MINERVA TRADING: 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 TRADING
Largest movements
- Cash -€2.1m
down €2.1m (-70.4%), from €3.0m to €879,867
mainly Other debts (-€2.0m) and Receivables within one year (-€1.1m)
- Receivables within one year +€1.1m
up €1.1m (+125%), from €861,663 to €1.9m
of which Other amounts receivable: +€656,592
- Other debts -€2.0m
down €2.0m (-79.5%), from €2.5m to €516,875
- Profit (loss) carried forward +€636,650
up €636,650 (+1,084%), from €58,757 to €695,407
- Trade debts +€341,528
up €341,528 (+89.7%), from €380,716 to €722,244
- Gross operating margin +€209,951
up €209,951 (+4.7%), from €4.5m to €4.7m
- Staff costs +€169,036
up €169,036 (+5.7%), from €3.0m to €3.2m
- Financial income -€67,988
down €67,988 (-65.8%), from €103,386 to €35,398
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,838,896 | €2,828,403 | -€1.0m | -26.3% |
| Fixed assets | 21/28 | €2,956 | €996 | -€1,960 | -66.3% |
| Tangible fixed assets | 22/27 | €2,956 | €996 | -€1,960 | -66.3% |
| Furniture and vehicles | 24 | €2,956 | €996 | -€1,960 | -66.3% |
| Current assets | 29/58 | €3,835,940 | €2,827,407 | -€1.0m | -26.3% |
| Amounts receivable within one year | 40/41 | €861,663 | €1,941,822 | +€1.1m | +125% |
| Trade receivables | 40 | €632,042 | €1,055,608 | +€423,566 | +67.0% |
| Other amounts receivable | 41 | €229,621 | €886,213 | +€656,592 | +286% |
| Cash at bank and in hand | 54/58 | €2,970,442 | €879,867 | -€2.1m | -70.4% |
| Deferred charges and accrued income | 490/1 | €3,835 | €5,718 | +€1,883 | +49.1% |
| Total equity and liabilities | 10/49 | €3,838,896 | €2,828,403 | -€1.0m | -26.3% |
| Equity | 10/15 | €575,444 | €1,212,094 | +€636,650 | +111% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €453,687 | €453,687 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,484 | €1,484 | = | 0.0% |
| Distributable reserves | 133 | €445,902 | €445,902 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,757 | €695,407 | +€636,650 | +1,084% |
| Amounts payable | 17/49 | €3,263,452 | €1,616,309 | -€1.6m | -50.5% |
| Amounts payable within one year | 42/48 | €3,263,452 | €1,616,309 | -€1.6m | -50.5% |
| Trade debts | 44 | €380,716 | €722,244 | +€341,528 | +89.7% |
| Suppliers | 440/4 | €380,716 | €722,244 | +€341,528 | +89.7% |
| Taxes, remuneration and social security | 45 | €365,861 | €377,190 | +€11,329 | +3.1% |
| Taxes | 450/3 | €35,154 | €32,562 | -€2,592 | -7.4% |
| Remuneration and social security | 454/9 | €330,707 | €344,628 | +€13,921 | +4.2% |
| Other amounts payable | 47/48 | €2,516,875 | €516,875 | -€2.0m | -79.5% |
| Remuneration, social security and pensions | 62 | €2,991,442 | €3,160,478 | +€169,036 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,440 | €1,960 | -€4,481 | -69.6% |
| Other operating charges | 640/8 | €12,967 | €17,555 | +€4,588 | +35.4% |
| Gross operating margin | 9900 | €4,475,829 | €4,685,780 | +€209,951 | +4.7% |
| Operating profit (loss) | 9901 | €1,464,980 | €1,505,787 | +€40,807 | +2.8% |
| Financial income | 75/76B | €103,386 | €35,398 | -€67,988 | -65.8% |
| Recurring financial income | 75 | €103,386 | €35,398 | -€67,988 | -65.8% |
| Financial charges | 65/66B | €1,144 | €4,765 | +€3,621 | +316% |
| Recurring financial charges | 65 | €1,144 | €4,765 | +€3,621 | +316% |
| Profit (loss) for the period before taxes | 9903 | €1,567,222 | €1,536,420 | -€30,802 | -2.0% |
| Income taxes | 67/77 | €408,113 | €399,770 | -€8,342 | -2.0% |
| Profit (loss) for the period | 9904 | €1,159,109 | €1,136,650 | -€22,459 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,159,109 | €1,136,650 | -€22,459 | -1.9% |
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 24 October 2026 via checked.be.