MINERVA MANAGEMENT: 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.
What changed
MINERVA MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.0m
2024 · -€990,637-€45,844
Equity
€2.3m
2024 · €3.4m-€1.0m
Cash
€27,624
2024 · €12,169+€15,455
Balance sheet total
€41.6m
2024 · €24.9m+€16.7m
Largest movements
Assets
- Receivables within one year +€9.0m
up €9.0m (+525%), from €1.7m to €10.8m
of which Other amounts receivable: +€10.5m
- Stocks and contracts +€3.8m
up €3.8m (+42.5%), from €8.8m to €12.6m
- Tangible fixed assets +€3.2m
up €3.2m (+24.9%), from €13.0m to €16.2m
of which Land and buildings: +€4.0m
- Receivables after one year +€575,000
up €575,000 (+48.7%), from €1.2m to €1.8m
Equity and liabilities
- Debts after one year +€15.2m
up €15.2m (+85.8%), from €17.7m to €32.9m
- Current portion of long-term debt +€2.4m
up €2.4m (+168%), from €1.4m to €3.8m
- Accrued charges and deferred income +€1.1m
up €1.1m (+351%), from €323,384 to €1.5m
- Other debts -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Profit (loss) carried forward -€969,533
down €969,533, from €582,357 to -€387,176
Income statement
- Financial charges +€621,687
up €621,687 (+71.9%), from €864,246 to €1.5m
- Financial income +€449,086
up €449,086 (+546%), from €82,237 to €531,323
- Gross operating margin +€123,744
up €123,744 (+51.3%), from €241,442 to €365,186
- Staff costs -€33,341
down €33,341 (-60.5%), from €55,147 to €21,806
- Depreciation +€27,010
up €27,010 (+7.1%), from €382,089 to €409,098
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.
Result 2024
-€990,637
Gross operating margin
+€123,744
Staff costs
+€33,341
Depreciation
-€27,010
Write-downs
-€4,413
Other operating charges
+€1,050
Financial income
+€449,086
Financial charges
-€621,687
Taxes
+€45
Result 2025
-€1.0m
raises the resultlowers the result
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.
From operations
-€13.9m
Investment
-€3.6m
Financing
+€17.6m
Cash 2024
€12,169
From operations (derived)
-€13.9m
Net result for the year
-€1.0m
Depreciation
+€409,098
Receivables after one year
-€575,000
Stocks and contracts
-€3.8m
Receivables within one year
-€9.0m
Deferred charges and accrued income
-€84,903
Smaller working-capital items
+€10,809
Trade debts
+€80,375
Other debts
-€1.1m
Accrued charges and deferred income
+€1.1m
Investment (derived)
-€3.6m
Investment in fixed assets (net)
-€3.6m
Financing
+€17.6m
Debts after one year
+€15.2m
Current portion of long-term debt
+€2.4m
Cash 2025
€27,624
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,877,469 | €41,584,098 | +€16.7m | +67.2% |
| Fixed assets | 21/28 | €12,981,351 | €16,212,465 | +€3.2m | +24.9% |
| Tangible fixed assets | 22/27 | €12,972,326 | €16,203,260 | +€3.2m | +24.9% |
| Land and buildings | 22 | €12,054,979 | €16,039,515 | +€4.0m | +33.1% |
| Furniture and vehicles | 24 | - | €17,429 | +€17,429 | |
| Leasing and similar rights | 25 | €114,200 | €85,816 | -€28,385 | -24.9% |
| Assets under construction and advance payments | 27 | €803,147 | €60,500 | -€742,647 | -92.5% |
| Financial fixed assets | 28 | €9,025 | €9,205 | +€180 | +2.0% |
| Current assets | 29/58 | €11,896,118 | €25,371,633 | +€13.5m | +113% |
| Amounts receivable after more than one year | 29 | €1,180,500 | €1,755,500 | +€575,000 | +48.7% |
| Other amounts receivable | 291 | €1,180,500 | €1,755,500 | +€575,000 | +48.7% |
| Stocks and contracts in progress | 3 | €8,844,633 | €12,607,721 | +€3.8m | +42.5% |
| Stocks | 30/36 | €8,844,633 | €12,607,721 | +€3.8m | +42.5% |
| Amounts receivable within one year | 40/41 | €1,722,949 | €10,760,018 | +€9.0m | +525% |
| Trade receivables | 40 | €1,690,004 | €257,500 | -€1.4m | -84.8% |
| Other amounts receivable | 41 | €32,945 | €10,502,518 | +€10.5m | +31,779% |
| Cash at bank and in hand | 54/58 | €12,169 | €27,624 | +€15,455 | +127% |
| Deferred charges and accrued income | 490/1 | €135,867 | €220,770 | +€84,903 | +62.5% |
| Total equity and liabilities | 10/49 | €24,877,469 | €41,584,098 | +€16.7m | +67.2% |
| Equity | 10/15 | €3,362,735 | €2,326,254 | -€1.0m | -30.8% |
| Contributions | 10/11 | €61,800 | €61,800 | = | 0.0% |
| Reserves | 13 | €2,718,578 | €2,651,631 | -€66,948 | -2.5% |
| Tax-exempt reserves | 132 | €1,695,327 | €1,628,380 | -€66,948 | -3.9% |
| Distributable reserves | 133 | €1,023,251 | €1,023,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | €582,357 | -€387,176 | -€969,533 | |
| Provisions and deferred taxes | 16 | €565,109 | €542,793 | -€22,316 | -3.9% |
| Deferred taxes | 168 | €565,109 | €542,793 | -€22,316 | -3.9% |
| Amounts payable | 17/49 | €20,949,625 | €38,715,051 | +€17.8m | +84.8% |
| Amounts payable after more than one year | 17 | €17,685,319 | €32,855,318 | +€15.2m | +85.8% |
| Financial debts | 170/4 | €17,685,319 | €32,855,318 | +€15.2m | +85.8% |
| Amounts payable within one year | 42/48 | €2,940,922 | €4,400,888 | +€1.5m | +49.6% |
| Current portion of amounts payable after more than one year | 42 | €1,429,273 | €3,831,501 | +€2.4m | +168% |
| Trade debts | 44 | €376,985 | €457,360 | +€80,375 | +21.3% |
| Suppliers | 440/4 | €376,985 | €457,360 | +€80,375 | +21.3% |
| Taxes, remuneration and social security | 45 | €78,903 | €112,027 | +€33,124 | +42.0% |
| Taxes | 450/3 | €68,912 | €112,027 | +€43,115 | +62.6% |
| Remuneration and social security | 454/9 | €9,990 | €0 | -€9,990 | -100% |
| Other amounts payable | 47/48 | €1,055,761 | €0 | -€1.1m | -100% |
| Accrued charges and deferred income | 492/3 | €323,384 | €1,458,845 | +€1.1m | +351% |
| Non-recurring operating income | 76A | €22,500 | €15,454 | -€7,046 | -31.3% |
| Remuneration, social security and pensions | 62 | €55,147 | €21,806 | -€33,341 | -60.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382,089 | €409,098 | +€27,010 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,795 | €23,208 | +€4,413 | +23.5% |
| Other operating charges | 640/8 | €15,109 | €14,058 | -€1,050 | -7.0% |
| Gross operating margin | 9900 | €241,442 | €365,186 | +€123,744 | +51.3% |
| Operating profit (loss) | 9901 | -€229,697 | -€102,984 | +€126,713 | +55.2% |
| Financial income | 75/76B | €82,237 | €531,323 | +€449,086 | +546% |
| Recurring financial income | 75 | €82,237 | €531,323 | +€449,086 | +546% |
| Financial charges | 65/66B | €864,246 | €1,485,933 | +€621,687 | +71.9% |
| Recurring financial charges | 65 | €864,246 | €1,485,933 | +€621,687 | +71.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,011,706 | -€1,057,595 | -€45,889 | -4.5% |
| Transfer from deferred taxes | 780 | €22,316 | €22,316 | = | 0.0% |
| Income taxes | 67/77 | €1,247 | €1,202 | -€45 | -3.6% |
| Profit (loss) for the period | 9904 | -€990,637 | -€1,036,481 | -€45,844 | -4.6% |
| Transfer from tax-exempt reserves | 789 | €66,948 | €66,948 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€923,690 | -€969,533 | -€45,844 | -5.0% |
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 14 October 2026 via checked.be.