MENELAS: 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.
MENELAS
Largest movements
- Tangible fixed assets -€18,783
down €18,783 (-16.1%), from €116,565 to €97,782
of which Furniture and vehicles: -€10,857
- Cash +€4,666
up €4,666 (+128%), from €3,655 to €8,321
mainly Depreciation (+€28,199) and Net result for the year (+€8,387)
- Receivables within one year +€4,663
up €4,663 (+20.8%), from €22,376 to €27,039
of which Trade receivables: +€4,043
- Stocks and contracts -€3,749
down €3,749 (-22.9%), from €16,368 to €12,619
- Debts after one year -€12,404
down €12,404 (-55.7%), from €22,253 to €9,849
- Reserves +€8,000
up €8,000 (+20.3%), from €39,386 to €47,386
of which Distributable reserves: +€8,000
- Current portion of long-term debt -€7,537
down €7,537 (-37.8%), from €19,941 to €12,404
- Trade debts -€5,037
down €5,037 (-22.8%), from €22,117 to €17,080
- Tax, wage and social debts +€1,981
up €1,981 (+13.8%), from €14,362 to €16,343
of which Taxes: +€2,718
- Gross operating margin +€8,046
up €8,046 (+20.9%), from €38,572 to €46,618
- Depreciation +€2,014
up €2,014 (+7.7%), from €26,185 to €28,199
- Staff costs -€780
down €780 (-37.2%), from €2,098 to €1,318
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 | €160,933 | €147,087 | -€13,846 | -8.6% |
| Fixed assets | 21/28 | €117,124 | €98,341 | -€18,783 | -16.0% |
| Tangible fixed assets | 22/27 | €116,565 | €97,782 | -€18,783 | -16.1% |
| Plant, machinery and equipment | 23 | €4,333 | €5,196 | +€863 | +19.9% |
| Furniture and vehicles | 24 | €27,476 | €16,619 | -€10,857 | -39.5% |
| Other tangible fixed assets | 26 | €84,756 | €75,967 | -€8,789 | -10.4% |
| Financial fixed assets | 28 | €559 | €559 | = | 0.0% |
| Current assets | 29/58 | €43,809 | €48,746 | +€4,937 | +11.3% |
| Stocks and contracts in progress | 3 | €16,368 | €12,619 | -€3,749 | -22.9% |
| Stocks | 30/36 | €16,368 | €12,619 | -€3,749 | -22.9% |
| Amounts receivable within one year | 40/41 | €22,376 | €27,039 | +€4,663 | +20.8% |
| Trade receivables | 40 | - | €4,043 | +€4,043 | |
| Other amounts receivable | 41 | €22,376 | €22,996 | +€620 | +2.8% |
| Cash at bank and in hand | 54/58 | €3,655 | €8,321 | +€4,666 | +128% |
| Deferred charges and accrued income | 490/1 | €1,410 | €767 | -€643 | -45.6% |
| Total equity and liabilities | 10/49 | €160,933 | €147,087 | -€13,846 | -8.6% |
| Equity | 10/15 | €58,435 | €66,822 | +€8,387 | +14.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €39,386 | €47,386 | +€8,000 | +20.3% |
| Tax-exempt reserves | 132 | €13,172 | €13,172 | = | 0.0% |
| Distributable reserves | 133 | €26,214 | €34,214 | +€8,000 | +30.5% |
| Profit (loss) carried forward | 14 | €457 | €844 | +€387 | +84.7% |
| Amounts payable | 17/49 | €102,498 | €80,265 | -€22,233 | -21.7% |
| Amounts payable after more than one year | 17 | €22,253 | €9,849 | -€12,404 | -55.7% |
| Financial debts | 170/4 | €22,253 | €9,849 | -€12,404 | -55.7% |
| Amounts payable within one year | 42/48 | €80,245 | €70,416 | -€9,829 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €19,941 | €12,404 | -€7,537 | -37.8% |
| Trade debts | 44 | €22,117 | €17,080 | -€5,037 | -22.8% |
| Suppliers | 440/4 | €22,117 | €17,080 | -€5,037 | -22.8% |
| Taxes, remuneration and social security | 45 | €14,362 | €16,343 | +€1,981 | +13.8% |
| Taxes | 450/3 | €13,625 | €16,343 | +€2,718 | +19.9% |
| Remuneration and social security | 454/9 | €737 | - | -€737 | |
| Other amounts payable | 47/48 | €23,825 | €24,589 | +€764 | +3.2% |
| Remuneration, social security and pensions | 62 | €2,098 | €1,318 | -€780 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,185 | €28,199 | +€2,014 | +7.7% |
| Other operating charges | 640/8 | €4,304 | €3,882 | -€422 | -9.8% |
| Gross operating margin | 9900 | €38,572 | €46,618 | +€8,046 | +20.9% |
| Operating profit (loss) | 9901 | €5,985 | €13,219 | +€7,234 | +121% |
| Financial income | 75/76B | €397 | - | -€397 | |
| Recurring financial income | 75 | €397 | - | -€397 | |
| Financial charges | 65/66B | €4,454 | €4,203 | -€251 | -5.6% |
| Recurring financial charges | 65 | €4,454 | €4,203 | -€251 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €1,928 | €9,016 | +€7,088 | +368% |
| Income taxes | 67/77 | €992 | €629 | -€363 | -36.6% |
| Profit (loss) for the period | 9904 | €936 | €8,387 | +€7,451 | +796% |
| Profit (loss) for the period to be appropriated | 9905 | €936 | €8,387 | +€7,451 | +796% |
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 14 October 2026 via checked.be.