MINOTAURUS: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
What changed
MINOTAURUS
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,459
2024 · -€506,384+€482,925
Equity
-€16.8m
2024 · -€16.7m-€23,459
Cash
€2.3m
2024 · €2.2m+€84,042
Balance sheet total
€29.3m
2024 · €30.1m-€789,030
Largest movements
Assets
- Tangible fixed assets -€539,968
down €539,968 (-2.0%), from €26.8m to €26.2m
of which Leasing and similar rights: -€983,047
- Receivables within one year -€384,376
down €384,376 (-35.7%), from €1.1m to €691,408
of which Trade receivables: -€388,544
Equity and liabilities
- Debts after one year -€989,990
down €989,990 (-2.5%), from €39.7m to €38.7m
Income statement
- Turnover +€679,810
up €679,810 (+5.5%), from €12.3m to €13.0m
- Services and other goods +€524,335
up €524,335 (+9.1%), from €5.7m to €6.3m
- Financial charges -€521,748
down €521,748 (-38.0%), from €1.4m to €849,686
- Staff costs +€232,114
up €232,114 (+7.4%), from €3.1m to €3.4m
Change in the result, 2024 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.
Result 2024
-€506,384
Turnover
+€679,810
Other operating income
-€23,627
Goods and materials
+€107,712
Services and other goods
-€524,335
Staff costs
-€232,114
Depreciation
-€22,609
Write-downs
-€1,575
Other operating charges
-€21,975
Financial income
-€33
Financial charges
+€521,748
Taxes
-€79
Result 2025
-€23,459
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.5m
Investment
-€678,424
Financing
-€783,971
Cash 2024
€2.2m
From operations (derived)
+€1.5m
Net result for the year
-€23,459
Depreciation
+€1.2m
Stocks and contracts
-€18,860
Receivables within one year
+€384,376
Deferred charges and accrued income
-€32,412
Trade debts
-€50,096
Tax, wage and social debts
+€66,459
Advances received
+€118,716
Other debts
-€12,367
Accrued charges and deferred income
-€104,311
Investment (derived)
-€678,424
Investment in fixed assets (net)
-€678,424
Financing
-€783,971
Debts after one year
-€989,990
Current portion of long-term debt
+€206,019
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,080,141 | €29,291,111 | -€789,030 | -2.6% |
| Fixed assets | 21/28 | €26,756,107 | €26,216,139 | -€539,968 | -2.0% |
| Tangible fixed assets | 22/27 | €26,756,107 | €26,216,139 | -€539,968 | -2.0% |
| Plant, machinery and equipment | 23 | €259,373 | €712,583 | +€453,210 | +175% |
| Furniture and vehicles | 24 | €1,510,929 | €1,565,736 | +€54,808 | +3.6% |
| Leasing and similar rights | 25 | €24,611,890 | €23,628,844 | -€983,047 | -4.0% |
| Other tangible fixed assets | 26 | €304,277 | €277,432 | -€26,845 | -8.8% |
| Assets under construction and advance payments | 27 | €69,638 | €31,543 | -€38,095 | -54.7% |
| Current assets | 29/58 | €3,324,034 | €3,074,973 | -€249,062 | -7.5% |
| Stocks and contracts in progress | 3 | €31,307 | €50,166 | +€18,860 | +60.2% |
| Stocks | 30/36 | €31,307 | €50,166 | +€18,860 | +60.2% |
| Raw materials and consumables | 30/31 | €31,307 | €50,166 | +€18,860 | +60.2% |
| Amounts receivable within one year | 40/41 | €1,075,783 | €691,408 | -€384,376 | -35.7% |
| Trade receivables | 40 | €884,874 | €496,330 | -€388,544 | -43.9% |
| Other amounts receivable | 41 | €190,910 | €195,078 | +€4,168 | +2.2% |
| Cash at bank and in hand | 54/58 | €2,178,585 | €2,262,627 | +€84,042 | +3.9% |
| Deferred charges and accrued income | 490/1 | €38,360 | €70,772 | +€32,412 | +84.5% |
| Total equity and liabilities | 10/49 | €30,080,141 | €29,291,111 | -€789,030 | -2.6% |
| Equity | 10/15 | -€16,729,461 | -€16,752,920 | -€23,459 | -0.1% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Capital | 10 | €3,500,000 | €3,500,000 | = | 0.0% |
| Issued capital | 100 | €3,500,000 | €3,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,229,461 | -€20,252,920 | -€23,459 | -0.1% |
| Amounts payable | 17/49 | €46,809,602 | €46,044,031 | -€765,571 | -1.6% |
| Amounts payable after more than one year | 17 | €39,700,191 | €38,710,202 | -€989,990 | -2.5% |
| Financial debts | 170/4 | €39,700,191 | €38,710,202 | -€989,990 | -2.5% |
| Leasing and similar obligations | 172 | €16,614,434 | €13,580,552 | -€3.0m | -18.3% |
| Credit institutions | 173 | €12,126 | €631,279 | +€619,153 | +5,106% |
| Other loans | 174 | €23,073,631 | €24,498,371 | +€1.4m | +6.2% |
| Amounts payable within one year | 42/48 | €5,539,847 | €5,868,576 | +€328,730 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €2,948,711 | €3,154,730 | +€206,019 | +7.0% |
| Trade debts | 44 | €2,062,577 | €2,012,481 | -€50,096 | -2.4% |
| Suppliers | 440/4 | €2,062,577 | €2,012,481 | -€50,096 | -2.4% |
| Advances received on contracts in progress | 46 | €139,442 | €258,158 | +€118,716 | +85.1% |
| Taxes, remuneration and social security | 45 | €368,415 | €434,873 | +€66,459 | +18.0% |
| Taxes | 450/3 | €7,231 | €37,350 | +€30,119 | +417% |
| Remuneration and social security | 454/9 | €361,184 | €397,523 | +€36,339 | +10.1% |
| Other amounts payable | 47/48 | €20,702 | €8,335 | -€12,367 | -59.7% |
| Accrued charges and deferred income | 492/3 | €1,569,564 | €1,465,253 | -€104,311 | -6.6% |
| Operating income | 70/76A | €12,696,546 | €13,352,730 | +€656,184 | +5.2% |
| Turnover | 70 | €12,344,098 | €13,023,909 | +€679,810 | +5.5% |
| Other operating income | 74 | €309,481 | €285,855 | -€23,627 | -7.6% |
| Non-recurring operating income | 76A | €42,967 | €42,967 | = | 0.0% |
| Operating charges | 60/66A | €11,831,326 | €12,526,221 | +€694,895 | +5.9% |
| Goods for resale, raw materials and consumables | 60 | €1,102,283 | €994,571 | -€107,712 | -9.8% |
| Purchases | 600/8 | €1,069,733 | €1,013,431 | -€56,303 | -5.3% |
| Change in stocks: decrease (increase) | 609 | €32,550 | -€18,860 | -€51,410 | |
| Services and other goods | 61 | €5,738,066 | €6,262,401 | +€524,335 | +9.1% |
| Remuneration, social security and pensions | 62 | €3,127,350 | €3,359,464 | +€232,114 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,195,783 | €1,218,392 | +€22,609 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,012 | €563 | +€1,575 | |
| Other operating charges | 640/8 | €668,855 | €690,830 | +€21,975 | +3.3% |
| Operating profit (loss) | 9901 | €865,220 | €826,509 | -€38,712 | -4.5% |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Income from financial fixed assets | 750 | €33 | - | -€33 | |
| Financial charges | 65/66B | €1,371,435 | €849,686 | -€521,748 | -38.0% |
| Recurring financial charges | 65 | €1,371,435 | €849,686 | -€521,748 | -38.0% |
| Debt charges | 650 | €1,371,435 | €843,660 | -€527,775 | -38.5% |
| Other financial charges | 652/9 | - | €6,027 | +€6,027 | |
| Profit (loss) for the period before taxes | 9903 | -€506,181 | -€23,178 | +€483,004 | +95.4% |
| Income taxes | 67/77 | €203 | €282 | +€79 | +38.7% |
| Taxes | 670/3 | €203 | €282 | +€79 | +38.7% |
| Profit (loss) for the period | 9904 | -€506,384 | -€23,459 | +€482,925 | +95.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€506,384 | -€23,459 | +€482,925 | +95.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.