Minamo: 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.
Minamo
Largest movements
- Receivables within one year +€29,128
up €29,128 (+208%), from €13,973 to €43,101
of which Trade receivables: +€26,538
- Deferred charges and accrued income +€15,939
up €15,939 (+844%), from €1,889 to €17,828
- Tangible fixed assets -€3,920
down €3,920 (-9.1%), from €43,021 to €39,100
- Cash +€3,847
up €3,847 (+153%), from €2,514 to €6,360
mainly Current portion of long-term debt (+€18,335) and Tax, wage and social debts (+€17,446)
- Current portion of long-term debt +€18,335
up €18,335 (+231%), from €7,953 to €26,288
- Tax, wage and social debts +€17,446
up €17,446 (+335%), from €5,214 to €22,660
of which Remuneration and social security: +€9,773
- Debts after one year +€7,719
up €7,719 (+31.7%), from €24,323 to €32,042
- Trade debts +€6,691
up €6,691 (+150%), from €4,448 to €11,140
- Short-term financial debts -€5,052
no longer reported in 2025 (was €5,052)
- Staff costs +€38,532
up €38,532 (+3,111%), from €1,239 to €39,771
- Gross operating margin +€38,043
up €38,043 (+158%), from €24,006 to €62,049
- Financial charges +€1,703
up €1,703 (+85.5%), from €1,992 to €3,695
- Depreciation +€761
up €761 (+6.2%), from €12,358 to €13,119
- Other operating charges +€737
up €737 (+79.7%), from €925 to €1,661
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 | €61,396 | €106,390 | +€44,993 | +73.3% |
| Fixed assets | 21/28 | €43,021 | €39,100 | -€3,920 | -9.1% |
| Tangible fixed assets | 22/27 | €43,021 | €39,100 | -€3,920 | -9.1% |
| Furniture and vehicles | 24 | €43,021 | €39,100 | -€3,920 | -9.1% |
| Current assets | 29/58 | €18,376 | €67,289 | +€48,913 | +266% |
| Amounts receivable within one year | 40/41 | €13,973 | €43,101 | +€29,128 | +208% |
| Trade receivables | 40 | €5,159 | €31,697 | +€26,538 | +514% |
| Other amounts receivable | 41 | €8,814 | €11,403 | +€2,589 | +29.4% |
| Cash at bank and in hand | 54/58 | €2,514 | €6,360 | +€3,847 | +153% |
| Deferred charges and accrued income | 490/1 | €1,889 | €17,828 | +€15,939 | +844% |
| Total equity and liabilities | 10/49 | €61,396 | €106,390 | +€44,993 | +73.3% |
| Equity | 10/15 | €3,947 | €3,967 | +€21 | +0.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €3,447 | €3,467 | +€21 | +0.6% |
| Distributable reserves | 133 | €3,447 | €3,467 | +€21 | +0.6% |
| Amounts payable | 17/49 | €57,449 | €102,422 | +€44,973 | +78.3% |
| Amounts payable after more than one year | 17 | €24,323 | €32,042 | +€7,719 | +31.7% |
| Financial debts | 170/4 | €24,323 | €32,042 | +€7,719 | +31.7% |
| Amounts payable within one year | 42/48 | €31,174 | €66,041 | +€34,867 | +112% |
| Current portion of amounts payable after more than one year | 42 | €7,953 | €26,288 | +€18,335 | +231% |
| Financial debts | 43 | €5,052 | - | -€5,052 | |
| Credit institutions | 430/8 | €5,052 | - | -€5,052 | |
| Trade debts | 44 | €4,448 | €11,140 | +€6,691 | +150% |
| Suppliers | 440/4 | €4,448 | €11,140 | +€6,691 | +150% |
| Taxes, remuneration and social security | 45 | €5,214 | €22,660 | +€17,446 | +335% |
| Taxes | 450/3 | €5,169 | €12,842 | +€7,673 | +148% |
| Remuneration and social security | 454/9 | €44 | €9,818 | +€9,773 | +22,042% |
| Other amounts payable | 47/48 | €8,508 | €5,954 | -€2,553 | -30.0% |
| Accrued charges and deferred income | 492/3 | €1,952 | €4,339 | +€2,387 | +122% |
| Non-recurring operating income | 76A | - | €307 | +€307 | |
| Remuneration, social security and pensions | 62 | €1,239 | €39,771 | +€38,532 | +3,111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,358 | €13,119 | +€761 | +6.2% |
| Other operating charges | 640/8 | €925 | €1,661 | +€737 | +79.7% |
| Gross operating margin | 9900 | €24,006 | €62,049 | +€38,043 | +158% |
| Operating profit (loss) | 9901 | €9,484 | €7,498 | -€1,987 | -20.9% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €1,992 | €3,695 | +€1,703 | +85.5% |
| Recurring financial charges | 65 | €1,992 | €3,695 | +€1,703 | +85.5% |
| Profit (loss) for the period before taxes | 9903 | €7,492 | €3,806 | -€3,686 | -49.2% |
| Income taxes | 67/77 | €3,186 | €3,785 | +€599 | +18.8% |
| Profit (loss) for the period | 9904 | €4,306 | €21 | -€4,285 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,306 | €21 | -€4,285 | -99.5% |
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 17 October 2026 via checked.be.