MINVECO: 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.
MINVECO
Largest movements
- Tangible fixed assets +€117,209
up €117,209 (+16.0%), from €730,419 to €847,628
of which Land and buildings: +€129,719
- Cash +€32,393
up €32,393 (+458.9%), from €7,058 to €39,451
mainly Depreciation (+€127,195) and Debts after one year (+€69,381)
- Receivables within one year -€22,947
down €22,947 (-60.9%), from €37,670 to €14,723
of which Trade receivables: -€22,780
- Debts after one year +€69,381
up €69,381 (+9.3%), from €750,000 to €819,381
of which Financial debts: +€119,381
- Current portion of long-term debt +€43,691
up €43,691, from €0 to €43,691
- Profit (loss) carried forward +€24,045
up €24,045 (+23.6%), from -€101,945 to -€77,900
- Other debts -€18,869
down €18,869 (-36.5%), from €51,702 to €32,833
- Tax, wage and social debts +€10,639
up €10,639 (+97.3%), from €10,939 to €21,578
of which Taxes: +€10,366
- Depreciation +€33,650
up €33,650 (+36.0%), from €93,545 to €127,195
- Staff costs -€13,251
down €13,251 (-77.2%), from €17,161 to €3,909
- Taxes +€8,523
up €8,523 (+1457.9%), from €585 to €9,107
- Gross operating margin +€5,279
up €5,279 (+3.0%), from €173,209 to €178,488
- Financial charges +€4,893
up €4,893 (+335.9%), from €1,457 to €6,350
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 | €781,188 | €910,617 | +€129,428 | +16.6% |
| Fixed assets | 21/28 | €730,419 | €847,628 | +€117,209 | +16.0% |
| Tangible fixed assets | 22/27 | €730,419 | €847,628 | +€117,209 | +16.0% |
| Land and buildings | 22 | €708,742 | €838,462 | +€129,719 | +18.3% |
| Plant, machinery and equipment | 23 | €2,528 | €2,875 | +€348 | +13.7% |
| Furniture and vehicles | 24 | €19,148 | €6,290 | -€12,858 | -67.1% |
| Current assets | 29/58 | €50,770 | €62,989 | +€12,219 | +24.1% |
| Amounts receivable within one year | 40/41 | €37,670 | €14,723 | -€22,947 | -60.9% |
| Trade receivables | 40 | €37,462 | €14,682 | -€22,780 | -60.8% |
| Other amounts receivable | 41 | €208 | €42 | -€166 | -80.0% |
| Cash at bank and in hand | 54/58 | €7,058 | €39,451 | +€32,393 | +458.9% |
| Deferred charges and accrued income | 490/1 | €6,041 | €8,815 | +€2,773 | +45.9% |
| Total equity and liabilities | 10/49 | €781,188 | €910,617 | +€129,428 | +16.6% |
| Equity | 10/15 | -€38,482 | -€14,436 | +€24,045 | +62.5% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €964 | €964 | = | 0.0% |
| Non-distributable reserves | 130/1 | €964 | €964 | = | 0.0% |
| Legal reserve | 130 | €964 | €964 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,945 | -€77,900 | +€24,045 | +23.6% |
| Amounts payable | 17/49 | €819,670 | €925,053 | +€105,383 | +12.9% |
| Amounts payable after more than one year | 17 | €750,000 | €819,381 | +€69,381 | +9.3% |
| Financial debts | 170/4 | - | €119,381 | +€119,381 | |
| Other amounts payable | 178/9 | €750,000 | €700,000 | -€50,000 | -6.7% |
| Amounts payable within one year | 42/48 | €67,303 | €104,412 | +€37,109 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €43,691 | +€43,691 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €4,663 | €6,310 | +€1,647 | +35.3% |
| Suppliers | 440/4 | €4,663 | €6,310 | +€1,647 | +35.3% |
| Taxes, remuneration and social security | 45 | €10,939 | €21,578 | +€10,639 | +97.3% |
| Taxes | 450/3 | €10,499 | €20,865 | +€10,366 | +98.7% |
| Remuneration and social security | 454/9 | €439 | €713 | +€274 | +62.3% |
| Other amounts payable | 47/48 | €51,702 | €32,833 | -€18,869 | -36.5% |
| Accrued charges and deferred income | 492/3 | €2,367 | €1,260 | -€1,107 | -46.8% |
| Remuneration, social security and pensions | 62 | €17,161 | €3,909 | -€13,251 | -77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,545 | €127,195 | +€33,650 | +36.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €7,501 | €7,890 | +€389 | +5.2% |
| Gross operating margin | 9900 | €173,209 | €178,488 | +€5,279 | +3.0% |
| Operating profit (loss) | 9901 | €55,003 | €39,494 | -€15,509 | -28.2% |
| Financial income | 75/76B | €6 | €9 | +€3 | +45.7% |
| Recurring financial income | 75 | €6 | €9 | +€3 | +45.7% |
| Financial charges | 65/66B | €1,457 | €6,350 | +€4,893 | +335.9% |
| Recurring financial charges | 65 | €1,457 | €6,350 | +€4,893 | +335.9% |
| Profit (loss) for the period before taxes | 9903 | €53,552 | €33,153 | -€20,399 | -38.1% |
| Income taxes | 67/77 | €585 | €9,107 | +€8,523 | +1457.9% |
| Profit (loss) for the period | 9904 | €52,967 | €24,045 | -€28,922 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,967 | €24,045 | -€28,922 | -54.6% |
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 8 October 2026 via checked.be.