Minutanot: 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.
Minutanot
Largest movements
- Cash -€239,259
down €239,259 (-55.6%), from €430,162 to €190,903
mainly Contributions, distributions and other (-€1.6m) and Debts after one year (-€272,996)
- Current investments +€37,402
up €37,402 (+425%), from €8,803 to €46,205
- Other debts +€906,222
up €906,222, from €0 to €906,222
- Reserves -€884,902
down €884,902 (-100%), from €884,902 to €0
- Debts after one year -€272,996
down €272,996 (-15.0%), from €1.8m to €1.5m
- Tax, wage and social debts +€33,257
up €33,257 (+84.6%), from €39,304 to €72,561
- Gross operating margin +€291,297
up €291,297 (+37.2%), from €783,273 to €1.1m
- Taxes +€72,409
up €72,409 (+40.2%), from €180,303 to €252,713
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 | €3,027,105 | €2,817,784 | -€209,322 | -6.9% |
| Fixed assets | 21/28 | €2,581,255 | €2,579,679 | -€1,576 | -0.1% |
| Tangible fixed assets | 22/27 | €21,103 | €19,528 | -€1,576 | -7.5% |
| Furniture and vehicles | 24 | €21,103 | €19,528 | -€1,576 | -7.5% |
| Financial fixed assets | 28 | €2,560,152 | €2,560,152 | = | 0.0% |
| Current assets | 29/58 | €445,851 | €238,104 | -€207,746 | -46.6% |
| Amounts receivable within one year | 40/41 | €6,885 | €141 | -€6,745 | -98.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,885 | €141 | -€6,745 | -98.0% |
| Current investments | 50/53 | €8,803 | €46,205 | +€37,402 | +425% |
| Cash at bank and in hand | 54/58 | €430,162 | €190,903 | -€239,259 | -55.6% |
| Deferred charges and accrued income | 490/1 | - | €855 | +€855 | |
| Total equity and liabilities | 10/49 | €3,027,105 | €2,817,784 | -€209,322 | -6.9% |
| Equity | 10/15 | €885,402 | €500 | -€884,902 | -99.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €884,902 | €0 | -€884,902 | -100% |
| Distributable reserves | 133 | €884,902 | €0 | -€884,902 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,141,704 | €2,817,284 | +€675,580 | +31.5% |
| Amounts payable after more than one year | 17 | €1,815,846 | €1,542,850 | -€272,996 | -15.0% |
| Financial debts | 170/4 | €1,815,846 | €1,542,850 | -€272,996 | -15.0% |
| Amounts payable within one year | 42/48 | €325,858 | €1,273,815 | +€947,957 | +291% |
| Current portion of amounts payable after more than one year | 42 | €285,776 | €294,081 | +€8,305 | +2.9% |
| Trade debts | 44 | €779 | €952 | +€173 | +22.2% |
| Suppliers | 440/4 | €779 | €952 | +€173 | +22.2% |
| Taxes, remuneration and social security | 45 | €39,304 | €72,561 | +€33,257 | +84.6% |
| Taxes | 450/3 | €39,304 | €72,561 | +€33,257 | +84.6% |
| Other amounts payable | 47/48 | €0 | €906,222 | +€906,222 | |
| Accrued charges and deferred income | 492/3 | - | €618 | +€618 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,806 | €6,567 | +€761 | +13.1% |
| Other operating charges | 640/8 | €579 | €1,152 | +€573 | +98.9% |
| Gross operating margin | 9900 | €783,273 | €1,074,570 | +€291,297 | +37.2% |
| Operating profit (loss) | 9901 | €776,888 | €1,066,851 | +€289,964 | +37.3% |
| Financial income | 75/76B | €3,407 | €9 | -€3,398 | -99.7% |
| Recurring financial income | 75 | €3,407 | €9 | -€3,398 | -99.7% |
| Financial charges | 65/66B | €63,432 | €62,131 | -€1,301 | -2.1% |
| Recurring financial charges | 65 | €63,432 | €62,131 | -€1,301 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €716,864 | €1,004,730 | +€287,866 | +40.2% |
| Income taxes | 67/77 | €180,303 | €252,713 | +€72,409 | +40.2% |
| Profit (loss) for the period | 9904 | €536,560 | €752,017 | +€215,457 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €536,560 | €752,017 | +€215,457 | +40.2% |
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 13 October 2026 via checked.be.