GROUP MINERVA: 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.
What changed
GROUP MINERVA
NACE 64.210, Activities of holding companies
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€3.1m
2023 · -€387,264-€2.7m
Equity
€165.8m
2023 · €168.9m-€3.1m
Cash
€193,631
2023 · €496,143-€302,512
Balance sheet total
€193.1m
2023 · €195.9m-€2.7m
Largest movements
Assets
- Tangible fixed assets -€6.1m
down €6.1m (-16.8%), from €36.5m to €30.4m
of which Land and buildings: -€6.2m
- Stocks and contracts +€4.5m
up €4.5m (+13.5%), from €33.7m to €38.2m
Equity and liabilities
- Profit (loss) carried forward -€3.1m
down €3.1m (-2.4%), from €128.6m to €125.4m
Income statement
- Gross operating margin -€2.1m
down €2.1m, from €780,605 to -€1.3m
- Depreciation -€301,494
down €301,494 (-31.1%), from €969,578 to €668,084
- Financial income -€300,926
down €300,926 (-26.8%), from €1.1m to €820,860
of which Non-recurring financial income: -€222,752
- Financial charges +€296,446
up €296,446 (+29.4%), from €1.0m to €1.3m
- Taxes +€295,026
up €295,026 (+33,207%), from €888 to €295,915
From the 2023 result to the 2024 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.
Result 2023
-€387,264
Gross operating margin
-€2.1m
Depreciation
+€301,494
Other operating charges
-€69,874
Financial income
-€300,926
Financial charges
-€296,446
Taxes
-€295,026
Result 2024
-€3.1m
raises the resultlowers the result
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€7.5m
Investment
+€5.7m
Financing
+€1.5m
Cash 2023
€496,143
From operations (derived)
-€7.5m
Net result for the year
-€3.1m
Depreciation
+€668,084
Receivables after one year
+€367,584
Stocks and contracts
-€4.5m
Receivables within one year
+€419,543
Deferred charges and accrued income
-€227,958
Trade debts
-€769,571
Tax, wage and social debts
-€43,246
Other debts
-€525,407
Accrued charges and deferred income
+€227,315
Investment (derived)
+€5.7m
Investment in fixed assets (net)
+€5.7m
Current investments
+€1,559
Financing
+€1.5m
Debts after one year
+€655,620
Current portion of long-term debt
+€4,723
Short-term financial debts
+€855,951
Cash 2024
€193,631
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,851,262 | €193,125,165 | -€2.7m | -1.4% |
| Fixed assets | 21/28 | €140,334,039 | €133,937,815 | -€6.4m | -4.6% |
| Tangible fixed assets | 22/27 | €36,542,720 | €30,408,526 | -€6.1m | -16.8% |
| Land and buildings | 22 | €33,714,283 | €27,497,953 | -€6.2m | -18.4% |
| Plant, machinery and equipment | 23 | €641,685 | €718,089 | +€76,404 | +11.9% |
| Furniture and vehicles | 24 | €381,243 | €386,252 | +€5,008 | +1.3% |
| Other tangible fixed assets | 26 | €2,968 | €3,692 | +€724 | +24.4% |
| Assets under construction and advance payments | 27 | €1,802,541 | €1,802,541 | = | 0.0% |
| Financial fixed assets | 28 | €103,791,319 | €103,529,289 | -€262,030 | -0.3% |
| Current assets | 29/58 | €55,517,223 | €59,187,350 | +€3.7m | +6.6% |
| Amounts receivable after more than one year | 29 | €8,091,981 | €7,724,397 | -€367,584 | -4.5% |
| Other amounts receivable | 291 | €8,091,981 | €7,724,397 | -€367,584 | -4.5% |
| Stocks and contracts in progress | 3 | €33,705,043 | €38,238,410 | +€4.5m | +13.5% |
| Stocks | 30/36 | €33,705,043 | €38,238,410 | +€4.5m | +13.5% |
| Amounts receivable within one year | 40/41 | €13,159,257 | €12,739,714 | -€419,543 | -3.2% |
| Trade receivables | 40 | €2,552,411 | €2,474,690 | -€77,721 | -3.0% |
| Other amounts receivable | 41 | €10,606,846 | €10,265,023 | -€341,822 | -3.2% |
| Current investments | 50/53 | €6,246 | €4,687 | -€1,559 | -25.0% |
| Cash at bank and in hand | 54/58 | €496,143 | €193,631 | -€302,512 | -61.0% |
| Deferred charges and accrued income | 490/1 | €58,553 | €286,511 | +€227,958 | +389% |
| Total equity and liabilities | 10/49 | €195,851,262 | €193,125,165 | -€2.7m | -1.4% |
| Equity | 10/15 | €168,900,450 | €165,768,967 | -€3.1m | -1.9% |
| Contributions | 10/11 | €5,894,908 | €5,894,908 | = | 0.0% |
| Capital | 10 | €5,894,908 | €5,894,908 | = | 0.0% |
| Issued capital | 100 | €5,894,908 | €5,894,908 | = | 0.0% |
| Reserves | 13 | €34,449,491 | €34,449,491 | = | 0.0% |
| Non-distributable reserves | 130/1 | €589,491 | €589,491 | = | 0.0% |
| Legal reserve | 130 | €589,491 | €589,491 | = | 0.0% |
| Distributable reserves | 133 | €33,860,000 | €33,860,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,556,051 | €125,424,568 | -€3.1m | -2.4% |
| Amounts payable | 17/49 | €26,950,812 | €27,356,198 | +€405,386 | +1.5% |
| Amounts payable after more than one year | 17 | €4,543,454 | €5,199,075 | +€655,620 | +14.4% |
| Financial debts | 170/4 | €4,543,454 | €5,199,075 | +€655,620 | +14.4% |
| Amounts payable within one year | 42/48 | €22,187,512 | €21,709,963 | -€477,549 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €556,821 | €561,544 | +€4,723 | +0.8% |
| Financial debts | 43 | €14,310,000 | €15,165,951 | +€855,951 | +6.0% |
| Credit institutions | 430/8 | €14,310,000 | €15,165,951 | +€855,951 | +6.0% |
| Trade debts | 44 | €1,880,318 | €1,110,747 | -€769,571 | -40.9% |
| Suppliers | 440/4 | €1,880,318 | €1,110,747 | -€769,571 | -40.9% |
| Taxes, remuneration and social security | 45 | €196,633 | €153,387 | -€43,246 | -22.0% |
| Taxes | 450/3 | €196,633 | €153,387 | -€43,246 | -22.0% |
| Other amounts payable | 47/48 | €5,243,741 | €4,718,334 | -€525,407 | -10.0% |
| Accrued charges and deferred income | 492/3 | €219,845 | €447,161 | +€227,315 | +103% |
| Non-recurring operating income | 76A | - | €2,772 | +€2,772 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €969,578 | €668,084 | -€301,494 | -31.1% |
| Other operating charges | 640/8 | €309,290 | €379,164 | +€69,874 | +22.6% |
| Gross operating margin | 9900 | €780,605 | -€1,302,835 | -€2.1m | |
| Operating profit (loss) | 9901 | -€498,264 | -€2,350,084 | -€1.9m | -372% |
| Financial income | 75/76B | €1,121,786 | €820,860 | -€300,926 | -26.8% |
| Recurring financial income | 75 | €899,035 | €820,860 | -€78,175 | -8.7% |
| Non-recurring financial income | 76B | €222,752 | €0 | -€222,752 | -100% |
| Financial charges | 65/66B | €1,009,898 | €1,306,345 | +€296,446 | +29.4% |
| Recurring financial charges | 65 | €1,009,898 | €1,306,345 | +€296,446 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | -€386,375 | -€2,835,568 | -€2.4m | -634% |
| Income taxes | 67/77 | €888 | €295,915 | +€295,026 | +33,207% |
| Profit (loss) for the period | 9904 | -€387,264 | -€3,131,483 | -€2.7m | -709% |
| Profit (loss) for the period to be appropriated | 9905 | -€387,264 | -€3,131,483 | -€2.7m | -709% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.