MENAPY: 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.
MENAPY
Largest movements
- Financial fixed assets -€5.3m
down €5.3m (-58.3%), from €9.1m to €3.8m
- Current investments +€1.4m
new in 2025: €1.4m
- Cash +€436,585
up €436,585 (+81.8%), from €533,825 to €970,409
mainly Investment in fixed assets (net) (+€5.3m) and Net result for the year (+€1.1m)
- Deferred charges and accrued income -€228,268
down €228,268 (-18.0%), from €1.3m to €1.0m
- Receivables within one year -€166,099
down €166,099 (-25.9%), from €641,617 to €475,518
of which Other amounts receivable: -€147,925
- Debts after one year -€3.7m
down €3.7m (-60.6%), from €6.1m to €2.4m
of which Financial debts: -€3.5m
- Profit (loss) carried forward +€1.1m
up €1.1m (+98.9%), from -€1.1m to -€12,995
- Current portion of long-term debt -€511,298
down €511,298 (-50.5%), from €1.0m to €501,965
- Trade debts -€406,144
down €406,144 (-85.3%), from €476,312 to €70,169
- Other debts -€352,787
down €352,787 (-100.0%), from €352,797 to €10
- Financial income +€776,758
up €776,758 (+221%), from €351,852 to €1.1m
of which Financial income: +€772,323
- Gross operating margin +€503,414
up €503,414, from -€303,781 to €199,633
- Financial charges -€51,087
down €51,087 (-20.0%), from €255,867 to €204,781
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,557,835 | €7,688,812 | -€3.9m | -33.5% |
| Fixed assets | 21/28 | €9,111,839 | €3,796,204 | -€5.3m | -58.3% |
| Tangible fixed assets | 22/27 | €425 | €48 | -€377 | -88.7% |
| Furniture and vehicles | 24 | €425 | €48 | -€377 | -88.7% |
| Financial fixed assets | 28 | €9,111,414 | €3,796,156 | -€5.3m | -58.3% |
| Current assets | 29/58 | €2,445,996 | €3,892,608 | +€1.4m | +59.1% |
| Amounts receivable within one year | 40/41 | €641,617 | €475,518 | -€166,099 | -25.9% |
| Trade receivables | 40 | €417,980 | €399,806 | -€18,174 | -4.3% |
| Other amounts receivable | 41 | €223,637 | €75,712 | -€147,925 | -66.1% |
| Current investments | 50/53 | - | €1,404,395 | +€1.4m | |
| Cash at bank and in hand | 54/58 | €533,825 | €970,409 | +€436,585 | +81.8% |
| Deferred charges and accrued income | 490/1 | €1,270,554 | €1,042,286 | -€228,268 | -18.0% |
| Total equity and liabilities | 10/49 | €11,557,835 | €7,688,812 | -€3.9m | -33.5% |
| Equity | 10/15 | €3,597,929 | €4,720,260 | +€1.1m | +31.2% |
| Contributions | 10/11 | €4,733,255 | €4,733,255 | = | 0.0% |
| Capital | 10 | €4,733,255 | €4,733,255 | = | 0.0% |
| Issued capital | 100 | €4,733,255 | €4,733,255 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,135,326 | -€12,995 | +€1.1m | +98.9% |
| Amounts payable | 17/49 | €7,959,906 | €2,968,552 | -€5.0m | -62.7% |
| Amounts payable after more than one year | 17 | €6,051,272 | €2,381,732 | -€3.7m | -60.6% |
| Financial debts | 170/4 | €5,851,272 | €2,381,732 | -€3.5m | -59.3% |
| Other amounts payable | 178/9 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €1,842,372 | €574,277 | -€1.3m | -68.8% |
| Current portion of amounts payable after more than one year | 42 | €1,013,263 | €501,965 | -€511,298 | -50.5% |
| Trade debts | 44 | €476,312 | €70,169 | -€406,144 | -85.3% |
| Suppliers | 440/4 | €476,312 | €70,169 | -€406,144 | -85.3% |
| Taxes, remuneration and social security | 45 | - | €2,133 | +€2,133 | |
| Taxes | 450/3 | - | €2,133 | +€2,133 | |
| Other amounts payable | 47/48 | €352,797 | €10 | -€352,787 | -100.0% |
| Accrued charges and deferred income | 492/3 | €66,262 | €12,543 | -€53,719 | -81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €524 | €377 | -€147 | -28.0% |
| Other operating charges | 640/8 | €990 | €1,170 | +€181 | +18.2% |
| Gross operating margin | 9900 | -€303,781 | €199,633 | +€503,414 | |
| Operating profit (loss) | 9901 | -€305,295 | €198,085 | +€503,380 | |
| Financial income | 75/76B | €351,852 | €1,128,609 | +€776,758 | +221% |
| Recurring financial income | 75 | €347,540 | €1,119,863 | +€772,323 | +222% |
| Non-recurring financial income | 76B | €4,311 | €8,746 | +€4,435 | +103% |
| Financial charges | 65/66B | €255,867 | €204,781 | -€51,087 | -20.0% |
| Recurring financial charges | 65 | €255,867 | €204,781 | -€51,087 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€209,310 | €1,121,914 | +€1.3m | |
| Income taxes | 67/77 | - | -€418 | -€418 | |
| Profit (loss) for the period | 9904 | -€209,310 | €1,122,332 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€209,310 | €1,122,332 | +€1.3m |
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 14 October 2026 via checked.be.