MINNAERT GROUP: 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.
MINNAERT GROUP
Largest movements
- Tangible fixed assets -€45,642
down €45,642 (-25.8%), from €177,238 to €131,596
of which Furniture and vehicles: -€45,702
- Cash +€42,271
up €42,271 (+43.3%), from €97,530 to €139,800
mainly Depreciation (+€43,692) and Net result for the year (+€22,754)
- Receivables within one year +€13,121
up €13,121 (+19.0%), from €69,129 to €82,250
of which Trade receivables: +€18,257
- Deferred charges and accrued income +€9,190
up €9,190 (+229%), from €4,010 to €13,200
- Debts after one year -€21,028
down €21,028 (-30.6%), from €68,623 to €47,596
- Other debts +€15,746
up €15,746 (+1,757%), from €896 to €16,642
- Trade debts +€13,410
up €13,410 (+1,284%), from €1,045 to €14,455
- Tax, wage and social debts +€7,220
up €7,220 (+52.3%), from €13,816 to €21,036
of which Taxes: +€6,585
- Reserves +€6,167
up €6,167 (+2.6%), from €237,655 to €243,822
of which Distributable reserves: +€20,171
- Gross operating margin +€50,587
up €50,587 (+72.3%), from €69,961 to €120,548
- Taxes +€6,814
new in 2025: €6,814
- Depreciation -€5,765
down €5,765 (-11.7%), from €49,456 to €43,692
- Staff costs -€4,782
down €4,782 (-9.5%), from €50,121 to €45,340
- Write-downs +€3,075
up €3,075, from -€3,075 to €0
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 | €366,035 | €384,800 | +€18,766 | +5.1% |
| Fixed assets | 21/28 | €195,367 | €149,550 | -€45,817 | -23.5% |
| Tangible fixed assets | 22/27 | €177,238 | €131,596 | -€45,642 | -25.8% |
| Land and buildings | 22 | €39,079 | €38,833 | -€246 | -0.6% |
| Plant, machinery and equipment | 23 | €1,326 | €1,633 | +€306 | +23.1% |
| Furniture and vehicles | 24 | €136,832 | €91,130 | -€45,702 | -33.4% |
| Financial fixed assets | 28 | €18,129 | €17,954 | -€175 | -1.0% |
| Current assets | 29/58 | €170,668 | €235,250 | +€64,582 | +37.8% |
| Amounts receivable within one year | 40/41 | €69,129 | €82,250 | +€13,121 | +19.0% |
| Trade receivables | 40 | €63,357 | €81,614 | +€18,257 | +28.8% |
| Other amounts receivable | 41 | €5,772 | €636 | -€5,136 | -89.0% |
| Cash at bank and in hand | 54/58 | €97,530 | €139,800 | +€42,271 | +43.3% |
| Deferred charges and accrued income | 490/1 | €4,010 | €13,200 | +€9,190 | +229% |
| Total equity and liabilities | 10/49 | €366,035 | €384,800 | +€18,766 | +5.1% |
| Equity | 10/15 | €250,055 | €256,222 | +€6,167 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €237,655 | €243,822 | +€6,167 | +2.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €43,549 | €29,544 | -€14,005 | -32.2% |
| Distributable reserves | 133 | €194,106 | €214,278 | +€20,171 | +10.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €10,887 | €7,386 | -€3,501 | -32.2% |
| Deferred taxes | 168 | €10,887 | €7,386 | -€3,501 | -32.2% |
| Amounts payable | 17/49 | €105,093 | €121,192 | +€16,100 | +15.3% |
| Amounts payable after more than one year | 17 | €68,623 | €47,596 | -€21,028 | -30.6% |
| Financial debts | 170/4 | €68,623 | €47,596 | -€21,028 | -30.6% |
| Amounts payable within one year | 42/48 | €36,143 | €73,160 | +€37,017 | +102% |
| Current portion of amounts payable after more than one year | 42 | €20,386 | €21,028 | +€642 | +3.1% |
| Trade debts | 44 | €1,045 | €14,455 | +€13,410 | +1,284% |
| Suppliers | 440/4 | €1,045 | €14,455 | +€13,410 | +1,284% |
| Taxes, remuneration and social security | 45 | €13,816 | €21,036 | +€7,220 | +52.3% |
| Taxes | 450/3 | €7,026 | €13,611 | +€6,585 | +93.7% |
| Remuneration and social security | 454/9 | €6,790 | €7,424 | +€635 | +9.4% |
| Other amounts payable | 47/48 | €896 | €16,642 | +€15,746 | +1,757% |
| Accrued charges and deferred income | 492/3 | €327 | €437 | +€110 | +33.7% |
| Non-recurring operating income | 76A | €0 | €21,213 | +€21,213 | |
| Remuneration, social security and pensions | 62 | €50,121 | €45,340 | -€4,782 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,456 | €43,692 | -€5,765 | -11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,075 | €0 | +€3,075 | |
| Other operating charges | 640/8 | €5,558 | €2,606 | -€2,951 | -53.1% |
| Non-recurring operating charges | 66A | €3,691 | €0 | -€3,691 | -100% |
| Gross operating margin | 9900 | €69,961 | €120,548 | +€50,587 | +72.3% |
| Operating profit (loss) | 9901 | -€35,791 | €28,910 | +€64,701 | |
| Financial income | 75/76B | €39 | €6 | -€33 | -85.2% |
| Recurring financial income | 75 | €39 | €6 | -€33 | -85.2% |
| Financial charges | 65/66B | €3,856 | €2,848 | -€1,008 | -26.1% |
| Recurring financial charges | 65 | €3,856 | €2,848 | -€1,008 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | -€39,608 | €26,067 | +€65,676 | |
| Transfer from deferred taxes | 780 | €3,501 | €3,501 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | - | €6,814 | +€6,814 | |
| Profit (loss) for the period | 9904 | -€36,107 | €22,754 | +€58,862 | |
| Transfer from tax-exempt reserves | 789 | €14,005 | €14,005 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,103 | €36,759 | +€58,862 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.