PETER MINNAERT: 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.
PETER MINNAERT
Largest movements
- Cash +€12,312
up €12,312 (+235%), from €5,246 to €17,558
mainly Tax, wage and social debts (+€978,742) and Other debts (+€12,300)
- Tax, wage and social debts +€978,742
up €978,742 (+2,377%), from €41,171 to €1.0m
of which Taxes: +€981,553
- Profit (loss) carried forward -€975,746
down €975,746 (-1,742%), from -€56,011 to -€1.0m
- Other debts +€12,300
up €12,300 (+14.5%), from €85,101 to €97,401
- Trade debts -€3,362
down €3,362 (-56.8%), from €5,917 to €2,555
- Other operating charges +€982,542
up €982,542 (+78,779%), from €1,247 to €983,789
- Taxes -€62,619
down €62,619 (-59.2%), from €105,733 to €43,114
- Staff costs -€11,813
down €11,813 (-33.4%), from €35,384 to €23,571
- Gross operating margin -€3,368
down €3,368 (-4.3%), from €78,830 to €75,462
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 | €177,080 | €189,015 | +€11,934 | +6.7% |
| Fixed assets | 21/28 | €449 | €0 | -€449 | -100% |
| Tangible fixed assets | 22/27 | €449 | €0 | -€449 | -100% |
| Other tangible fixed assets | 26 | €449 | €0 | -€449 | -100% |
| Current assets | 29/58 | €176,632 | €189,015 | +€12,383 | +7.0% |
| Amounts receivable within one year | 40/41 | €170,181 | €171,220 | +€1,040 | +0.6% |
| Trade receivables | 40 | €15,471 | €48 | -€15,424 | -99.7% |
| Other amounts receivable | 41 | €154,709 | €171,173 | +€16,463 | +10.6% |
| Cash at bank and in hand | 54/58 | €5,246 | €17,558 | +€12,312 | +235% |
| Deferred charges and accrued income | 490/1 | €1,205 | €236 | -€969 | -80.4% |
| Total equity and liabilities | 10/49 | €177,080 | €189,015 | +€11,934 | +6.7% |
| Equity | 10/15 | €44,892 | -€930,854 | -€975,746 | |
| Contributions | 10/11 | €6,247 | €6,247 | = | 0.0% |
| Reserves | 13 | €94,656 | €94,656 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,874 | €1,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,874 | €1,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,770 | €1,770 | = | 0.0% |
| Distributable reserves | 133 | €91,011 | €91,011 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,011 | -€1,031,757 | -€975,746 | -1,742% |
| Amounts payable | 17/49 | €132,188 | €1,119,869 | +€987,680 | +747% |
| Amounts payable within one year | 42/48 | €132,188 | €1,119,869 | +€987,680 | +747% |
| Trade debts | 44 | €5,917 | €2,555 | -€3,362 | -56.8% |
| Suppliers | 440/4 | €5,917 | €2,555 | -€3,362 | -56.8% |
| Taxes, remuneration and social security | 45 | €41,171 | €1,019,913 | +€978,742 | +2,377% |
| Taxes | 450/3 | €37,341 | €1,018,894 | +€981,553 | +2,629% |
| Remuneration and social security | 454/9 | €3,830 | €1,019 | -€2,811 | -73.4% |
| Other amounts payable | 47/48 | €85,101 | €97,401 | +€12,300 | +14.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €40 | €0 | -€40 | -100% |
| Remuneration, social security and pensions | 62 | €35,384 | €23,571 | -€11,813 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €448 | €449 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,247 | €983,789 | +€982,542 | +78,779% |
| Gross operating margin | 9900 | €78,830 | €75,462 | -€3,368 | -4.3% |
| Operating profit (loss) | 9901 | €41,751 | -€932,347 | -€974,097 | |
| Financial income | 75/76B | €220 | €0 | -€220 | -100.0% |
| Recurring financial income | 75 | €220 | €0 | -€220 | -100.0% |
| Financial charges | 65/66B | €476 | €285 | -€191 | -40.0% |
| Recurring financial charges | 65 | €476 | €285 | -€191 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €41,495 | -€932,632 | -€974,127 | |
| Income taxes | 67/77 | €105,733 | €43,114 | -€62,619 | -59.2% |
| Profit (loss) for the period | 9904 | -€64,239 | -€975,746 | -€911,507 | -1,419% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,239 | -€975,746 | -€911,507 | -1,419% |
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 20 October 2026 via checked.be.