Menes: 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.
What changed
Menes
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,902
2024 · €16,424-€10,522
Equity
€344,172
2024 · €338,271+€5,902
Cash
€23,298
2024 · €21,042+€2,256
Balance sheet total
€1.0m
2024 · €1.1m-€1,857
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Short-term financial debts +€76,466
up €76,466 (+131.7%), from €58,069 to €134,535
- Other debts -€46,965
down €46,965 (-42.6%), from €110,184 to €63,220
- Debts after one year -€33,992
down €33,992 (-6.9%), from €491,395 to €457,403
Income statement
- Staff costs -€58,700
down €58,700, from €58,596 to -€104
- Gross operating margin -€41,282
down €41,282 (-27.8%), from €148,381 to €107,099
- Depreciation +€18,985
up €18,985 (+52.6%), from €36,073 to €55,058
- Financial charges +€9,387
up €9,387 (+51.5%), from €18,214 to €27,601
- Other operating charges -€1,993
down €1,993 (-18.7%), from €10,635 to €8,642
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
€16,424
Gross operating margin
-€41,282
Staff costs
+€58,700
Depreciation
-€18,985
Other operating charges
+€1,993
Other operating items
-€3,201
Financial income
+€167
Financial charges
-€9,387
Taxes
+€1,472
Result 2025
€5,902
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
+€12,101
Investment
-€50,969
Financing
+€41,124
Cash 2024
€21,042
From operations (derived)
+€12,101
Net result for the year
+€5,902
Depreciation
+€55,058
Smaller working-capital items
+€24
Trade debts
+€432
Tax, wage and social debts
-€2,349
Other debts
-€46,965
Investment (derived)
-€50,969
Investment in fixed assets (net)
-€50,969
Financing
+€41,124
Debts after one year
-€33,992
Current portion of long-term debt
-€1,351
Short-term financial debts
+€76,466
Cash 2025
€23,298
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,051,467 | €1,049,610 | -€1,857 | -0.2% |
| Fixed assets | 21/28 | €976,860 | €972,771 | -€4,089 | -0.4% |
| Tangible fixed assets | 22/27 | €976,860 | €972,771 | -€4,089 | -0.4% |
| Land and buildings | 22 | €912,750 | €942,309 | +€29,559 | +3.2% |
| Plant, machinery and equipment | 23 | €5,342 | €12,641 | +€7,299 | +136.6% |
| Furniture and vehicles | 24 | €58,456 | €17,719 | -€40,737 | -69.7% |
| Other tangible fixed assets | 26 | €312 | €102 | -€210 | -67.3% |
| Current assets | 29/58 | €74,607 | €76,839 | +€2,232 | +3.0% |
| Stocks and contracts in progress | 3 | €7,500 | €7,500 | = | 0.0% |
| Stocks | 30/36 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,069 | €37,883 | -€186 | -0.5% |
| Trade receivables | 40 | €32,287 | €31,802 | -€485 | -1.5% |
| Other amounts receivable | 41 | €5,782 | €6,082 | +€299 | +5.2% |
| Cash at bank and in hand | 54/58 | €21,042 | €23,298 | +€2,256 | +10.7% |
| Deferred charges and accrued income | 490/1 | €7,996 | €8,158 | +€162 | +2.0% |
| Total equity and liabilities | 10/49 | €1,051,467 | €1,049,610 | -€1,857 | -0.2% |
| Equity | 10/15 | €338,271 | €344,172 | +€5,902 | +1.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €318,167 | €324,069 | +€5,902 | +1.9% |
| Distributable reserves | 133 | €318,167 | €324,069 | +€5,902 | +1.9% |
| Profit (loss) carried forward | 14 | €104 | €104 | = | 0.0% |
| Amounts payable | 17/49 | €713,196 | €705,437 | -€7,758 | -1.1% |
| Amounts payable after more than one year | 17 | €491,395 | €457,403 | -€33,992 | -6.9% |
| Financial debts | 170/4 | €491,395 | €457,403 | -€33,992 | -6.9% |
| Amounts payable within one year | 42/48 | €221,801 | €248,034 | +€26,233 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €37,286 | €35,934 | -€1,351 | -3.6% |
| Financial debts | 43 | €58,069 | €134,535 | +€76,466 | +131.7% |
| Credit institutions | 430/8 | €58,069 | €134,535 | +€76,466 | +131.7% |
| Trade debts | 44 | €9,275 | €9,707 | +€432 | +4.7% |
| Suppliers | 440/4 | €9,275 | €9,707 | +€432 | +4.7% |
| Taxes, remuneration and social security | 45 | €6,987 | €4,638 | -€2,349 | -33.6% |
| Taxes | 450/3 | €6,987 | €4,638 | -€2,349 | -33.6% |
| Other amounts payable | 47/48 | €110,184 | €63,220 | -€46,965 | -42.6% |
| Non-recurring operating income | 76A | €35,669 | €55,141 | +€19,471 | +54.6% |
| Remuneration, social security and pensions | 62 | €58,596 | -€104 | -€58,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,073 | €55,058 | +€18,985 | +52.6% |
| Other operating charges | 640/8 | €10,635 | €8,642 | -€1,993 | -18.7% |
| Non-recurring operating charges | 66A | - | €3,201 | +€3,201 | |
| Gross operating margin | 9900 | €148,381 | €107,099 | -€41,282 | -27.8% |
| Operating profit (loss) | 9901 | €43,076 | €40,302 | -€2,774 | -6.4% |
| Financial income | 75/76B | €3 | €170 | +€167 | +5600.0% |
| Recurring financial income | 75 | €3 | €170 | +€167 | +5600.0% |
| Financial charges | 65/66B | €18,214 | €27,601 | +€9,387 | +51.5% |
| Recurring financial charges | 65 | €18,214 | €27,601 | +€9,387 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €24,865 | €12,872 | -€11,994 | -48.2% |
| Income taxes | 67/77 | €8,442 | €6,970 | -€1,472 | -17.4% |
| Profit (loss) for the period | 9904 | €16,424 | €5,902 | -€10,522 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,424 | €5,902 | -€10,522 | -64.1% |
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 9 October 2026 via checked.be.