
| Profit (loss) carried forward | 14 | -€5,837 | -€5,837 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,199 | - | -€1,199 | |
| Deferred taxes | 168 | €1,199 | - | -€1,199 | |
| Amounts payable | 17/49 | €79,394 | €75,421 | -€3,973 | -5.0% |
| Amounts payable after more than one year | 17 | €6,850 | €6,850 | = | 0.0% |
| Other amounts payable | 178/9 | €6,850 | €6,850 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,544 | €68,571 | -€3,973 | -5.5% |
| Trade debts | 44 | €303 | €143 | -€160 | -52.8% |
| Suppliers | 440/4 | €303 | €143 | -€160 | -52.8% |
| Taxes, remuneration and social security | 45 | €14,735 | €14,683 | -€52 | -0.4% |
| Taxes | 450/3 | €12,997 | €12,388 | -€609 | -4.7% |
| Remuneration and social security | 454/9 | €1,738 | €2,295 | +€557 | +32.0% |
| Other amounts payable | 47/48 | €57,506 | €53,745 | -€3,761 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,512 | €33,940 | +€5,428 | +19.0% |
| Other operating charges | 640/8 | €6,181 | €5,225 | -€956 | -15.5% |
| Gross operating margin | 9900 | €125,640 | €133,837 | +€8,197 | +6.5% |
| Operating profit (loss) | 9901 | €90,947 | €94,672 | +€3,725 | +4.1% |
| Financial income | 75/76B | €1,455 | €1,317 | -€138 | -9.5% |
| Recurring financial income | 75 | €1,455 | €1,317 | -€138 | -9.5% |
| Financial charges | 65/66B | €4,883 | €4,187 | -€696 | -14.3% |
| Recurring financial charges | 65 | €4,883 | €4,187 | -€696 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €87,519 | €91,802 | +€4,283 | +4.9% |
| Transfer from deferred taxes | 780 | €2,398 | €1,199 | -€1,199 | -50.0% |
| Income taxes | 67/77 | €30,787 | €29,142 | -€1,645 | -5.3% |
| Profit (loss) for the period | 9904 | €59,130 | €63,859 | +€4,729 | +8.0% |
| Transfer from tax-exempt reserves | 789 | €9,592 | €4,796 | -€4,796 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,722 | €68,655 | -€67 | -0.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.