MENARGO: what changed
Two fiscal 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.
MENARGO
Largest movements
- Tangible fixed assets -€716
down €716 (-52.2%), from €1,372 to €656
- Cash -€395
no longer reported in 2025 (was €395)
mainly Net result for the year (-€716) and Other debts (-€395)
- Profit (loss) carried forward -€716
down €716 (-5.7%), from -€12,565 to -€13,280
- Other debts -€395
down €395 (-2.4%), from €16,167 to €15,771
- Gross operating margin +€9,603
no longer reported in 2025 (was -€9,603)
- Depreciation -€2,198
down €2,198 (-75.4%), from €2,914 to €716
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 | €3,602 | €2,491 | -€1,111 | -30.8% |
| Fixed assets | 21/28 | €1,372 | €656 | -€716 | -52.2% |
| Tangible fixed assets | 22/27 | €1,372 | €656 | -€716 | -52.2% |
| Furniture and vehicles | 24 | €1,372 | €656 | -€716 | -52.2% |
| Current assets | 29/58 | €2,230 | €1,835 | -€395 | -17.7% |
| Amounts receivable within one year | 40/41 | €1,835 | €1,835 | = | 0.0% |
| Other amounts receivable | 41 | €1,835 | €1,835 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €395 | - | -€395 | |
| Total equity and liabilities | 10/49 | €3,602 | €2,491 | -€1,111 | -30.8% |
| Equity | 10/15 | -€12,565 | -€13,280 | -€716 | -5.7% |
| Profit (loss) carried forward | 14 | -€12,565 | -€13,280 | -€716 | -5.7% |
| Amounts payable | 17/49 | €16,167 | €15,771 | -€395 | -2.4% |
| Amounts payable within one year | 42/48 | €16,167 | €15,771 | -€395 | -2.4% |
| Other amounts payable | 47/48 | €16,167 | €15,771 | -€395 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,914 | €716 | -€2,198 | -75.4% |
| Gross operating margin | 9900 | -€9,603 | - | +€9,603 | |
| Operating profit (loss) | 9901 | -€12,517 | -€716 | +€11,801 | +94.3% |
| Financial charges | 65/66B | €48 | - | -€48 | |
| Recurring financial charges | 65 | €48 | - | -€48 | |
| Profit (loss) for the period before taxes | 9903 | -€12,565 | -€716 | +€11,849 | +94.3% |
| Profit (loss) for the period | 9904 | -€12,565 | -€716 | +€11,849 | +94.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,565 | -€716 | +€11,849 | +94.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.