MINARS: what changed
Two fiscal 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.
MINARS
Largest movements
- Receivables within one year +€31,952
up €31,952 (+366.7%), from €8,712 to €40,664
of which Trade receivables: +€31,763
- Tangible fixed assets +€30,669
up €30,669 (+600.6%), from €5,107 to €35,775
of which Furniture and vehicles: +€26,636
- Cash -€24,524
down €24,524 (-55.7%), from €44,067 to €19,543
mainly Investment in fixed assets (net) (-€38,226) and Receivables within one year (-€31,952)
- Stocks and contracts +€4,000
up €4,000 (+162.6%), from €2,460 to €6,460
- Trade debts +€35,201
up €35,201 (+390.2%), from €9,021 to €44,222
- Other debts +€19,040
up €19,040 (+39585.1%), from €48 to €19,089
- Profit (loss) carried forward -€17,397
down €17,397 (-71.8%), from €24,237 to €6,840
- Current portion of long-term debt +€2,600
new in 2025: €2,600
- Tax, wage and social debts +€1,679
up €1,679 (+20.0%), from €8,379 to €10,058
of which Remuneration and social security: +€2,691
- Gross operating margin -€26,947
down €26,947, from €24,073 to -€2,874
- Depreciation +€6,838
up €6,838 (+950.0%), from €720 to €7,558
- Taxes -€4,668
down €4,668 (-96.1%), from €4,859 to €192
- Financial charges +€4,237
up €4,237 (+364.9%), from €1,161 to €5,398
- Other operating charges +€443
up €443 (+47.5%), from €933 to €1,376
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 | €61,369 | €102,492 | +€41,123 | +67.0% |
| Fixed assets | 21/28 | €5,107 | €35,775 | +€30,669 | +600.6% |
| Tangible fixed assets | 22/27 | €5,107 | €35,775 | +€30,669 | +600.6% |
| Plant, machinery and equipment | 23 | €5,107 | €9,140 | +€4,033 | +79.0% |
| Furniture and vehicles | 24 | - | €26,636 | +€26,636 | |
| Current assets | 29/58 | €56,263 | €66,717 | +€10,454 | +18.6% |
| Stocks and contracts in progress | 3 | €2,460 | €6,460 | +€4,000 | +162.6% |
| Stocks | 30/36 | €2,460 | €6,460 | +€4,000 | +162.6% |
| Amounts receivable within one year | 40/41 | €8,712 | €40,664 | +€31,952 | +366.7% |
| Trade receivables | 40 | €7,662 | €39,425 | +€31,763 | +414.5% |
| Other amounts receivable | 41 | €1,050 | €1,238 | +€188 | +17.9% |
| Cash at bank and in hand | 54/58 | €44,067 | €19,543 | -€24,524 | -55.7% |
| Deferred charges and accrued income | 490/1 | €1,024 | €50 | -€974 | -95.1% |
| Total equity and liabilities | 10/49 | €61,369 | €102,492 | +€41,123 | +67.0% |
| Equity | 10/15 | €43,921 | €26,524 | -€17,397 | -39.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,084 | €1,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,084 | €1,084 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,084 | €1,084 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,237 | €6,840 | -€17,397 | -71.8% |
| Amounts payable | 17/49 | €17,449 | €75,968 | +€58,520 | +335.4% |
| Amounts payable within one year | 42/48 | €17,449 | €75,968 | +€58,520 | +335.4% |
| Current portion of amounts payable after more than one year | 42 | - | €2,600 | +€2,600 | |
| Trade debts | 44 | €9,021 | €44,222 | +€35,201 | +390.2% |
| Suppliers | 440/4 | €9,021 | €44,222 | +€35,201 | +390.2% |
| Taxes, remuneration and social security | 45 | €8,379 | €10,058 | +€1,679 | +20.0% |
| Taxes | 450/3 | €6,636 | €5,623 | -€1,012 | -15.3% |
| Remuneration and social security | 454/9 | €1,744 | €4,435 | +€2,691 | +154.3% |
| Other amounts payable | 47/48 | €48 | €19,089 | +€19,040 | +39585.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €720 | €7,558 | +€6,838 | +950.0% |
| Other operating charges | 640/8 | €933 | €1,376 | +€443 | +47.5% |
| Gross operating margin | 9900 | €24,073 | -€2,874 | -€26,947 | |
| Operating profit (loss) | 9901 | €22,420 | -€11,808 | -€34,228 | |
| Financial income | 75/76B | €27 | €0 | -€27 | -99.6% |
| Recurring financial income | 75 | €27 | €0 | -€27 | -99.6% |
| Financial charges | 65/66B | €1,161 | €5,398 | +€4,237 | +364.9% |
| Recurring financial charges | 65 | €1,161 | €5,398 | +€4,237 | +364.9% |
| Profit (loss) for the period before taxes | 9903 | €21,287 | -€17,205 | -€38,492 | |
| Income taxes | 67/77 | €4,859 | €192 | -€4,668 | -96.1% |
| Profit (loss) for the period | 9904 | €16,427 | -€17,397 | -€33,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,427 | -€17,397 | -€33,824 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.