MINNAERT LUC: 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 LUC
Largest movements
- Tangible fixed assets +€68,965
up €68,965 (+454%), from €15,186 to €84,150
of which Furniture and vehicles: +€71,875
- Cash -€40,127
down €40,127 (-14.0%), from €287,440 to €247,313
mainly Investment in fixed assets (net) (-€78,727) and Receivables within one year (-€35,835)
- Receivables within one year +€35,835
up €35,835 (+77.6%), from €46,153 to €81,988
of which Trade receivables: +€30,472
- Stocks and contracts -€4,858
down €4,858 (-69.0%), from €7,043 to €2,185
of which Stocks: -€2,630
- Trade debts +€60,744
up €60,744 (+2,257%), from €2,692 to €63,436
- Other debts -€30,159
down €30,159 (-23.5%), from €128,359 to €98,199
- Reserves +€27,504
up €27,504 (+14.5%), from €189,232 to €216,736
of which Distributable reserves: +€27,504
- Tax, wage and social debts +€10,830
up €10,830 (+123%), from €8,810 to €19,640
of which Taxes: +€10,830
- Advances received -€8,129
no longer reported in 2025 (was €8,129)
- Gross operating margin +€43,039
up €43,039 (+197%), from €21,889 to €64,928
- Taxes +€14,108
up €14,108 (+485%), from €2,907 to €17,014
- Depreciation +€6,333
up €6,333 (+185%), from €3,429 to €9,763
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 | €355,822 | €416,612 | +€60,790 | +17.1% |
| Fixed assets | 21/28 | €15,186 | €84,150 | +€68,965 | +454% |
| Tangible fixed assets | 22/27 | €15,186 | €84,150 | +€68,965 | +454% |
| Land and buildings | 22 | €7,213 | €6,252 | -€962 | -13.3% |
| Plant, machinery and equipment | 23 | €6,242 | €4,294 | -€1,948 | -31.2% |
| Furniture and vehicles | 24 | €1,731 | €73,605 | +€71,875 | +4,153% |
| Current assets | 29/58 | €340,636 | €332,461 | -€8,175 | -2.4% |
| Stocks and contracts in progress | 3 | €7,043 | €2,185 | -€4,858 | -69.0% |
| Stocks | 30/36 | €4,815 | €2,185 | -€2,630 | -54.6% |
| Contracts in progress | 37 | €2,228 | - | -€2,228 | |
| Amounts receivable within one year | 40/41 | €46,153 | €81,988 | +€35,835 | +77.6% |
| Trade receivables | 40 | €14,538 | €45,010 | +€30,472 | +210% |
| Other amounts receivable | 41 | €31,615 | €36,978 | +€5,363 | +17.0% |
| Cash at bank and in hand | 54/58 | €287,440 | €247,313 | -€40,127 | -14.0% |
| Deferred charges and accrued income | 490/1 | - | €975 | +€975 | |
| Total equity and liabilities | 10/49 | €355,822 | €416,612 | +€60,790 | +17.1% |
| Equity | 10/15 | €207,832 | €235,336 | +€27,504 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €189,232 | €216,736 | +€27,504 | +14.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €187,372 | €214,876 | +€27,504 | +14.7% |
| Amounts payable | 17/49 | €147,989 | €181,276 | +€33,286 | +22.5% |
| Amounts payable within one year | 42/48 | €147,989 | €181,276 | +€33,286 | +22.5% |
| Trade debts | 44 | €2,692 | €63,436 | +€60,744 | +2,257% |
| Suppliers | 440/4 | €2,692 | €63,436 | +€60,744 | +2,257% |
| Advances received on contracts in progress | 46 | €8,129 | - | -€8,129 | |
| Taxes, remuneration and social security | 45 | €8,810 | €19,640 | +€10,830 | +123% |
| Taxes | 450/3 | €8,495 | €19,325 | +€10,830 | +127% |
| Remuneration and social security | 454/9 | €315 | €315 | = | 0.0% |
| Other amounts payable | 47/48 | €128,359 | €98,199 | -€30,159 | -23.5% |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,429 | €9,763 | +€6,333 | +185% |
| Other operating charges | 640/8 | €1,259 | €949 | -€310 | -24.6% |
| Gross operating margin | 9900 | €21,889 | €64,928 | +€43,039 | +197% |
| Operating profit (loss) | 9901 | €17,201 | €54,216 | +€37,015 | +215% |
| Financial income | 75/76B | €26 | €123 | +€96 | +364% |
| Recurring financial income | 75 | €26 | €123 | +€96 | +364% |
| Financial charges | 65/66B | €8,417 | €8,155 | -€262 | -3.1% |
| Recurring financial charges | 65 | €8,417 | €8,155 | -€262 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €8,810 | €46,184 | +€37,374 | +424% |
| Income taxes | 67/77 | €2,907 | €17,014 | +€14,108 | +485% |
| Profit (loss) for the period | 9904 | €5,904 | €29,170 | +€23,266 | +394% |
| Profit (loss) for the period to be appropriated | 9905 | €5,904 | €29,170 | +€23,266 | +394% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.