MINPHAR: 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.
MINPHAR
Largest movements
- Cash -€28,851
down €28,851 (-16.9%), from €170,540 to €141,689
mainly Contributions, distributions and other (-€57,666) and Tax, wage and social debts (-€34,579)
- Stocks and contracts +€13,919
up €13,919 (+9.8%), from €141,628 to €155,548
- Receivables within one year +€4,467
up €4,467 (+5.8%), from €77,528 to €81,995
of which Trade receivables: +€2,464
- Tax, wage and social debts -€34,579
down €34,579 (-59.5%), from €58,077 to €23,499
of which Taxes: -€18,737
- Other debts +€29,094
up €29,094 (+98.7%), from €29,490 to €58,584
- Current portion of long-term debt -€27,583
down €27,583 (-75.9%), from €36,333 to €8,750
- Trade debts +€23,415
up €23,415 (+17.7%), from €132,325 to €155,740
- Reserves -€8,080
down €8,080 (-5.4%), from €149,306 to €141,227
- Gross operating margin -€25,062
down €25,062 (-15.2%), from €164,805 to €139,743
- Taxes -€4,380
down €4,380 (-17.3%), from €25,309 to €20,929
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 | €411,837 | €396,164 | -€15,673 | -3.8% |
| Fixed assets | 21/28 | €14,265 | €11,718 | -€2,547 | -17.9% |
| Tangible fixed assets | 22/27 | €13,679 | €11,132 | -€2,547 | -18.6% |
| Plant, machinery and equipment | 23 | €4,341 | €3,492 | -€849 | -19.6% |
| Furniture and vehicles | 24 | €4,307 | €4,184 | -€122 | -2.8% |
| Other tangible fixed assets | 26 | €5,031 | €3,455 | -€1,575 | -31.3% |
| Financial fixed assets | 28 | €586 | €586 | = | 0.0% |
| Current assets | 29/58 | €397,572 | €384,446 | -€13,126 | -3.3% |
| Stocks and contracts in progress | 3 | €141,628 | €155,548 | +€13,919 | +9.8% |
| Stocks | 30/36 | €141,628 | €155,548 | +€13,919 | +9.8% |
| Amounts receivable within one year | 40/41 | €77,528 | €81,995 | +€4,467 | +5.8% |
| Trade receivables | 40 | €77,528 | €79,992 | +€2,464 | +3.2% |
| Other amounts receivable | 41 | - | €2,003 | +€2,003 | |
| Cash at bank and in hand | 54/58 | €170,540 | €141,689 | -€28,851 | -16.9% |
| Deferred charges and accrued income | 490/1 | €7,876 | €5,215 | -€2,661 | -33.8% |
| Total equity and liabilities | 10/49 | €411,837 | €396,164 | -€15,673 | -3.8% |
| Equity | 10/15 | €155,506 | €147,427 | -€8,080 | -5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,306 | €141,227 | -€8,080 | -5.4% |
| Distributable reserves | 133 | €149,306 | €141,227 | -€8,080 | -5.4% |
| Amounts payable | 17/49 | €256,331 | €248,737 | -€7,593 | -3.0% |
| Amounts payable within one year | 42/48 | €256,226 | €246,573 | -€9,652 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €36,333 | €8,750 | -€27,583 | -75.9% |
| Trade debts | 44 | €132,325 | €155,740 | +€23,415 | +17.7% |
| Suppliers | 440/4 | €132,325 | €155,740 | +€23,415 | +17.7% |
| Taxes, remuneration and social security | 45 | €58,077 | €23,499 | -€34,579 | -59.5% |
| Taxes | 450/3 | €25,970 | €7,233 | -€18,737 | -72.1% |
| Remuneration and social security | 454/9 | €32,107 | €16,265 | -€15,842 | -49.3% |
| Other amounts payable | 47/48 | €29,490 | €58,584 | +€29,094 | +98.7% |
| Accrued charges and deferred income | 492/3 | €105 | €2,164 | +€2,059 | +1,962% |
| Remuneration, social security and pensions | 62 | €63,287 | €61,741 | -€1,546 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,610 | €5,306 | -€305 | -5.4% |
| Other operating charges | 640/8 | €1,612 | €977 | -€635 | -39.4% |
| Gross operating margin | 9900 | €164,805 | €139,743 | -€25,062 | -15.2% |
| Operating profit (loss) | 9901 | €94,295 | €71,720 | -€22,576 | -23.9% |
| Financial income | 75/76B | €94 | €448 | +€354 | +376% |
| Recurring financial income | 75 | €94 | €448 | +€354 | +376% |
| Financial charges | 65/66B | €876 | €1,652 | +€776 | +88.5% |
| Recurring financial charges | 65 | €876 | €1,652 | +€776 | +88.5% |
| Profit (loss) for the period before taxes | 9903 | €93,513 | €70,515 | -€22,998 | -24.6% |
| Income taxes | 67/77 | €25,309 | €20,929 | -€4,380 | -17.3% |
| Profit (loss) for the period | 9904 | €68,204 | €49,586 | -€18,618 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,204 | €49,586 | -€18,618 | -27.3% |
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 14 October 2026 via checked.be.