MEGENAM: 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.
MEGENAM
Largest movements
- Cash -€64,100
down €64,100 (-63.7%), from €100,676 to €36,576
mainly Other debts (-€139,983) and Investment in fixed assets (net) (-€18,269)
- Intangible fixed assets -€36,429
down €36,429 (-16.7%), from €218,571 to €182,143
- Tangible fixed assets +€6,810
up €6,810 (+28.3%), from €24,066 to €30,876
of which Other tangible fixed assets: +€15,199
- Current investments +€3,880
new in 2025: €3,880
- Other debts -€139,983
down €139,983 (-65.2%), from €214,700 to €74,716
- Reserves +€69,581
up €69,581 (+99.5%), from €69,909 to €139,489
- Accrued charges and deferred income -€8,962
down €8,962 (-49.4%), from €18,147 to €9,185
- Tax, wage and social debts -€7,374
down €7,374 (-18.9%), from €38,972 to €31,597
of which Taxes: -€5,316
- Gross operating margin -€10,661
down €10,661 (-6.3%), from €168,849 to €158,188
- Financial charges -€8,705
down €8,705 (-47.7%), from €18,250 to €9,545
- Taxes -€4,919
down €4,919 (-14.5%), from €33,872 to €28,953
- Depreciation +€2,634
up €2,634 (+5.8%), from €45,253 to €47,887
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 | €348,878 | €260,506 | -€88,372 | -25.3% |
| Fixed assets | 21/28 | €242,637 | €213,018 | -€29,619 | -12.2% |
| Intangible fixed assets | 21 | €218,571 | €182,143 | -€36,429 | -16.7% |
| Tangible fixed assets | 22/27 | €24,066 | €30,876 | +€6,810 | +28.3% |
| Furniture and vehicles | 24 | €19,960 | €11,571 | -€8,389 | -42.0% |
| Other tangible fixed assets | 26 | €4,106 | €19,305 | +€15,199 | +370.2% |
| Current assets | 29/58 | €106,241 | €47,487 | -€58,754 | -55.3% |
| Current investments | 50/53 | - | €3,880 | +€3,880 | |
| Cash at bank and in hand | 54/58 | €100,676 | €36,576 | -€64,100 | -63.7% |
| Deferred charges and accrued income | 490/1 | €5,565 | €7,031 | +€1,466 | +26.3% |
| Total equity and liabilities | 10/49 | €348,878 | €260,506 | -€88,372 | -25.3% |
| Equity | 10/15 | €74,909 | €144,489 | +€69,581 | +92.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,909 | €139,489 | +€69,581 | +99.5% |
| Distributable reserves | 133 | €69,909 | €139,489 | +€69,581 | +99.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €273,969 | €116,016 | -€157,953 | -57.7% |
| Amounts payable within one year | 42/48 | €255,822 | €106,832 | -€148,991 | -58.2% |
| Trade debts | 44 | €2,151 | €518 | -€1,633 | -75.9% |
| Suppliers | 440/4 | €2,151 | €518 | -€1,633 | -75.9% |
| Taxes, remuneration and social security | 45 | €38,972 | €31,597 | -€7,374 | -18.9% |
| Taxes | 450/3 | €36,914 | €31,597 | -€5,316 | -14.4% |
| Remuneration and social security | 454/9 | €2,058 | €0 | -€2,058 | -100.0% |
| Other amounts payable | 47/48 | €214,700 | €74,716 | -€139,983 | -65.2% |
| Accrued charges and deferred income | 492/3 | €18,147 | €9,185 | -€8,962 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,253 | €47,887 | +€2,634 | +5.8% |
| Other operating charges | 640/8 | €706 | €1,389 | +€683 | +96.8% |
| Gross operating margin | 9900 | €168,849 | €158,188 | -€10,661 | -6.3% |
| Operating profit (loss) | 9901 | €122,889 | €108,911 | -€13,978 | -11.4% |
| Financial charges | 65/66B | €18,250 | €9,545 | -€8,705 | -47.7% |
| Recurring financial charges | 65 | €18,250 | €9,545 | -€8,705 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €104,640 | €99,367 | -€5,273 | -5.0% |
| Income taxes | 67/77 | €33,872 | €28,953 | -€4,919 | -14.5% |
| Profit (loss) for the period | 9904 | €70,768 | €70,414 | -€354 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,768 | €70,414 | -€354 | -0.5% |
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 6 October 2026 via checked.be.