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
- Current assets -€145,420
down €145,420 (-99.7%), from €145,870 to €450
of which Receivables within one year: -€141,463
- Tangible fixed assets +€110,616
up €110,616 (+2054.7%), from €5,384 to €116,000
- Equity -€44,216
down €44,216 (-29.4%), from €150,262 to €106,046
of which Profit (loss) carried forward: -€44,216
- Debts within one year +€9,412
up €9,412 (+354.8%), from €2,653 to €12,065
of which Other debts: +€9,552
- Taxes +€8,207
up €8,207 (+2679.0%), from €306 to €8,513
- Depreciation -€5,384
no longer reported in 2024 (was €5,384)
- Gross operating margin +€1,484
up €1,484 (+29.5%), from -€5,028 to -€3,544
- Other operating charges +€647
new in 2024: €647
From the 2020 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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2020 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €152,914 | €118,111 | -€34,803 | -22.8% |
| Fixed assets | 21/28 | €7,044 | €117,661 | +€110,617 | +1570.3% |
| Tangible fixed assets | 22/27 | €5,384 | €116,000 | +€110,616 | +2054.7% |
| Furniture and vehicles | 24 | - | €116,000 | +€116,000 | |
| Financial fixed assets | 28 | €1,661 | €1,661 | +€0 | 0.0% |
| Current assets | 29/58 | €145,870 | €450 | -€145,420 | -99.7% |
| Amounts receivable within one year | 40/41 | €141,463 | - | -€141,463 | |
| Cash at bank and in hand | 54/58 | €4,091 | €450 | -€3,641 | -89.0% |
| Total equity and liabilities | 10/49 | €152,914 | €118,111 | -€34,803 | -22.8% |
| Equity | 10/15 | €150,262 | €106,046 | -€44,216 | -29.4% |
| Contributions | 10/11 | - | €18,592 | +€18,592 | |
| Reserves | 13 | €131,670 | €131,670 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,859 | +€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Tax-exempt reserves | 132 | - | €18,750 | +€18,750 | |
| Distributable reserves | 133 | - | €111,061 | +€111,061 | |
| Profit (loss) carried forward | 14 | - | -€44,216 | -€44,216 | |
| Amounts payable | 17/49 | €2,653 | €12,065 | +€9,412 | +354.8% |
| Amounts payable within one year | 42/48 | €2,653 | €12,065 | +€9,412 | +354.8% |
| Trade debts | 44 | €240 | - | -€240 | |
| Taxes, remuneration and social security | 45 | - | €2,513 | +€2,513 | |
| Taxes | 450/3 | - | €2,513 | +€2,513 | |
| Other amounts payable | 47/48 | - | €9,552 | +€9,552 | |
| Turnover | 70 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,384 | - | -€5,384 | |
| Other operating charges | 640/8 | - | €647 | +€647 | |
| Gross operating margin | 9900 | -€5,028 | -€3,544 | +€1,484 | +29.5% |
| Operating profit (loss) | 9901 | -€10,487 | -€4,191 | +€6,296 | +60.0% |
| Recurring financial income | 75 | €13,041 | - | -€13,041 | |
| Recurring financial charges | 65 | €781 | - | -€781 | |
| Profit (loss) for the period before taxes | 9903 | €1,773 | -€4,191 | -€5,964 | |
| Income taxes | 67/77 | €306 | €8,513 | +€8,207 | +2679.0% |
| Profit (loss) for the period | 9904 | €1,466 | -€12,704 | -€14,170 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,466 | -€12,704 | -€14,170 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2020 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.