Minnaert: 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.
Minnaert
Largest movements
- Cash +€3,243
up €3,243 (+44.3%), from €7,315 to €10,558
mainly Net result for the year (+€2,358) and Receivables within one year (+€2,133)
- Receivables within one year -€2,133
down €2,133 (-71.0%), from €3,003 to €870
of which Trade receivables: -€2,396
- Reserves +€2,358
up €2,358 (+53.8%), from €4,384 to €6,742
- Trade debts -€1,333
no longer reported in 2025 (was €1,333)
- Gross operating margin -€1,522
down €1,522 (-27.6%), from €5,510 to €3,988
- Write-downs +€1,000
new in 2025: €1,000
- Taxes -€506
down €506 (-46.2%), from €1,096 to €590
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 | €10,318 | €11,428 | +€1,110 | +10.8% |
| Current assets | 29/58 | €10,318 | €11,428 | +€1,110 | +10.8% |
| Amounts receivable within one year | 40/41 | €3,003 | €870 | -€2,133 | -71.0% |
| Trade receivables | 40 | €3,003 | €607 | -€2,396 | -79.8% |
| Other amounts receivable | 41 | - | €263 | +€263 | |
| Cash at bank and in hand | 54/58 | €7,315 | €10,558 | +€3,243 | +44.3% |
| Total equity and liabilities | 10/49 | €10,318 | €11,428 | +€1,110 | +10.8% |
| Equity | 10/15 | €7,384 | €9,742 | +€2,358 | +31.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,384 | €6,742 | +€2,358 | +53.8% |
| Distributable reserves | 133 | €4,384 | €6,742 | +€2,358 | +53.8% |
| Amounts payable | 17/49 | €2,934 | €1,686 | -€1,248 | -42.5% |
| Amounts payable within one year | 42/48 | €2,934 | €1,686 | -€1,248 | -42.5% |
| Trade debts | 44 | €1,333 | - | -€1,333 | |
| Suppliers | 440/4 | €1,333 | - | -€1,333 | |
| Taxes, remuneration and social security | 45 | €1,601 | €1,686 | +€85 | +5.3% |
| Taxes | 450/3 | €1,601 | €1,686 | +€85 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €5,510 | €3,988 | -€1,522 | -27.6% |
| Operating profit (loss) | 9901 | €5,510 | €2,988 | -€2,522 | -45.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €30 | €40 | +€10 | +34.8% |
| Recurring financial charges | 65 | €30 | €40 | +€10 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €5,480 | €2,948 | -€2,532 | -46.2% |
| Income taxes | 67/77 | €1,096 | €590 | -€506 | -46.2% |
| Profit (loss) for the period | 9904 | €4,384 | €2,358 | -€2,026 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,384 | €2,358 | -€2,026 | -46.2% |
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 8 October 2026 via checked.be.