MINECO: 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.
MINECO
Largest movements
- Stocks and contracts +€100,054
new in 2025: €100,054
- Tangible fixed assets +€63,723
up €63,723 (+35.7%), from €178,667 to €242,391
of which Leasing and similar rights: +€57,339
- Receivables within one year +€52,243
up €52,243 (+28.9%), from €181,080 to €233,323
of which Trade receivables: +€27,609
- Cash +€43,900
new in 2025: €43,900
mainly Net result for the year (+€200,045) and Depreciation (+€59,810)
- Financial fixed assets +€22,500
up €22,500 (+688.1%), from €3,270 to €25,770
- Reserves +€133,515
new in 2025: €133,515
- Profit (loss) carried forward +€66,529
no longer reported in 2025 (was -€66,529)
- Debts after one year +€53,036
up €53,036 (+41.0%), from €129,220 to €182,257
- Current portion of long-term debt +€22,551
up €22,551 (+50.2%), from €44,946 to €67,497
- Tax, wage and social debts +€18,549
up €18,549 (+225.8%), from €8,215 to €26,764
of which Taxes: +€15,292
- Gross operating margin +€674,291
up €674,291 (+911.7%), from €73,957 to €748,249
- Staff costs +€246,505
up €246,505 (+164.6%), from €149,753 to €396,258
- Financial charges +€20,202
up €20,202 (+76.9%), from €26,258 to €46,460
- Taxes +€14,885
up €14,885 (+4423.8%), from €336 to €15,221
- Other operating charges -€8,277
down €8,277 (-55.3%), from €14,957 to €6,680
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 | €367,445 | €647,317 | +€279,873 | +76.2% |
| Fixed assets | 21/28 | €181,937 | €268,161 | +€86,223 | +47.4% |
| Tangible fixed assets | 22/27 | €178,667 | €242,391 | +€63,723 | +35.7% |
| Plant, machinery and equipment | 23 | €3,332 | €55,320 | +€51,987 | +1560.2% |
| Furniture and vehicles | 24 | €165,166 | €119,563 | -€45,603 | -27.6% |
| Leasing and similar rights | 25 | €10,169 | €67,508 | +€57,339 | +563.9% |
| Financial fixed assets | 28 | €3,270 | €25,770 | +€22,500 | +688.1% |
| Current assets | 29/58 | €185,507 | €379,156 | +€193,649 | +104.4% |
| Stocks and contracts in progress | 3 | - | €100,054 | +€100,054 | |
| Contracts in progress | 37 | - | €100,054 | +€100,054 | |
| Amounts receivable within one year | 40/41 | €181,080 | €233,323 | +€52,243 | +28.9% |
| Trade receivables | 40 | €133,510 | €161,119 | +€27,609 | +20.7% |
| Other amounts receivable | 41 | €47,571 | €72,204 | +€24,634 | +51.8% |
| Cash at bank and in hand | 54/58 | - | €43,900 | +€43,900 | |
| Deferred charges and accrued income | 490/1 | €4,427 | €1,880 | -€2,547 | -57.5% |
| Total equity and liabilities | 10/49 | €367,445 | €647,317 | +€279,873 | +76.2% |
| Equity | 10/15 | -€66,528 | €133,516 | +€200,045 | |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | - | €133,515 | +€133,515 | |
| Distributable reserves | 133 | - | €133,515 | +€133,515 | |
| Profit (loss) carried forward | 14 | -€66,529 | - | +€66,529 | |
| Amounts payable | 17/49 | €433,973 | €513,801 | +€79,828 | +18.4% |
| Amounts payable after more than one year | 17 | €129,220 | €182,257 | +€53,036 | +41.0% |
| Financial debts | 170/4 | €129,220 | €182,257 | +€53,036 | +41.0% |
| Amounts payable within one year | 42/48 | €304,753 | €331,544 | +€26,791 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €44,946 | €67,497 | +€22,551 | +50.2% |
| Financial debts | 43 | €68,530 | €50,000 | -€18,530 | -27.0% |
| Credit institutions | 430/8 | €68,530 | €50,000 | -€18,530 | -27.0% |
| Trade debts | 44 | €177,952 | €169,482 | -€8,470 | -4.8% |
| Suppliers | 440/4 | €177,952 | €169,482 | -€8,470 | -4.8% |
| Taxes, remuneration and social security | 45 | €8,215 | €26,764 | +€18,549 | +225.8% |
| Taxes | 450/3 | €221 | €15,513 | +€15,292 | +6932.7% |
| Remuneration and social security | 454/9 | €7,995 | €11,251 | +€3,257 | +40.7% |
| Other amounts payable | 47/48 | €5,109 | €17,801 | +€12,693 | +248.5% |
| Non-recurring operating income | 76A | - | €640 | +€640 | |
| Remuneration, social security and pensions | 62 | €149,753 | €396,258 | +€246,505 | +164.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,720 | €59,810 | +€8,091 | +15.6% |
| Other operating charges | 640/8 | €14,957 | €6,680 | -€8,277 | -55.3% |
| Non-recurring operating charges | 66A | - | €24,103 | +€24,103 | |
| Gross operating margin | 9900 | €73,957 | €748,249 | +€674,291 | +911.7% |
| Operating profit (loss) | 9901 | -€142,472 | €261,397 | +€403,870 | |
| Financial income | 75/76B | €313 | €329 | +€16 | +5.2% |
| Recurring financial income | 75 | €313 | €329 | +€16 | +5.2% |
| Financial charges | 65/66B | €26,258 | €46,460 | +€20,202 | +76.9% |
| Recurring financial charges | 65 | €26,258 | €46,460 | +€20,202 | +76.9% |
| Profit (loss) for the period before taxes | 9903 | -€168,418 | €215,266 | +€383,684 | |
| Income taxes | 67/77 | €336 | €15,221 | +€14,885 | +4423.8% |
| Profit (loss) for the period | 9904 | -€168,755 | €200,045 | +€368,799 | |
| Profit (loss) for the period to be appropriated | 9905 | -€168,755 | €200,045 | +€368,799 |
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 6 October 2026 via checked.be.