MENTHOR: 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.
MENTHOR
Largest movements
- Receivables within one year +€240,167
up €240,167 (+107.6%), from €223,241 to €463,408
of which Other amounts receivable: +€185,013
- Cash -€76,559
down €76,559 (-97.8%), from €78,263 to €1,704
mainly Receivables within one year (-€240,167) and Tax, wage and social debts (-€11,233)
- Intangible fixed assets -€6,089
down €6,089 (-100.0%), from €6,089 to €0
- Short-term financial debts +€98,000
up €98,000 (+653.3%), from €15,000 to €113,000
- Trade debts +€71,716
up €71,716 (+104.2%), from €68,802 to €140,519
- Tax, wage and social debts -€11,233
down €11,233 (-16.4%), from €68,375 to €57,142
of which Remuneration and social security: -€13,057
- Gross operating margin -€56,074
down €56,074 (-12.9%), from €433,493 to €377,419
- Staff costs -€15,996
down €15,996 (-4.3%), from €375,644 to €359,649
- Taxes -€12,700
down €12,700 (-92.6%), from €13,710 to €1,010
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 | €329,393 | €480,529 | +€151,136 | +45.9% |
| Fixed assets | 21/28 | €22,575 | €11,787 | -€10,788 | -47.8% |
| Intangible fixed assets | 21 | €6,089 | €0 | -€6,089 | -100.0% |
| Tangible fixed assets | 22/27 | €14,636 | €9,937 | -€4,698 | -32.1% |
| Land and buildings | 22 | €5,030 | €3,353 | -€1,677 | -33.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €3,654 | €4,943 | +€1,288 | +35.3% |
| Leasing and similar rights | 25 | €5,951 | €1,641 | -€4,310 | -72.4% |
| Financial fixed assets | 28 | €1,850 | €1,850 | = | 0.0% |
| Current assets | 29/58 | €306,818 | €468,742 | +€161,924 | +52.8% |
| Amounts receivable within one year | 40/41 | €223,241 | €463,408 | +€240,167 | +107.6% |
| Trade receivables | 40 | €140,081 | €195,235 | +€55,154 | +39.4% |
| Other amounts receivable | 41 | €83,160 | €268,173 | +€185,013 | +222.5% |
| Cash at bank and in hand | 54/58 | €78,263 | €1,704 | -€76,559 | -97.8% |
| Deferred charges and accrued income | 490/1 | €5,314 | €3,630 | -€1,683 | -31.7% |
| Total equity and liabilities | 10/49 | €329,393 | €480,529 | +€151,136 | +45.9% |
| Equity | 10/15 | €170,042 | €167,384 | -€2,658 | -1.6% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €124,800 | €124,800 | = | 0.0% |
| Distributable reserves | 133 | €124,800 | €124,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €242 | -€2,416 | -€2,658 | |
| Amounts payable | 17/49 | €159,351 | €313,146 | +€153,794 | +96.5% |
| Amounts payable after more than one year | 17 | €1,683 | - | -€1,683 | |
| Financial debts | 170/4 | €1,683 | - | -€1,683 | |
| Amounts payable within one year | 42/48 | €157,669 | €313,146 | +€155,477 | +98.6% |
| Current portion of amounts payable after more than one year | 42 | €4,363 | €1,315 | -€3,047 | -69.9% |
| Financial debts | 43 | €15,000 | €113,000 | +€98,000 | +653.3% |
| Credit institutions | 430/8 | €15,000 | €113,000 | +€98,000 | +653.3% |
| Trade debts | 44 | €68,802 | €140,519 | +€71,716 | +104.2% |
| Suppliers | 440/4 | €68,802 | €140,519 | +€71,716 | +104.2% |
| Taxes, remuneration and social security | 45 | €68,375 | €57,142 | -€11,233 | -16.4% |
| Taxes | 450/3 | €6,114 | €7,938 | +€1,824 | +29.8% |
| Remuneration and social security | 454/9 | €62,261 | €49,204 | -€13,057 | -21.0% |
| Other amounts payable | 47/48 | €1,129 | €1,170 | +€42 | +3.7% |
| Remuneration, social security and pensions | 62 | €375,644 | €359,649 | -€15,996 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,741 | €14,278 | -€464 | -3.1% |
| Other operating charges | 640/8 | €1,375 | €1,218 | -€157 | -11.4% |
| Gross operating margin | 9900 | €433,493 | €377,419 | -€56,074 | -12.9% |
| Operating profit (loss) | 9901 | €41,733 | €2,275 | -€39,458 | -94.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,771 | €3,923 | +€2,152 | +121.5% |
| Recurring financial charges | 65 | €1,771 | €3,923 | +€2,152 | +121.5% |
| Profit (loss) for the period before taxes | 9903 | €39,961 | -€1,648 | -€41,609 | |
| Income taxes | 67/77 | €13,710 | €1,010 | -€12,700 | -92.6% |
| Profit (loss) for the period | 9904 | €26,251 | -€2,658 | -€28,909 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,251 | -€2,658 | -€28,909 |
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.