Ministar: 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.
Ministar
Largest movements
- Tangible fixed assets +€79,973
new in 2025: €79,973
- Cash -€67,306
down €67,306 (-32.4%), from €207,661 to €140,355
mainly Investment in fixed assets (net) (-€85,803) and Net result for the year (-€19,202)
- Receivables within one year -€13,203
down €13,203 (-19.9%), from €66,395 to €53,192
of which Trade receivables: -€13,403
- Debts after one year +€33,675
new in 2025: €33,675
- Profit (loss) carried forward -€19,202
down €19,202 (-14.0%), from €136,725 to €117,524
- Other debts -€9,769
down €9,769 (-49.8%), from €19,598 to €9,829
- Current portion of long-term debt +€8,537
new in 2025: €8,537
- Trade debts -€8,359
down €8,359 (-9.6%), from €87,037 to €78,678
- Gross operating margin -€36,801
down €36,801 (-49.5%), from €74,272 to €37,471
- Financial income +€9,751
up €9,751 (+380%), from €2,565 to €12,316
of which Non-recurring financial income: +€11,050
- Taxes -€6,213
down €6,213 (-95.3%), from €6,520 to €307
- Depreciation +€5,830
new in 2025: €5,830
- Staff costs +€4,933
up €4,933 (+8.9%), from €55,650 to €60,583
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 | €274,755 | €274,218 | -€537 | -0.2% |
| Fixed assets | 21/28 | €698 | €80,672 | +€79,973 | +11,454% |
| Tangible fixed assets | 22/27 | - | €79,973 | +€79,973 | |
| Furniture and vehicles | 24 | - | €79,973 | +€79,973 | |
| Financial fixed assets | 28 | €698 | €698 | = | 0.0% |
| Current assets | 29/58 | €274,056 | €193,547 | -€80,510 | -29.4% |
| Amounts receivable within one year | 40/41 | €66,395 | €53,192 | -€13,203 | -19.9% |
| Trade receivables | 40 | €54,689 | €41,286 | -€13,403 | -24.5% |
| Other amounts receivable | 41 | €11,706 | €11,906 | +€200 | +1.7% |
| Cash at bank and in hand | 54/58 | €207,661 | €140,355 | -€67,306 | -32.4% |
| Total equity and liabilities | 10/49 | €274,755 | €274,218 | -€537 | -0.2% |
| Equity | 10/15 | €157,177 | €137,975 | -€19,202 | -12.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,725 | €117,524 | -€19,202 | -14.0% |
| Amounts payable | 17/49 | €117,578 | €136,243 | +€18,665 | +15.9% |
| Amounts payable after more than one year | 17 | - | €33,675 | +€33,675 | |
| Financial debts | 170/4 | - | €33,675 | +€33,675 | |
| Amounts payable within one year | 42/48 | €117,578 | €102,568 | -€15,010 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,537 | +€8,537 | |
| Trade debts | 44 | €87,037 | €78,678 | -€8,359 | -9.6% |
| Suppliers | 440/4 | €87,037 | €78,678 | -€8,359 | -9.6% |
| Taxes, remuneration and social security | 45 | €10,943 | €5,523 | -€5,420 | -49.5% |
| Taxes | 450/3 | €5,420 | - | -€5,420 | |
| Remuneration and social security | 454/9 | €5,523 | €5,523 | = | 0.0% |
| Other amounts payable | 47/48 | €19,598 | €9,829 | -€9,769 | -49.8% |
| Remuneration, social security and pensions | 62 | €55,650 | €60,583 | +€4,933 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,830 | +€5,830 | |
| Other operating charges | 640/8 | €1,105 | €1,400 | +€295 | +26.7% |
| Gross operating margin | 9900 | €74,272 | €37,471 | -€36,801 | -49.5% |
| Operating profit (loss) | 9901 | €17,518 | -€30,342 | -€47,860 | |
| Financial income | 75/76B | €2,565 | €12,316 | +€9,751 | +380% |
| Recurring financial income | 75 | €2,565 | €1,266 | -€1,299 | -50.6% |
| Non-recurring financial income | 76B | - | €11,050 | +€11,050 | |
| Financial charges | 65/66B | €349 | €869 | +€520 | +149% |
| Recurring financial charges | 65 | €349 | €869 | +€520 | +149% |
| Profit (loss) for the period before taxes | 9903 | €19,734 | -€18,895 | -€38,629 | |
| Income taxes | 67/77 | €6,520 | €307 | -€6,213 | -95.3% |
| Profit (loss) for the period | 9904 | €13,214 | -€19,202 | -€32,416 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,214 | -€19,202 | -€32,416 |
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 22 October 2026 via checked.be.