Paul Minjauw: what changed
Paul Minjauw
Largest movements
- Tangible fixed assets -€7,574
down €7,574 (-54.8%), from €13,833 to €6,259
- Cash -€7,114
down €7,114 (-8.0%), from €88,439 to €81,326
- Receivables within one year +€2,081
up €2,081 (+11.1%), from €18,765 to €20,847
of which Other amounts receivable: +€3,144
- Profit (loss) carried forward -€14,285
down €14,285 (-18.1%), from €78,715 to €64,430
- Tax, wage and social debts -€3,850
no longer reported in 2025 (was €3,850)
- Trade debts +€2,929
up €2,929 (+2,595%), from €113 to €3,042
- Reserves +€2,600
up €2,600 (+13.2%), from €19,760 to €22,360
of which Distributable reserves: +€2,600
- Gross operating margin -€21,416
down €21,416, from €11,777 to -€9,639
- Depreciation -€3,812
down €3,812 (-45.8%), from €8,331 to €4,518
- Taxes +€308
new in 2025: €308
Change in the result, 2023 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,038 | €108,431 | -€12,606 | -10.4% |
| Fixed assets | 21/28 | €13,833 | €6,259 | -€7,574 | -54.8% |
| Tangible fixed assets | 22/27 | €13,833 | €6,259 | -€7,574 | -54.8% |
| Plant, machinery and equipment | 23 | €13,833 | €6,259 | -€7,574 | -54.8% |
| Current assets | 29/58 | €107,204 | €102,172 | -€5,032 | -4.7% |
| Amounts receivable within one year | 40/41 | €18,765 | €20,847 | +€2,081 | +11.1% |
| Trade receivables | 40 | €1,062 | - | -€1,062 | |
| Other amounts receivable | 41 | €17,703 | €20,847 | +€3,144 | +17.8% |
| Cash at bank and in hand | 54/58 | €88,439 | €81,326 | -€7,114 | -8.0% |
| Total equity and liabilities | 10/49 | €121,038 | €108,431 | -€12,606 | -10.4% |
| Equity | 10/15 | €117,075 | €105,390 | -€11,685 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,760 | €22,360 | +€2,600 | +13.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,900 | €20,500 | +€2,600 | +14.5% |
| Profit (loss) carried forward | 14 | €78,715 | €64,430 | -€14,285 | -18.1% |
| Amounts payable | 17/49 | €3,963 | €3,042 | -€921 | -23.2% |
| Amounts payable within one year | 42/48 | €3,963 | €3,042 | -€921 | -23.2% |
| Trade debts | 44 | €113 | €3,042 | +€2,929 | +2,595% |
| Suppliers | 440/4 | €113 | €3,042 | +€2,929 | +2,595% |
| Taxes, remuneration and social security | 45 | €3,850 | - | -€3,850 | |
| Taxes | 450/3 | €3,850 | - | -€3,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,331 | €4,518 | -€3,812 | -45.8% |
| Gross operating margin | 9900 | €11,777 | -€9,639 | -€21,416 | |
| Operating profit (loss) | 9901 | €3,446 | -€14,158 | -€17,604 | |
| Financial charges | 65/66B | €190 | €184 | -€7 | -3.6% |
| Recurring financial charges | 65 | €190 | €184 | -€7 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €3,256 | -€14,341 | -€17,597 | |
| Income taxes | 67/77 | - | €308 | +€308 | |
| Profit (loss) for the period | 9904 | €3,256 | -€14,650 | -€17,906 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,256 | -€14,650 | -€17,906 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.