Philip 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.
Philip Minnaert
Largest movements
- Current investments +€20,000
new in 2025: €20,000
- Receivables within one year -€7,905
down €7,905 (-28.7%), from €27,546 to €19,641
of which Trade receivables: -€6,802
- Cash -€5,521
down €5,521 (-18.0%), from €30,747 to €25,226
mainly Debts after one year (-€25,787) and Investment in fixed assets (net) (-€21,357)
- Tangible fixed assets +€4,464
up €4,464 (+10.5%), from €42,404 to €46,867
of which Other tangible fixed assets: +€10,949
- Deferred charges and accrued income +€2,219
up €2,219 (+57.0%), from €3,894 to €6,113
- Reserves +€36,013
up €36,013 (+91.7%), from €39,289 to €75,302
- Debts after one year -€25,787
down €25,787 (-98.0%), from €26,309 to €522
- Tax, wage and social debts +€6,641
up €6,641 (+37.4%), from €17,776 to €24,418
of which Taxes: +€6,678
- Trade debts -€3,653
down €3,653 (-41.4%), from €8,818 to €5,165
- Gross operating margin +€6,595
up €6,595 (+9.4%), from €70,520 to €77,115
- Financial charges +€1,381
up €1,381 (+272%), from €508 to €1,889
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 | €104,591 | €117,848 | +€13,257 | +12.7% |
| Fixed assets | 21/28 | €42,404 | €46,867 | +€4,464 | +10.5% |
| Tangible fixed assets | 22/27 | €42,404 | €46,867 | +€4,464 | +10.5% |
| Plant, machinery and equipment | 23 | €8,446 | €12,652 | +€4,205 | +49.8% |
| Furniture and vehicles | 24 | €17,758 | €7,068 | -€10,691 | -60.2% |
| Other tangible fixed assets | 26 | €16,199 | €27,148 | +€10,949 | +67.6% |
| Current assets | 29/58 | €62,188 | €70,981 | +€8,794 | +14.1% |
| Amounts receivable within one year | 40/41 | €27,546 | €19,641 | -€7,905 | -28.7% |
| Trade receivables | 40 | €25,970 | €19,168 | -€6,802 | -26.2% |
| Other amounts receivable | 41 | €1,576 | €473 | -€1,103 | -70.0% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €30,747 | €25,226 | -€5,521 | -18.0% |
| Deferred charges and accrued income | 490/1 | €3,894 | €6,113 | +€2,219 | +57.0% |
| Total equity and liabilities | 10/49 | €104,591 | €117,848 | +€13,257 | +12.7% |
| Equity | 10/15 | €51,689 | €87,702 | +€36,013 | +69.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €39,289 | €75,302 | +€36,013 | +91.7% |
| Distributable reserves | 133 | €39,289 | €75,302 | +€36,013 | +91.7% |
| Amounts payable | 17/49 | €52,903 | €30,147 | -€22,756 | -43.0% |
| Amounts payable after more than one year | 17 | €26,309 | €522 | -€25,787 | -98.0% |
| Other amounts payable | 178/9 | €26,309 | €522 | -€25,787 | -98.0% |
| Amounts payable within one year | 42/48 | €26,594 | €29,583 | +€2,988 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €8,818 | €5,165 | -€3,653 | -41.4% |
| Suppliers | 440/4 | €8,818 | €5,165 | -€3,653 | -41.4% |
| Taxes, remuneration and social security | 45 | €17,776 | €24,418 | +€6,641 | +37.4% |
| Taxes | 450/3 | €17,587 | €24,266 | +€6,678 | +38.0% |
| Remuneration and social security | 454/9 | €189 | €152 | -€37 | -19.6% |
| Accrued charges and deferred income | 492/3 | - | €42 | +€42 | |
| Remuneration, social security and pensions | 62 | €2,035 | €1,420 | -€615 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,504 | €16,894 | +€390 | +2.4% |
| Other operating charges | 640/8 | €1,006 | €1,417 | +€411 | +40.8% |
| Gross operating margin | 9900 | €70,520 | €77,115 | +€6,595 | +9.4% |
| Operating profit (loss) | 9901 | €50,976 | €57,384 | +€6,408 | +12.6% |
| Financial income | 75/76B | €16 | €78 | +€61 | +380% |
| Recurring financial income | 75 | €16 | €78 | +€61 | +380% |
| Financial charges | 65/66B | €508 | €1,889 | +€1,381 | +272% |
| Recurring financial charges | 65 | €508 | €1,889 | +€1,381 | +272% |
| Profit (loss) for the period before taxes | 9903 | €50,484 | €55,573 | +€5,089 | +10.1% |
| Income taxes | 67/77 | €19,795 | €19,559 | -€236 | -1.2% |
| Profit (loss) for the period | 9904 | €30,689 | €36,013 | +€5,325 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,689 | €36,013 | +€5,325 | +17.4% |
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 31 October 2026 via checked.be.