MINAKS: 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.
MINAKS
Largest movements
- Tangible fixed assets -€6,037
down €6,037 (-10.5%), from €57,604 to €51,567
of which Furniture and vehicles: -€17,034
- Receivables within one year -€2,553
down €2,553 (-17.8%), from €14,358 to €11,804
of which Trade receivables: -€3,810
- Other debts +€53,199
up €53,199 (+190.4%), from €27,939 to €81,138
- Reserves -€50,492
down €50,492 (-75.6%), from €66,764 to €16,272
- Tax, wage and social debts -€6,757
down €6,757 (-33.1%), from €20,416 to €13,659
of which Taxes: -€9,149
- Debts after one year -€5,938
down €5,938 (-29.5%), from €20,123 to €14,185
- Trade debts +€2,010
up €2,010 (+219.5%), from €916 to €2,926
- Gross operating margin +€8,414
up €8,414 (+21.9%), from €38,337 to €46,751
- Depreciation +€4,793
up €4,793 (+29.9%), from €16,050 to €20,843
- Taxes +€604
up €604 (+12.5%), from €4,848 to €5,452
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 | €144,382 | €136,619 | -€7,763 | -5.4% |
| Fixed assets | 21/28 | €57,604 | €51,567 | -€6,037 | -10.5% |
| Tangible fixed assets | 22/27 | €57,604 | €51,567 | -€6,037 | -10.5% |
| Plant, machinery and equipment | 23 | €2,782 | €13,779 | +€10,997 | +395.3% |
| Furniture and vehicles | 24 | €54,822 | €37,788 | -€17,034 | -31.1% |
| Current assets | 29/58 | €86,778 | €85,051 | -€1,727 | -2.0% |
| Amounts receivable within one year | 40/41 | €14,358 | €11,804 | -€2,553 | -17.8% |
| Trade receivables | 40 | €14,358 | €10,547 | -€3,810 | -26.5% |
| Other amounts receivable | 41 | - | €1,257 | +€1,257 | |
| Cash at bank and in hand | 54/58 | €72,421 | €73,247 | +€827 | +1.1% |
| Total equity and liabilities | 10/49 | €144,382 | €136,619 | -€7,763 | -5.4% |
| Equity | 10/15 | €69,264 | €18,772 | -€50,492 | -72.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €66,764 | €16,272 | -€50,492 | -75.6% |
| Distributable reserves | 133 | €66,764 | €16,272 | -€50,492 | -75.6% |
| Amounts payable | 17/49 | €75,118 | €117,846 | +€42,728 | +56.9% |
| Amounts payable after more than one year | 17 | €20,123 | €14,185 | -€5,938 | -29.5% |
| Financial debts | 170/4 | €20,123 | €14,185 | -€5,938 | -29.5% |
| Amounts payable within one year | 42/48 | €54,995 | €103,661 | +€48,666 | +88.5% |
| Current portion of amounts payable after more than one year | 42 | €5,724 | €5,938 | +€214 | +3.7% |
| Trade debts | 44 | €916 | €2,926 | +€2,010 | +219.5% |
| Suppliers | 440/4 | €916 | €2,926 | +€2,010 | +219.5% |
| Taxes, remuneration and social security | 45 | €20,416 | €13,659 | -€6,757 | -33.1% |
| Taxes | 450/3 | €20,416 | €11,268 | -€9,149 | -44.8% |
| Remuneration and social security | 454/9 | - | €2,392 | +€2,392 | |
| Other amounts payable | 47/48 | €27,939 | €81,138 | +€53,199 | +190.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,050 | €20,843 | +€4,793 | +29.9% |
| Other operating charges | 640/8 | €501 | €433 | -€67 | -13.5% |
| Gross operating margin | 9900 | €38,337 | €46,751 | +€8,414 | +21.9% |
| Operating profit (loss) | 9901 | €21,787 | €25,475 | +€3,688 | +16.9% |
| Financial income | 75/76B | €360 | €363 | +€3 | +0.9% |
| Recurring financial income | 75 | €360 | €363 | +€3 | +0.9% |
| Financial charges | 65/66B | €956 | €1,014 | +€58 | +6.1% |
| Recurring financial charges | 65 | €956 | €1,014 | +€58 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €21,191 | €24,824 | +€3,633 | +17.1% |
| Income taxes | 67/77 | €4,848 | €5,452 | +€604 | +12.5% |
| Profit (loss) for the period | 9904 | €16,343 | €19,372 | +€3,029 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,343 | €19,372 | +€3,029 | +18.5% |
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 11 October 2026 via checked.be.