MINERVA PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts +€359,554
up €359,554 (+7.7%), from €4.6m to €5.0m
- Current portion of long-term debt +€413,650
up €413,650 (+11.8%), from €3.5m to €3.9m
- Gross operating margin -€1,762
down €1,762 (-35.6%), from -€4,944 to -€6,706
- Financial charges -€83
down €83 (-22.5%), from €370 to €287
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 | €4,646,171 | €5,030,140 | +€383,969 | +8.3% |
| Fixed assets | 21/28 | €200 | €200 | = | 0.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €4,645,971 | €5,029,940 | +€383,969 | +8.3% |
| Stocks and contracts in progress | 3 | €4,643,791 | €5,003,345 | +€359,554 | +7.7% |
| Stocks | 30/36 | €4,643,791 | €5,003,345 | +€359,554 | +7.7% |
| Amounts receivable within one year | 40/41 | €1,695 | €8,030 | +€6,335 | +373.7% |
| Trade receivables | 40 | €0 | €2,108 | +€2,108 | |
| Other amounts receivable | 41 | €1,695 | €5,922 | +€4,227 | +249.4% |
| Cash at bank and in hand | 54/58 | €385 | €18,454 | +€18,068 | +4692.6% |
| Deferred charges and accrued income | 490/1 | €100 | €112 | +€12 | +11.8% |
| Total equity and liabilities | 10/49 | €4,646,171 | €5,030,140 | +€383,969 | +8.3% |
| Equity | 10/15 | -€12,369 | -€19,894 | -€7,525 | -60.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,369 | -€24,894 | -€7,525 | -43.3% |
| Amounts payable | 17/49 | €4,658,539 | €5,050,034 | +€391,495 | +8.4% |
| Amounts payable after more than one year | 17 | €1,114,555 | €1,114,555 | = | 0.0% |
| Other amounts payable | 178/9 | €1,114,555 | €1,114,555 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,522,406 | €3,917,026 | +€394,620 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €3,500,000 | €3,913,650 | +€413,650 | +11.8% |
| Trade debts | 44 | €22,406 | €3,376 | -€19,030 | -84.9% |
| Suppliers | 440/4 | €22,406 | €3,376 | -€19,030 | -84.9% |
| Accrued charges and deferred income | 492/3 | €21,578 | €18,453 | -€3,125 | -14.5% |
| Other operating charges | 640/8 | €523 | €532 | +€10 | +1.8% |
| Gross operating margin | 9900 | -€4,944 | -€6,706 | -€1,762 | -35.6% |
| Operating profit (loss) | 9901 | -€5,467 | -€7,238 | -€1,772 | -32.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €370 | €287 | -€83 | -22.5% |
| Recurring financial charges | 65 | €370 | €287 | -€83 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,837 | -€7,525 | -€1,689 | -28.9% |
| Profit (loss) for the period | 9904 | -€5,837 | -€7,525 | -€1,689 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,837 | -€7,525 | -€1,689 | -28.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.