Minervum: what changed
Minervum
Largest movements
- Cash +€226,082
up €226,082 (+577%), from €39,179 to €265,261
mainly Current investments (+€150,000) and Net result for the year (+€98,090)
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Receivables within one year +€10,541
up €10,541 (+258%), from €4,089 to €14,631
of which Other amounts receivable: +€10,492
- Reserves +€98,090
up €98,090 (+55.9%), from €175,359 to €273,448
- Tax, wage and social debts -€12,112
down €12,112 (-100%), from €12,112 to €0
of which Taxes: -€7,949
- Gross operating margin -€18,860
down €18,860 (-12.6%), from €149,301 to €130,441
- Taxes -€13,965
down €13,965 (-32.9%), from €42,467 to €28,502
- Financial charges +€1,506
up €1,506 (+59.5%), from €2,529 to €4,035
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €196,364 | €284,104 | +€87,741 | +44.7% |
| Fixed assets | 21/28 | €1,712 | €1,358 | -€354 | -20.7% |
| Tangible fixed assets | 22/27 | €1,712 | €1,358 | -€354 | -20.7% |
| Plant, machinery and equipment | 23 | €1,712 | €1,358 | -€354 | -20.7% |
| Current assets | 29/58 | €194,652 | €282,746 | +€88,094 | +45.3% |
| Amounts receivable within one year | 40/41 | €4,089 | €14,631 | +€10,541 | +258% |
| Trade receivables | 40 | €2,448 | €2,497 | +€49 | +2.0% |
| Other amounts receivable | 41 | €1,641 | €12,134 | +€10,492 | +639% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €39,179 | €265,261 | +€226,082 | +577% |
| Deferred charges and accrued income | 490/1 | €1,384 | €2,854 | +€1,471 | +106% |
| Total equity and liabilities | 10/49 | €196,364 | €284,104 | +€87,741 | +44.7% |
| Equity | 10/15 | €180,359 | €278,448 | +€98,090 | +54.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €175,359 | €273,448 | +€98,090 | +55.9% |
| Distributable reserves | 133 | €175,359 | €273,448 | +€98,090 | +55.9% |
| Amounts payable | 17/49 | €16,005 | €5,656 | -€10,349 | -64.7% |
| Amounts payable within one year | 42/48 | €16,005 | €5,656 | -€10,349 | -64.7% |
| Financial debts | 43 | €183 | €875 | +€692 | +377% |
| Credit institutions | 430/8 | €183 | €875 | +€692 | +377% |
| Trade debts | 44 | €3,710 | €4,781 | +€1,071 | +28.9% |
| Suppliers | 440/4 | €3,710 | €4,781 | +€1,071 | +28.9% |
| Taxes, remuneration and social security | 45 | €12,112 | €0 | -€12,112 | -100% |
| Taxes | 450/3 | €7,949 | €0 | -€7,949 | -100% |
| Remuneration and social security | 454/9 | €4,163 | €0 | -€4,163 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €354 | +€297 | +519% |
| Other operating charges | 640/8 | €118 | €971 | +€853 | +723% |
| Gross operating margin | 9900 | €149,301 | €130,441 | -€18,860 | -12.6% |
| Operating profit (loss) | 9901 | €149,126 | €129,116 | -€20,010 | -13.4% |
| Financial income | 75/76B | €427 | €1,510 | +€1,083 | +254% |
| Recurring financial income | 75 | €427 | €1,510 | +€1,083 | +254% |
| Financial charges | 65/66B | €2,529 | €4,035 | +€1,506 | +59.5% |
| Recurring financial charges | 65 | €2,529 | €4,035 | +€1,506 | +59.5% |
| Profit (loss) for the period before taxes | 9903 | €147,024 | €126,592 | -€20,433 | -13.9% |
| Income taxes | 67/77 | €42,467 | €28,502 | -€13,965 | -32.9% |
| Profit (loss) for the period | 9904 | €104,558 | €98,090 | -€6,468 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €104,558 | €98,090 | -€6,468 | -6.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.