MENACLE: 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.
MENACLE
Largest movements
- Tangible fixed assets -€30,113
down €30,113 (-6.8%), from €442,378 to €412,265
of which Land and buildings: -€20,911
- Cash +€10,068
new in 2025: €10,068
mainly Net result for the year (+€115,538) and Depreciation (+€33,816)
- Receivables within one year -€9,612
down €9,612 (-93.6%), from €10,274 to €662
of which Other amounts receivable: -€9,612
- Reserves +€120,000
up €120,000 (+146.6%), from €81,860 to €201,860
- Debts after one year -€91,604
down €91,604 (-63.8%), from €143,537 to €51,933
- Short-term financial debts -€24,949
no longer reported in 2025 (was €24,949)
- Current portion of long-term debt -€20,363
down €20,363 (-18.2%), from €111,956 to €91,592
- Other debts -€18,168
down €18,168 (-51.5%), from €35,245 to €17,077
- Depreciation -€37,214
down €37,214 (-52.4%), from €71,029 to €33,816
- Other operating charges -€29,811
down €29,811 (-82.4%), from €36,177 to €6,366
- Taxes +€16,203
up €16,203 (+45.7%), from €35,429 to €51,632
- Financial charges -€7,876
down €7,876 (-42.4%), from €18,572 to €10,696
- Gross operating margin -€2,759
down €2,759 (-1.2%), from €220,790 to €218,031
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 | €452,792 | €423,134 | -€29,658 | -6.5% |
| Fixed assets | 21/28 | €442,518 | €412,404 | -€30,113 | -6.8% |
| Tangible fixed assets | 22/27 | €442,378 | €412,265 | -€30,113 | -6.8% |
| Land and buildings | 22 | €373,964 | €353,054 | -€20,911 | -5.6% |
| Plant, machinery and equipment | 23 | €68,414 | €59,211 | -€9,203 | -13.5% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €10,274 | €10,730 | +€456 | +4.4% |
| Amounts receivable within one year | 40/41 | €10,274 | €662 | -€9,612 | -93.6% |
| Trade receivables | 40 | €662 | €662 | = | 0.0% |
| Other amounts receivable | 41 | €9,612 | - | -€9,612 | |
| Cash at bank and in hand | 54/58 | - | €10,068 | +€10,068 | |
| Total equity and liabilities | 10/49 | €452,792 | €423,134 | -€29,658 | -6.5% |
| Equity | 10/15 | €121,426 | €236,964 | +€115,538 | +95.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €81,860 | €201,860 | +€120,000 | +146.6% |
| Distributable reserves | 133 | €81,860 | €201,860 | +€120,000 | +146.6% |
| Profit (loss) carried forward | 14 | €33,366 | €28,904 | -€4,462 | -13.4% |
| Amounts payable | 17/49 | €331,366 | €186,170 | -€145,196 | -43.8% |
| Amounts payable after more than one year | 17 | €143,537 | €51,933 | -€91,604 | -63.8% |
| Financial debts | 170/4 | €143,537 | €51,933 | -€91,604 | -63.8% |
| Amounts payable within one year | 42/48 | €187,828 | €134,237 | -€53,592 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €111,956 | €91,592 | -€20,363 | -18.2% |
| Financial debts | 43 | €24,949 | - | -€24,949 | |
| Credit institutions | 430/8 | €24,949 | - | -€24,949 | |
| Trade debts | 44 | €3,688 | €1,944 | -€1,744 | -47.3% |
| Suppliers | 440/4 | €3,688 | €1,944 | -€1,744 | -47.3% |
| Taxes, remuneration and social security | 45 | €11,991 | €23,623 | +€11,632 | +97.0% |
| Taxes | 450/3 | €11,991 | €23,623 | +€11,632 | +97.0% |
| Other amounts payable | 47/48 | €35,245 | €17,077 | -€18,168 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,029 | €33,816 | -€37,214 | -52.4% |
| Other operating charges | 640/8 | €36,177 | €6,366 | -€29,811 | -82.4% |
| Gross operating margin | 9900 | €220,790 | €218,031 | -€2,759 | -1.2% |
| Operating profit (loss) | 9901 | €113,584 | €177,849 | +€64,265 | +56.6% |
| Financial income | 75/76B | €0 | €17 | +€17 | +7291.3% |
| Recurring financial income | 75 | €0 | €17 | +€17 | +7291.3% |
| Financial charges | 65/66B | €18,572 | €10,696 | -€7,876 | -42.4% |
| Recurring financial charges | 65 | €18,572 | €10,696 | -€7,876 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €95,013 | €167,170 | +€72,158 | +75.9% |
| Income taxes | 67/77 | €35,429 | €51,632 | +€16,203 | +45.7% |
| Profit (loss) for the period | 9904 | €59,584 | €115,538 | +€55,955 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,584 | €115,538 | +€55,955 | +93.9% |
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 10 October 2026 via checked.be.