Relive Minerve: 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.
Relive Minerve
Largest movements
- Tangible fixed assets +€187,322
up €187,322 (+31.9%), from €588,100 to €775,422
of which Land and buildings: +€195,342
- Deferred charges and accrued income +€21,921
up €21,921 (+45.5%), from €48,215 to €70,136
- Debts after one year +€196,997
up €196,997 (+38.3%), from €514,901 to €711,898
- Gross operating margin +€26,916
up €26,916 (+86.4%), from €31,169 to €58,085
- Financial charges +€18,748
up €18,748 (+274%), from €6,832 to €25,581
- Depreciation +€7,843
up €7,843 (+39.4%), from €19,891 to €27,734
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €663,583 | €863,279 | +€199,696 | +30.1% |
| Fixed assets | 21/28 | €591,311 | €777,645 | +€186,334 | +31.5% |
| Intangible fixed assets | 21 | €3,210 | €2,223 | -€987 | -30.8% |
| Tangible fixed assets | 22/27 | €588,100 | €775,422 | +€187,322 | +31.9% |
| Land and buildings | 22 | €555,172 | €750,514 | +€195,342 | +35.2% |
| Plant, machinery and equipment | 23 | €1,398 | €3,664 | +€2,266 | +162% |
| Furniture and vehicles | 24 | €31,530 | €21,244 | -€10,286 | -32.6% |
| Current assets | 29/58 | €72,273 | €85,634 | +€13,362 | +18.5% |
| Amounts receivable within one year | 40/41 | €116 | - | -€116 | |
| Trade receivables | 40 | €116 | - | -€116 | |
| Cash at bank and in hand | 54/58 | €23,942 | €15,499 | -€8,443 | -35.3% |
| Deferred charges and accrued income | 490/1 | €48,215 | €70,136 | +€21,921 | +45.5% |
| Total equity and liabilities | 10/49 | €663,583 | €863,279 | +€199,696 | +30.1% |
| Equity | 10/15 | €121,336 | €123,537 | +€2,201 | +1.8% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €96,200 | €98,400 | +€2,200 | +2.3% |
| Distributable reserves | 133 | €96,200 | €98,400 | +€2,200 | +2.3% |
| Profit (loss) carried forward | 14 | €4,065 | €4,066 | +€1 | 0.0% |
| Amounts payable | 17/49 | €542,247 | €739,742 | +€197,495 | +36.4% |
| Amounts payable after more than one year | 17 | €514,901 | €711,898 | +€196,997 | +38.3% |
| Financial debts | 170/4 | €514,901 | €711,898 | +€196,997 | +38.3% |
| Amounts payable within one year | 42/48 | €26,847 | €27,345 | +€498 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €20,613 | €21,191 | +€577 | +2.8% |
| Trade debts | 44 | - | €84 | +€84 | |
| Suppliers | 440/4 | - | €84 | +€84 | |
| Taxes, remuneration and social security | 45 | €6,120 | €6,070 | -€50 | -0.8% |
| Taxes | 450/3 | €4,020 | €3,970 | -€50 | -1.2% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €113 | - | -€113 | |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,891 | €27,734 | +€7,843 | +39.4% |
| Other operating charges | 640/8 | €1,817 | €2,247 | +€430 | +23.6% |
| Gross operating margin | 9900 | €31,169 | €58,085 | +€26,916 | +86.4% |
| Operating profit (loss) | 9901 | €9,460 | €28,104 | +€18,644 | +197% |
| Financial income | 75/76B | €38 | €4 | -€34 | -90.6% |
| Recurring financial income | 75 | €38 | €4 | -€34 | -90.6% |
| Financial charges | 65/66B | €6,832 | €25,581 | +€18,748 | +274% |
| Recurring financial charges | 65 | €6,832 | €25,581 | +€18,748 | +274% |
| Profit (loss) for the period before taxes | 9903 | €2,666 | €2,527 | -€139 | -5.2% |
| Income taxes | 67/77 | €446 | €326 | -€120 | -26.9% |
| Profit (loss) for the period | 9904 | €2,220 | €2,201 | -€19 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,220 | €2,201 | -€19 | -0.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.