MINVEST: 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.
MINVEST
Largest movements
- Tangible fixed assets +€471,708
up €471,708 (+527.4%), from €89,433 to €561,142
of which Land and buildings: +€472,876
- Receivables after one year -€46,692
down €46,692 (-57.6%), from €81,047 to €34,355
- Receivables within one year +€27,257
up €27,257 (+67.3%), from €40,525 to €67,782
of which Other amounts receivable: +€15,762
- Deferred charges and accrued income -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Cash +€15,859
up €15,859 (+1711.9%), from €926 to €16,786
mainly Debts after one year (+€368,334) and Other debts (+€58,082)
- Debts after one year +€368,334
up €368,334 (+392.3%), from €93,901 to €462,235
of which Financial debts: +€364,414
- Other debts +€58,082
up €58,082 (+387.3%), from €14,998 to €73,080
- Trade debts +€22,464
up €22,464 (+1712.2%), from €1,312 to €23,776
- Gross operating margin +€81,064
up €81,064 (+643.1%), from €12,606 to €93,670
- Financial charges +€12,707
up €12,707 (+1595.8%), from €796 to €13,503
- Taxes +€9,653
up €9,653 (+256.2%), from €3,768 to €13,421
- Depreciation +€9,076
up €9,076 (+776.0%), from €1,170 to €10,246
- Other operating charges +€1,325
up €1,325 (+68.2%), from €1,943 to €3,269
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 | €231,932 | €680,064 | +€448,133 | +193.2% |
| Fixed assets | 21/28 | €89,433 | €561,142 | +€471,708 | +527.4% |
| Tangible fixed assets | 22/27 | €89,433 | €561,142 | +€471,708 | +527.4% |
| Land and buildings | 22 | €80,794 | €553,670 | +€472,876 | +585.3% |
| Furniture and vehicles | 24 | €287 | €119 | -€168 | -58.6% |
| Other tangible fixed assets | 26 | €8,353 | €7,353 | -€1,000 | -12.0% |
| Current assets | 29/58 | €142,498 | €118,922 | -€23,576 | -16.5% |
| Amounts receivable after more than one year | 29 | €81,047 | €34,355 | -€46,692 | -57.6% |
| Other amounts receivable | 291 | €81,047 | €34,355 | -€46,692 | -57.6% |
| Amounts receivable within one year | 40/41 | €40,525 | €67,782 | +€27,257 | +67.3% |
| Trade receivables | 40 | €2,442 | €13,937 | +€11,495 | +470.7% |
| Other amounts receivable | 41 | €38,083 | €53,845 | +€15,762 | +41.4% |
| Cash at bank and in hand | 54/58 | €926 | €16,786 | +€15,859 | +1711.9% |
| Deferred charges and accrued income | 490/1 | €20,000 | €0 | -€20,000 | -100.0% |
| Total equity and liabilities | 10/49 | €231,932 | €680,064 | +€448,133 | +193.2% |
| Equity | 10/15 | €103,764 | €101,890 | -€1,875 | -1.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €93,764 | €91,890 | -€1,875 | -2.0% |
| Distributable reserves | 133 | €93,764 | €91,890 | -€1,875 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €128,167 | €578,174 | +€450,007 | +351.1% |
| Amounts payable after more than one year | 17 | €93,901 | €462,235 | +€368,334 | +392.3% |
| Financial debts | 170/4 | €93,901 | €458,315 | +€364,414 | +388.1% |
| Other amounts payable | 178/9 | - | €3,920 | +€3,920 | |
| Amounts payable within one year | 42/48 | €31,017 | €112,588 | +€81,571 | +263.0% |
| Current portion of amounts payable after more than one year | 42 | €8,862 | €10,723 | +€1,861 | +21.0% |
| Trade debts | 44 | €1,312 | €23,776 | +€22,464 | +1712.2% |
| Suppliers | 440/4 | €1,312 | €23,776 | +€22,464 | +1712.2% |
| Taxes, remuneration and social security | 45 | €5,846 | €5,010 | -€836 | -14.3% |
| Taxes | 450/3 | €5,846 | €5,010 | -€836 | -14.3% |
| Other amounts payable | 47/48 | €14,998 | €73,080 | +€58,082 | +387.3% |
| Accrued charges and deferred income | 492/3 | €3,249 | €3,351 | +€102 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,170 | €10,246 | +€9,076 | +776.0% |
| Other operating charges | 640/8 | €1,943 | €3,269 | +€1,325 | +68.2% |
| Gross operating margin | 9900 | €12,606 | €93,670 | +€81,064 | +643.1% |
| Operating profit (loss) | 9901 | €9,493 | €80,155 | +€70,663 | +744.4% |
| Financial income | 75/76B | €3,644 | €2,422 | -€1,222 | -33.5% |
| Recurring financial income | 75 | €3,644 | €2,422 | -€1,222 | -33.5% |
| Financial charges | 65/66B | €796 | €13,503 | +€12,707 | +1595.8% |
| Recurring financial charges | 65 | €796 | €13,503 | +€12,707 | +1595.8% |
| Profit (loss) for the period before taxes | 9903 | €12,340 | €69,074 | +€56,733 | +459.7% |
| Income taxes | 67/77 | €3,768 | €13,421 | +€9,653 | +256.2% |
| Profit (loss) for the period | 9904 | €8,573 | €55,653 | +€47,081 | +549.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,573 | €55,653 | +€47,081 | +549.2% |
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 6 October 2026 via checked.be.