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 +€30,734
up €30,734 (+68.7%), from €44,715 to €75,449
mainly Net result for the year (+€43,489) and Depreciation (+€10,186)
- Reserves +€36,489
up €36,489 (+21.5%), from €169,864 to €206,353
- Tax, wage and social debts +€9,614
up €9,614 (+20.2%), from €47,539 to €57,154
of which Taxes: +€6,864
- Debts after one year -€8,704
down €8,704 (-4.1%), from €211,349 to €202,645
- Gross operating margin -€50,048
down €50,048 (-38.0%), from €131,805 to €81,757
- Taxes -€4,901
down €4,901 (-22.5%), from €21,760 to €16,858
- Financial charges -€3,806
down €3,806 (-29.4%), from €12,930 to €9,123
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 | €441,362 | €476,041 | +€34,679 | +7.9% |
| Fixed assets | 21/28 | €384,521 | €386,072 | +€1,551 | +0.4% |
| Tangible fixed assets | 22/27 | €384,521 | €386,072 | +€1,551 | +0.4% |
| Land and buildings | 22 | €384,521 | €386,072 | +€1,551 | +0.4% |
| Current assets | 29/58 | €56,841 | €89,969 | +€33,128 | +58.3% |
| Amounts receivable within one year | 40/41 | €12,126 | €14,520 | +€2,394 | +19.7% |
| Trade receivables | 40 | €12,000 | €14,520 | +€2,520 | +21.0% |
| Other amounts receivable | 41 | €126 | - | -€126 | |
| Cash at bank and in hand | 54/58 | €44,715 | €75,449 | +€30,734 | +68.7% |
| Total equity and liabilities | 10/49 | €441,362 | €476,041 | +€34,679 | +7.9% |
| Equity | 10/15 | €169,964 | €206,453 | +€36,489 | +21.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €169,864 | €206,353 | +€36,489 | +21.5% |
| Distributable reserves | 133 | €169,864 | €206,353 | +€36,489 | +21.5% |
| Amounts payable | 17/49 | €271,398 | €269,588 | -€1,810 | -0.7% |
| Amounts payable after more than one year | 17 | €211,349 | €202,645 | -€8,704 | -4.1% |
| Financial debts | 170/4 | €211,349 | €202,645 | -€8,704 | -4.1% |
| Amounts payable within one year | 42/48 | €60,049 | €66,943 | +€6,894 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €8,371 | €8,704 | +€333 | +4.0% |
| Trade debts | 44 | €1,838 | €920 | -€918 | -49.9% |
| Suppliers | 440/4 | €1,838 | €920 | -€918 | -49.9% |
| Taxes, remuneration and social security | 45 | €47,539 | €57,154 | +€9,614 | +20.2% |
| Taxes | 450/3 | €44,789 | €51,654 | +€6,864 | +15.3% |
| Remuneration and social security | 454/9 | €2,750 | €5,500 | +€2,750 | +100% |
| Other amounts payable | 47/48 | €2,301 | €166 | -€2,135 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,622 | €10,186 | +€564 | +5.9% |
| Other operating charges | 640/8 | €1,939 | €2,100 | +€161 | +8.3% |
| Gross operating margin | 9900 | €131,805 | €81,757 | -€50,048 | -38.0% |
| Operating profit (loss) | 9901 | €120,244 | €69,471 | -€50,773 | -42.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €12,930 | €9,123 | -€3,806 | -29.4% |
| Recurring financial charges | 65 | €12,930 | €9,123 | -€3,806 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €107,314 | €60,347 | -€46,967 | -43.8% |
| Income taxes | 67/77 | €21,760 | €16,858 | -€4,901 | -22.5% |
| Profit (loss) for the period | 9904 | €85,554 | €43,489 | -€42,066 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,554 | €43,489 | -€42,066 | -49.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.