MenD: 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.
MenD
Largest movements
- Tangible fixed assets +€33,292
new in 2025: €33,292
- Debts after one year -€57,233
down €57,233 (-29.2%), from €196,134 to €138,900
- Current portion of long-term debt +€56,765
up €56,765 (+183%), from €30,964 to €87,729
- Reserves +€23,666
up €23,666 (+35.8%), from €66,113 to €89,779
of which Distributable reserves: +€23,666
- Other debts +€14,094
up €14,094 (+3.2%), from €442,960 to €457,054
- Gross operating margin +€19,996
up €19,996 (+88.3%), from €22,652 to €42,648
- Taxes +€6,054
up €6,054 (+143%), from €4,221 to €10,276
- Financial charges -€1,301
down €1,301 (-14.9%), from €8,721 to €7,420
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 | €793,724 | €833,504 | +€39,780 | +5.0% |
| Fixed assets | 21/28 | €792,342 | €825,634 | +€33,292 | +4.2% |
| Tangible fixed assets | 22/27 | - | €33,292 | +€33,292 | |
| Furniture and vehicles | 24 | - | €33,292 | +€33,292 | |
| Financial fixed assets | 28 | €792,342 | €792,342 | = | 0.0% |
| Current assets | 29/58 | €1,382 | €7,870 | +€6,488 | +470% |
| Amounts receivable within one year | 40/41 | - | €6,554 | +€6,554 | |
| Trade receivables | 40 | - | €6,554 | +€6,554 | |
| Cash at bank and in hand | 54/58 | €102 | €17 | -€85 | -83.3% |
| Deferred charges and accrued income | 490/1 | €1,280 | €1,299 | +€20 | +1.5% |
| Total equity and liabilities | 10/49 | €793,724 | €833,504 | +€39,780 | +5.0% |
| Equity | 10/15 | €103,613 | €127,279 | +€23,666 | +22.8% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €66,113 | €89,779 | +€23,666 | +35.8% |
| Non-distributable reserves | 130/1 | €3,750 | €3,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,750 | €3,750 | = | 0.0% |
| Distributable reserves | 133 | €62,363 | €86,029 | +€23,666 | +37.9% |
| Amounts payable | 17/49 | €690,111 | €706,224 | +€16,113 | +2.3% |
| Amounts payable after more than one year | 17 | €196,134 | €138,900 | -€57,233 | -29.2% |
| Financial debts | 170/4 | €196,134 | €138,900 | -€57,233 | -29.2% |
| Amounts payable within one year | 42/48 | €493,465 | €565,964 | +€72,499 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €30,964 | €87,729 | +€56,765 | +183% |
| Trade debts | 44 | €6,425 | €6,944 | +€519 | +8.1% |
| Suppliers | 440/4 | €6,425 | €6,944 | +€519 | +8.1% |
| Taxes, remuneration and social security | 45 | €13,116 | €14,237 | +€1,121 | +8.5% |
| Taxes | 450/3 | €13,116 | €14,237 | +€1,121 | +8.5% |
| Other amounts payable | 47/48 | €442,960 | €457,054 | +€14,094 | +3.2% |
| Accrued charges and deferred income | 492/3 | €512 | €1,360 | +€847 | +165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €406 | +€406 | |
| Other operating charges | 640/8 | €938 | €881 | -€57 | -6.1% |
| Gross operating margin | 9900 | €22,652 | €42,648 | +€19,996 | +88.3% |
| Operating profit (loss) | 9901 | €21,714 | €41,361 | +€19,647 | +90.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €8,721 | €7,420 | -€1,301 | -14.9% |
| Recurring financial charges | 65 | €8,721 | €7,420 | -€1,301 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €12,993 | €33,942 | +€20,949 | +161% |
| Income taxes | 67/77 | €4,221 | €10,276 | +€6,054 | +143% |
| Profit (loss) for the period | 9904 | €8,771 | €23,666 | +€14,895 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €8,771 | €23,666 | +€14,895 | +170% |
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 25 October 2026 via checked.be.