Minrad: what changed
Minrad
Largest movements
- Receivables within one year -€126,718
down €126,718 (-86.8%), from €145,988 to €19,270
of which Trade receivables: -€66,039
- Current investments +€126,405
up €126,405 (+122%), from €104,000 to €230,405
- Cash -€46,986
down €46,986 (-19.4%), from €241,646 to €194,660
mainly Contributions, distributions and other (-€156,008) and Current investments (-€126,405)
- Tangible fixed assets -€13,576
down €13,576 (-20.2%), from €67,162 to €53,586
of which Plant, machinery and equipment: -€7,791
- Reserves -€63,188
down €63,188 (-16.3%), from €388,560 to €325,372
of which Distributable reserves: -€63,188
- Other debts +€22,298
up €22,298, from €0 to €22,298
- Tax, wage and social debts -€14,256
down €14,256 (-22.6%), from €62,972 to €48,716
of which Taxes: -€14,418
- Gross operating margin -€46,827
down €46,827 (-15.3%), from €306,688 to €259,861
- Financial charges +€33,801
up €33,801, from -€33,338 to €463
- Taxes -€15,750
down €15,750 (-29.0%), from €54,246 to €38,496
- Staff costs +€7,897
up €7,897 (+6.6%), from €118,798 to €126,695
- Depreciation -€3,651
down €3,651 (-19.5%), from €18,699 to €15,048
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €567,418 | €504,629 | -€62,789 | -11.1% |
| Fixed assets | 21/28 | €68,884 | €53,836 | -€15,048 | -21.8% |
| Intangible fixed assets | 21 | €1,472 | - | -€1,472 | |
| Tangible fixed assets | 22/27 | €67,162 | €53,586 | -€13,576 | -20.2% |
| Land and buildings | 22 | €16,090 | €11,795 | -€4,295 | -26.7% |
| Plant, machinery and equipment | 23 | €26,022 | €18,231 | -€7,791 | -29.9% |
| Furniture and vehicles | 24 | €7,205 | €6,970 | -€235 | -3.3% |
| Other tangible fixed assets | 26 | €17,845 | €16,590 | -€1,255 | -7.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €498,534 | €450,793 | -€47,741 | -9.6% |
| Amounts receivable within one year | 40/41 | €145,988 | €19,270 | -€126,718 | -86.8% |
| Trade receivables | 40 | €76,257 | €10,219 | -€66,039 | -86.6% |
| Other amounts receivable | 41 | €69,731 | €9,051 | -€60,679 | -87.0% |
| Current investments | 50/53 | €104,000 | €230,405 | +€126,405 | +122% |
| Cash at bank and in hand | 54/58 | €241,646 | €194,660 | -€46,986 | -19.4% |
| Deferred charges and accrued income | 490/1 | €6,900 | €6,458 | -€442 | -6.4% |
| Total equity and liabilities | 10/49 | €567,418 | €504,629 | -€62,789 | -11.1% |
| Equity | 10/15 | €491,458 | €428,277 | -€63,181 | -12.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €388,560 | €325,372 | -€63,188 | -16.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €369,810 | €306,622 | -€63,188 | -17.1% |
| Profit (loss) carried forward | 14 | €90,499 | €90,506 | +€7 | 0.0% |
| Amounts payable | 17/49 | €75,960 | €76,352 | +€392 | +0.5% |
| Amounts payable after more than one year | 17 | €4,424 | - | -€4,424 | |
| Financial debts | 170/4 | €4,424 | - | -€4,424 | |
| Amounts payable within one year | 42/48 | €70,490 | €76,352 | +€5,862 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €7,518 | €4,424 | -€3,093 | -41.1% |
| Trade debts | 44 | - | €912 | +€912 | |
| Suppliers | 440/4 | - | €912 | +€912 | |
| Taxes, remuneration and social security | 45 | €62,972 | €48,716 | -€14,256 | -22.6% |
| Taxes | 450/3 | €47,699 | €33,281 | -€14,418 | -30.2% |
| Remuneration and social security | 454/9 | €15,273 | €15,435 | +€162 | +1.1% |
| Other amounts payable | 47/48 | €0 | €22,298 | +€22,298 | |
| Accrued charges and deferred income | 492/3 | €1,046 | - | -€1,046 | |
| Remuneration, social security and pensions | 62 | €118,798 | €126,695 | +€7,897 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,699 | €15,048 | -€3,651 | -19.5% |
| Other operating charges | 640/8 | €193 | €1,801 | +€1,608 | +833% |
| Gross operating margin | 9900 | €306,688 | €259,861 | -€46,827 | -15.3% |
| Operating profit (loss) | 9901 | €168,998 | €116,317 | -€52,680 | -31.2% |
| Financial income | 75/76B | €15,163 | €15,469 | +€306 | +2.0% |
| Recurring financial income | 75 | €15,163 | €15,469 | +€306 | +2.0% |
| Financial charges | 65/66B | -€33,338 | €463 | +€33,801 | |
| Recurring financial charges | 65 | -€33,338 | €463 | +€33,801 | |
| Profit (loss) for the period before taxes | 9903 | €217,498 | €131,323 | -€86,175 | -39.6% |
| Income taxes | 67/77 | €54,246 | €38,496 | -€15,750 | -29.0% |
| Profit (loss) for the period | 9904 | €163,253 | €92,827 | -€70,426 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,253 | €92,827 | -€70,426 | -43.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.