MINCKE STEFAN: 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.
MINCKE STEFAN
Largest movements
- Tangible fixed assets +€27,777
up €27,777 (+499%), from €5,571 to €33,348
of which Furniture and vehicles: +€29,407
- Cash +€27,024
up €27,024 (+245%), from €11,034 to €38,058
mainly Debts after one year (+€22,661) and Net result for the year (+€13,447)
- Stocks and contracts -€7,300
down €7,300 (-100%), from €7,300 to €0
of which Stocks: -€4,000
- Receivables within one year -€6,448
down €6,448 (-38.2%), from €16,871 to €10,423
of which Other amounts receivable: -€4,422
- Debts after one year +€22,661
new in 2025: €22,661
- Reserves +€13,338
up €13,338 (+38.5%), from €34,657 to €47,995
- Current portion of long-term debt +€5,496
new in 2025: €5,496
- Gross operating margin +€14,413
up €14,413 (+198%), from €7,266 to €21,679
- Taxes +€2,643
up €2,643 (+1,132%), from €233 to €2,877
- Depreciation +€606
up €606 (+32.8%), from €1,848 to €2,454
- Financial charges -€343
down €343 (-15.5%), from €2,214 to €1,872
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 | €42,356 | €83,925 | +€41,569 | +98.1% |
| Fixed assets | 21/28 | €5,571 | €33,348 | +€27,777 | +499% |
| Tangible fixed assets | 22/27 | €5,571 | €33,348 | +€27,777 | +499% |
| Plant, machinery and equipment | 23 | €4,805 | €3,175 | -€1,630 | -33.9% |
| Furniture and vehicles | 24 | €766 | €30,173 | +€29,407 | +3,839% |
| Current assets | 29/58 | €36,784 | €50,577 | +€13,792 | +37.5% |
| Stocks and contracts in progress | 3 | €7,300 | €0 | -€7,300 | -100% |
| Stocks | 30/36 | €4,000 | €0 | -€4,000 | -100% |
| Contracts in progress | 37 | €3,300 | €0 | -€3,300 | -100% |
| Amounts receivable within one year | 40/41 | €16,871 | €10,423 | -€6,448 | -38.2% |
| Trade receivables | 40 | €3,454 | €1,429 | -€2,025 | -58.6% |
| Other amounts receivable | 41 | €13,417 | €8,994 | -€4,422 | -33.0% |
| Cash at bank and in hand | 54/58 | €11,034 | €38,058 | +€27,024 | +245% |
| Deferred charges and accrued income | 490/1 | €1,579 | €2,095 | +€516 | +32.7% |
| Total equity and liabilities | 10/49 | €42,356 | €83,925 | +€41,569 | +98.1% |
| Equity | 10/15 | €40,857 | €54,195 | +€13,338 | +32.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,657 | €47,995 | +€13,338 | +38.5% |
| Distributable reserves | 133 | €34,657 | €47,995 | +€13,338 | +38.5% |
| Amounts payable | 17/49 | €1,499 | €29,730 | +€28,231 | +1,883% |
| Amounts payable after more than one year | 17 | - | €22,661 | +€22,661 | |
| Financial debts | 170/4 | - | €22,661 | +€22,661 | |
| Amounts payable within one year | 42/48 | €1,499 | €7,070 | +€5,570 | +372% |
| Current portion of amounts payable after more than one year | 42 | - | €5,496 | +€5,496 | |
| Trade debts | 44 | €823 | €25 | -€798 | -97.0% |
| Suppliers | 440/4 | €823 | €25 | -€798 | -97.0% |
| Taxes, remuneration and social security | 45 | €676 | €1,377 | +€701 | +104% |
| Taxes | 450/3 | €676 | €1,377 | +€701 | +104% |
| Other amounts payable | 47/48 | €0 | €172 | +€172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,848 | €2,454 | +€606 | +32.8% |
| Other operating charges | 640/8 | €1,282 | €1,316 | +€34 | +2.7% |
| Gross operating margin | 9900 | €7,266 | €21,679 | +€14,413 | +198% |
| Operating profit (loss) | 9901 | €4,136 | €17,909 | +€13,773 | +333% |
| Financial income | 75/76B | €249 | €286 | +€38 | +15.1% |
| Recurring financial income | 75 | €249 | €286 | +€38 | +15.1% |
| Financial charges | 65/66B | €2,214 | €1,872 | -€343 | -15.5% |
| Recurring financial charges | 65 | €2,214 | €1,872 | -€343 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €2,170 | €16,324 | +€14,153 | +652% |
| Income taxes | 67/77 | €233 | €2,877 | +€2,643 | +1,132% |
| Profit (loss) for the period | 9904 | €1,937 | €13,447 | +€11,510 | +594% |
| Profit (loss) for the period to be appropriated | 9905 | €1,937 | €13,447 | +€11,510 | +594% |
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 30 October 2026 via checked.be.