MINTHOR: what changed
Two fiscal 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.
MINTHOR
Largest movements
- Cash +€179,773
up €179,773 (+224.5%), from €80,091 to €259,864
mainly Net result for the year (+€119,743) and Depreciation (+€30,959)
- Receivables within one year +€31,156
up €31,156 (+69.5%), from €44,834 to €75,990
of which Other amounts receivable: +€30,399
- Tangible fixed assets -€30,959
down €30,959 (-53.0%), from €58,372 to €27,413
of which Furniture and vehicles: -€19,365
- Reserves +€119,743
up €119,743 (+202.9%), from €59,014 to €178,758
- Tax, wage and social debts +€29,951
up €29,951 (+151.8%), from €19,727 to €49,677
- Accrued charges and deferred income +€25,024
up €25,024 (+54.6%), from €45,841 to €70,865
- Trade debts -€20,116
down €20,116 (-37.1%), from €54,238 to €34,123
- Debts after one year +€14,479
new in 2025: €14,479
- Gross operating margin +€110,186
up €110,186 (+139.6%), from €78,952 to €189,138
- Depreciation +€27,413
up €27,413 (+773.1%), from €3,546 to €30,959
- Taxes +€19,698
up €19,698 (+131.4%), from €14,990 to €34,688
- Financial charges +€3,075
up €3,075 (+303.1%), from €1,014 to €4,089
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.
Cash bridge derived
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 | €184,302 | €363,267 | +€178,965 | +97.1% |
| Fixed assets | 21/28 | €58,372 | €27,413 | -€30,959 | -53.0% |
| Tangible fixed assets | 22/27 | €58,372 | €27,413 | -€30,959 | -53.0% |
| Plant, machinery and equipment | 23 | €21,255 | €9,661 | -€11,594 | -54.5% |
| Furniture and vehicles | 24 | €37,116 | €17,751 | -€19,365 | -52.2% |
| Current assets | 29/58 | €125,931 | €335,855 | +€209,924 | +166.7% |
| Amounts receivable within one year | 40/41 | €44,834 | €75,990 | +€31,156 | +69.5% |
| Trade receivables | 40 | €44,834 | €45,591 | +€757 | +1.7% |
| Other amounts receivable | 41 | - | €30,399 | +€30,399 | |
| Cash at bank and in hand | 54/58 | €80,091 | €259,864 | +€179,773 | +224.5% |
| Deferred charges and accrued income | 490/1 | €1,006 | - | -€1,006 | |
| Total equity and liabilities | 10/49 | €184,302 | €363,267 | +€178,965 | +97.1% |
| Equity | 10/15 | €61,514 | €181,258 | +€119,743 | +194.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €59,014 | €178,758 | +€119,743 | +202.9% |
| Distributable reserves | 133 | €59,014 | €178,758 | +€119,743 | +202.9% |
| Amounts payable | 17/49 | €122,788 | €182,010 | +€59,222 | +48.2% |
| Amounts payable after more than one year | 17 | - | €14,479 | +€14,479 | |
| Financial debts | 170/4 | - | €14,479 | +€14,479 | |
| Amounts payable within one year | 42/48 | €76,946 | €96,665 | +€19,719 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | - | €12,865 | +€12,865 | |
| Trade debts | 44 | €54,238 | €34,123 | -€20,116 | -37.1% |
| Suppliers | 440/4 | €54,238 | €34,123 | -€20,116 | -37.1% |
| Taxes, remuneration and social security | 45 | €19,727 | €49,677 | +€29,951 | +151.8% |
| Taxes | 450/3 | €19,727 | €49,677 | +€29,951 | +151.8% |
| Other amounts payable | 47/48 | €2,982 | - | -€2,982 | |
| Accrued charges and deferred income | 492/3 | €45,841 | €70,865 | +€25,024 | +54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,546 | €30,959 | +€27,413 | +773.1% |
| Other operating charges | 640/8 | €387 | €854 | +€467 | +120.5% |
| Gross operating margin | 9900 | €78,952 | €189,138 | +€110,186 | +139.6% |
| Operating profit (loss) | 9901 | €75,019 | €157,326 | +€82,307 | +109.7% |
| Financial income | 75/76B | - | €1,194 | +€1,194 | |
| Recurring financial income | 75 | - | €1,194 | +€1,194 | |
| Financial charges | 65/66B | €1,014 | €4,089 | +€3,075 | +303.1% |
| Recurring financial charges | 65 | €1,014 | €4,089 | +€3,075 | +303.1% |
| Profit (loss) for the period before taxes | 9903 | €74,004 | €154,431 | +€80,427 | +108.7% |
| Income taxes | 67/77 | €14,990 | €34,688 | +€19,698 | +131.4% |
| Profit (loss) for the period | 9904 | €59,014 | €119,743 | +€60,729 | +102.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,014 | €119,743 | +€60,729 | +102.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.