MINAGRO: 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.
MINAGRO
Largest movements
- Intangible fixed assets +€163,840
up €163,840 (+32.9%), from €497,563 to €661,403
- Receivables within one year +€59,791
up €59,791 (+101%), from €59,368 to €119,159
of which Other amounts receivable: +€49,595
- Cash -€35,850
down €35,850 (-14.2%), from €253,082 to €217,233
mainly Investment in fixed assets (net) (-€317,395) and Net result for the year (-€202,311)
- Stocks and contracts +€14,752
up €14,752 (+32.1%), from €45,894 to €60,646
- Debts after one year +€308,333
up €308,333 (+123%), from €250,000 to €558,333
- Profit (loss) carried forward -€202,311
down €202,311 (-75.6%), from -€267,778 to -€470,088
- Investment grants +€136,584
up €136,584 (+119%), from €114,470 to €251,054
- Other debts -€75,824
down €75,824 (-99.8%), from €75,983 to €159
- Current portion of long-term debt +€41,667
up €41,667, from €0 to €41,667
- Staff costs +€83,605
up €83,605 (+84.6%), from €98,817 to €182,421
- Depreciation +€67,783
up €67,783 (+77.7%), from €87,248 to €155,031
- Gross operating margin +€40,123
up €40,123 (+55.5%), from €72,236 to €112,360
- Financial income +€30,483
up €30,483 (+178%), from €17,142 to €47,625
- Financial charges +€20,021
up €20,021 (+144%), from €13,947 to €33,967
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 | €881,464 | €1,081,911 | +€200,447 | +22.7% |
| Fixed assets | 21/28 | €517,762 | €680,126 | +€162,364 | +31.4% |
| Intangible fixed assets | 21 | €497,563 | €661,403 | +€163,840 | +32.9% |
| Tangible fixed assets | 22/27 | €12,305 | €10,775 | -€1,530 | -12.4% |
| Plant, machinery and equipment | 23 | €11,565 | €8,893 | -€2,672 | -23.1% |
| Furniture and vehicles | 24 | €740 | €1,882 | +€1,142 | +154% |
| Financial fixed assets | 28 | €7,895 | €7,948 | +€53 | +0.7% |
| Current assets | 29/58 | €363,702 | €401,785 | +€38,083 | +10.5% |
| Stocks and contracts in progress | 3 | €45,894 | €60,646 | +€14,752 | +32.1% |
| Stocks | 30/36 | €45,894 | €60,646 | +€14,752 | +32.1% |
| Amounts receivable within one year | 40/41 | €59,368 | €119,159 | +€59,791 | +101% |
| Trade receivables | 40 | €8,770 | €18,966 | +€10,196 | +116% |
| Other amounts receivable | 41 | €50,598 | €100,193 | +€49,595 | +98.0% |
| Cash at bank and in hand | 54/58 | €253,082 | €217,233 | -€35,850 | -14.2% |
| Deferred charges and accrued income | 490/1 | €5,357 | €4,747 | -€610 | -11.4% |
| Total equity and liabilities | 10/49 | €881,464 | €1,081,911 | +€200,447 | +22.7% |
| Equity | 10/15 | €426,230 | €373,849 | -€52,381 | -12.3% |
| Contributions | 10/11 | €579,538 | €592,883 | +€13,345 | +2.3% |
| Profit (loss) carried forward | 14 | -€267,778 | -€470,088 | -€202,311 | -75.6% |
| Investment grants | 15 | €114,470 | €251,054 | +€136,584 | +119% |
| Amounts payable | 17/49 | €455,234 | €708,062 | +€252,828 | +55.5% |
| Amounts payable after more than one year | 17 | €250,000 | €558,333 | +€308,333 | +123% |
| Financial debts | 170/4 | €250,000 | €558,333 | +€308,333 | +123% |
| Amounts payable within one year | 42/48 | €175,486 | €108,314 | -€67,172 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €41,667 | +€41,667 | |
| Trade debts | 44 | €82,362 | €41,320 | -€41,042 | -49.8% |
| Suppliers | 440/4 | €82,362 | €41,320 | -€41,042 | -49.8% |
| Taxes, remuneration and social security | 45 | €17,141 | €25,168 | +€8,028 | +46.8% |
| Taxes | 450/3 | €1,175 | €1,027 | -€148 | -12.6% |
| Remuneration and social security | 454/9 | €15,966 | €24,141 | +€8,175 | +51.2% |
| Other amounts payable | 47/48 | €75,983 | €159 | -€75,824 | -99.8% |
| Accrued charges and deferred income | 492/3 | €29,748 | €41,415 | +€11,667 | +39.2% |
| Remuneration, social security and pensions | 62 | €98,817 | €182,421 | +€83,605 | +84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,248 | €155,031 | +€67,783 | +77.7% |
| Other operating charges | 640/8 | €8,413 | €1,137 | -€7,275 | -86.5% |
| Gross operating margin | 9900 | €72,236 | €112,360 | +€40,123 | +55.5% |
| Operating profit (loss) | 9901 | -€122,241 | -€226,230 | -€103,990 | -85.1% |
| Financial income | 75/76B | €17,142 | €47,625 | +€30,483 | +178% |
| Recurring financial income | 75 | €17,142 | €47,625 | +€30,483 | +178% |
| Financial charges | 65/66B | €13,947 | €33,967 | +€20,021 | +144% |
| Recurring financial charges | 65 | €13,947 | €33,967 | +€20,021 | +144% |
| Profit (loss) for the period before taxes | 9903 | -€119,045 | -€212,572 | -€93,527 | -78.6% |
| Income taxes | 67/77 | -€28,161 | -€10,262 | +€17,900 | +63.6% |
| Profit (loss) for the period | 9904 | -€90,884 | -€202,311 | -€111,427 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,884 | -€202,311 | -€111,427 | -123% |
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 15 October 2026 via checked.be.