MENOUAR: 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.
MENOUAR
Largest movements
- Cash +€27,096
up €27,096 (+117.1%), from €23,142 to €50,238
mainly Net result for the year (+€58,794) and Tax, wage and social debts (+€27,659)
- Debts after one year -€62,206
down €62,206 (-12.1%), from €512,000 to €449,794
- Reserves +€58,794
up €58,794 (+79.5%), from €73,917 to €132,711
of which Distributable reserves: +€58,794
- Tax, wage and social debts +€27,659
up €27,659 (+1810.3%), from €1,528 to €29,187
- Trade debts -€11,812
down €11,812 (-28.1%), from €42,011 to €30,199
- Gross operating margin +€71,107
up €71,107 (+93.0%), from €76,439 to €147,546
- Taxes +€29,424
up €29,424, from €0 to €29,424
- Other operating charges +€14,516
up €14,516 (+148.0%), from €9,811 to €24,327
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 | €1,031,028 | €1,046,187 | +€15,159 | +1.5% |
| Fixed assets | 21/28 | €1,003,180 | €995,949 | -€7,231 | -0.7% |
| Tangible fixed assets | 22/27 | €1,003,180 | €995,949 | -€7,231 | -0.7% |
| Land and buildings | 22 | €1,002,461 | €995,410 | -€7,052 | -0.7% |
| Furniture and vehicles | 24 | €719 | €539 | -€180 | -25.0% |
| Current assets | 29/58 | €27,847 | €50,238 | +€22,391 | +80.4% |
| Amounts receivable within one year | 40/41 | €4,705 | €0 | -€4,705 | -100.0% |
| Trade receivables | 40 | €2,939 | €0 | -€2,939 | -100.0% |
| Other amounts receivable | 41 | €1,765 | €0 | -€1,765 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,142 | €50,238 | +€27,096 | +117.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,031,028 | €1,046,187 | +€15,159 | +1.5% |
| Equity | 10/15 | €289,304 | €348,099 | +€58,794 | +20.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €73,917 | €132,711 | +€58,794 | +79.5% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €835 | €835 | = | 0.0% |
| Distributable reserves | 133 | €69,983 | €128,777 | +€58,794 | +84.0% |
| Profit (loss) carried forward | 14 | €180,387 | €180,387 | = | 0.0% |
| Amounts payable | 17/49 | €741,723 | €698,088 | -€43,635 | -5.9% |
| Amounts payable after more than one year | 17 | €512,000 | €449,794 | -€62,206 | -12.1% |
| Financial debts | 170/4 | €512,000 | €449,794 | -€62,206 | -12.1% |
| Amounts payable within one year | 42/48 | €229,723 | €248,294 | +€18,571 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €60,915 | €62,206 | +€1,291 | +2.1% |
| Trade debts | 44 | €42,011 | €30,199 | -€11,812 | -28.1% |
| Suppliers | 440/4 | €42,011 | €30,199 | -€11,812 | -28.1% |
| Taxes, remuneration and social security | 45 | €1,528 | €29,187 | +€27,659 | +1810.3% |
| Taxes | 450/3 | €1,528 | €29,187 | +€27,659 | +1810.3% |
| Other amounts payable | 47/48 | €125,270 | €126,702 | +€1,432 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,264 | €23,398 | +€134 | +0.6% |
| Other operating charges | 640/8 | €9,811 | €24,327 | +€14,516 | +148.0% |
| Gross operating margin | 9900 | €76,439 | €147,546 | +€71,107 | +93.0% |
| Operating profit (loss) | 9901 | €43,364 | €99,820 | +€56,456 | +130.2% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €12,978 | €11,602 | -€1,376 | -10.6% |
| Recurring financial charges | 65 | €12,978 | €11,602 | -€1,376 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €30,390 | €88,219 | +€57,829 | +190.3% |
| Income taxes | 67/77 | €0 | €29,424 | +€29,424 | |
| Profit (loss) for the period | 9904 | €30,390 | €58,794 | +€28,405 | +93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,390 | €58,794 | +€28,405 | +93.5% |
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 29 September 2026 via checked.be.