What changed?
Two fiscal 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.
MINAURFIN
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+37.3%), from €3.9m to €5.4m
of which Land and buildings: +€1.4m
- Cash +€1.0m
up €1.0m (+204.5%), from €498,013 to €1.5m
mainly Net result for the year (+€775,061) and Other debts (+€685,535)
- Receivables within one year -€484,255
down €484,255 (-88.6%), from €546,498 to €62,242
of which Trade receivables: -€421,630
- Current investments -€200,000
down €200,000 (-99.0%), from €202,041 to €2,041
- Other debts +€685,535
up €685,535 (+204.9%), from €334,609 to €1.0m
- Debts after one year +€531,978
up €531,978 (+24.2%), from €2.2m to €2.7m
- Reserves +€460,397
up €460,397 (+20.9%), from €2.2m to €2.7m
of which Distributable reserves: +€448,399
- Gross operating margin +€353,253
up €353,253 (+26.6%), from €1.3m to €1.7m
- Depreciation +€232,500
up €232,500 (+131.1%), from €177,337 to €409,837
- Financial charges +€75,384
up €75,384 (+119.6%), from €63,038 to €138,423
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.
Cash bridge derived
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 | €5,180,903 | €6,981,083 | +€1.8m | +34.7% |
| Fixed assets | 21/28 | €3,927,905 | €5,393,924 | +€1.5m | +37.3% |
| Tangible fixed assets | 22/27 | €3,927,905 | €5,393,924 | +€1.5m | +37.3% |
| Land and buildings | 22 | €3,451,008 | €4,830,311 | +€1.4m | +40.0% |
| Plant, machinery and equipment | 23 | €463,635 | €553,509 | +€89,874 | +19.4% |
| Furniture and vehicles | 24 | €6,627 | €4,215 | -€2,412 | -36.4% |
| Leasing and similar rights | 25 | €1,786 | €1,040 | -€747 | -41.8% |
| Other tangible fixed assets | 26 | €4,850 | €4,850 | = | 0.0% |
| Current assets | 29/58 | €1,252,998 | €1,587,159 | +€334,162 | +26.7% |
| Amounts receivable within one year | 40/41 | €546,498 | €62,242 | -€484,255 | -88.6% |
| Trade receivables | 40 | €426,243 | €4,613 | -€421,630 | -98.9% |
| Other amounts receivable | 41 | €120,255 | €57,629 | -€62,625 | -52.1% |
| Current investments | 50/53 | €202,041 | €2,041 | -€200,000 | -99.0% |
| Cash at bank and in hand | 54/58 | €498,013 | €1,516,376 | +€1.0m | +204.5% |
| Deferred charges and accrued income | 490/1 | €6,445 | €6,500 | +€54 | +0.8% |
| Total equity and liabilities | 10/49 | €5,180,903 | €6,981,083 | +€1.8m | +34.7% |
| Equity | 10/15 | €2,444,167 | €2,903,764 | +€459,597 | +18.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €2,198,009 | €2,658,406 | +€460,397 | +20.9% |
| Tax-exempt reserves | 132 | €261,652 | €273,650 | +€11,999 | +4.6% |
| Distributable reserves | 133 | €1,936,357 | €2,384,756 | +€448,399 | +23.2% |
| Profit (loss) carried forward | 14 | €238,098 | €237,298 | -€800 | -0.3% |
| Amounts payable | 17/49 | €2,736,736 | €4,077,319 | +€1.3m | +49.0% |
| Amounts payable after more than one year | 17 | €2,198,001 | €2,729,979 | +€531,978 | +24.2% |
| Financial debts | 170/4 | €2,198,001 | €2,729,979 | +€531,978 | +24.2% |
| Amounts payable within one year | 42/48 | €538,735 | €1,309,791 | +€771,056 | +143.1% |
| Current portion of amounts payable after more than one year | 42 | €181,397 | €245,786 | +€64,389 | +35.5% |
| Trade debts | 44 | €4,199 | €1,872 | -€2,327 | -55.4% |
| Suppliers | 440/4 | €4,199 | €1,872 | -€2,327 | -55.4% |
| Taxes, remuneration and social security | 45 | €18,530 | €41,988 | +€23,459 | +126.6% |
| Taxes | 450/3 | €18,530 | €41,988 | +€23,459 | +126.6% |
| Other amounts payable | 47/48 | €334,609 | €1,020,144 | +€685,535 | +204.9% |
| Accrued charges and deferred income | 492/3 | - | €37,549 | +€37,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,337 | €409,837 | +€232,500 | +131.1% |
| Other operating charges | 640/8 | €20,109 | €16,634 | -€3,475 | -17.3% |
| Gross operating margin | 9900 | €1,329,555 | €1,682,808 | +€353,253 | +26.6% |
| Operating profit (loss) | 9901 | €1,132,109 | €1,256,337 | +€124,228 | +11.0% |
| Financial income | 75/76B | €9,851 | €9,175 | -€677 | -6.9% |
| Recurring financial income | 75 | €9,851 | €9,175 | -€677 | -6.9% |
| Financial charges | 65/66B | €63,038 | €138,423 | +€75,384 | +119.6% |
| Recurring financial charges | 65 | €63,038 | €138,423 | +€75,384 | +119.6% |
| Profit (loss) for the period before taxes | 9903 | €1,078,922 | €1,127,088 | +€48,167 | +4.5% |
| Income taxes | 67/77 | €341,839 | €352,028 | +€10,189 | +3.0% |
| Profit (loss) for the period | 9904 | €737,083 | €775,061 | +€37,978 | +5.2% |
| Transfer from tax-exempt reserves | 789 | €113,670 | €177,451 | +€63,781 | +56.1% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €189,450 | +€105,250 | +125.0% |
| Profit (loss) for the period to be appropriated | 9905 | €766,553 | €763,062 | -€3,491 | -0.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.