MINORI: 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.
MINORI
Largest movements
- Cash -€150,005
down €150,005 (-83.0%), from €180,764 to €30,759
mainly Contributions, distributions and other (-€170,000) and Investment in fixed assets (net) (-€47,032)
- Receivables within one year -€68,501
down €68,501 (-79.0%), from €86,742 to €18,241
of which Trade receivables: -€84,450
- Tangible fixed assets +€18,762
up €18,762 (+4.4%), from €429,490 to €448,252
of which Land and buildings: +€24,605
- Reserves -€192,966
down €192,966 (-39.2%), from €492,883 to €299,917
of which Distributable reserves: -€174,216
- Trade debts +€15,500
up €15,500 (+25,129%), from €62 to €15,561
- Tax, wage and social debts -€12,458
down €12,458 (-55.5%), from €22,438 to €9,979
of which Taxes: -€10,399
- Debts after one year -€10,866
down €10,866 (-31.0%), from €35,002 to €24,136
- Gross operating margin -€70,283
down €70,283 (-87.0%), from €80,827 to €10,545
- Depreciation -€24,970
down €24,970 (-46.9%), from €53,239 to €28,269
- Taxes -€6,622
no longer reported in 2025 (was €6,622)
- Other operating charges +€874
up €874 (+18.4%), from €4,738 to €5,611
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 | €697,105 | €497,361 | -€199,744 | -28.7% |
| Fixed assets | 21/28 | €429,599 | €448,361 | +€18,762 | +4.4% |
| Tangible fixed assets | 22/27 | €429,490 | €448,252 | +€18,762 | +4.4% |
| Land and buildings | 22 | €414,369 | €438,974 | +€24,605 | +5.9% |
| Plant, machinery and equipment | 23 | €7,326 | €7,675 | +€349 | +4.8% |
| Furniture and vehicles | 24 | €2,826 | €1,603 | -€1,223 | -43.3% |
| Other tangible fixed assets | 26 | €4,968 | - | -€4,968 | |
| Financial fixed assets | 28 | €109 | €109 | = | 0.0% |
| Current assets | 29/58 | €267,506 | €49,000 | -€218,506 | -81.7% |
| Amounts receivable within one year | 40/41 | €86,742 | €18,241 | -€68,501 | -79.0% |
| Trade receivables | 40 | €84,450 | - | -€84,450 | |
| Other amounts receivable | 41 | €2,292 | €18,241 | +€15,949 | +696% |
| Cash at bank and in hand | 54/58 | €180,764 | €30,759 | -€150,005 | -83.0% |
| Total equity and liabilities | 10/49 | €697,105 | €497,361 | -€199,744 | -28.7% |
| Equity | 10/15 | €616,883 | €423,917 | -€192,966 | -31.3% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €492,883 | €299,917 | -€192,966 | -39.2% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | - | -€18,750 | |
| Distributable reserves | 133 | €461,733 | €287,517 | -€174,216 | -37.7% |
| Amounts payable | 17/49 | €80,222 | €73,444 | -€6,778 | -8.4% |
| Amounts payable after more than one year | 17 | €35,002 | €24,136 | -€10,866 | -31.0% |
| Financial debts | 170/4 | €35,002 | €24,136 | -€10,866 | -31.0% |
| Amounts payable within one year | 42/48 | €39,111 | €43,884 | +€4,773 | +12.2% |
| Financial debts | 43 | €10,697 | €10,866 | +€169 | +1.6% |
| Credit institutions | 430/8 | €10,697 | €10,866 | +€169 | +1.6% |
| Trade debts | 44 | €62 | €15,561 | +€15,500 | +25,129% |
| Suppliers | 440/4 | €62 | €15,561 | +€15,500 | +25,129% |
| Taxes, remuneration and social security | 45 | €22,438 | €9,979 | -€12,458 | -55.5% |
| Taxes | 450/3 | €14,223 | €3,825 | -€10,399 | -73.1% |
| Remuneration and social security | 454/9 | €8,214 | €6,155 | -€2,060 | -25.1% |
| Other amounts payable | 47/48 | €5,915 | €7,477 | +€1,563 | +26.4% |
| Accrued charges and deferred income | 492/3 | €6,108 | €5,423 | -€685 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,239 | €28,269 | -€24,970 | -46.9% |
| Other operating charges | 640/8 | €4,738 | €5,611 | +€874 | +18.4% |
| Gross operating margin | 9900 | €80,827 | €10,545 | -€70,283 | -87.0% |
| Operating profit (loss) | 9901 | €22,851 | -€23,336 | -€46,187 | |
| Financial income | 75/76B | €1,251 | €1,163 | -€87 | -7.0% |
| Recurring financial income | 75 | €1,251 | €1,163 | -€87 | -7.0% |
| Financial charges | 65/66B | €1,147 | €793 | -€353 | -30.8% |
| Recurring financial charges | 65 | €1,147 | €793 | -€353 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €22,955 | -€22,966 | -€45,921 | |
| Income taxes | 67/77 | €6,622 | - | -€6,622 | |
| Profit (loss) for the period | 9904 | €16,333 | -€22,966 | -€39,299 | |
| Transfer from tax-exempt reserves | 789 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,333 | -€4,216 | -€20,549 |
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 29 October 2026 via checked.be.