MENADSWORK: what changed
MENADSWORK
Largest movements
- Current investments +€199,998
new in 2025: €199,998
- Cash -€87,319
down €87,319 (-23.7%), from €367,924 to €280,605
mainly Current investments (-€199,998) and Contributions, distributions and other (-€187,529)
- Tangible fixed assets +€9,526
up €9,526 (+18.5%), from €51,594 to €61,119
of which Plant, machinery and equipment: +€6,024
- Other debts +€187,529
new in 2025: €187,529
- Reserves -€73,310
down €73,310 (-14.8%), from €494,851 to €421,541
of which Distributable reserves: -€73,310
- Advances received -€38,418
down €38,418 (-100%), from €38,418 to €0
- Trade debts +€27,680
up €27,680 (+29.1%), from €95,266 to €122,946
- Tax, wage and social debts +€20,500
up €20,500 (+144%), from €14,248 to €34,747
of which Taxes: +€23,548
- Gross operating margin +€17,013
up €17,013 (+10.6%), from €160,602 to €177,615
- Other operating charges -€15,509
down €15,509 (-93.4%), from €16,603 to €1,094
- Taxes +€10,177
up €10,177 (+23.0%), from €44,310 to €54,488
Change in the result, 2024 to 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.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €681,943 | €805,924 | +€123,981 | +18.2% |
| Fixed assets | 21/28 | €51,594 | €61,119 | +€9,526 | +18.5% |
| Tangible fixed assets | 22/27 | €51,594 | €61,119 | +€9,526 | +18.5% |
| Plant, machinery and equipment | 23 | €27,403 | €33,427 | +€6,024 | +22.0% |
| Furniture and vehicles | 24 | €24,191 | €27,692 | +€3,502 | +14.5% |
| Current assets | 29/58 | €630,349 | €744,805 | +€114,455 | +18.2% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €220,748 | €222,445 | +€1,697 | +0.8% |
| Trade receivables | 40 | €161,682 | €162,977 | +€1,295 | +0.8% |
| Other amounts receivable | 41 | €59,066 | €59,468 | +€402 | +0.7% |
| Current investments | 50/53 | - | €199,998 | +€199,998 | |
| Cash at bank and in hand | 54/58 | €367,924 | €280,605 | -€87,319 | -23.7% |
| Deferred charges and accrued income | 490/1 | €1,678 | €1,757 | +€79 | +4.7% |
| Total equity and liabilities | 10/49 | €681,943 | €805,924 | +€123,981 | +18.2% |
| Equity | 10/15 | €534,012 | €460,702 | -€73,310 | -13.7% |
| Contributions | 10/11 | €7,600 | €7,600 | = | 0.0% |
| Reserves | 13 | €494,851 | €421,541 | -€73,310 | -14.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €494,851 | €421,541 | -€73,310 | -14.8% |
| Profit (loss) carried forward | 14 | €31,561 | €31,561 | = | 0.0% |
| Amounts payable | 17/49 | €147,931 | €345,222 | +€197,291 | +133% |
| Amounts payable within one year | 42/48 | €147,931 | €345,222 | +€197,291 | +133% |
| Trade debts | 44 | €95,266 | €122,946 | +€27,680 | +29.1% |
| Suppliers | 440/4 | €95,266 | €122,946 | +€27,680 | +29.1% |
| Advances received on contracts in progress | 46 | €38,418 | €0 | -€38,418 | -100% |
| Taxes, remuneration and social security | 45 | €14,248 | €34,747 | +€20,500 | +144% |
| Taxes | 450/3 | €11,199 | €34,747 | +€23,548 | +210% |
| Remuneration and social security | 454/9 | €3,048 | €0 | -€3,048 | -100% |
| Other amounts payable | 47/48 | - | €187,529 | +€187,529 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,083 | €9,839 | +€1,756 | +21.7% |
| Other operating charges | 640/8 | €16,603 | €1,094 | -€15,509 | -93.4% |
| Gross operating margin | 9900 | €160,602 | €177,615 | +€17,013 | +10.6% |
| Operating profit (loss) | 9901 | €135,916 | €166,682 | +€30,766 | +22.6% |
| Financial income | 75/76B | €1,859 | €3,519 | +€1,660 | +89.2% |
| Recurring financial income | 75 | €1,859 | €3,519 | +€1,660 | +89.2% |
| Financial charges | 65/66B | €1,453 | €1,495 | +€42 | +2.9% |
| Recurring financial charges | 65 | €1,453 | €1,495 | +€42 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €136,322 | €168,706 | +€32,384 | +23.8% |
| Income taxes | 67/77 | €44,310 | €54,488 | +€10,177 | +23.0% |
| Profit (loss) for the period | 9904 | €92,012 | €114,219 | +€22,207 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,012 | €114,219 | +€22,207 | +24.1% |
Next steps
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 2 November 2026 via checked.be.