MINEUR: 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.
MINEUR
Largest movements
- Receivables within one year -€431,824
down €431,824 (-88.5%), from €487,821 to €55,996
of which Other amounts receivable: -€423,433
- Stocks and contracts -€55,106
down €55,106 (-11.8%), from €467,411 to €412,305
- Tangible fixed assets -€25,032
down €25,032 (-20.6%), from €121,609 to €96,577
of which Plant, machinery and equipment: -€15,674
- Cash -€12,916
down €12,916 (-29.3%), from €44,135 to €31,218
mainly Trade debts (-€348,512) and Net result for the year (-€270,394)
- Trade debts -€348,512
down €348,512 (-38.5%), from €905,191 to €556,679
- Profit (loss) carried forward -€270,394
down €270,394 (-56.2%), from -€480,981 to -€751,374
- Other debts +€111,016
new in 2025: €111,016
- Accrued charges and deferred income -€32,000
down €32,000 (-56.1%), from €57,000 to €25,000
- Gross operating margin -€298,421
down €298,421 (-41.3%), from €723,390 to €424,969
- Financial income -€48,085
down €48,085 (-92.8%), from €51,799 to €3,714
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 | €1,135,532 | €607,600 | -€527,932 | -46.5% |
| Fixed assets | 21/28 | €121,609 | €96,577 | -€25,032 | -20.6% |
| Tangible fixed assets | 22/27 | €121,609 | €96,577 | -€25,032 | -20.6% |
| Land and buildings | 22 | €42,663 | €34,039 | -€8,624 | -20.2% |
| Plant, machinery and equipment | 23 | €77,511 | €61,837 | -€15,674 | -20.2% |
| Furniture and vehicles | 24 | €1,435 | €700 | -€735 | -51.2% |
| Current assets | 29/58 | €1,013,923 | €511,023 | -€502,900 | -49.6% |
| Stocks and contracts in progress | 3 | €467,411 | €412,305 | -€55,106 | -11.8% |
| Stocks | 30/36 | €467,411 | €412,305 | -€55,106 | -11.8% |
| Amounts receivable within one year | 40/41 | €487,821 | €55,996 | -€431,824 | -88.5% |
| Trade receivables | 40 | €14,302 | €5,911 | -€8,392 | -58.7% |
| Other amounts receivable | 41 | €473,519 | €50,086 | -€423,433 | -89.4% |
| Cash at bank and in hand | 54/58 | €44,135 | €31,218 | -€12,916 | -29.3% |
| Deferred charges and accrued income | 490/1 | €14,556 | €11,503 | -€3,053 | -21.0% |
| Total equity and liabilities | 10/49 | €1,135,532 | €607,600 | -€527,932 | -46.5% |
| Equity | 10/15 | €40,951 | -€229,443 | -€270,394 | |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €341,931 | €341,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,685 | €42,685 | = | 0.0% |
| Distributable reserves | 133 | €299,246 | €299,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€480,981 | -€751,374 | -€270,394 | -56.2% |
| Amounts payable | 17/49 | €1,094,582 | €837,043 | -€257,538 | -23.5% |
| Amounts payable within one year | 42/48 | €1,037,582 | €812,043 | -€225,538 | -21.7% |
| Financial debts | 43 | - | €7,011 | +€7,011 | |
| Credit institutions | 430/8 | - | €7,011 | +€7,011 | |
| Trade debts | 44 | €905,191 | €556,679 | -€348,512 | -38.5% |
| Suppliers | 440/4 | €905,191 | €556,679 | -€348,512 | -38.5% |
| Taxes, remuneration and social security | 45 | €132,391 | €137,338 | +€4,947 | +3.7% |
| Taxes | 450/3 | €14,748 | €21,782 | +€7,034 | +47.7% |
| Remuneration and social security | 454/9 | €117,643 | €115,556 | -€2,088 | -1.8% |
| Other amounts payable | 47/48 | - | €111,016 | +€111,016 | |
| Accrued charges and deferred income | 492/3 | €57,000 | €25,000 | -€32,000 | -56.1% |
| Remuneration, social security and pensions | 62 | €659,526 | €661,810 | +€2,284 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,826 | €25,032 | -€794 | -3.1% |
| Other operating charges | 640/8 | €2,668 | €2,345 | -€324 | -12.1% |
| Gross operating margin | 9900 | €723,390 | €424,969 | -€298,421 | -41.3% |
| Operating profit (loss) | 9901 | €35,369 | -€264,219 | -€299,587 | |
| Financial income | 75/76B | €51,799 | €3,714 | -€48,085 | -92.8% |
| Recurring financial income | 75 | €51,799 | €3,714 | -€48,085 | -92.8% |
| Financial charges | 65/66B | €12,389 | €9,889 | -€2,500 | -20.2% |
| Recurring financial charges | 65 | €12,389 | €9,889 | -€2,500 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €74,778 | -€270,394 | -€345,172 | |
| Profit (loss) for the period | 9904 | €74,778 | -€270,394 | -€345,172 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,778 | -€270,394 | -€345,172 |
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 11 October 2026 via checked.be.