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.
MINERVA
Largest movements
- Cash +€27,149
up €27,149 (+27,501%), from €99 to €27,248
mainly Net result for the year (+€21,749) and Tax, wage and social debts (+€14,179)
- Receivables within one year -€12,035
down €12,035 (-22.1%), from €54,362 to €42,326
of which Trade receivables: -€7,605
- Tangible fixed assets -€4,949
down €4,949 (-18.7%), from €26,510 to €21,560
of which Furniture and vehicles: -€5,018
- Trade debts -€24,858
down €24,858 (-79.4%), from €31,324 to €6,466
- Profit (loss) carried forward +€21,749
up €21,749, from -€9,833 to €11,916
- Tax, wage and social debts +€14,179
up €14,179 (+5,724%), from €248 to €14,426
- Gross operating margin +€39,449
up €39,449 (+9,514%), from €415 to €39,863
- Taxes +€8,797
up €8,797 (+3,977%), from €221 to €9,019
- Financial income -€2,428
down €2,428 (-99.6%), from €2,439 to €10
- Depreciation +€878
up €878 (+14.1%), from €6,240 to €7,118
- Other operating charges -€732
down €732 (-42.0%), from €1,743 to €1,012
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.
Derived cash bridge
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 | €80,970 | €92,040 | +€11,070 | +13.7% |
| Fixed assets | 21/28 | €26,510 | €21,560 | -€4,949 | -18.7% |
| Tangible fixed assets | 22/27 | €26,510 | €21,560 | -€4,949 | -18.7% |
| Plant, machinery and equipment | 23 | €446 | €1,387 | +€941 | +211% |
| Furniture and vehicles | 24 | €11,438 | €6,420 | -€5,018 | -43.9% |
| Other tangible fixed assets | 26 | €14,626 | €13,753 | -€873 | -6.0% |
| Current assets | 29/58 | €54,461 | €70,480 | +€16,019 | +29.4% |
| Amounts receivable within one year | 40/41 | €54,362 | €42,326 | -€12,035 | -22.1% |
| Trade receivables | 40 | €7,605 | - | -€7,605 | |
| Other amounts receivable | 41 | €46,757 | €42,326 | -€4,430 | -9.5% |
| Cash at bank and in hand | 54/58 | €99 | €27,248 | +€27,149 | +27,501% |
| Deferred charges and accrued income | 490/1 | - | €905 | +€905 | |
| Total equity and liabilities | 10/49 | €80,970 | €92,040 | +€11,070 | +13.7% |
| Equity | 10/15 | €49,399 | €71,148 | +€21,749 | +44.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €56,232 | €56,232 | = | 0.0% |
| Distributable reserves | 133 | €56,232 | €56,232 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,833 | €11,916 | +€21,749 | |
| Amounts payable | 17/49 | €31,571 | €20,892 | -€10,679 | -33.8% |
| Amounts payable within one year | 42/48 | €31,571 | €20,892 | -€10,679 | -33.8% |
| Trade debts | 44 | €31,324 | €6,466 | -€24,858 | -79.4% |
| Suppliers | 440/4 | €31,324 | €6,466 | -€24,858 | -79.4% |
| Taxes, remuneration and social security | 45 | €248 | €14,426 | +€14,179 | +5,724% |
| Taxes | 450/3 | €248 | €14,426 | +€14,179 | +5,724% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,240 | €7,118 | +€878 | +14.1% |
| Other operating charges | 640/8 | €1,743 | €1,012 | -€732 | -42.0% |
| Non-recurring operating charges | 66A | - | €60 | +€60 | |
| Gross operating margin | 9900 | €415 | €39,863 | +€39,449 | +9,514% |
| Operating profit (loss) | 9901 | -€7,569 | €31,673 | +€39,242 | |
| Financial income | 75/76B | €2,439 | €10 | -€2,428 | -99.6% |
| Recurring financial income | 75 | €2,439 | €10 | -€2,428 | -99.6% |
| Financial charges | 65/66B | €696 | €916 | +€221 | +31.7% |
| Recurring financial charges | 65 | €696 | €916 | +€221 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,826 | €30,767 | +€36,593 | |
| Income taxes | 67/77 | €221 | €9,019 | +€8,797 | +3,977% |
| Profit (loss) for the period | 9904 | -€6,047 | €21,749 | +€27,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,047 | €21,749 | +€27,796 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.