MINESTAR: 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.
MINESTAR
Largest movements
- Stocks and contracts -€522,561
down €522,561 (-60.3%), from €867,041 to €344,480
- Cash -€265,178
down €265,178 (-13.8%), from €1.9m to €1.7m
mainly Net result for the year (-€443,210) and Trade debts (-€249,408)
- Profit (loss) carried forward -€443,210
new in 2025: -€443,210
- Trade debts -€249,408
down €249,408 (-83.3%), from €299,514 to €50,106
- Other debts -€113,615
down €113,615 (-38.8%), from €293,199 to €179,583
- Gross operating margin -€1.1m
down €1.1m, from €645,839 to -€449,573
- Financial income +€33,965
up €33,965 (+67929600.0%), from €0 to €33,965
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 | €3,344,756 | €2,543,771 | -€800,985 | -23.9% |
| Fixed assets | 21/28 | €52,312 | €37,585 | -€14,727 | -28.2% |
| Tangible fixed assets | 22/27 | €52,312 | €37,585 | -€14,727 | -28.2% |
| Land and buildings | 22 | €26,808 | €25,345 | -€1,463 | -5.5% |
| Plant, machinery and equipment | 23 | €11,227 | €7,165 | -€4,061 | -36.2% |
| Furniture and vehicles | 24 | €14,278 | €5,075 | -€9,203 | -64.5% |
| Current assets | 29/58 | €3,292,444 | €2,506,186 | -€786,258 | -23.9% |
| Stocks and contracts in progress | 3 | €867,041 | €344,480 | -€522,561 | -60.3% |
| Stocks | 30/36 | €867,041 | €344,480 | -€522,561 | -60.3% |
| Amounts receivable within one year | 40/41 | €491,346 | €492,769 | +€1,423 | +0.3% |
| Trade receivables | 40 | €489,592 | €492,752 | +€3,160 | +0.6% |
| Other amounts receivable | 41 | €1,754 | €17 | -€1,737 | -99.0% |
| Cash at bank and in hand | 54/58 | €1,928,281 | €1,663,103 | -€265,178 | -13.8% |
| Deferred charges and accrued income | 490/1 | €5,776 | €5,833 | +€57 | +1.0% |
| Total equity and liabilities | 10/49 | €3,344,756 | €2,543,771 | -€800,985 | -23.9% |
| Equity | 10/15 | €2,751,069 | €2,307,859 | -€443,210 | -16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,732,469 | €2,732,469 | = | 0.0% |
| Distributable reserves | 133 | €2,732,469 | €2,732,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€443,210 | -€443,210 | |
| Amounts payable | 17/49 | €593,687 | €235,911 | -€357,776 | -60.3% |
| Amounts payable within one year | 42/48 | €593,687 | €235,846 | -€357,840 | -60.3% |
| Trade debts | 44 | €299,514 | €50,106 | -€249,408 | -83.3% |
| Suppliers | 440/4 | €299,514 | €50,106 | -€249,408 | -83.3% |
| Taxes, remuneration and social security | 45 | €974 | €6,157 | +€5,183 | +532.0% |
| Taxes | 450/3 | €974 | €6,157 | +€5,183 | +532.0% |
| Other amounts payable | 47/48 | €293,199 | €179,583 | -€113,615 | -38.8% |
| Accrued charges and deferred income | 492/3 | - | €65 | +€65 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,380 | €15,900 | -€480 | -2.9% |
| Other operating charges | 640/8 | €2,523 | €2,483 | -€39 | -1.6% |
| Gross operating margin | 9900 | €645,839 | -€449,573 | -€1.1m | |
| Operating profit (loss) | 9901 | €626,936 | -€467,956 | -€1.1m | |
| Financial income | 75/76B | €0 | €33,965 | +€33,965 | +67929600.0% |
| Recurring financial income | 75 | €0 | €33,965 | +€33,965 | +67929600.0% |
| Financial charges | 65/66B | €8,829 | €7,798 | -€1,030 | -11.7% |
| Recurring financial charges | 65 | €8,829 | €7,798 | -€1,030 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €618,108 | -€441,790 | -€1.1m | |
| Income taxes | 67/77 | €2,501 | €1,420 | -€1,081 | -43.2% |
| Profit (loss) for the period | 9904 | €615,607 | -€443,210 | -€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €615,607 | -€443,210 | -€1.1m |
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 7 October 2026 via checked.be.