MINERVAL: 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.
MINERVAL
Largest movements
- Tangible fixed assets -€58,137
down €58,137 (-10.8%), from €540,309 to €482,172
- Cash +€20,776
up €20,776 (+329.3%), from €6,310 to €27,086
mainly Depreciation (+€58,137) and Debts after one year (+€42,485)
- Other debts -€105,000
down €105,000 (-100.0%), from €105,000 to €0
- Debts after one year +€42,485
up €42,485 (+35.6%), from €119,189 to €161,674
of which Financial debts: +€42,485
- Reserves +€16,732
up €16,732 (+12.2%), from €136,789 to €153,522
of which Distributable reserves: +€16,732
- Gross operating margin +€6,609
up €6,609 (+7.3%), from €90,877 to €97,486
- Depreciation +€4,882
up €4,882 (+9.2%), from €53,255 to €58,137
- Financial charges -€1,233
down €1,233 (-12.5%), from €9,864 to €8,631
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 | €557,908 | €517,045 | -€40,863 | -7.3% |
| Fixed assets | 21/28 | €540,309 | €482,172 | -€58,137 | -10.8% |
| Tangible fixed assets | 22/27 | €540,309 | €482,172 | -€58,137 | -10.8% |
| Land and buildings | 22 | €540,309 | €482,172 | -€58,137 | -10.8% |
| Current assets | 29/58 | €17,599 | €34,873 | +€17,274 | +98.2% |
| Amounts receivable within one year | 40/41 | €5,796 | €7,736 | +€1,941 | +33.5% |
| Other amounts receivable | 41 | €5,796 | €7,736 | +€1,941 | +33.5% |
| Cash at bank and in hand | 54/58 | €6,310 | €27,086 | +€20,776 | +329.3% |
| Deferred charges and accrued income | 490/1 | €5,493 | €51 | -€5,442 | -99.1% |
| Total equity and liabilities | 10/49 | €557,908 | €517,045 | -€40,863 | -7.3% |
| Equity | 10/15 | €270,496 | €287,228 | +€16,732 | +6.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €136,789 | €153,522 | +€16,732 | +12.2% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €129,353 | €146,085 | +€16,732 | +12.9% |
| Profit (loss) carried forward | 14 | €59,338 | €59,338 | = | 0.0% |
| Amounts payable | 17/49 | €287,412 | €229,817 | -€57,595 | -20.0% |
| Amounts payable after more than one year | 17 | €119,189 | €161,674 | +€42,485 | +35.6% |
| Financial debts | 170/4 | €116,370 | €158,855 | +€42,485 | +36.5% |
| Other amounts payable | 178/9 | €2,819 | €2,819 | = | 0.0% |
| Amounts payable within one year | 42/48 | €166,007 | €62,777 | -€103,230 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €60,290 | €62,515 | +€2,225 | +3.7% |
| Trade debts | 44 | €645 | €190 | -€455 | -70.6% |
| Suppliers | 440/4 | €645 | €190 | -€455 | -70.6% |
| Taxes, remuneration and social security | 45 | €72 | €72 | = | 0.0% |
| Taxes | 450/3 | €72 | €72 | = | 0.0% |
| Other amounts payable | 47/48 | €105,000 | €0 | -€105,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,216 | €5,366 | +€3,150 | +142.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,255 | €58,137 | +€4,882 | +9.2% |
| Other operating charges | 640/8 | €6,074 | €6,177 | +€102 | +1.7% |
| Gross operating margin | 9900 | €90,877 | €97,486 | +€6,609 | +7.3% |
| Operating profit (loss) | 9901 | €31,548 | €33,172 | +€1,624 | +5.1% |
| Financial income | 75/76B | €306 | €0 | -€306 | -100.0% |
| Recurring financial income | 75 | €306 | €0 | -€306 | -100.0% |
| Financial charges | 65/66B | €9,864 | €8,631 | -€1,233 | -12.5% |
| Recurring financial charges | 65 | €9,864 | €8,631 | -€1,233 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €21,990 | €24,541 | +€2,551 | +11.6% |
| Income taxes | 67/77 | €6,997 | €7,808 | +€812 | +11.6% |
| Profit (loss) for the period | 9904 | €14,993 | €16,732 | +€1,739 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,993 | €16,732 | +€1,739 | +11.6% |
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 4 October 2026 via checked.be.