Menara Tree: 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.
Menara Tree
Largest movements
- Receivables after one year +€131,450
up €131,450 (+57.2%), from €229,729 to €361,179
- Receivables within one year -€46,247
down €46,247 (-72.5%), from €63,803 to €17,556
of which Trade receivables: -€37,500
- Cash +€24,818
up €24,818 (+123%), from €20,196 to €45,014
mainly Net result for the year (+€88,802) and Receivables within one year (+€46,247)
- Tangible fixed assets -€9,188
down €9,188 (-37.2%), from €24,678 to €15,490
- Reserves +€88,802
up €88,802 (+33.4%), from €266,065 to €354,867
- Tax, wage and social debts +€21,842
up €21,842 (+41.7%), from €52,368 to €74,211
- Current portion of long-term debt -€10,338
down €10,338 (-82.9%), from €12,476 to €2,138
- Gross operating margin +€31,141
up €31,141 (+29.2%), from €106,495 to €137,636
- Taxes +€15,883
up €15,883 (+54.5%), from €29,164 to €45,047
- Financial income +€3,422
up €3,422 (+55.6%), from €6,153 to €9,576
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 | €338,881 | €439,714 | +€100,833 | +29.8% |
| Fixed assets | 21/28 | €25,153 | €15,965 | -€9,188 | -36.5% |
| Tangible fixed assets | 22/27 | €24,678 | €15,490 | -€9,188 | -37.2% |
| Furniture and vehicles | 24 | €24,678 | €15,490 | -€9,188 | -37.2% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €313,728 | €423,749 | +€110,021 | +35.1% |
| Amounts receivable after more than one year | 29 | €229,729 | €361,179 | +€131,450 | +57.2% |
| Other amounts receivable | 291 | €229,729 | €361,179 | +€131,450 | +57.2% |
| Amounts receivable within one year | 40/41 | €63,803 | €17,556 | -€46,247 | -72.5% |
| Trade receivables | 40 | €46,089 | €8,589 | -€37,500 | -81.4% |
| Other amounts receivable | 41 | €17,714 | €8,967 | -€8,747 | -49.4% |
| Cash at bank and in hand | 54/58 | €20,196 | €45,014 | +€24,818 | +123% |
| Total equity and liabilities | 10/49 | €338,881 | €439,714 | +€100,833 | +29.8% |
| Equity | 10/15 | €267,265 | €356,067 | +€88,802 | +33.2% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €266,065 | €354,867 | +€88,802 | +33.4% |
| Distributable reserves | 133 | €266,065 | €354,867 | +€88,802 | +33.4% |
| Amounts payable | 17/49 | €71,616 | €83,647 | +€12,031 | +16.8% |
| Amounts payable after more than one year | 17 | €2,138 | - | -€2,138 | |
| Financial debts | 170/4 | €2,138 | - | -€2,138 | |
| Amounts payable within one year | 42/48 | €69,479 | €83,647 | +€14,168 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €12,476 | €2,138 | -€10,338 | -82.9% |
| Financial debts | 43 | - | €2,285 | +€2,285 | |
| Credit institutions | 430/8 | - | €2,285 | +€2,285 | |
| Trade debts | 44 | €4,635 | €1,987 | -€2,648 | -57.1% |
| Suppliers | 440/4 | €4,635 | €1,987 | -€2,648 | -57.1% |
| Taxes, remuneration and social security | 45 | €52,368 | €74,211 | +€21,842 | +41.7% |
| Taxes | 450/3 | €52,368 | €74,211 | +€21,842 | +41.7% |
| Other amounts payable | 47/48 | - | €3,027 | +€3,027 | |
| Non-recurring operating income | 76A | €30,000 | - | -€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,196 | €12,177 | -€18 | -0.2% |
| Other operating charges | 640/8 | €486 | €592 | +€106 | +21.8% |
| Gross operating margin | 9900 | €106,495 | €137,636 | +€31,141 | +29.2% |
| Operating profit (loss) | 9901 | €93,813 | €124,867 | +€31,054 | +33.1% |
| Financial income | 75/76B | €6,153 | €9,576 | +€3,422 | +55.6% |
| Recurring financial income | 75 | €6,153 | €9,576 | +€3,422 | +55.6% |
| Financial charges | 65/66B | €1,193 | €594 | -€600 | -50.3% |
| Recurring financial charges | 65 | €1,193 | €594 | -€600 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €98,773 | €133,849 | +€35,076 | +35.5% |
| Income taxes | 67/77 | €29,164 | €45,047 | +€15,883 | +54.5% |
| Profit (loss) for the period | 9904 | €69,609 | €88,802 | +€19,193 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,609 | €88,802 | +€19,193 | +27.6% |
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 15 October 2026 via checked.be.