MENEM: 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.
MENEM
Largest movements
- Receivables after one year -€48,995
down €48,995 (-82.3%), from €59,500 to €10,505
of which Trade receivables: -€48,995
- Cash +€38,257
up €38,257 (+15.6%), from €244,802 to €283,059
mainly Receivables after one year (+€48,995) and Net result for the year (+€35,243)
- Tangible fixed assets -€15,793
down €15,793 (-49.3%), from €32,027 to €16,234
of which Furniture and vehicles: -€13,448
- Reserves -€32,874
down €32,874 (-14.0%), from €235,588 to €202,713
of which Distributable reserves: -€32,874
- Other debts +€10,861
up €10,861 (+17.9%), from €60,760 to €71,621
- Current portion of long-term debt -€9,617
down €9,617 (-100.0%), from €9,617 to €0
- Tax, wage and social debts +€6,263
up €6,263 (+407.6%), from €1,536 to €7,799
- Taxes +€2,931
up €2,931 (+20.0%), from €14,664 to €17,596
- Gross operating margin +€954
up €954 (+1.1%), from €84,823 to €85,777
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 | €358,485 | €331,831 | -€26,654 | -7.4% |
| Fixed assets | 21/28 | €32,027 | €16,234 | -€15,793 | -49.3% |
| Tangible fixed assets | 22/27 | €32,027 | €16,234 | -€15,793 | -49.3% |
| Plant, machinery and equipment | 23 | €7,446 | €5,154 | -€2,292 | -30.8% |
| Furniture and vehicles | 24 | €24,528 | €11,081 | -€13,448 | -54.8% |
| Other tangible fixed assets | 26 | €53 | €0 | -€53 | -100.0% |
| Current assets | 29/58 | €326,458 | €315,597 | -€10,861 | -3.3% |
| Amounts receivable after more than one year | 29 | €59,500 | €10,505 | -€48,995 | -82.3% |
| Trade receivables | 290 | €59,500 | €10,505 | -€48,995 | -82.3% |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €18,257 | €19,735 | +€1,478 | +8.1% |
| Trade receivables | 40 | €15,162 | €19,735 | +€4,573 | +30.2% |
| Other amounts receivable | 41 | €3,095 | €0 | -€3,095 | -100.0% |
| Cash at bank and in hand | 54/58 | €244,802 | €283,059 | +€38,257 | +15.6% |
| Deferred charges and accrued income | 490/1 | €3,899 | €2,297 | -€1,602 | -41.1% |
| Total equity and liabilities | 10/49 | €358,485 | €331,831 | -€26,654 | -7.4% |
| Equity | 10/15 | €284,612 | €251,738 | -€32,874 | -11.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €235,588 | €202,713 | -€32,874 | -14.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,632 | €3,632 | = | 0.0% |
| Distributable reserves | 133 | €230,100 | €197,226 | -€32,874 | -14.3% |
| Profit (loss) carried forward | 14 | €36,625 | €36,625 | = | 0.0% |
| Amounts payable | 17/49 | €73,873 | €80,093 | +€6,220 | +8.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €73,873 | €80,093 | +€6,220 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €9,617 | €0 | -€9,617 | -100.0% |
| Trade debts | 44 | €1,959 | €673 | -€1,286 | -65.6% |
| Suppliers | 440/4 | €1,959 | €673 | -€1,286 | -65.6% |
| Taxes, remuneration and social security | 45 | €1,536 | €7,799 | +€6,263 | +407.6% |
| Taxes | 450/3 | €1,536 | €7,799 | +€6,263 | +407.6% |
| Other amounts payable | 47/48 | €60,760 | €71,621 | +€10,861 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,347 | €15,740 | -€607 | -3.7% |
| Other operating charges | 640/8 | €17,925 | €17,870 | -€55 | -0.3% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | €84,823 | €85,777 | +€954 | +1.1% |
| Operating profit (loss) | 9901 | €50,551 | €52,114 | +€1,563 | +3.1% |
| Financial income | 75/76B | €1,785 | €989 | -€796 | -44.6% |
| Recurring financial income | 75 | €1,785 | €989 | -€796 | -44.6% |
| Financial charges | 65/66B | €417 | €264 | -€153 | -36.7% |
| Recurring financial charges | 65 | €417 | €264 | -€153 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €51,919 | €52,838 | +€919 | +1.8% |
| Income taxes | 67/77 | €14,664 | €17,596 | +€2,931 | +20.0% |
| Profit (loss) for the period | 9904 | €37,254 | €35,243 | -€2,012 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,254 | €35,243 | -€2,012 | -5.4% |
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 5 October 2026 via checked.be.