SARAH MINNE: 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.
SARAH MINNE
Largest movements
- Cash +€217,453
up €217,453 (+227%), from €95,773 to €313,226
mainly Net result for the year (+€363,520) and Other debts (+€79,020)
- Current investments +€120,152
up €120,152 (+19.0%), from €630,966 to €751,117
- Tangible fixed assets -€28,887
down €28,887 (-12.7%), from €228,045 to €199,158
of which Land and buildings: -€17,514
- Deferred charges and accrued income +€25,310
up €25,310 (+1,085%), from €2,333 to €27,643
- Receivables within one year +€18,220
up €18,220 (+12.6%), from €144,072 to €162,292
of which Trade receivables: +€20,864
- Reserves +€301,120
up €301,120 (+42.6%), from €707,184 to €1.0m
- Other debts +€79,020
up €79,020 (+38.3%), from €206,371 to €285,391
- Debts after one year -€25,902
down €25,902 (-22.7%), from €114,141 to €88,239
- Trade debts -€15,933
down €15,933 (-98.0%), from €16,253 to €319
- Financial income -€212,084
down €212,084 (-47.7%), from €444,929 to €232,845
- Gross operating margin +€74,357
up €74,357 (+37.0%), from €200,764 to €275,120
- Taxes +€31,662
up €31,662 (+49.1%), from €64,490 to €96,152
- Depreciation -€2,795
down €2,795 (-8.3%), from €33,590 to €30,794
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 | €1,101,189 | €1,453,437 | +€352,248 | +32.0% |
| Fixed assets | 21/28 | €228,045 | €199,158 | -€28,887 | -12.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €228,045 | €199,158 | -€28,887 | -12.7% |
| Land and buildings | 22 | €200,273 | €182,758 | -€17,514 | -8.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €27,772 | €16,400 | -€11,373 | -40.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €873,144 | €1,254,279 | +€381,134 | +43.7% |
| Amounts receivable within one year | 40/41 | €144,072 | €162,292 | +€18,220 | +12.6% |
| Trade receivables | 40 | €1,407 | €22,271 | +€20,864 | +1,483% |
| Other amounts receivable | 41 | €142,665 | €140,022 | -€2,644 | -1.9% |
| Current investments | 50/53 | €630,966 | €751,117 | +€120,152 | +19.0% |
| Cash at bank and in hand | 54/58 | €95,773 | €313,226 | +€217,453 | +227% |
| Deferred charges and accrued income | 490/1 | €2,333 | €27,643 | +€25,310 | +1,085% |
| Total equity and liabilities | 10/49 | €1,101,189 | €1,453,437 | +€352,248 | +32.0% |
| Equity | 10/15 | €720,435 | €1,020,804 | +€300,369 | +41.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €707,184 | €1,008,304 | +€301,120 | +42.6% |
| Distributable reserves | 133 | €707,184 | €1,008,304 | +€301,120 | +42.6% |
| Profit (loss) carried forward | 14 | €751 | €0 | -€751 | -100% |
| Amounts payable | 17/49 | €380,754 | €432,632 | +€51,879 | +13.6% |
| Amounts payable after more than one year | 17 | €114,141 | €88,239 | -€25,902 | -22.7% |
| Financial debts | 170/4 | €114,141 | €88,239 | -€25,902 | -22.7% |
| Amounts payable within one year | 42/48 | €255,135 | €330,132 | +€74,997 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €28,022 | €25,902 | -€2,121 | -7.6% |
| Trade debts | 44 | €16,253 | €319 | -€15,933 | -98.0% |
| Suppliers | 440/4 | €16,253 | €319 | -€15,933 | -98.0% |
| Taxes, remuneration and social security | 45 | €4,490 | €18,520 | +€14,031 | +313% |
| Taxes | 450/3 | €4,490 | €18,520 | +€14,031 | +313% |
| Other amounts payable | 47/48 | €206,371 | €285,391 | +€79,020 | +38.3% |
| Accrued charges and deferred income | 492/3 | €11,478 | €14,261 | +€2,783 | +24.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,590 | €30,794 | -€2,795 | -8.3% |
| Other operating charges | 640/8 | €972 | €1,002 | +€30 | +3.1% |
| Non-recurring operating charges | 66A | €67,602 | €0 | -€67,602 | -100% |
| Gross operating margin | 9900 | €200,764 | €275,120 | +€74,357 | +37.0% |
| Operating profit (loss) | 9901 | €98,600 | €243,324 | +€144,724 | +147% |
| Financial income | 75/76B | €444,929 | €232,845 | -€212,084 | -47.7% |
| Recurring financial income | 75 | €444,929 | €232,845 | -€212,084 | -47.7% |
| Financial charges | 65/66B | €14,215 | €16,497 | +€2,282 | +16.1% |
| Recurring financial charges | 65 | €14,215 | €16,497 | +€2,282 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €529,313 | €459,672 | -€69,641 | -13.2% |
| Income taxes | 67/77 | €64,490 | €96,152 | +€31,662 | +49.1% |
| Profit (loss) for the period | 9904 | €464,824 | €363,520 | -€101,304 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €464,824 | €363,520 | -€101,304 | -21.8% |
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 30 October 2026 via checked.be.