MINNART: 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.
MINNART
Largest movements
- Tangible fixed assets -€29,468
down €29,468 (-14.8%), from €198,868 to €169,400
of which Leasing and similar rights: -€30,260
- Stocks and contracts -€28,219
down €28,219 (-9.6%), from €295,282 to €267,063
- Receivables within one year +€27,225
up €27,225 (+3.4%), from €808,025 to €835,250
of which Trade receivables: +€27,710
- Reserves -€63,046
down €63,046 (-7.1%), from €893,150 to €830,104
of which Distributable reserves: -€63,046
- Current portion of long-term debt +€24,254
up €24,254 (+152%), from €15,912 to €40,167
- Debts after one year -€16,635
down €16,635 (-15.7%), from €105,670 to €89,035
- Short-term financial debts +€15,000
up €15,000 (+30.0%), from €50,000 to €65,000
- Taxes +€100,359
up €100,359 (+729%), from €13,770 to €114,129
- Staff costs +€20,737
up €20,737 (+35.3%), from €58,740 to €79,477
- Other operating charges -€16,786
down €16,786 (-69.1%), from €24,309 to €7,523
- Financial income +€16,750
up €16,750 (+477%), from €3,512 to €20,261
of which Non-recurring financial income: +€18,100
- Depreciation +€11,910
up €11,910 (+29.3%), from €40,600 to €52,509
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 | €1,377,050 | €1,340,036 | -€37,015 | -2.7% |
| Fixed assets | 21/28 | €204,552 | €175,084 | -€29,468 | -14.4% |
| Tangible fixed assets | 22/27 | €198,868 | €169,400 | -€29,468 | -14.8% |
| Plant, machinery and equipment | 23 | €36,191 | €46,396 | +€10,204 | +28.2% |
| Furniture and vehicles | 24 | €20,346 | €13,847 | -€6,499 | -31.9% |
| Leasing and similar rights | 25 | €136,170 | €105,910 | -€30,260 | -22.2% |
| Other tangible fixed assets | 26 | €6,161 | €3,248 | -€2,913 | -47.3% |
| Financial fixed assets | 28 | €5,684 | €5,684 | = | 0.0% |
| Current assets | 29/58 | €1,172,499 | €1,164,952 | -€7,547 | -0.6% |
| Stocks and contracts in progress | 3 | €295,282 | €267,063 | -€28,219 | -9.6% |
| Stocks | 30/36 | €295,282 | €267,063 | -€28,219 | -9.6% |
| Amounts receivable within one year | 40/41 | €808,025 | €835,250 | +€27,225 | +3.4% |
| Trade receivables | 40 | €742,669 | €770,379 | +€27,710 | +3.7% |
| Other amounts receivable | 41 | €65,356 | €64,871 | -€485 | -0.7% |
| Cash at bank and in hand | 54/58 | €66,916 | €61,243 | -€5,673 | -8.5% |
| Deferred charges and accrued income | 490/1 | €2,276 | €1,396 | -€880 | -38.7% |
| Total equity and liabilities | 10/49 | €1,377,050 | €1,340,036 | -€37,015 | -2.7% |
| Equity | 10/15 | €911,750 | €848,704 | -€63,046 | -6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €893,150 | €830,104 | -€63,046 | -7.1% |
| Tax-exempt reserves | 132 | €7,403 | €7,403 | = | 0.0% |
| Distributable reserves | 133 | €885,747 | €822,701 | -€63,046 | -7.1% |
| Amounts payable | 17/49 | €465,300 | €491,331 | +€26,031 | +5.6% |
| Amounts payable after more than one year | 17 | €105,670 | €89,035 | -€16,635 | -15.7% |
| Financial debts | 170/4 | €105,670 | €89,035 | -€16,635 | -15.7% |
| Amounts payable within one year | 42/48 | €357,303 | €399,844 | +€42,541 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €15,912 | €40,167 | +€24,254 | +152% |
| Financial debts | 43 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Other loans | 439 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Trade debts | 44 | €205,791 | €199,338 | -€6,453 | -3.1% |
| Suppliers | 440/4 | €205,791 | €199,338 | -€6,453 | -3.1% |
| Taxes, remuneration and social security | 45 | €85,600 | €95,339 | +€9,740 | +11.4% |
| Taxes | 450/3 | €72,915 | €87,234 | +€14,319 | +19.6% |
| Remuneration and social security | 454/9 | €12,685 | €8,106 | -€4,579 | -36.1% |
| Accrued charges and deferred income | 492/3 | €2,327 | €2,453 | +€125 | +5.4% |
| Non-recurring operating income | 76A | - | €333 | +€333 | |
| Remuneration, social security and pensions | 62 | €58,740 | €79,477 | +€20,737 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,600 | €52,509 | +€11,910 | +29.3% |
| Other operating charges | 640/8 | €24,309 | €7,523 | -€16,786 | -69.1% |
| Gross operating margin | 9900 | €242,114 | €232,662 | -€9,452 | -3.9% |
| Operating profit (loss) | 9901 | €118,466 | €93,153 | -€25,313 | -21.4% |
| Financial income | 75/76B | €3,512 | €20,261 | +€16,750 | +477% |
| Recurring financial income | 75 | €3,512 | €2,162 | -€1,350 | -38.4% |
| Non-recurring financial income | 76B | - | €18,100 | +€18,100 | |
| Financial charges | 65/66B | €10,659 | €12,331 | +€1,671 | +15.7% |
| Recurring financial charges | 65 | €10,659 | €12,331 | +€1,671 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €111,318 | €101,083 | -€10,235 | -9.2% |
| Income taxes | 67/77 | €13,770 | €114,129 | +€100,359 | +729% |
| Profit (loss) for the period | 9904 | €97,548 | -€13,046 | -€110,594 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,548 | -€13,046 | -€110,594 |
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 18 October 2026 via checked.be.