Minerva Services: 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 Services
Largest movements
- Cash +€325,267
up €325,267 (+2098.9%), from €15,497 to €340,764
mainly Advances received (+€450,000) and Net result for the year (+€164,226)
- Receivables within one year +€264,313
up €264,313 (+97.1%), from €272,128 to €536,440
of which Trade receivables: +€210,388
- Tangible fixed assets +€19,538
up €19,538 (+3.6%), from €539,087 to €558,624
of which Plant, machinery and equipment: +€48,858
- Advances received +€450,000
up €450,000, from €0 to €450,000
- Tax, wage and social debts +€134,680
up €134,680 (+222.7%), from €60,464 to €195,144
of which Taxes: +€112,991
- Other debts +€133,585
up €133,585 (+433.1%), from €30,847 to €164,432
- Trade debts -€77,975
down €77,975 (-41.9%), from €186,241 to €108,267
- Debts after one year -€31,704
down €31,704 (-10.7%), from €297,062 to €265,358
- Gross operating margin +€120,199
up €120,199 (+36.0%), from €334,232 to €454,431
- Staff costs +€72,845
up €72,845 (+84.5%), from €86,164 to €159,009
- Depreciation -€16,607
down €16,607 (-19.9%), from €83,660 to €67,053
- Taxes +€4,638
up €4,638 (+10.9%), from €42,426 to €47,063
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 | €828,632 | €1,437,092 | +€608,460 | +73.4% |
| Fixed assets | 21/28 | €539,087 | €558,624 | +€19,538 | +3.6% |
| Tangible fixed assets | 22/27 | €539,087 | €558,624 | +€19,538 | +3.6% |
| Land and buildings | 22 | €440,026 | €413,810 | -€26,215 | -6.0% |
| Plant, machinery and equipment | 23 | €52,806 | €101,663 | +€48,858 | +92.5% |
| Furniture and vehicles | 24 | €46,256 | €43,151 | -€3,105 | -6.7% |
| Current assets | 29/58 | €289,545 | €878,468 | +€588,922 | +203.4% |
| Amounts receivable within one year | 40/41 | €272,128 | €536,440 | +€264,313 | +97.1% |
| Trade receivables | 40 | €272,116 | €482,503 | +€210,388 | +77.3% |
| Other amounts receivable | 41 | €12 | €53,937 | +€53,925 | +447509.0% |
| Cash at bank and in hand | 54/58 | €15,497 | €340,764 | +€325,267 | +2098.9% |
| Deferred charges and accrued income | 490/1 | €1,921 | €1,264 | -€657 | -34.2% |
| Total equity and liabilities | 10/49 | €828,632 | €1,437,092 | +€608,460 | +73.4% |
| Equity | 10/15 | €220,759 | €220,759 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €205,759 | €205,759 | = | 0.0% |
| Distributable reserves | 133 | €205,759 | €205,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €607,873 | €1,216,333 | +€608,460 | +100.1% |
| Amounts payable after more than one year | 17 | €297,062 | €265,358 | -€31,704 | -10.7% |
| Financial debts | 170/4 | €297,062 | €265,358 | -€31,704 | -10.7% |
| Amounts payable within one year | 42/48 | €308,190 | €949,547 | +€641,357 | +208.1% |
| Current portion of amounts payable after more than one year | 42 | €30,638 | €31,704 | +€1,066 | +3.5% |
| Trade debts | 44 | €186,241 | €108,267 | -€77,975 | -41.9% |
| Suppliers | 440/4 | €186,241 | €108,267 | -€77,975 | -41.9% |
| Advances received on contracts in progress | 46 | €0 | €450,000 | +€450,000 | |
| Taxes, remuneration and social security | 45 | €60,464 | €195,144 | +€134,680 | +222.7% |
| Taxes | 450/3 | €50,280 | €163,271 | +€112,991 | +224.7% |
| Remuneration and social security | 454/9 | €10,184 | €31,873 | +€21,689 | +213.0% |
| Other amounts payable | 47/48 | €30,847 | €164,432 | +€133,585 | +433.1% |
| Accrued charges and deferred income | 492/3 | €2,621 | €1,429 | -€1,193 | -45.5% |
| Remuneration, social security and pensions | 62 | €86,164 | €159,009 | +€72,845 | +84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,660 | €67,053 | -€16,607 | -19.9% |
| Other operating charges | 640/8 | €2,682 | €3,777 | +€1,095 | +40.8% |
| Gross operating margin | 9900 | €334,232 | €454,431 | +€120,199 | +36.0% |
| Operating profit (loss) | 9901 | €161,726 | €224,593 | +€62,867 | +38.9% |
| Financial income | 75/76B | €0 | €6 | +€6 | |
| Recurring financial income | 75 | €0 | €6 | +€6 | |
| Financial charges | 65/66B | €11,857 | €13,310 | +€1,453 | +12.3% |
| Recurring financial charges | 65 | €11,857 | €13,310 | +€1,453 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €149,869 | €211,289 | +€61,419 | +41.0% |
| Income taxes | 67/77 | €42,426 | €47,063 | +€4,638 | +10.9% |
| Profit (loss) for the period | 9904 | €107,444 | €164,226 | +€56,782 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,444 | €164,226 | +€56,782 | +52.8% |
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 10 October 2026 via checked.be.