MENOVA: 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.
MENOVA
Largest movements
- Tangible fixed assets +€324,424
up €324,424 (+93.6%), from €346,788 to €671,212
of which Land and buildings: +€236,367
- Receivables within one year +€236,610
up €236,610 (+24.9%), from €950,444 to €1.2m
of which Trade receivables: +€236,122
- Cash -€93,529
down €93,529 (-5.3%), from €1.8m to €1.7m
mainly Investment in fixed assets (net) (-€466,848) and Receivables within one year (-€236,610)
- Profit (loss) carried forward +€166,843
up €166,843 (+6.2%), from €2.7m to €2.9m
- Other debts +€100,000
up €100,000 (+116.3%), from €85,999 to €185,999
- Tax, wage and social debts +€96,685
up €96,685 (+24.0%), from €402,827 to €499,512
of which Taxes: +€64,589
- Trade debts +€64,656
up €64,656 (+919.2%), from €7,034 to €71,689
- Gross operating margin +€86,332
up €86,332 (+3.0%), from €2.9m to €3.0m
- Staff costs +€55,315
up €55,315 (+2.3%), from €2.4m to €2.4m
- Taxes -€33,368
down €33,368 (-31.6%), from €105,726 to €72,358
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 | €3,751,541 | €4,179,724 | +€428,183 | +11.4% |
| Fixed assets | 21/28 | €346,788 | €671,212 | +€324,424 | +93.6% |
| Tangible fixed assets | 22/27 | €346,788 | €671,212 | +€324,424 | +93.6% |
| Land and buildings | 22 | €78,412 | €314,778 | +€236,367 | +301.4% |
| Plant, machinery and equipment | 23 | - | €12,885 | +€12,885 | |
| Furniture and vehicles | 24 | €268,376 | €343,549 | +€75,173 | +28.0% |
| Current assets | 29/58 | €3,404,753 | €3,508,512 | +€103,759 | +3.0% |
| Stocks and contracts in progress | 3 | €678,700 | €638,645 | -€40,056 | -5.9% |
| Stocks | 30/36 | €678,700 | €638,645 | -€40,056 | -5.9% |
| Amounts receivable within one year | 40/41 | €950,444 | €1,187,054 | +€236,610 | +24.9% |
| Trade receivables | 40 | €945,839 | €1,181,961 | +€236,122 | +25.0% |
| Other amounts receivable | 41 | €4,605 | €5,092 | +€488 | +10.6% |
| Cash at bank and in hand | 54/58 | €1,774,490 | €1,680,961 | -€93,529 | -5.3% |
| Deferred charges and accrued income | 490/1 | €1,119 | €1,853 | +€734 | +65.6% |
| Total equity and liabilities | 10/49 | €3,751,541 | €4,179,724 | +€428,183 | +11.4% |
| Equity | 10/15 | €3,255,681 | €3,422,524 | +€166,843 | +5.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €57,777 | €57,777 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,777 | €7,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,697,904 | €2,864,747 | +€166,843 | +6.2% |
| Amounts payable | 17/49 | €495,860 | €757,201 | +€261,341 | +52.7% |
| Amounts payable within one year | 42/48 | €495,860 | €757,201 | +€261,341 | +52.7% |
| Trade debts | 44 | €7,034 | €71,689 | +€64,656 | +919.2% |
| Suppliers | 440/4 | €7,034 | €71,689 | +€64,656 | +919.2% |
| Taxes, remuneration and social security | 45 | €402,827 | €499,512 | +€96,685 | +24.0% |
| Taxes | 450/3 | €141,958 | €206,547 | +€64,589 | +45.5% |
| Remuneration and social security | 454/9 | €260,869 | €292,965 | +€32,096 | +12.3% |
| Other amounts payable | 47/48 | €85,999 | €185,999 | +€100,000 | +116.3% |
| Non-recurring operating income | 76A | €6,070 | €6,145 | +€75 | +1.2% |
| Remuneration, social security and pensions | 62 | €2,378,362 | €2,433,676 | +€55,315 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,357 | €142,423 | +€18,067 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €57,927 | €71,689 | +€13,762 | +23.8% |
| Other operating charges | 640/8 | €40,472 | €38,111 | -€2,361 | -5.8% |
| Gross operating margin | 9900 | €2,872,685 | €2,959,017 | +€86,332 | +3.0% |
| Operating profit (loss) | 9901 | €271,568 | €273,117 | +€1,549 | +0.6% |
| Financial income | 75/76B | €157,921 | €143,121 | -€14,800 | -9.4% |
| Recurring financial income | 75 | €157,921 | €143,121 | -€14,800 | -9.4% |
| Financial charges | 65/66B | €71,167 | €77,038 | +€5,871 | +8.2% |
| Recurring financial charges | 65 | €71,167 | €77,038 | +€5,871 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €358,322 | €339,200 | -€19,121 | -5.3% |
| Income taxes | 67/77 | €105,726 | €72,358 | -€33,368 | -31.6% |
| Profit (loss) for the period | 9904 | €252,596 | €266,843 | +€14,247 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €252,596 | €266,843 | +€14,247 | +5.6% |
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 12 October 2026 via checked.be.