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 +€19,758
up €19,758 (+12.4%), from €159,659 to €179,417
of which Trade receivables: +€15,994
- Cash +€13,319
up €13,319 (+44.7%), from €29,795 to €43,114
mainly Depreciation (+€71,508) and Net result for the year (+€54,281)
- Tangible fixed assets +€11,536
up €11,536 (+2.7%), from €427,876 to €439,412
of which Furniture and vehicles: +€43,703
- Trade debts +€38,147
up €38,147 (+178.8%), from €21,335 to €59,482
- Debts after one year -€23,174
down €23,174 (-12.4%), from €187,586 to €164,412
- Profit (loss) carried forward +€19,281
up €19,281 (+6.1%), from €314,710 to €333,990
- Current portion of long-term debt +€8,169
up €8,169 (+16.8%), from €48,696 to €56,866
- Gross operating margin +€39,893
up €39,893 (+22.0%), from €181,195 to €221,088
- Staff costs +€33,215
up €33,215 (+92.0%), from €36,096 to €69,311
- Depreciation +€14,927
up €14,927 (+26.4%), from €56,581 to €71,508
- Financial charges +€2,623
up €2,623 (+54.5%), from €4,810 to €7,433
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 | €622,397 | €663,859 | +€41,462 | +6.7% |
| Fixed assets | 21/28 | €428,376 | €439,412 | +€11,036 | +2.6% |
| Tangible fixed assets | 22/27 | €427,876 | €439,412 | +€11,536 | +2.7% |
| Land and buildings | 22 | €271,597 | €254,858 | -€16,739 | -6.2% |
| Plant, machinery and equipment | 23 | €56,725 | €41,297 | -€15,428 | -27.2% |
| Furniture and vehicles | 24 | €97,204 | €140,907 | +€43,703 | +45.0% |
| Other tangible fixed assets | 26 | €2,350 | €2,350 | = | 0.0% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €194,021 | €224,447 | +€30,426 | +15.7% |
| Amounts receivable within one year | 40/41 | €159,659 | €179,417 | +€19,758 | +12.4% |
| Trade receivables | 40 | €159,659 | €175,654 | +€15,994 | +10.0% |
| Other amounts receivable | 41 | - | €3,763 | +€3,763 | |
| Cash at bank and in hand | 54/58 | €29,795 | €43,114 | +€13,319 | +44.7% |
| Deferred charges and accrued income | 490/1 | €4,567 | €1,916 | -€2,651 | -58.0% |
| Total equity and liabilities | 10/49 | €622,397 | €663,859 | +€41,462 | +6.7% |
| Equity | 10/15 | €335,170 | €354,450 | +€19,281 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314,710 | €333,990 | +€19,281 | +6.1% |
| Amounts payable | 17/49 | €287,227 | €309,409 | +€22,182 | +7.7% |
| Amounts payable after more than one year | 17 | €187,586 | €164,412 | -€23,174 | -12.4% |
| Financial debts | 170/4 | €187,586 | €164,412 | -€23,174 | -12.4% |
| Amounts payable within one year | 42/48 | €99,641 | €144,997 | +€45,356 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €48,696 | €56,866 | +€8,169 | +16.8% |
| Trade debts | 44 | €21,335 | €59,482 | +€38,147 | +178.8% |
| Suppliers | 440/4 | €21,335 | €59,482 | +€38,147 | +178.8% |
| Taxes, remuneration and social security | 45 | €29,233 | €28,649 | -€584 | -2.0% |
| Taxes | 450/3 | €22,100 | €17,464 | -€4,636 | -21.0% |
| Remuneration and social security | 454/9 | €7,133 | €11,185 | +€4,052 | +56.8% |
| Other amounts payable | 47/48 | €376 | - | -€376 | |
| Remuneration, social security and pensions | 62 | €36,096 | €69,311 | +€33,215 | +92.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,581 | €71,508 | +€14,927 | +26.4% |
| Other operating charges | 640/8 | €2,258 | €1,807 | -€451 | -20.0% |
| Gross operating margin | 9900 | €181,195 | €221,088 | +€39,893 | +22.0% |
| Operating profit (loss) | 9901 | €86,259 | €78,461 | -€7,798 | -9.0% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €4,810 | €7,433 | +€2,623 | +54.5% |
| Recurring financial charges | 65 | €4,810 | €7,433 | +€2,623 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €81,464 | €71,028 | -€10,436 | -12.8% |
| Income taxes | 67/77 | €17,904 | €16,747 | -€1,156 | -6.5% |
| Profit (loss) for the period | 9904 | €63,561 | €54,281 | -€9,280 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,561 | €54,281 | -€9,280 | -14.6% |
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 8 October 2026 via checked.be.