Minelli: 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.
Minelli
Largest movements
- Receivables within one year -€90,519
down €90,519 (-52.6%), from €172,049 to €81,530
of which Trade receivables: -€89,625
- Debts after one year -€200,656
down €200,656 (-5.4%), from €3.7m to €3.5m
- Advances received +€63,066
up €63,066 (+65.6%), from €96,094 to €159,159
- Other debts +€53,255
up €53,255 (+5.8%), from €917,198 to €970,454
- Staff costs +€151,606
up €151,606 (+76.8%), from €197,453 to €349,060
- Gross operating margin +€147,458
up €147,458 (+17.7%), from €831,324 to €978,783
- Depreciation +€26,886
up €26,886 (+6.5%), from €415,129 to €442,016
- Other operating charges +€10,939
up €10,939 (+57.2%), from €19,134 to €30,073
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 | €4,867,752 | €4,777,043 | -€90,709 | -1.9% |
| Fixed assets | 21/28 | €4,605,949 | €4,576,542 | -€29,407 | -0.6% |
| Tangible fixed assets | 22/27 | €4,605,349 | €4,575,942 | -€29,407 | -0.6% |
| Land and buildings | 22 | €4,040,101 | €4,117,822 | +€77,721 | +1.9% |
| Plant, machinery and equipment | 23 | €103,619 | €76,438 | -€27,181 | -26.2% |
| Furniture and vehicles | 24 | €461,630 | €364,942 | -€96,688 | -20.9% |
| Other tangible fixed assets | 26 | - | €16,740 | +€16,740 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €261,803 | €200,501 | -€61,302 | -23.4% |
| Amounts receivable within one year | 40/41 | €172,049 | €81,530 | -€90,519 | -52.6% |
| Trade receivables | 40 | €171,136 | €81,511 | -€89,625 | -52.4% |
| Other amounts receivable | 41 | €913 | €20 | -€894 | -97.8% |
| Cash at bank and in hand | 54/58 | €89,754 | €118,971 | +€29,217 | +32.6% |
| Total equity and liabilities | 10/49 | €4,867,752 | €4,777,043 | -€90,709 | -1.9% |
| Equity | 10/15 | -€312,626 | -€308,747 | +€3,880 | +1.2% |
| Contributions | 10/11 | €570,000 | €570,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€882,626 | -€878,747 | +€3,880 | +0.4% |
| Amounts payable | 17/49 | €5,180,379 | €5,085,789 | -€94,589 | -1.8% |
| Amounts payable after more than one year | 17 | €3,690,430 | €3,489,774 | -€200,656 | -5.4% |
| Financial debts | 170/4 | €3,690,430 | €3,489,774 | -€200,656 | -5.4% |
| Amounts payable within one year | 42/48 | €1,489,949 | €1,596,015 | +€106,067 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €195,225 | €200,656 | +€5,431 | +2.8% |
| Trade debts | 44 | €249,424 | €211,705 | -€37,719 | -15.1% |
| Suppliers | 440/4 | €249,424 | €211,705 | -€37,719 | -15.1% |
| Advances received on contracts in progress | 46 | €96,094 | €159,159 | +€63,066 | +65.6% |
| Taxes, remuneration and social security | 45 | €32,007 | €54,042 | +€22,035 | +68.8% |
| Taxes | 450/3 | €19,361 | €32,909 | +€13,548 | +70.0% |
| Remuneration and social security | 454/9 | €12,646 | €21,133 | +€8,487 | +67.1% |
| Other amounts payable | 47/48 | €917,198 | €970,454 | +€53,255 | +5.8% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €197,453 | €349,060 | +€151,606 | +76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415,129 | €442,016 | +€26,886 | +6.5% |
| Other operating charges | 640/8 | €19,134 | €30,073 | +€10,939 | +57.2% |
| Gross operating margin | 9900 | €831,324 | €978,783 | +€147,458 | +17.7% |
| Operating profit (loss) | 9901 | €199,607 | €157,634 | -€41,973 | -21.0% |
| Financial income | 75/76B | €4,017 | €3,586 | -€431 | -10.7% |
| Recurring financial income | 75 | €4,017 | €3,586 | -€431 | -10.7% |
| Financial charges | 65/66B | €148,844 | €157,340 | +€8,496 | +5.7% |
| Recurring financial charges | 65 | €148,844 | €157,340 | +€8,496 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €54,780 | €3,880 | -€50,901 | -92.9% |
| Profit (loss) for the period | 9904 | €54,780 | €3,880 | -€50,901 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,780 | €3,880 | -€50,901 | -92.9% |
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 17 October 2026 via checked.be.