MINAFIN: 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.
What changed
MINAFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€27.1m
2024 · €6.9m-€34.0m
Equity
€25.0m
2024 · €52.1m-€27.1m
Cash
€21.6m
2024 · €5.3m+€16.3m
Balance sheet total
€167.2m
2024 · €107.7m+€59.5m
Largest movements
Assets
- Financial fixed assets +€50.9m
up €50.9m (+75.7%), from €67.3m to €118.2m
of which Affiliated companies: +€50.9m
- Cash +€16.3m
up €16.3m (+305.7%), from €5.3m to €21.6m
mainly Other debts (+€82.9m) and Current investments (+€6.0m)
- Current investments -€6.0m
down €6.0m (-35.5%), from €16.9m to €10.9m
of which Other investments: -€6.0m
- Receivables within one year -€3.1m
down €3.1m (-34.6%), from €9.1m to €5.9m
of which Other amounts receivable: -€2.4m
- Deferred charges and accrued income +€2.7m
up €2.7m (+934.2%), from €293,958 to €3.0m
Equity and liabilities
- Other debts +€82.9m
up €82.9m (+570.9%), from €14.5m to €97.5m
- Profit (loss) carried forward -€27.1m
down €27.1m, from €17.0m to -€10.1m
- Provisions +€5.6m
up €5.6m, from €0 to €5.6m
- Accrued charges and deferred income -€2.2m
down €2.2m (-75.7%), from €2.9m to €698,929
Income statement
- Financial charges +€47.5m
up €47.5m (+1573.6%), from €3.0m to €50.6m
of which Non-recurring financial charges: +€41.3m
- Financial income +€24.7m
up €24.7m (+211.6%), from €11.7m to €36.3m
of which Non-recurring financial income: +€16.6m
- Write-downs +€7.1m
new in 2025: €7.1m
- Services and other goods -€388,605
down €388,605 (-4.5%), from €8.7m to €8.3m
- Turnover -€250,129
down €250,129 (-2.7%), from €9.3m to €9.1m
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.
Result 2024
€6.9m
Turnover
-€250,129
Other operating income
+€4,810
Services and other goods
+€388,605
Staff costs
-€90,052
Depreciation
-€135,995
Write-downs
-€7.1m
Other operating charges
-€1,701
Other operating items
-€3.8m
Financial income
+€24.7m
Financial charges
-€47.5m
Taxes
-€212,153
Result 2025
-€27.1m
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.
From operations
+€62.4m
Investment
-€45.1m
Financing
-€1.0m
Cash 2024
€5.3m
From operations (derived)
+€62.4m
Net result for the year
-€27.1m
Depreciation
+€1.5m
Receivables within one year
+€3.1m
Deferred charges and accrued income
-€2.7m
Provisions
+€5.6m
Trade debts
+€1.1m
Tax, wage and social debts
+€160,150
Other debts
+€82.9m
Accrued charges and deferred income
-€2.2m
Investment (derived)
-€45.1m
Investment in fixed assets (net)
-€51.1m
Current investments
+€6.0m
Financing
-€1.0m
Debts after one year
-€1.0m
Cash 2025
€21.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,657,154 | €167,165,713 | +€59.5m | +55.3% |
| Formation expenses | 20 | €258,146 | €126,878 | -€131,268 | -50.9% |
| Fixed assets | 21/28 | €75,830,490 | €125,584,964 | +€49.8m | +65.6% |
| Intangible fixed assets | 21 | €8,522,470 | €7,346,087 | -€1.2m | -13.8% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €67,308,019 | €118,238,877 | +€50.9m | +75.7% |
| Affiliated companies | 280/1 | €67,307,945 | €118,238,803 | +€50.9m | +75.7% |
| Participating interests | 280 | €9,129,957 | €7,234,102 | -€1.9m | -20.8% |
| Amounts receivable | 281 | €58,177,988 | €111,004,701 | +€52.8m | +90.8% |
| Other financial fixed assets | 284/8 | €74 | €74 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €31,568,519 | €41,453,871 | +€9.9m | +31.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €9,057,563 | €5,926,081 | -€3.1m | -34.6% |
| Trade receivables | 40 | €3,150,551 | €2,447,230 | -€703,321 | -22.3% |
| Other amounts receivable | 41 | €5,907,011 | €3,478,850 | -€2.4m | -41.1% |
| Current investments | 50/53 | €16,896,483 | €10,901,887 | -€6.0m | -35.5% |
| Own shares | 50 | €10,896,483 | €10,901,887 | +€5,405 | 0.0% |
| Other investments | 51/53 | €6,000,000 | €0 | -€6.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €5,320,514 | €21,585,830 | +€16.3m | +305.7% |
| Deferred charges and accrued income | 490/1 | €293,958 | €3,040,073 | +€2.7m | +934.2% |
| Total equity and liabilities | 10/49 | €107,657,154 | €167,165,713 | +€59.5m | +55.3% |
| Equity | 10/15 | €52,146,454 | €25,009,100 | -€27.1m | -52.0% |
| Contributions | 10/11 | €23,686,854 | €23,681,450 | -€5,405 | 0.0% |
| Reserves | 13 | €11,469,380 | €11,474,785 | +€5,405 | 0.0% |
| Non-distributable reserves | 130/1 | €11,469,380 | €11,474,785 | +€5,405 | 0.0% |
| Reserves not available under the articles | 1311 | €572,898 | €572,898 | = | 0.0% |
| Own shares acquired | 1312 | €10,896,483 | €10,901,887 | +€5,405 | 0.0% |
| Profit (loss) carried forward | 14 | €16,990,219 | -€10,147,134 | -€27.1m | |
| Provisions and deferred taxes | 16 | €0 | €5,591,526 | +€5.6m | |
| Provisions for liabilities and charges | 160/5 | €0 | €5,591,526 | +€5.6m | |
| Other liabilities and charges | 164/5 | €0 | €5,591,526 | +€5.6m | |
| Amounts payable | 17/49 | €55,510,701 | €136,565,088 | +€81.1m | +146.0% |
| Amounts payable after more than one year | 17 | €31,000,000 | €30,000,000 | -€1.0m | -3.2% |
| Financial debts | 170/4 | €31,000,000 | €30,000,000 | -€1.0m | -3.2% |
| Credit institutions | 173 | €31,000,000 | €30,000,000 | -€1.0m | -3.2% |
| Amounts payable within one year | 42/48 | €21,636,007 | €105,866,159 | +€84.2m | +389.3% |
| Current portion of amounts payable after more than one year | 42 | €5,000,000 | €5,000,000 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,007,267 | €3,144,299 | +€1.1m | +56.6% |
| Suppliers | 440/4 | €2,007,267 | €3,144,299 | +€1.1m | +56.6% |
| Taxes, remuneration and social security | 45 | €102,790 | €262,940 | +€160,150 | +155.8% |
| Taxes | 450/3 | €19,551 | €3,813 | -€15,737 | -80.5% |
| Remuneration and social security | 454/9 | €83,240 | €259,126 | +€175,887 | +211.3% |
| Other amounts payable | 47/48 | €14,525,950 | €97,458,920 | +€82.9m | +570.9% |
| Accrued charges and deferred income | 492/3 | €2,874,694 | €698,929 | -€2.2m | -75.7% |
| Operating income | 70/76A | €9,337,622 | €9,092,304 | -€245,318 | -2.6% |
| Turnover | 70 | €9,325,902 | €9,075,773 | -€250,129 | -2.7% |
| Other operating income | 74 | €11,720 | €16,531 | +€4,810 | +41.0% |
| Operating charges | 60/66A | €11,080,242 | €21,784,854 | +€10.7m | +96.6% |
| Services and other goods | 61 | €8,724,209 | €8,335,604 | -€388,605 | -4.5% |
| Remuneration, social security and pensions | 62 | €852,985 | €943,037 | +€90,052 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,368,270 | €1,504,265 | +€135,995 | +9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,107,296 | +€7.1m | |
| Other operating charges | 640/8 | €7,717 | €9,418 | +€1,701 | +22.0% |
| Non-recurring operating charges | 66A | €127,061 | €3,885,235 | +€3.8m | +2957.8% |
| Operating profit (loss) | 9901 | -€1,742,619 | -€12,692,550 | -€10.9m | -628.4% |
| Financial income | 75/76B | €11,655,747 | €36,323,242 | +€24.7m | +211.6% |
| Recurring financial income | 75 | €11,655,747 | €19,719,195 | +€8.1m | +69.2% |
| Income from financial fixed assets | 750 | €7,355,836 | €14,909,721 | +€7.6m | +102.7% |
| Income from current assets | 751 | €717,727 | €269,733 | -€447,995 | -62.4% |
| Other financial income | 752/9 | €3,582,183 | €4,539,741 | +€957,558 | +26.7% |
| Non-recurring financial income | 76B | - | €16,604,047 | +€16.6m | |
| Financial charges | 65/66B | €3,020,725 | €50,554,715 | +€47.5m | +1573.6% |
| Recurring financial charges | 65 | €3,020,725 | €9,206,036 | +€6.2m | +204.8% |
| Debt charges | 650 | €2,831,153 | €4,267,048 | +€1.4m | +50.7% |
| Other financial charges | 652/9 | €189,572 | €4,938,988 | +€4.7m | +2505.3% |
| Non-recurring financial charges | 66B | - | €41,348,679 | +€41.3m | |
| Profit (loss) for the period before taxes | 9903 | €6,892,402 | -€26,924,024 | -€33.8m | |
| Income taxes | 67/77 | €1,176 | €213,329 | +€212,153 | +18035.2% |
| Taxes | 670/3 | €1,176 | €213,329 | +€212,153 | +18035.2% |
| Profit (loss) for the period | 9904 | €6,891,226 | -€27,137,353 | -€34.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €6,891,226 | -€27,137,353 | -€34.0m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.