MEN AT WORK: what changed
What changed
MEN AT WORK
NACE 43.240, Other construction installation
filed annual accounts (NBB)
Net result for the year
-€24,636
31-12-2024 · -€241,380+€216,744
Equity
€387,201
31-12-2024 · €411,837-€24,636
Cash
€148,687
31-12-2024 · €245,317-€96,631
Balance sheet total
€2.4m
31-12-2024 · €1.9m+€455,990
Largest movements
Assets
- Receivables within one year +€560,012
up €560,012 (+44.6%), from €1.3m to €1.8m
of which Trade receivables: +€566,498
- Cash -€96,631
down €96,631 (-39.4%), from €245,317 to €148,687
mainly Receivables within one year (-€560,012) and Other debts (-€245,873)
- Deferred charges and accrued income -€44,172
down €44,172 (-74.3%), from €59,439 to €15,267
- Tangible fixed assets +€36,282
up €36,282 (+13.8%), from €263,824 to €300,105
of which Land and buildings: +€41,955
Equity and liabilities
- Debts after one year +€775,915
new in 2025: €775,915
- Other debts -€245,873
down €245,873 (-100%), from €245,873 to €0
- Trade debts -€85,990
down €85,990 (-9.1%), from €945,193 to €859,204
- Short-term financial debts +€57,371
up €57,371 (+199%), from €28,817 to €86,188
- Profit (loss) carried forward -€24,636
down €24,636 (-2.5%), from -€969,313 to -€993,949
Income statement
- Gross operating margin +€258,713
up €258,713 (+17.7%), from €1.5m to €1.7m
- Other operating charges +€29,233
up €29,233 (+219%), from €13,343 to €42,576
- Financial charges -€20,207
down €20,207 (-39.0%), from €51,800 to €31,594
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-12-2024
-€241,380
Gross operating margin
+€258,713
Staff costs
-€6,898
Depreciation
-€4,543
Other operating charges
-€29,233
Other operating items
-€36,628
Financial income
+€14,494
Financial charges
+€20,207
Taxes
+€631
Result 31-12-2025
-€24,636
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€854,320
Investment
-€75,597
Financing
+€833,286
Cash 31-12-2024
€245,317
From operations (derived)
-€854,320
Net result for the year
-€24,636
Depreciation
+€38,815
Receivables within one year
-€560,012
Deferred charges and accrued income
+€44,172
Trade debts
-€85,990
Tax, wage and social debts
-€20,797
Other debts
-€245,873
Investment (derived)
-€75,597
Investment in fixed assets (net)
-€75,597
Financing
+€833,286
Debts after one year
+€775,915
Short-term financial debts
+€57,371
Cash 31-12-2025
€148,687
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,910,750 | €2,366,740 | +€455,990 | +23.9% |
| Fixed assets | 21/28 | €350,608 | €387,389 | +€36,782 | +10.5% |
| Tangible fixed assets | 22/27 | €263,824 | €300,105 | +€36,282 | +13.8% |
| Land and buildings | 22 | €251,063 | €293,018 | +€41,955 | +16.7% |
| Plant, machinery and equipment | 23 | €7,310 | €4,228 | -€3,083 | -42.2% |
| Furniture and vehicles | 24 | €5,451 | €2,860 | -€2,591 | -47.5% |
| Financial fixed assets | 28 | €86,784 | €87,284 | +€500 | +0.6% |
| Current assets | 29/58 | €1,560,142 | €1,979,351 | +€419,208 | +26.9% |
| Amounts receivable within one year | 40/41 | €1,255,386 | €1,815,397 | +€560,012 | +44.6% |
| Trade receivables | 40 | €1,243,212 | €1,809,710 | +€566,498 | +45.6% |
| Other amounts receivable | 41 | €12,173 | €5,687 | -€6,486 | -53.3% |
| Cash at bank and in hand | 54/58 | €245,317 | €148,687 | -€96,631 | -39.4% |
| Deferred charges and accrued income | 490/1 | €59,439 | €15,267 | -€44,172 | -74.3% |
| Total equity and liabilities | 10/49 | €1,910,750 | €2,366,740 | +€455,990 | +23.9% |
| Equity | 10/15 | €411,837 | €387,201 | -€24,636 | -6.0% |
| Contributions | 10/11 | €1,350,000 | €1,350,000 | = | 0.0% |
| Capital | 10 | €1,350,000 | €1,350,000 | = | 0.0% |
| Issued capital | 100 | €1,350,000 | €1,350,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€969,313 | -€993,949 | -€24,636 | -2.5% |
| Investment grants | 15 | €21,150 | €21,150 | = | 0.0% |
| Amounts payable | 17/49 | €1,498,913 | €1,979,539 | +€480,626 | +32.1% |
| Amounts payable after more than one year | 17 | - | €775,915 | +€775,915 | |
| Financial debts | 170/4 | - | €775,915 | +€775,915 | |
| Amounts payable within one year | 42/48 | €1,498,913 | €1,203,624 | -€295,290 | -19.7% |
| Financial debts | 43 | €28,817 | €86,188 | +€57,371 | +199% |
| Credit institutions | 430/8 | €28,817 | €86,188 | +€57,371 | +199% |
| Trade debts | 44 | €945,193 | €859,204 | -€85,990 | -9.1% |
| Suppliers | 440/4 | €945,193 | €859,204 | -€85,990 | -9.1% |
| Taxes, remuneration and social security | 45 | €279,029 | €258,232 | -€20,797 | -7.5% |
| Taxes | 450/3 | €61,883 | €28,802 | -€33,081 | -53.5% |
| Remuneration and social security | 454/9 | €217,146 | €229,430 | +€12,284 | +5.7% |
| Other amounts payable | 47/48 | €245,873 | €0 | -€245,873 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,605,929 | €1,612,827 | +€6,898 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,272 | €38,815 | +€4,543 | +13.3% |
| Other operating charges | 640/8 | €13,343 | €42,576 | +€29,233 | +219% |
| Non-recurring operating charges | 66A | - | €36,628 | +€36,628 | |
| Gross operating margin | 9900 | €1,465,323 | €1,724,036 | +€258,713 | +17.7% |
| Operating profit (loss) | 9901 | -€188,220 | -€6,809 | +€181,412 | +96.4% |
| Financial income | 75/76B | €20 | €14,514 | +€14,494 | +73,130% |
| Recurring financial income | 75 | €20 | €14,514 | +€14,494 | +73,130% |
| Financial charges | 65/66B | €51,800 | €31,594 | -€20,207 | -39.0% |
| Recurring financial charges | 65 | €51,800 | €31,594 | -€20,207 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | -€240,001 | -€23,888 | +€216,113 | +90.0% |
| Income taxes | 67/77 | €1,379 | €748 | -€631 | -45.8% |
| Profit (loss) for the period | 9904 | -€241,380 | -€24,636 | +€216,744 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€241,380 | -€24,636 | +€216,744 | +89.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.