MinDCet: 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.
MinDCet
Largest movements
- Receivables within one year +€411,743
up €411,743 (+68.9%), from €597,233 to €1.0m
of which Trade receivables: +€607,078
- Tangible fixed assets -€166,959
down €166,959 (-19.8%), from €843,696 to €676,737
of which Plant, machinery and equipment: -€136,959
- Intangible fixed assets -€126,574
down €126,574 (-6.0%), from €2.1m to €2.0m
- Deferred charges and accrued income -€54,329
down €54,329 (-9.4%), from €575,743 to €521,414
- Cash -€49,425
down €49,425 (-33.9%), from €145,848 to €96,423
mainly Investment in fixed assets (net) (-€751,324) and Short-term financial debts (-€423,485)
- Short-term financial debts -€423,485
down €423,485 (-51.0%), from €829,735 to €406,250
- Accrued charges and deferred income +€408,094
up €408,094 (+29566.5%), from €1,380 to €409,474
- Debts after one year -€269,341
down €269,341 (-100.0%), from €269,341 to €0
- Current portion of long-term debt +€234,013
up €234,013 (+662.4%), from €35,328 to €269,341
- Investment grants -€179,935
down €179,935 (-31.9%), from €563,889 to €383,954
- Gross operating margin +€239,409
up €239,409 (+11.0%), from €2.2m to €2.4m
- Depreciation +€73,055
up €73,055 (+7.5%), from €971,802 to €1.0m
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 | €4,398,463 | €4,430,995 | +€32,532 | +0.7% |
| Fixed assets | 21/28 | €2,950,758 | €2,657,226 | -€293,532 | -9.9% |
| Intangible fixed assets | 21 | €2,107,062 | €1,980,489 | -€126,574 | -6.0% |
| Tangible fixed assets | 22/27 | €843,696 | €676,737 | -€166,959 | -19.8% |
| Plant, machinery and equipment | 23 | €756,499 | €619,540 | -€136,959 | -18.1% |
| Furniture and vehicles | 24 | €51,763 | €35,837 | -€15,926 | -30.8% |
| Other tangible fixed assets | 26 | €35,433 | €21,360 | -€14,073 | -39.7% |
| Current assets | 29/58 | €1,447,705 | €1,773,769 | +€326,064 | +22.5% |
| Amounts receivable after more than one year | 29 | €128,882 | €146,956 | +€18,075 | +14.0% |
| Other amounts receivable | 291 | €128,882 | €146,956 | +€18,075 | +14.0% |
| Amounts receivable within one year | 40/41 | €597,233 | €1,008,976 | +€411,743 | +68.9% |
| Trade receivables | 40 | €147,200 | €754,278 | +€607,078 | +412.4% |
| Other amounts receivable | 41 | €450,033 | €254,698 | -€195,335 | -43.4% |
| Cash at bank and in hand | 54/58 | €145,848 | €96,423 | -€49,425 | -33.9% |
| Deferred charges and accrued income | 490/1 | €575,743 | €521,414 | -€54,329 | -9.4% |
| Total equity and liabilities | 10/49 | €4,398,463 | €4,430,995 | +€32,532 | +0.7% |
| Equity | 10/15 | €2,865,502 | €2,839,542 | -€25,961 | -0.9% |
| Contributions | 10/11 | €1,211,064 | €1,211,064 | = | 0.0% |
| Capital | 10 | €1,211,064 | €1,211,064 | = | 0.0% |
| Issued capital | 100 | €1,211,064 | €1,211,064 | = | 0.0% |
| Reserves | 13 | €48,556 | €56,255 | +€7,699 | +15.9% |
| Non-distributable reserves | 130/1 | €48,556 | €56,255 | +€7,699 | +15.9% |
| Legal reserve | 130 | €48,556 | €56,255 | +€7,699 | +15.9% |
| Profit (loss) carried forward | 14 | €1,041,994 | €1,188,269 | +€146,276 | +14.0% |
| Investment grants | 15 | €563,889 | €383,954 | -€179,935 | -31.9% |
| Provisions and deferred taxes | 16 | €121,694 | €82,962 | -€38,732 | -31.8% |
| Deferred taxes | 168 | €121,694 | €82,962 | -€38,732 | -31.8% |
| Amounts payable | 17/49 | €1,411,267 | €1,508,491 | +€97,224 | +6.9% |
| Amounts payable after more than one year | 17 | €269,341 | €0 | -€269,341 | -100.0% |
| Financial debts | 170/4 | €269,341 | €0 | -€269,341 | -100.0% |
| Amounts payable within one year | 42/48 | €1,140,546 | €1,099,017 | -€41,529 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €35,328 | €269,341 | +€234,013 | +662.4% |
| Financial debts | 43 | €829,735 | €406,250 | -€423,485 | -51.0% |
| Credit institutions | 430/8 | €829,735 | €406,250 | -€423,485 | -51.0% |
| Trade debts | 44 | €95,706 | €193,011 | +€97,305 | +101.7% |
| Suppliers | 440/4 | €95,706 | €193,011 | +€97,305 | +101.7% |
| Taxes, remuneration and social security | 45 | €178,542 | €226,313 | +€47,771 | +26.8% |
| Taxes | 450/3 | €21,661 | €19,980 | -€1,681 | -7.8% |
| Remuneration and social security | 454/9 | €156,881 | €206,333 | +€49,452 | +31.5% |
| Other amounts payable | 47/48 | €1,235 | €4,102 | +€2,867 | +232.2% |
| Accrued charges and deferred income | 492/3 | €1,380 | €409,474 | +€408,094 | +29566.5% |
| Remuneration, social security and pensions | 62 | €1,390,579 | €1,372,756 | -€17,823 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €971,802 | €1,044,856 | +€73,055 | +7.5% |
| Other operating charges | 640/8 | €11,327 | €2,340 | -€8,987 | -79.3% |
| Non-recurring operating charges | 66A | - | €9,937 | +€9,937 | |
| Gross operating margin | 9900 | €2,175,444 | €2,414,853 | +€239,409 | +11.0% |
| Operating profit (loss) | 9901 | -€198,264 | -€15,037 | +€183,227 | +92.4% |
| Financial income | 75/76B | €192,690 | €180,758 | -€11,933 | -6.2% |
| Recurring financial income | 75 | €192,690 | €180,758 | -€11,933 | -6.2% |
| Financial charges | 65/66B | €58,040 | €68,553 | +€10,513 | +18.1% |
| Recurring financial charges | 65 | €58,040 | €68,553 | +€10,513 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | -€63,614 | €97,168 | +€160,782 | |
| Transfer from deferred taxes | 780 | €35,075 | €38,732 | +€3,657 | +10.4% |
| Income taxes | 67/77 | -€40,204 | -€18,075 | +€22,129 | +55.0% |
| Profit (loss) for the period | 9904 | €11,665 | €153,974 | +€142,309 | +1220.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,665 | €153,974 | +€142,309 | +1220.0% |
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 5 October 2026 via checked.be.