MINERVA: 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.
MINERVA
Largest movements
- Receivables within one year -€3,410
down €3,410 (-24.4%), from €13,958 to €10,549
- Tangible fixed assets -€194
down €194 (-19.0%), from €1,021 to €827
of which Furniture and vehicles: -€194
- Accrued charges and deferred income -€10,300
no longer reported in 2025 (was €10,300)
- Tax, wage and social debts +€2,770
up €2,770 (+89.2%), from €3,105 to €5,876
of which Remuneration and social security: +€4,596
- Profit (loss) carried forward +€1,814
up €1,814 (+11.6%), from -€15,658 to -€13,844
- Trade debts +€1,158
up €1,158 (+232.4%), from €498 to €1,656
- Short-term financial debts +€969
up €969 (+15.2%), from €6,367 to €7,336
- Other operating charges -€2,016
down €2,016 (-72.8%), from €2,768 to €752
- Gross operating margin +€1,485
up €1,485 (+62.6%), from €2,370 to €3,855
- Financial charges -€509
down €509 (-27.9%), from €1,822 to €1,313
- Depreciation -€164
down €164 (-45.9%), from €358 to €194
- Taxes -€155
down €155 (-27.9%), from €556 to €401
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 | €18,146 | €14,558 | -€3,588 | -19.8% |
| Fixed assets | 21/28 | €3,781 | €3,587 | -€194 | -5.1% |
| Tangible fixed assets | 22/27 | €1,021 | €827 | -€194 | -19.0% |
| Plant, machinery and equipment | 23 | €521 | €521 | = | 0.0% |
| Furniture and vehicles | 24 | €500 | €307 | -€194 | -38.7% |
| Financial fixed assets | 28 | €2,760 | €2,760 | = | 0.0% |
| Current assets | 29/58 | €14,365 | €10,971 | -€3,395 | -23.6% |
| Amounts receivable within one year | 40/41 | €13,958 | €10,549 | -€3,410 | -24.4% |
| Other amounts receivable | 41 | €13,958 | €10,549 | -€3,410 | -24.4% |
| Cash at bank and in hand | 54/58 | €407 | €422 | +€15 | +3.6% |
| Total equity and liabilities | 10/49 | €18,146 | €14,558 | -€3,588 | -19.8% |
| Equity | 10/15 | -€2,124 | -€310 | +€1,814 | +85.4% |
| Contributions | 10/11 | €11,675 | €11,675 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,658 | -€13,844 | +€1,814 | +11.6% |
| Amounts payable | 17/49 | €20,270 | €14,868 | -€5,403 | -26.7% |
| Amounts payable within one year | 42/48 | €9,970 | €14,868 | +€4,897 | +49.1% |
| Financial debts | 43 | €6,367 | €7,336 | +€969 | +15.2% |
| Credit institutions | 430/8 | €6,367 | €7,336 | +€969 | +15.2% |
| Trade debts | 44 | €498 | €1,656 | +€1,158 | +232.4% |
| Suppliers | 440/4 | €498 | €1,656 | +€1,158 | +232.4% |
| Taxes, remuneration and social security | 45 | €3,105 | €5,876 | +€2,770 | +89.2% |
| Taxes | 450/3 | €3,105 | €1,280 | -€1,826 | -58.8% |
| Remuneration and social security | 454/9 | - | €4,596 | +€4,596 | |
| Accrued charges and deferred income | 492/3 | €10,300 | - | -€10,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €358 | €194 | -€164 | -45.9% |
| Other operating charges | 640/8 | €2,768 | €752 | -€2,016 | -72.8% |
| Gross operating margin | 9900 | €2,370 | €3,855 | +€1,485 | +62.6% |
| Operating profit (loss) | 9901 | -€755 | €2,909 | +€3,665 | |
| Financial income | 75/76B | €645 | €619 | -€26 | -4.0% |
| Recurring financial income | 75 | €645 | €619 | -€26 | -4.0% |
| Financial charges | 65/66B | €1,822 | €1,313 | -€509 | -27.9% |
| Recurring financial charges | 65 | €1,822 | €1,313 | -€509 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,932 | €2,215 | +€4,147 | |
| Income taxes | 67/77 | €556 | €401 | -€155 | -27.9% |
| Profit (loss) for the period | 9904 | -€2,489 | €1,814 | +€4,303 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,489 | €1,814 | +€4,303 |
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 30 September 2026 via checked.be.