MINET-DELIN: 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.
MINET-DELIN
Largest movements
- Tangible fixed assets +€34,512
up €34,512 (+5.8%), from €593,104 to €627,616
of which Furniture and vehicles: +€55,012
- Stocks and contracts -€12,039
down €12,039 (-32.4%), from €37,182 to €25,143
- Financial fixed assets -€8,565
no longer reported in 2025 (was €8,565)
- Short-term financial debts -€27,214
down €27,214 (-25.0%), from €108,745 to €81,531
- Reserves +€26,423
up €26,423 (+18.3%), from €144,086 to €170,509
of which Distributable reserves: +€26,423
- Current portion of long-term debt +€19,106
up €19,106 (+24.7%), from €77,373 to €96,479
- Gross operating margin +€97,968
up €97,968 (+36.6%), from €267,678 to €365,646
- Staff costs +€69,995
up €69,995 (+35.8%), from €195,285 to €265,280
- Depreciation -€7,372
down €7,372 (-15.4%), from €47,808 to €40,436
- Other operating charges -€6,698
down €6,698 (-45.7%), from €14,659 to €7,961
- Taxes +€5,583
up €5,583 (+90.4%), from €6,178 to €11,761
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 | €818,453 | €842,824 | +€24,371 | +3.0% |
| Fixed assets | 21/28 | €601,669 | €627,616 | +€25,947 | +4.3% |
| Tangible fixed assets | 22/27 | €593,104 | €627,616 | +€34,512 | +5.8% |
| Land and buildings | 22 | €562,126 | €541,626 | -€20,500 | -3.6% |
| Furniture and vehicles | 24 | €30,978 | €85,990 | +€55,012 | +178% |
| Financial fixed assets | 28 | €8,565 | - | -€8,565 | |
| Current assets | 29/58 | €216,784 | €215,207 | -€1,577 | -0.7% |
| Stocks and contracts in progress | 3 | €37,182 | €25,143 | -€12,039 | -32.4% |
| Stocks | 30/36 | €37,182 | €25,143 | -€12,039 | -32.4% |
| Amounts receivable within one year | 40/41 | €119,289 | €125,705 | +€6,416 | +5.4% |
| Trade receivables | 40 | €99,039 | €118,484 | +€19,445 | +19.6% |
| Other amounts receivable | 41 | €20,249 | €7,221 | -€13,029 | -64.3% |
| Cash at bank and in hand | 54/58 | €60,313 | €64,359 | +€4,046 | +6.7% |
| Total equity and liabilities | 10/49 | €818,453 | €842,824 | +€24,371 | +3.0% |
| Equity | 10/15 | €169,086 | €195,509 | +€26,423 | +15.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €144,086 | €170,509 | +€26,423 | +18.3% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €141,586 | €168,009 | +€26,423 | +18.7% |
| Amounts payable | 17/49 | €649,367 | €647,315 | -€2,053 | -0.3% |
| Amounts payable after more than one year | 17 | €279,747 | €280,512 | +€765 | +0.3% |
| Financial debts | 170/4 | €279,747 | €277,212 | -€2,535 | -0.9% |
| Other amounts payable | 178/9 | - | €3,300 | +€3,300 | |
| Amounts payable within one year | 42/48 | €369,338 | €366,803 | -€2,535 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €77,373 | €96,479 | +€19,106 | +24.7% |
| Financial debts | 43 | €108,745 | €81,531 | -€27,214 | -25.0% |
| Other loans | 439 | €108,745 | €81,531 | -€27,214 | -25.0% |
| Trade debts | 44 | €146,939 | €146,750 | -€189 | -0.1% |
| Suppliers | 440/4 | €146,939 | €146,750 | -€189 | -0.1% |
| Taxes, remuneration and social security | 45 | €36,281 | €42,043 | +€5,762 | +15.9% |
| Taxes | 450/3 | €12,823 | €6,875 | -€5,948 | -46.4% |
| Remuneration and social security | 454/9 | €23,458 | €35,168 | +€11,710 | +49.9% |
| Accrued charges and deferred income | 492/3 | €283 | - | -€283 | |
| Remuneration, social security and pensions | 62 | €195,285 | €265,280 | +€69,995 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,808 | €40,436 | -€7,372 | -15.4% |
| Other operating charges | 640/8 | €14,659 | €7,961 | -€6,698 | -45.7% |
| Non-recurring operating charges | 66A | - | €65 | +€65 | |
| Gross operating margin | 9900 | €267,678 | €365,646 | +€97,968 | +36.6% |
| Operating profit (loss) | 9901 | €9,926 | €51,904 | +€41,978 | +423% |
| Financial income | 75/76B | €3,438 | €8,395 | +€4,957 | +144% |
| Recurring financial income | 75 | €3,438 | €8,395 | +€4,957 | +144% |
| Financial charges | 65/66B | €21,175 | €22,115 | +€940 | +4.4% |
| Recurring financial charges | 65 | €21,175 | €22,115 | +€940 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,811 | €38,184 | +€45,995 | |
| Income taxes | 67/77 | €6,178 | €11,761 | +€5,583 | +90.4% |
| Profit (loss) for the period | 9904 | -€13,989 | €26,423 | +€40,412 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,989 | €26,423 | +€40,412 |
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 28 October 2026 via checked.be.