MINERVA RX: what changed
Two fiscal 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 RX
Largest movements
- Cash +€140,498
up €140,498 (+106.9%), from €131,477 to €271,975
mainly Net result for the year (+€109,209) and Other debts (+€93,598)
- Deferred charges and accrued income -€40,983
down €40,983 (-97.6%), from €41,984 to €1,001
- Receivables within one year +€17,727
up €17,727 (+984.1%), from €1,801 to €19,528
- Other debts +€93,598
up €93,598 (+14352.4%), from €652 to €94,250
- Reserves +€9,000
up €9,000 (+1.6%), from €579,000 to €588,000
of which Distributable reserves: +€318,000
- Gross operating margin -€21,765
down €21,765 (-13.8%), from €157,682 to €135,918
- Taxes -€8,262
down €8,262 (-20.2%), from €40,916 to €32,654
- Financial income -€5,370
down €5,370 (-43.2%), from €12,423 to €7,053
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 | €603,691 | €717,082 | +€113,391 | +18.8% |
| Fixed assets | 21/28 | €241 | €146 | -€95 | -39.5% |
| Tangible fixed assets | 22/27 | €95 | - | -€95 | |
| Furniture and vehicles | 24 | €95 | - | -€95 | |
| Financial fixed assets | 28 | €146 | €146 | = | 0.0% |
| Current assets | 29/58 | €603,450 | €716,936 | +€113,486 | +18.8% |
| Amounts receivable within one year | 40/41 | €1,801 | €19,528 | +€17,727 | +984.1% |
| Other amounts receivable | 41 | €1,801 | €19,528 | +€17,727 | +984.1% |
| Current investments | 50/53 | €428,188 | €424,432 | -€3,756 | -0.9% |
| Cash at bank and in hand | 54/58 | €131,477 | €271,975 | +€140,498 | +106.9% |
| Deferred charges and accrued income | 490/1 | €41,984 | €1,001 | -€40,983 | -97.6% |
| Total equity and liabilities | 10/49 | €603,691 | €717,082 | +€113,391 | +18.8% |
| Equity | 10/15 | €601,115 | €610,324 | +€9,209 | +1.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €579,000 | €588,000 | +€9,000 | +1.6% |
| Non-distributable reserves | 130/1 | €309,000 | - | -€309,000 | |
| Reserves not available under the articles | 1311 | €309,000 | - | -€309,000 | |
| Distributable reserves | 133 | €270,000 | €588,000 | +€318,000 | +117.8% |
| Profit (loss) carried forward | 14 | €1,655 | €1,864 | +€209 | +12.6% |
| Amounts payable | 17/49 | €2,576 | €106,758 | +€104,182 | +4044.4% |
| Amounts payable within one year | 42/48 | €2,087 | €106,253 | +€104,166 | +4991.5% |
| Financial debts | 43 | €569 | €174 | -€395 | -69.5% |
| Credit institutions | 430/8 | €569 | €174 | -€395 | -69.5% |
| Trade debts | 44 | €866 | €6,079 | +€5,213 | +602.0% |
| Suppliers | 440/4 | €866 | €6,079 | +€5,213 | +602.0% |
| Taxes, remuneration and social security | 45 | - | €5,750 | +€5,750 | |
| Taxes | 450/3 | - | €5,750 | +€5,750 | |
| Other amounts payable | 47/48 | €652 | €94,250 | +€93,598 | +14352.4% |
| Accrued charges and deferred income | 492/3 | €489 | €505 | +€16 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €971 | €95 | -€876 | -90.2% |
| Gross operating margin | 9900 | €157,682 | €135,918 | -€21,765 | -13.8% |
| Operating profit (loss) | 9901 | €156,712 | €135,822 | -€20,889 | -13.3% |
| Financial income | 75/76B | €12,423 | €7,053 | -€5,370 | -43.2% |
| Recurring financial income | 75 | €12,423 | €7,053 | -€5,370 | -43.2% |
| Financial charges | 65/66B | €210 | €1,013 | +€802 | +381.9% |
| Recurring financial charges | 65 | €126 | €1,013 | +€887 | +704.1% |
| Non-recurring financial charges | 66B | €84 | - | -€84 | |
| Profit (loss) for the period before taxes | 9903 | €168,924 | €141,863 | -€27,062 | -16.0% |
| Income taxes | 67/77 | €40,916 | €32,654 | -€8,262 | -20.2% |
| Profit (loss) for the period | 9904 | €128,009 | €109,209 | -€18,800 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €128,009 | €109,209 | -€18,800 | -14.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.