MINERVA CAPITAL: 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 CAPITAL
Largest movements
- Stocks and contracts +€33,357
up €33,357 (+23.0%), from €144,911 to €178,268
of which Contracts in progress: +€33,357
- Cash -€6,880
down €6,880 (-88.8%), from €7,744 to €864
mainly Stocks and contracts (-€33,357) and Net result for the year (-€2,377)
- Other debts +€28,500
up €28,500 (+31.7%), from €90,000 to €118,500
- Profit (loss) carried forward -€2,377
down €2,377 (-5.8%), from €41,009 to €38,632
- Gross operating margin -€784
down €784 (-87.6%), from -€895 to -€1,680
- Other operating charges -€573
down €573 (-59.7%), from €960 to €387
- Financial charges +€19
up €19 (+6.6%), from €291 to €310
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 | €153,009 | €179,132 | +€26,123 | +17.1% |
| Current assets | 29/58 | €153,009 | €179,132 | +€26,123 | +17.1% |
| Stocks and contracts in progress | 3 | €144,911 | €178,268 | +€33,357 | +23.0% |
| Stocks | 30/36 | €4,469 | €4,469 | = | 0.0% |
| Contracts in progress | 37 | €140,442 | €173,799 | +€33,357 | +23.8% |
| Amounts receivable within one year | 40/41 | €354 | - | -€354 | |
| Other amounts receivable | 41 | €354 | - | -€354 | |
| Cash at bank and in hand | 54/58 | €7,744 | €864 | -€6,880 | -88.8% |
| Total equity and liabilities | 10/49 | €153,009 | €179,132 | +€26,123 | +17.1% |
| Equity | 10/15 | €63,009 | €60,632 | -€2,377 | -3.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,009 | €38,632 | -€2,377 | -5.8% |
| Amounts payable | 17/49 | €90,000 | €118,500 | +€28,500 | +31.7% |
| Amounts payable within one year | 42/48 | €90,000 | €118,500 | +€28,500 | +31.7% |
| Other amounts payable | 47/48 | €90,000 | €118,500 | +€28,500 | +31.7% |
| Other operating charges | 640/8 | €960 | €387 | -€573 | -59.7% |
| Gross operating margin | 9900 | -€895 | -€1,680 | -€784 | -87.6% |
| Operating profit (loss) | 9901 | -€1,856 | -€2,067 | -€211 | -11.4% |
| Financial charges | 65/66B | €291 | €310 | +€19 | +6.6% |
| Recurring financial charges | 65 | €291 | €310 | +€19 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,147 | -€2,377 | -€231 | -10.7% |
| Profit (loss) for the period | 9904 | -€2,147 | -€2,377 | -€231 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,147 | -€2,377 | -€231 | -10.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.