Men: 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.
What changed
Men
NACE 46.500, Wholesale of information and communication equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€90,676
2024 · -€85,973-€4,703
Equity
€149,792
2024 · €240,468-€90,676
Cash
€14,047
2024 · €22,265-€8,218
Balance sheet total
€2.2m
2024 · €2.4m-€238,085
Largest movements
Assets
- Tangible fixed assets -€220,004
down €220,004 (-10.5%), from €2.1m to €1.9m
Equity and liabilities
- Debts after one year -€164,560
down €164,560 (-8.4%), from €2.0m to €1.8m
of which Financial debts: -€163,935
- Profit (loss) carried forward -€87,251
down €87,251 (-7.4%), from -€1.2m to -€1.3m
Income statement
- Gross operating margin -€3,814
down €3,814 (-1.8%), from €214,121 to €210,307
- Financial charges -€3,088
down €3,088 (-7.2%), from €42,743 to €39,655
- Other operating charges +€2,370
up €2,370 (+16.0%), from €14,827 to €17,197
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.
Result 2024
-€85,973
Gross operating margin
-€3,814
Depreciation
-€1,922
Other operating charges
-€2,370
Other operating items
+€314
Financial income
+€0
Financial charges
+€3,088
Result 2025
-€90,676
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€177,217
Investment
-€24,127
Financing
-€161,308
Cash 2024
€22,265
From operations (derived)
+€177,217
Net result for the year
-€90,676
Depreciation
+€244,131
Receivables within one year
+€6,357
Deferred charges and accrued income
+€3,507
Trade debts
+€4,623
Tax, wage and social debts
-€1,557
Other debts
+€9,279
Accrued charges and deferred income
+€1,553
Investment (derived)
-€24,127
Investment in fixed assets (net)
-€24,127
Financing
-€161,308
Debts after one year
-€164,560
Current portion of long-term debt
+€3,253
Cash 2025
€14,047
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,423,395 | €2,185,310 | -€238,085 | -9.8% |
| Fixed assets | 21/28 | €2,091,175 | €1,871,171 | -€220,004 | -10.5% |
| Tangible fixed assets | 22/27 | €2,091,175 | €1,871,171 | -€220,004 | -10.5% |
| Land and buildings | 22 | €2,091,175 | €1,871,171 | -€220,004 | -10.5% |
| Current assets | 29/58 | €332,220 | €314,139 | -€18,081 | -5.4% |
| Amounts receivable within one year | 40/41 | €305,808 | €299,452 | -€6,357 | -2.1% |
| Trade receivables | 40 | €43,912 | €44,722 | +€810 | +1.8% |
| Other amounts receivable | 41 | €261,896 | €254,730 | -€7,166 | -2.7% |
| Cash at bank and in hand | 54/58 | €22,265 | €14,047 | -€8,218 | -36.9% |
| Deferred charges and accrued income | 490/1 | €4,147 | €641 | -€3,507 | -84.6% |
| Total equity and liabilities | 10/49 | €2,423,395 | €2,185,310 | -€238,085 | -9.8% |
| Equity | 10/15 | €240,468 | €149,792 | -€90,676 | -37.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €1,355,262 | €1,355,262 | = | 0.0% |
| Reserves | 13 | €9,622 | €6,197 | -€3,424 | -35.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €3,424 | €0 | -€3,424 | -100% |
| Profit (loss) carried forward | 14 | -€1,186,389 | -€1,273,640 | -€87,251 | -7.4% |
| Amounts payable | 17/49 | €2,182,927 | €2,035,518 | -€147,409 | -6.8% |
| Amounts payable after more than one year | 17 | €1,955,561 | €1,791,001 | -€164,560 | -8.4% |
| Financial debts | 170/4 | €1,935,215 | €1,771,280 | -€163,935 | -8.5% |
| Other amounts payable | 178/9 | €20,346 | €19,721 | -€625 | -3.1% |
| Amounts payable within one year | 42/48 | €221,405 | €237,003 | +€15,598 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €174,208 | €177,460 | +€3,253 | +1.9% |
| Trade debts | 44 | €41,850 | €46,473 | +€4,623 | +11.0% |
| Suppliers | 440/4 | €41,850 | €46,473 | +€4,623 | +11.0% |
| Taxes, remuneration and social security | 45 | €5,348 | €3,791 | -€1,557 | -29.1% |
| Taxes | 450/3 | €5,348 | €3,791 | -€1,557 | -29.1% |
| Other amounts payable | 47/48 | €0 | €9,279 | +€9,279 | |
| Accrued charges and deferred income | 492/3 | €5,961 | €7,514 | +€1,553 | +26.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,209 | €244,131 | +€1,922 | +0.8% |
| Other operating charges | 640/8 | €14,827 | €17,197 | +€2,370 | +16.0% |
| Non-recurring operating charges | 66A | €314 | €0 | -€314 | -100% |
| Gross operating margin | 9900 | €214,121 | €210,307 | -€3,814 | -1.8% |
| Operating profit (loss) | 9901 | -€43,230 | -€51,021 | -€7,791 | -18.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €42,743 | €39,655 | -€3,088 | -7.2% |
| Recurring financial charges | 65 | €42,743 | €39,655 | -€3,088 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€85,973 | -€90,676 | -€4,703 | -5.5% |
| Profit (loss) for the period | 9904 | -€85,973 | -€90,676 | -€4,703 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,973 | -€90,676 | -€4,703 | -5.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.