MINAKO: 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.
MINAKO
Largest movements
- Receivables within one year -€84,272
down €84,272 (-91.1%), from €92,489 to €8,217
of which Other amounts receivable: -€42,617
- Cash -€3,453
down €3,453 (-14.0%), from €24,731 to €21,278
mainly Net result for the year (-€90,557) and Trade debts (-€7,174)
- Tangible fixed assets +€3,240
up €3,240 (+49.6%), from €6,537 to €9,777
of which Furniture and vehicles: +€3,990
- Reserves -€409,475
down €409,475 (-97.4%), from €420,213 to €10,738
of which Tax-exempt reserves: -€409,475
- Profit (loss) carried forward +€318,918
up €318,918, from -€255,624 to €63,294
- Tax, wage and social debts +€13,246
up €13,246 (+217%), from €6,112 to €19,358
of which Taxes: +€10,279
- Trade debts -€7,174
down €7,174 (-25.6%), from €28,056 to €20,882
- Taxes +€38,022
up €38,022 (+6,647%), from €572 to €38,594
- Gross operating margin +€15,277
up €15,277 (+24.8%), from -€61,636 to -€46,359
- Depreciation -€2,708
down €2,708 (-78.3%), from €3,458 to €750
- Staff costs -€2,076
no longer reported in 2025 (was €2,076)
- Other operating charges +€874
up €874 (+28.7%), from €3,044 to €3,918
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 | €298,757 | €214,272 | -€84,485 | -28.3% |
| Fixed assets | 21/28 | €56,537 | €59,777 | +€3,240 | +5.7% |
| Tangible fixed assets | 22/27 | €6,537 | €9,777 | +€3,240 | +49.6% |
| Plant, machinery and equipment | 23 | €2,250 | €1,500 | -€750 | -33.3% |
| Furniture and vehicles | 24 | €4,287 | €8,277 | +€3,990 | +93.1% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €242,220 | €154,495 | -€87,725 | -36.2% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €92,489 | €8,217 | -€84,272 | -91.1% |
| Trade receivables | 40 | €46,722 | €5,067 | -€41,655 | -89.2% |
| Other amounts receivable | 41 | €45,767 | €3,150 | -€42,617 | -93.1% |
| Cash at bank and in hand | 54/58 | €24,731 | €21,278 | -€3,453 | -14.0% |
| Total equity and liabilities | 10/49 | €298,757 | €214,272 | -€84,485 | -28.3% |
| Equity | 10/15 | €264,589 | €174,032 | -€90,557 | -34.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €420,213 | €10,738 | -€409,475 | -97.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €409,475 | - | -€409,475 | |
| Distributable reserves | 133 | €738 | €738 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€255,624 | €63,294 | +€318,918 | |
| Amounts payable | 17/49 | €34,168 | €40,240 | +€6,072 | +17.8% |
| Amounts payable within one year | 42/48 | €34,168 | €40,240 | +€6,072 | +17.8% |
| Trade debts | 44 | €28,056 | €20,882 | -€7,174 | -25.6% |
| Suppliers | 440/4 | €28,056 | €20,882 | -€7,174 | -25.6% |
| Taxes, remuneration and social security | 45 | €6,112 | €19,358 | +€13,246 | +217% |
| Taxes | 450/3 | €4,621 | €14,900 | +€10,279 | +222% |
| Remuneration and social security | 454/9 | €1,491 | €4,458 | +€2,967 | +199% |
| Non-recurring operating income | 76A | - | €2,013 | +€2,013 | |
| Remuneration, social security and pensions | 62 | €2,076 | - | -€2,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,458 | €750 | -€2,708 | -78.3% |
| Other operating charges | 640/8 | €3,044 | €3,918 | +€874 | +28.7% |
| Gross operating margin | 9900 | -€61,636 | -€46,359 | +€15,277 | +24.8% |
| Operating profit (loss) | 9901 | -€70,214 | -€51,027 | +€19,187 | +27.3% |
| Financial income | 75/76B | €57 | €336 | +€279 | +489% |
| Recurring financial income | 75 | €57 | €336 | +€279 | +489% |
| Financial charges | 65/66B | €612 | €1,272 | +€660 | +108% |
| Recurring financial charges | 65 | €612 | €1,272 | +€660 | +108% |
| Profit (loss) for the period before taxes | 9903 | -€70,769 | -€51,963 | +€18,806 | +26.6% |
| Income taxes | 67/77 | €572 | €38,594 | +€38,022 | +6,647% |
| Profit (loss) for the period | 9904 | -€71,341 | -€90,557 | -€19,216 | -26.9% |
| Transfer from tax-exempt reserves | 789 | - | €409,475 | +€409,475 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,341 | €318,918 | +€390,259 |
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 14 October 2026 via checked.be.