MINDSHIFT: 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.
MINDSHIFT
Largest movements
- Receivables within one year +€40,605
up €40,605 (+97.8%), from €41,516 to €82,120
of which Other amounts receivable: +€22,916
- Current investments +€36,133
up €36,133 (+12.3%), from €293,925 to €330,058
- Cash -€24,270
down €24,270 (-47.7%), from €50,928 to €26,659
mainly Receivables within one year (-€40,605) and Current investments (-€36,133)
- Tangible fixed assets +€18,586
up €18,586 (+4.8%), from €391,078 to €409,664
of which Furniture and vehicles: +€25,602
- Reserves +€83,780
up €83,780 (+13.4%), from €626,425 to €710,205
- Debts after one year -€13,631
down €13,631 (-40.9%), from €33,312 to €19,681
- Gross operating margin -€58,817
down €58,817 (-30.0%), from €196,382 to €137,565
- Taxes -€20,132
down €20,132 (-36.2%), from €55,686 to €35,554
- Financial income -€1,992
down €1,992 (-26.2%), from €7,616 to €5,625
- Depreciation +€1,976
up €1,976 (+12.8%), from €15,401 to €17,377
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 | €910,711 | €982,167 | +€71,456 | +7.8% |
| Fixed assets | 21/28 | €391,078 | €409,664 | +€18,586 | +4.8% |
| Tangible fixed assets | 22/27 | €391,078 | €409,664 | +€18,586 | +4.8% |
| Land and buildings | 22 | €380,121 | €369,735 | -€10,386 | -2.7% |
| Furniture and vehicles | 24 | €10,957 | €36,559 | +€25,602 | +233.6% |
| Other tangible fixed assets | 26 | - | €3,370 | +€3,370 | |
| Current assets | 29/58 | €519,633 | €572,503 | +€52,870 | +10.2% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,516 | €82,120 | +€40,605 | +97.8% |
| Trade receivables | 40 | €2,000 | €19,689 | +€17,689 | +884.4% |
| Other amounts receivable | 41 | €39,516 | €62,432 | +€22,916 | +58.0% |
| Current investments | 50/53 | €293,925 | €330,058 | +€36,133 | +12.3% |
| Cash at bank and in hand | 54/58 | €50,928 | €26,659 | -€24,270 | -47.7% |
| Deferred charges and accrued income | 490/1 | €3,264 | €3,665 | +€401 | +12.3% |
| Total equity and liabilities | 10/49 | €910,711 | €982,167 | +€71,456 | +7.8% |
| Equity | 10/15 | €813,092 | €896,872 | +€83,780 | +10.3% |
| Contributions | 10/11 | €186,667 | €186,667 | = | 0.0% |
| Reserves | 13 | €626,425 | €710,205 | +€83,780 | +13.4% |
| Distributable reserves | 133 | €626,425 | €710,205 | +€83,780 | +13.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €30,000 | €30,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €30,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable | 17/49 | €67,619 | €55,295 | -€12,324 | -18.2% |
| Amounts payable after more than one year | 17 | €33,312 | €19,681 | -€13,631 | -40.9% |
| Financial debts | 170/4 | €33,312 | €19,681 | -€13,631 | -40.9% |
| Amounts payable within one year | 42/48 | €34,307 | €35,614 | +€1,307 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €13,419 | €13,631 | +€212 | +1.6% |
| Trade debts | 44 | €4,595 | €3,094 | -€1,502 | -32.7% |
| Suppliers | 440/4 | €4,595 | €3,094 | -€1,502 | -32.7% |
| Taxes, remuneration and social security | 45 | €16,293 | €18,889 | +€2,596 | +15.9% |
| Taxes | 450/3 | €16,293 | €18,889 | +€2,596 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,401 | €17,377 | +€1,976 | +12.8% |
| Other operating charges | 640/8 | €3,370 | €4,131 | +€761 | +22.6% |
| Gross operating margin | 9900 | €196,382 | €137,565 | -€58,817 | -30.0% |
| Operating profit (loss) | 9901 | €177,611 | €116,057 | -€61,554 | -34.7% |
| Financial income | 75/76B | €7,616 | €5,625 | -€1,992 | -26.2% |
| Recurring financial income | 75 | €7,616 | €5,625 | -€1,992 | -26.2% |
| Financial charges | 65/66B | €2,323 | €2,347 | +€24 | +1.0% |
| Recurring financial charges | 65 | €2,323 | €2,347 | +€24 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €182,904 | €119,334 | -€63,569 | -34.8% |
| Income taxes | 67/77 | €55,686 | €35,554 | -€20,132 | -36.2% |
| Profit (loss) for the period | 9904 | €127,217 | €83,780 | -€43,437 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €127,217 | €83,780 | -€43,437 | -34.1% |
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 9 October 2026 via checked.be.