MENAR: 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.
MENAR
Largest movements
- Stocks and contracts +€21,780
new in 2025: €21,780
- Receivables within one year -€20,000
no longer reported in 2025 (was €20,000)
- Tangible fixed assets -€6,000
no longer reported in 2025 (was €6,000)
- Cash -€603
down €603 (-66.4%), from €908 to €305
mainly Stocks and contracts (-€21,780) and Other debts (-€16,397)
- Other debts -€16,397
down €16,397 (-38.4%), from €42,656 to €26,259
- Profit (loss) carried forward +€11,559
up €11,559 (+47.8%), from -€24,206 to -€12,647
- Gross operating margin +€16,573
up €16,573, from -€4,818 to €11,754
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 | €26,908 | €22,085 | -€4,823 | -17.9% |
| Fixed assets | 21/28 | €6,000 | - | -€6,000 | |
| Tangible fixed assets | 22/27 | €6,000 | - | -€6,000 | |
| Furniture and vehicles | 24 | €6,000 | - | -€6,000 | |
| Current assets | 29/58 | €20,908 | €22,085 | +€1,177 | +5.6% |
| Stocks and contracts in progress | 3 | - | €21,780 | +€21,780 | |
| Stocks | 30/36 | - | €21,780 | +€21,780 | |
| Amounts receivable within one year | 40/41 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 41 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €908 | €305 | -€603 | -66.4% |
| Total equity and liabilities | 10/49 | €26,908 | €22,085 | -€4,823 | -17.9% |
| Equity | 10/15 | -€16,146 | -€4,587 | +€11,559 | +71.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,206 | -€12,647 | +€11,559 | +47.8% |
| Amounts payable | 17/49 | €43,053 | €26,672 | -€16,381 | -38.0% |
| Amounts payable within one year | 42/48 | €43,040 | €26,672 | -€16,368 | -38.0% |
| Trade debts | 44 | €384 | €400 | +€15 | +4.0% |
| Suppliers | 440/4 | €384 | €400 | +€15 | +4.0% |
| Taxes, remuneration and social security | 45 | - | €13 | +€13 | |
| Taxes | 450/3 | - | €13 | +€13 | |
| Other amounts payable | 47/48 | €42,656 | €26,259 | -€16,397 | -38.4% |
| Accrued charges and deferred income | 492/3 | €13 | - | -€13 | |
| Gross operating margin | 9900 | -€4,818 | €11,754 | +€16,573 | |
| Operating profit (loss) | 9901 | -€4,818 | €11,754 | +€16,573 | |
| Financial charges | 65/66B | €215 | €183 | -€33 | -15.2% |
| Recurring financial charges | 65 | €215 | €183 | -€33 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,034 | €11,572 | +€16,606 | |
| Income taxes | 67/77 | - | €13 | +€13 | |
| Profit (loss) for the period | 9904 | -€5,034 | €11,559 | +€16,592 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,034 | €11,559 | +€16,592 |
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 18 October 2026 via checked.be.