MIND4Z: 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.
MIND4Z
Largest movements
- Tangible fixed assets +€83,308
up €83,308 (+53.9%), from €154,523 to €237,831
of which Land and buildings: +€54,592
- Cash -€20,757
down €20,757 (-53.0%), from €39,159 to €18,402
mainly Investment in fixed assets (net) (-€97,876) and Other debts (-€7,195)
- Receivables within one year -€8,873
down €8,873 (-18.1%), from €48,897 to €40,024
of which Other amounts receivable: -€10,583
- Reserves +€36,856
up €36,856 (+18.1%), from €203,330 to €240,186
- Debts after one year +€14,587
up €14,587 (+44.0%), from €33,140 to €47,727
- Current portion of long-term debt +€10,837
new in 2025: €10,837
- Other debts -€7,195
down €7,195 (-97.2%), from €7,404 to €209
- Gross operating margin -€11,863
down €11,863 (-14.3%), from €83,159 to €71,296
- Depreciation +€6,505
up €6,505 (+80.7%), from €8,063 to €14,568
- Taxes -€2,401
down €2,401 (-12.9%), from €18,624 to €16,224
- Other operating charges +€1,822
up €1,822 (+329%), from €554 to €2,376
- Financial charges +€1,051
up €1,051 (+406%), from €259 to €1,310
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 | €271,898 | €326,156 | +€54,258 | +20.0% |
| Fixed assets | 21/28 | €154,523 | €237,831 | +€83,308 | +53.9% |
| Tangible fixed assets | 22/27 | €154,523 | €237,831 | +€83,308 | +53.9% |
| Land and buildings | 22 | €151,365 | €205,956 | +€54,592 | +36.1% |
| Plant, machinery and equipment | 23 | €2,148 | €3,891 | +€1,743 | +81.2% |
| Furniture and vehicles | 24 | €1,011 | €27,984 | +€26,973 | +2,668% |
| Current assets | 29/58 | €117,375 | €88,325 | -€29,050 | -24.7% |
| Amounts receivable within one year | 40/41 | €48,897 | €40,024 | -€8,873 | -18.1% |
| Trade receivables | 40 | €33,154 | €34,865 | +€1,710 | +5.2% |
| Other amounts receivable | 41 | €15,743 | €5,159 | -€10,583 | -67.2% |
| Current investments | 50/53 | €27,649 | €27,649 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,159 | €18,402 | -€20,757 | -53.0% |
| Deferred charges and accrued income | 490/1 | €1,670 | €2,250 | +€580 | +34.7% |
| Total equity and liabilities | 10/49 | €271,898 | €326,156 | +€54,258 | +20.0% |
| Equity | 10/15 | €214,530 | €251,386 | +€36,856 | +17.2% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €203,330 | €240,186 | +€36,856 | +18.1% |
| Distributable reserves | 133 | €203,330 | €240,186 | +€36,856 | +18.1% |
| Amounts payable | 17/49 | €57,368 | €74,770 | +€17,402 | +30.3% |
| Amounts payable after more than one year | 17 | €33,140 | €47,727 | +€14,587 | +44.0% |
| Financial debts | 170/4 | €33,140 | €47,727 | +€14,587 | +44.0% |
| Amounts payable within one year | 42/48 | €24,182 | €27,043 | +€2,861 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,837 | +€10,837 | |
| Trade debts | 44 | €2,603 | €3,886 | +€1,283 | +49.3% |
| Suppliers | 440/4 | €2,603 | €3,886 | +€1,283 | +49.3% |
| Taxes, remuneration and social security | 45 | €14,175 | €12,112 | -€2,063 | -14.6% |
| Taxes | 450/3 | €11,094 | €9,072 | -€2,022 | -18.2% |
| Remuneration and social security | 454/9 | €3,081 | €3,040 | -€41 | -1.3% |
| Other amounts payable | 47/48 | €7,404 | €209 | -€7,195 | -97.2% |
| Accrued charges and deferred income | 492/3 | €47 | - | -€47 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,063 | €14,568 | +€6,505 | +80.7% |
| Other operating charges | 640/8 | €554 | €2,376 | +€1,822 | +329% |
| Gross operating margin | 9900 | €83,159 | €71,296 | -€11,863 | -14.3% |
| Operating profit (loss) | 9901 | €74,541 | €54,352 | -€20,190 | -27.1% |
| Financial income | 75/76B | €369 | €38 | -€330 | -89.7% |
| Recurring financial income | 75 | €369 | €38 | -€330 | -89.7% |
| Financial charges | 65/66B | €259 | €1,310 | +€1,051 | +406% |
| Recurring financial charges | 65 | €259 | €1,310 | +€1,051 | +406% |
| Profit (loss) for the period before taxes | 9903 | €74,651 | €53,080 | -€21,571 | -28.9% |
| Income taxes | 67/77 | €18,624 | €16,224 | -€2,401 | -12.9% |
| Profit (loss) for the period | 9904 | €56,027 | €36,856 | -€19,171 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,027 | €36,856 | -€19,171 | -34.2% |
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 15 October 2026 via checked.be.