MINIMALISTDOC: 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.
MINIMALISTDOC
Largest movements
- Cash -€71,551
down €71,551 (-77.4%), from €92,398 to €20,847
mainly Debts after one year (-€101,054) and Trade debts (-€85,390)
- Tangible fixed assets -€55,114
down €55,114 (-4.5%), from €1.2m to €1.2m
of which Assets under construction and advance payments: -€852,519
- Stocks and contracts -€24,127
down €24,127 (-55.2%), from €43,737 to €19,610
- Debts after one year -€101,054
down €101,054 (-9.9%), from €1.0m to €917,276
- Trade debts -€85,390
down €85,390 (-88.7%), from €96,221 to €10,831
- Other debts +€33,577
new in 2025: €33,577
- Gross operating margin +€107,910
up €107,910 (+225%), from €47,964 to €155,874
- Depreciation +€86,682
up €86,682 (+498%), from €17,413 to €104,095
- Taxes +€22,949
up €22,949, from -€19,949 to €3,000
- Financial charges +€20,802
up €20,802 (+113%), from €18,474 to €39,276
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 | €1,391,983 | €1,244,982 | -€147,001 | -10.6% |
| Fixed assets | 21/28 | €1,235,725 | €1,179,111 | -€56,614 | -4.6% |
| Intangible fixed assets | 21 | €4,307 | €2,808 | -€1,500 | -34.8% |
| Tangible fixed assets | 22/27 | €1,213,417 | €1,158,303 | -€55,114 | -4.5% |
| Land and buildings | 22 | - | €870,030 | +€870,030 | |
| Plant, machinery and equipment | 23 | €23,402 | €16,988 | -€6,414 | -27.4% |
| Furniture and vehicles | 24 | €30,568 | €20,778 | -€9,790 | -32.0% |
| Leasing and similar rights | 25 | €265,887 | €212,033 | -€53,854 | -20.3% |
| Other tangible fixed assets | 26 | €16,010 | €13,443 | -€2,567 | -16.0% |
| Assets under construction and advance payments | 27 | €877,551 | €25,032 | -€852,519 | -97.1% |
| Financial fixed assets | 28 | €18,000 | €18,000 | = | 0.0% |
| Current assets | 29/58 | €156,258 | €65,871 | -€90,387 | -57.8% |
| Stocks and contracts in progress | 3 | €43,737 | €19,610 | -€24,127 | -55.2% |
| Stocks | 30/36 | €43,737 | €19,610 | -€24,127 | -55.2% |
| Amounts receivable within one year | 40/41 | €20,027 | €17,057 | -€2,969 | -14.8% |
| Trade receivables | 40 | €11,302 | €2,000 | -€9,302 | -82.3% |
| Other amounts receivable | 41 | €8,725 | €15,057 | +€6,332 | +72.6% |
| Cash at bank and in hand | 54/58 | €92,398 | €20,847 | -€71,551 | -77.4% |
| Deferred charges and accrued income | 490/1 | €96 | €8,357 | +€8,260 | +8,562% |
| Total equity and liabilities | 10/49 | €1,391,983 | €1,244,982 | -€147,001 | -10.6% |
| Equity | 10/15 | €168,402 | €176,312 | +€7,911 | +4.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,302 | €176,212 | +€7,911 | +4.7% |
| Amounts payable | 17/49 | €1,223,582 | €1,068,670 | -€154,912 | -12.7% |
| Amounts payable after more than one year | 17 | €1,018,330 | €917,276 | -€101,054 | -9.9% |
| Financial debts | 170/4 | €1,018,330 | €917,276 | -€101,054 | -9.9% |
| Amounts payable within one year | 42/48 | €205,252 | €151,394 | -€53,858 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €106,753 | €101,708 | -€5,044 | -4.7% |
| Trade debts | 44 | €96,221 | €10,831 | -€85,390 | -88.7% |
| Suppliers | 440/4 | €96,221 | €10,831 | -€85,390 | -88.7% |
| Taxes, remuneration and social security | 45 | €2,278 | €5,278 | +€3,000 | +132% |
| Taxes | 450/3 | €2,278 | €5,278 | +€3,000 | +132% |
| Other amounts payable | 47/48 | - | €33,577 | +€33,577 | |
| Remuneration, social security and pensions | 62 | €973 | €295 | -€678 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,413 | €104,095 | +€86,682 | +498% |
| Other operating charges | 640/8 | €1,748 | €1,297 | -€451 | -25.8% |
| Gross operating margin | 9900 | €47,964 | €155,874 | +€107,910 | +225% |
| Operating profit (loss) | 9901 | €27,830 | €50,187 | +€22,357 | +80.3% |
| Financial income | 75/76B | €563 | - | -€563 | |
| Recurring financial income | 75 | €563 | - | -€563 | |
| Financial charges | 65/66B | €18,474 | €39,276 | +€20,802 | +113% |
| Recurring financial charges | 65 | €18,474 | €39,276 | +€20,802 | +113% |
| Profit (loss) for the period before taxes | 9903 | €9,919 | €10,911 | +€991 | +10.0% |
| Income taxes | 67/77 | -€19,949 | €3,000 | +€22,949 | |
| Profit (loss) for the period | 9904 | €29,869 | €7,911 | -€21,958 | -73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,869 | €7,911 | -€21,958 | -73.5% |
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 13 October 2026 via checked.be.