MENART: 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.
What changed
MENART
NACE 46.610, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€565,798
2024 · €48,621+€517,178
Equity
€2.5m
2024 · €2.5m+€798
Cash
€34,967
2024 · €30,670+€4,297
Balance sheet total
€7.3m
2024 · €7.5m-€161,867
Largest movements
Assets
- Tangible fixed assets -€248,058
down €248,058 (-16.8%), from €1.5m to €1.2m
of which Land and buildings: -€192,861
- Stocks and contracts +€230,790
up €230,790 (+5.8%), from €4.0m to €4.2m
of which Stocks: +€411,222
- Intangible fixed assets -€163,143
down €163,143 (-47.0%), from €347,052 to €183,909
- Receivables within one year +€117,744
up €117,744 (+8.1%), from €1.5m to €1.6m
of which Trade receivables: +€164,508
- Financial fixed assets -€106,350
down €106,350 (-99.6%), from €106,750 to €400
Equity and liabilities
- Trade debts +€331,030
up €331,030 (+25.3%), from €1.3m to €1.6m
- Short-term financial debts -€183,646
down €183,646 (-9.1%), from €2.0m to €1.8m
- Tax, wage and social debts -€177,412
down €177,412 (-55.1%), from €322,024 to €144,612
of which Remuneration and social security: -€195,205
Income statement
- Staff costs -€321,977
down €321,977 (-13.4%), from €2.4m to €2.1m
- Gross operating margin +€203,755
up €203,755 (+6.6%), from €3.1m to €3.3m
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.
Result 2024
€48,621
Gross operating margin
+€203,755
Staff costs
+€321,977
Depreciation
+€5,960
Other operating charges
+€8,565
Other operating items
-€822
Financial income
+€58
Financial charges
-€22,329
Taxes
+€13
Result 2025
€565,798
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.
From operations
+€744,779
Investment
+€79,951
Financing
-€820,432
Cash 2024
€30,670
From operations (derived)
+€744,779
Net result for the year
+€565,798
Depreciation
+€424,226
Stocks and contracts
-€230,790
Receivables within one year
-€117,744
Deferred charges and accrued income
+€10,522
Trade debts
+€331,030
Tax, wage and social debts
-€177,412
Other debts
-€8,381
Accrued charges and deferred income
-€52,469
Investment (derived)
+€79,951
Investment in fixed assets (net)
+€79,951
Financing
-€820,432
Debts after one year
-€27,817
Current portion of long-term debt
-€43,969
Short-term financial debts
-€183,646
Contributions, distributions and other
-€565,000
Cash 2025
€34,967
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,454,015 | €7,292,149 | -€161,867 | -2.2% |
| Formation expenses | 20 | €50,423 | €63,798 | +€13,375 | +26.5% |
| Fixed assets | 21/28 | €1,930,890 | €1,413,339 | -€517,551 | -26.8% |
| Intangible fixed assets | 21 | €347,052 | €183,909 | -€163,143 | -47.0% |
| Tangible fixed assets | 22/27 | €1,477,088 | €1,229,030 | -€248,058 | -16.8% |
| Land and buildings | 22 | €1,355,068 | €1,162,207 | -€192,861 | -14.2% |
| Plant, machinery and equipment | 23 | €43,252 | €27,812 | -€15,440 | -35.7% |
| Furniture and vehicles | 24 | €43,042 | €31,675 | -€11,367 | -26.4% |
| Leasing and similar rights | 25 | €35,726 | €7,337 | -€28,389 | -79.5% |
| Financial fixed assets | 28 | €106,750 | €400 | -€106,350 | -99.6% |
| Current assets | 29/58 | €5,472,702 | €5,815,012 | +€342,310 | +6.3% |
| Stocks and contracts in progress | 3 | €3,961,336 | €4,192,126 | +€230,790 | +5.8% |
| Stocks | 30/36 | €3,681,233 | €4,092,455 | +€411,222 | +11.2% |
| Contracts in progress | 37 | €280,102 | €99,670 | -€180,432 | -64.4% |
| Amounts receivable within one year | 40/41 | €1,450,288 | €1,568,032 | +€117,744 | +8.1% |
| Trade receivables | 40 | €1,390,278 | €1,554,786 | +€164,508 | +11.8% |
| Other amounts receivable | 41 | €60,010 | €13,246 | -€46,764 | -77.9% |
| Cash at bank and in hand | 54/58 | €30,670 | €34,967 | +€4,297 | +14.0% |
| Deferred charges and accrued income | 490/1 | €30,409 | €19,887 | -€10,522 | -34.6% |
| Total equity and liabilities | 10/49 | €7,454,015 | €7,292,149 | -€161,867 | -2.2% |
| Equity | 10/15 | €2,505,222 | €2,506,020 | +€798 | 0.0% |
| Contributions | 10/11 | €471,000 | €471,000 | = | 0.0% |
| Reserves | 13 | €1,854,222 | €1,854,222 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,150 | €26,150 | = | 0.0% |
| Distributable reserves | 133 | €1,828,072 | €1,828,072 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €36,798 | +€36,798 | |
| Investment grants | 15 | €180,000 | €144,000 | -€36,000 | -20.0% |
| Amounts payable | 17/49 | €4,948,794 | €4,786,129 | -€162,665 | -3.3% |
| Amounts payable after more than one year | 17 | €895,385 | €867,568 | -€27,817 | -3.1% |
| Financial debts | 170/4 | €367,438 | €289,639 | -€77,799 | -21.2% |
| Other amounts payable | 178/9 | €527,947 | €577,930 | +€49,983 | +9.5% |
| Amounts payable within one year | 42/48 | €3,982,115 | €3,899,736 | -€82,379 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €236,464 | €192,495 | -€43,969 | -18.6% |
| Financial debts | 43 | €2,026,074 | €1,842,428 | -€183,646 | -9.1% |
| Credit institutions | 430/8 | €2,026,074 | €1,842,428 | -€183,646 | -9.1% |
| Trade debts | 44 | €1,310,701 | €1,641,731 | +€331,030 | +25.3% |
| Suppliers | 440/4 | €1,310,701 | €1,641,731 | +€331,030 | +25.3% |
| Taxes, remuneration and social security | 45 | €322,024 | €144,612 | -€177,412 | -55.1% |
| Taxes | 450/3 | €53,850 | €71,642 | +€17,792 | +33.0% |
| Remuneration and social security | 454/9 | €268,174 | €72,970 | -€195,205 | -72.8% |
| Other amounts payable | 47/48 | €86,851 | €78,470 | -€8,381 | -9.6% |
| Accrued charges and deferred income | 492/3 | €71,294 | €18,824 | -€52,469 | -73.6% |
| Non-recurring operating income | 76A | €11,511 | €2,444 | -€9,067 | -78.8% |
| Remuneration, social security and pensions | 62 | €2,406,999 | €2,085,021 | -€321,977 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €430,186 | €424,226 | -€5,960 | -1.4% |
| Other operating charges | 640/8 | €57,878 | €49,314 | -€8,565 | -14.8% |
| Non-recurring operating charges | 66A | €1,000 | €1,822 | +€822 | +82.2% |
| Gross operating margin | 9900 | €3,079,613 | €3,283,368 | +€203,755 | +6.6% |
| Operating profit (loss) | 9901 | €183,550 | €722,985 | +€539,435 | +293.9% |
| Financial income | 75/76B | €36,004 | €36,062 | +€58 | +0.2% |
| Recurring financial income | 75 | €36,004 | €36,062 | +€58 | +0.2% |
| Financial charges | 65/66B | €170,263 | €192,592 | +€22,329 | +13.1% |
| Recurring financial charges | 65 | €170,263 | €192,592 | +€22,329 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €49,291 | €566,455 | +€517,164 | +1049.2% |
| Income taxes | 67/77 | €670 | €657 | -€13 | -2.0% |
| Profit (loss) for the period | 9904 | €48,621 | €565,798 | +€517,178 | +1063.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,621 | €565,798 | +€517,178 | +1063.7% |
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 4 October 2026 via checked.be.