MENLO: 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.
MENLO
Largest movements
- Cash +€60,079
up €60,079 (+255%), from €23,533 to €83,612
mainly Net result for the year (+€33,091) and Receivables within one year (+€26,171)
- Receivables within one year -€26,171
down €26,171 (-72.0%), from €36,363 to €10,192
of which Trade receivables: -€21,222
- Tangible fixed assets -€11,876
down €11,876 (-28.0%), from €42,367 to €30,491
of which Furniture and vehicles: -€11,811
- Other debts +€17,334
up €17,334 (+117%), from €14,812 to €32,146
- Reserves +€3,091
up €3,091 (+4.7%), from €65,954 to €69,045
- Trade debts +€1,315
up €1,315 (+43.9%), from €2,994 to €4,309
- Gross operating margin +€14,370
up €14,370 (+33.7%), from €42,633 to €57,003
- Taxes +€2,988
up €2,988 (+45.7%), from €6,540 to €9,528
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 | €103,249 | €125,504 | +€22,255 | +21.6% |
| Fixed assets | 21/28 | €42,367 | €30,491 | -€11,876 | -28.0% |
| Tangible fixed assets | 22/27 | €42,367 | €30,491 | -€11,876 | -28.0% |
| Plant, machinery and equipment | 23 | €3,579 | €3,514 | -€65 | -1.8% |
| Furniture and vehicles | 24 | €38,788 | €26,977 | -€11,811 | -30.5% |
| Current assets | 29/58 | €60,882 | €95,013 | +€34,131 | +56.1% |
| Amounts receivable within one year | 40/41 | €36,363 | €10,192 | -€26,171 | -72.0% |
| Trade receivables | 40 | €31,414 | €10,192 | -€21,222 | -67.6% |
| Other amounts receivable | 41 | €4,949 | - | -€4,949 | |
| Cash at bank and in hand | 54/58 | €23,533 | €83,612 | +€60,079 | +255% |
| Deferred charges and accrued income | 490/1 | €986 | €1,209 | +€223 | +22.6% |
| Total equity and liabilities | 10/49 | €103,249 | €125,504 | +€22,255 | +21.6% |
| Equity | 10/15 | €75,954 | €79,045 | +€3,091 | +4.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €65,954 | €69,045 | +€3,091 | +4.7% |
| Distributable reserves | 133 | €65,954 | €69,045 | +€3,091 | +4.7% |
| Amounts payable | 17/49 | €27,295 | €46,459 | +€19,164 | +70.2% |
| Amounts payable within one year | 42/48 | €27,295 | €46,459 | +€19,164 | +70.2% |
| Trade debts | 44 | €2,994 | €4,309 | +€1,315 | +43.9% |
| Suppliers | 440/4 | €2,994 | €4,309 | +€1,315 | +43.9% |
| Taxes, remuneration and social security | 45 | €9,489 | €10,004 | +€515 | +5.4% |
| Taxes | 450/3 | €9,489 | €10,004 | +€515 | +5.4% |
| Other amounts payable | 47/48 | €14,812 | €32,146 | +€17,334 | +117% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,856 | €13,287 | +€431 | +3.4% |
| Other operating charges | 640/8 | €690 | €1,013 | +€323 | +46.8% |
| Gross operating margin | 9900 | €42,633 | €57,003 | +€14,370 | +33.7% |
| Operating profit (loss) | 9901 | €29,087 | €42,703 | +€13,616 | +46.8% |
| Financial charges | 65/66B | €121 | €84 | -€37 | -30.6% |
| Recurring financial charges | 65 | €121 | €84 | -€37 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €28,966 | €42,619 | +€13,653 | +47.1% |
| Income taxes | 67/77 | €6,540 | €9,528 | +€2,988 | +45.7% |
| Profit (loss) for the period | 9904 | €22,426 | €33,091 | +€10,665 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,426 | €33,091 | +€10,665 | +47.6% |
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 20 October 2026 via checked.be.