MINERVA NWE: 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 NWE
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€81,544
2024 · €764,525-€682,981
Equity
€29.0m
2024 · €29.0m+€80,055
Cash
€316,044
2024 · €205,564+€110,480
Balance sheet total
€29.1m
2024 · €29.8m-€711,398
Largest movements
Assets
- Stocks and contracts -€782,300
down €782,300 (-100%), from €782,300 to €0
Equity and liabilities
- Other debts -€742,727
down €742,727 (-100%), from €742,727 to €0
Income statement
- Goods and materials +€7.1m
up €7.1m (+66.0%), from €10.7m to €17.8m
- Turnover +€7.0m
up €7.0m (+69.8%), from €10.0m to €17.0m
- Financial income -€635,931
down €635,931 (-25.1%), from €2.5m to €1.9m
of which Non-recurring financial income: -€614,547
- Financial charges -€451,342
down €451,342 (-92.0%), from €490,538 to €39,197
- Staff costs +€415,928
up €415,928 (+116%), from €360,038 to €775,966
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
€764,525
Turnover
+€7.0m
Other operating income
-€11,767
Goods and materials
-€7.1m
Services and other goods
+€126,744
Staff costs
-€415,928
Depreciation
+€7,609
Other operating charges
+€12,134
Other operating items
-€110,951
Financial income
-€635,931
Financial charges
+€451,342
Taxes
+€8,973
Result 2025
€81,544
raises the resultlowers the resultnot broken down further in the accounts
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
+€111,968
Investment
€0
Financing
-€1,488
Cash 2024
€205,564
From operations (derived)
+€111,968
Net result for the year
+€81,544
Depreciation
+€1,542
Stocks and contracts
+€782,300
Receivables within one year
+€35,442
Deferred charges and accrued income
+€2,594
Trade debts
-€15,477
Tax, wage and social debts
-€45,421
Other debts
-€742,727
Accrued charges and deferred income
+€12,172
Financing
-€1,488
Contributions, distributions and other
-€1,488
Cash 2025
€316,044
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,849,241 | €29,137,843 | -€711,398 | -2.4% |
| Fixed assets | 21/28 | €2,911 | €1,369 | -€1,542 | -53.0% |
| Tangible fixed assets | 22/27 | €2,911 | €1,369 | -€1,542 | -53.0% |
| Furniture and vehicles | 24 | €2,911 | €1,369 | -€1,542 | -53.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Current assets | 29/58 | €29,846,330 | €29,136,474 | -€709,857 | -2.4% |
| Stocks and contracts in progress | 3 | €782,300 | €0 | -€782,300 | -100% |
| Stocks | 30/36 | €782,300 | €0 | -€782,300 | -100% |
| Goods purchased for resale | 34 | €782,300 | €0 | -€782,300 | -100% |
| Amounts receivable within one year | 40/41 | €28,854,102 | €28,818,660 | -€35,442 | -0.1% |
| Trade receivables | 40 | €0 | €765,595 | +€765,595 | |
| Other amounts receivable | 41 | €28,854,102 | €28,053,065 | -€801,036 | -2.8% |
| Cash at bank and in hand | 54/58 | €205,564 | €316,044 | +€110,480 | +53.7% |
| Deferred charges and accrued income | 490/1 | €4,364 | €1,770 | -€2,594 | -59.4% |
| Total equity and liabilities | 10/49 | €29,849,241 | €29,137,843 | -€711,398 | -2.4% |
| Equity | 10/15 | €28,956,059 | €29,036,115 | +€80,055 | +0.3% |
| Contributions | 10/11 | €7,146,085 | €7,146,085 | = | 0.0% |
| Capital | 10 | €7,146,085 | €7,146,085 | = | 0.0% |
| Issued capital | 100 | €7,146,085 | €7,146,085 | = | 0.0% |
| Reserves | 13 | €21,809,975 | €21,890,030 | +€80,055 | +0.4% |
| Non-distributable reserves | 130/1 | €132,469 | €136,546 | +€4,077 | +3.1% |
| Legal reserve | 130 | €132,469 | €136,546 | +€4,077 | +3.1% |
| Tax-exempt reserves | 132 | €112,606 | €112,606 | = | 0.0% |
| Distributable reserves | 133 | €21,564,899 | €21,640,877 | +€75,978 | +0.4% |
| Amounts payable | 17/49 | €893,182 | €101,728 | -€791,454 | -88.6% |
| Amounts payable within one year | 42/48 | €883,957 | €80,331 | -€803,626 | -90.9% |
| Trade debts | 44 | €74,518 | €59,041 | -€15,477 | -20.8% |
| Suppliers | 440/4 | €74,518 | €59,041 | -€15,477 | -20.8% |
| Taxes, remuneration and social security | 45 | €66,711 | €21,290 | -€45,421 | -68.1% |
| Taxes | 450/3 | €6,099 | €9,936 | +€3,836 | +62.9% |
| Remuneration and social security | 454/9 | €60,612 | €11,355 | -€49,257 | -81.3% |
| Other amounts payable | 47/48 | €742,727 | €0 | -€742,727 | -100% |
| Accrued charges and deferred income | 492/3 | €9,225 | €21,397 | +€12,172 | +132% |
| Operating income | 70/76A | €10,296,819 | €16,959,603 | +€6.7m | +64.7% |
| Turnover | 70 | €9,987,811 | €16,959,603 | +€7.0m | +69.8% |
| Other operating income | 74 | €11,767 | €0 | -€11,767 | -100% |
| Non-recurring operating income | 76A | €297,241 | €0 | -€297,241 | -100% |
| Operating charges | 60/66A | €11,555,542 | €18,725,690 | +€7.2m | +62.0% |
| Goods for resale, raw materials and consumables | 60 | €10,735,197 | €17,822,193 | +€7.1m | +66.0% |
| Purchases | 600/8 | €10,735,197 | €17,822,193 | +€7.1m | +66.0% |
| Services and other goods | 61 | €250,672 | €123,928 | -€126,744 | -50.6% |
| Remuneration, social security and pensions | 62 | €360,038 | €775,966 | +€415,928 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,150 | €1,542 | -€7,609 | -83.1% |
| Other operating charges | 640/8 | €14,194 | €2,060 | -€12,134 | -85.5% |
| Non-recurring operating charges | 66A | €186,290 | €0 | -€186,290 | -100% |
| Operating profit (loss) | 9901 | -€1,258,723 | -€1,766,088 | -€507,365 | -40.3% |
| Financial income | 75/76B | €2,531,565 | €1,895,634 | -€635,931 | -25.1% |
| Recurring financial income | 75 | €1,917,018 | €1,895,634 | -€21,384 | -1.1% |
| Income from financial fixed assets | 750 | €1,917,017 | - | -€1.9m | |
| Income from current assets | 751 | - | €1,531,818 | +€1.5m | |
| Other financial income | 752/9 | €1 | €363,816 | +€363,815 | +58,679,879% |
| Non-recurring financial income | 76B | €614,547 | €0 | -€614,547 | -100% |
| Financial charges | 65/66B | €490,538 | €39,197 | -€451,342 | -92.0% |
| Recurring financial charges | 65 | €490,538 | €39,197 | -€451,342 | -92.0% |
| Debt charges | 650 | €93,245 | €28 | -€93,217 | -100.0% |
| Other financial charges | 652/9 | €397,293 | €39,169 | -€358,125 | -90.1% |
| Profit (loss) for the period before taxes | 9903 | €782,303 | €90,350 | -€691,954 | -88.5% |
| Income taxes | 67/77 | €17,779 | €8,806 | -€8,973 | -50.5% |
| Taxes | 670/3 | €17,779 | €9,936 | -€7,843 | -44.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €1,130 | +€1,130 | |
| Profit (loss) for the period | 9904 | €764,525 | €81,544 | -€682,981 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €764,525 | €81,544 | -€682,981 | -89.3% |
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 15 October 2026 via checked.be.