Minard: 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.
Minard
Largest movements
- Cash -€49,158
down €49,158 (-9.1%), from €538,744 to €489,586
mainly Debts within one year (-€53,123) and Investment in fixed assets (net) (-€34,009)
- Receivables within one year +€9,195
up €9,195 (+45.2%), from €20,335 to €29,530
of which Trade receivables: +€7,437
- Financial fixed assets -€7,500
down €7,500 (-100.0%), from €7,500 to €0
- Debts within one year -€53,123
down €53,123 (-33.6%), from €158,009 to €104,886
- Gross operating margin +€25,552
up €25,552 (+4.1%), from €619,610 to €645,162
- Staff costs +€20,139
up €20,139 (+3.5%), from €571,856 to €591,994
- Depreciation +€10,527
up €10,527 (+27.8%), from €37,904 to €48,430
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 | €696,308 | €647,990 | -€48,319 | -6.9% |
| Fixed assets | 21/28 | €119,637 | €105,216 | -€14,421 | -12.1% |
| Tangible fixed assets | 22/27 | €112,137 | €105,216 | -€6,921 | -6.2% |
| Plant, machinery and equipment | 23 | €84,590 | €89,138 | +€4,548 | +5.4% |
| Furniture and vehicles | 24 | €19,637 | €9,435 | -€10,203 | -52.0% |
| Other tangible fixed assets | 26 | €7,910 | €6,643 | -€1,267 | -16.0% |
| Financial fixed assets | 28 | €7,500 | €0 | -€7,500 | -100.0% |
| Current assets | 29/58 | €576,671 | €542,774 | -€33,897 | -5.9% |
| Stocks and contracts in progress | 3 | €13,600 | €12,996 | -€604 | -4.4% |
| Stocks | 30/36 | €13,600 | €12,996 | -€604 | -4.4% |
| Amounts receivable within one year | 40/41 | €20,335 | €29,530 | +€9,195 | +45.2% |
| Trade receivables | 40 | €16,738 | €24,175 | +€7,437 | +44.4% |
| Other amounts receivable | 41 | €3,597 | €5,355 | +€1,758 | +48.9% |
| Cash at bank and in hand | 54/58 | €538,744 | €489,586 | -€49,158 | -9.1% |
| Deferred charges and accrued income | 490/1 | €3,993 | €10,662 | +€6,669 | +167.0% |
| Total equity and liabilities | 10/49 | €696,308 | €647,990 | -€48,319 | -6.9% |
| Equity | 10/15 | €381,020 | €385,824 | +€4,804 | +1.3% |
| Reserves | 13 | €9,845 | €15,000 | +€5,155 | +52.4% |
| Profit (loss) carried forward | 14 | €371,175 | €370,824 | -€351 | -0.1% |
| Provisions and deferred taxes | 16 | €157,279 | €157,279 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €157,279 | €157,279 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,000 | €40,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €117,279 | €117,279 | = | 0.0% |
| Amounts payable | 17/49 | €158,009 | €104,886 | -€53,123 | -33.6% |
| Amounts payable within one year | 42/48 | €158,009 | €104,886 | -€53,123 | -33.6% |
| Trade debts | 44 | €46,152 | €30,670 | -€15,482 | -33.5% |
| Suppliers | 440/4 | €46,152 | €30,670 | -€15,482 | -33.5% |
| Taxes, remuneration and social security | 45 | €87,669 | €67,664 | -€20,005 | -22.8% |
| Taxes | 450/3 | €13,239 | €11,750 | -€1,489 | -11.2% |
| Remuneration and social security | 454/9 | €74,430 | €55,914 | -€18,516 | -24.9% |
| Remuneration, social security and pensions | 62 | €571,856 | €591,994 | +€20,139 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,904 | €48,430 | +€10,527 | +27.8% |
| Other operating charges | 640/8 | €2,242 | €2,295 | +€53 | +2.4% |
| Non-recurring operating charges | 66A | €0 | €522 | +€522 | |
| Gross operating margin | 9900 | €619,610 | €645,162 | +€25,552 | +4.1% |
| Operating profit (loss) | 9901 | €13,988 | €1,921 | -€12,068 | -86.3% |
| Financial income | 75/76B | €6,018 | €4,873 | -€1,145 | -19.0% |
| Recurring financial income | 75 | €6,018 | €4,873 | -€1,145 | -19.0% |
| Financial charges | 65/66B | €1,330 | €717 | -€613 | -46.1% |
| Recurring financial charges | 65 | €1,330 | €717 | -€613 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €18,676 | €6,076 | -€12,600 | -67.5% |
| Income taxes | 67/77 | - | €1,272 | +€1,272 | |
| Profit (loss) for the period | 9904 | €18,676 | €4,804 | -€13,872 | -74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,676 | €4,804 | -€13,872 | -74.3% |
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 10 October 2026 via checked.be.