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
- Receivables within one year +€164,801
up €164,801 (+473.4%), from €34,816 to €199,617
of which Trade receivables: +€152,793
- Cash +€15,828
up €15,828 (+83.2%), from €19,019 to €34,847
mainly Trade debts (+€145,641) and Net result for the year (+€26,279)
- Formation expenses -€4,439
down €4,439 (-23.2%), from €19,170 to €14,731
- Trade debts +€145,641
up €145,641 (+13089.1%), from €1,113 to €146,753
- Profit (loss) carried forward +€26,279
up €26,279 (+80.2%), from €32,765 to €59,044
- Tax, wage and social debts +€8,736
up €8,736 (+55.2%), from €15,822 to €24,558
- Gross operating margin -€21,639
down €21,639 (-42.8%), from €50,544 to €28,905
- Financial income +€11,250
up €11,250 (+21286.5%), from €53 to €11,303
- Taxes -€3,804
down €3,804 (-30.3%), from €12,560 to €8,757
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 | €74,228 | €250,003 | +€175,774 | +236.8% |
| Formation expenses | 20 | €19,170 | €14,731 | -€4,439 | -23.2% |
| Fixed assets | 21/28 | €499 | €808 | +€309 | +62.0% |
| Tangible fixed assets | 22/27 | €499 | €808 | +€309 | +62.0% |
| Furniture and vehicles | 24 | €499 | €808 | +€309 | +62.0% |
| Current assets | 29/58 | €54,560 | €234,464 | +€179,904 | +329.7% |
| Amounts receivable within one year | 40/41 | €34,816 | €199,617 | +€164,801 | +473.4% |
| Trade receivables | 40 | €31,730 | €184,523 | +€152,793 | +481.5% |
| Other amounts receivable | 41 | €3,086 | €15,094 | +€12,009 | +389.2% |
| Cash at bank and in hand | 54/58 | €19,019 | €34,847 | +€15,828 | +83.2% |
| Deferred charges and accrued income | 490/1 | €725 | €0 | -€725 | -100.0% |
| Total equity and liabilities | 10/49 | €74,228 | €250,003 | +€175,774 | +236.8% |
| Equity | 10/15 | €35,765 | €62,044 | +€26,279 | +73.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,765 | €59,044 | +€26,279 | +80.2% |
| Amounts payable | 17/49 | €38,463 | €187,958 | +€149,496 | +388.7% |
| Amounts payable after more than one year | 17 | €18,817 | €16,647 | -€2,170 | -11.5% |
| Financial debts | 170/4 | €18,817 | €16,647 | -€2,170 | -11.5% |
| Amounts payable within one year | 42/48 | €18,996 | €171,311 | +€152,315 | +801.8% |
| Current portion of amounts payable after more than one year | 42 | €2,061 | €0 | -€2,061 | -100.0% |
| Trade debts | 44 | €1,113 | €146,753 | +€145,641 | +13089.1% |
| Suppliers | 440/4 | €1,113 | €146,753 | +€145,641 | +13089.1% |
| Taxes, remuneration and social security | 45 | €15,822 | €24,558 | +€8,736 | +55.2% |
| Taxes | 450/3 | €15,822 | €24,558 | +€8,736 | +55.2% |
| Accrued charges and deferred income | 492/3 | €650 | €0 | -€650 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,406 | €4,705 | +€299 | +6.8% |
| Gross operating margin | 9900 | €50,544 | €28,905 | -€21,639 | -42.8% |
| Operating profit (loss) | 9901 | €46,137 | €24,200 | -€21,938 | -47.5% |
| Financial income | 75/76B | €53 | €11,303 | +€11,250 | +21286.5% |
| Recurring financial income | 75 | €53 | €11,303 | +€11,250 | +21286.5% |
| Financial charges | 65/66B | €864 | €467 | -€397 | -46.0% |
| Recurring financial charges | 65 | €864 | €467 | -€397 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €45,326 | €35,035 | -€10,291 | -22.7% |
| Income taxes | 67/77 | €12,560 | €8,757 | -€3,804 | -30.3% |
| Profit (loss) for the period | 9904 | €32,765 | €26,279 | -€6,487 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,765 | €26,279 | -€6,487 | -19.8% |
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 11 October 2026 via checked.be.