MENUET: 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.
MENUET
Largest movements
- Cash +€360,425
up €360,425 (+41.9%), from €859,496 to €1.2m
mainly Current investments (+€250,536) and Tax, wage and social debts (+€127,581)
- Current investments -€250,536
down €250,536 (-5.9%), from €4.2m to €4.0m
- Deferred charges and accrued income -€101,132
down €101,132 (-31.0%), from €326,425 to €225,293
- Debts after one year -€160,482
down €160,482 (-54.6%), from €293,835 to €133,353
- Tax, wage and social debts +€127,581
up €127,581 (+102%), from €125,000 to €252,581
of which Remuneration and social security: +€125,000
- Depreciation -€522,984
down €522,984 (-98.9%), from €528,827 to €5,843
- Financial income -€203,122
down €203,122 (-63.7%), from €318,880 to €115,757
of which Financial income: -€193,225
- Financial charges +€100,790
up €100,790 (+808%), from €12,482 to €113,272
of which Non-recurring financial charges: +€104,078
- Gross operating margin -€94,373
down €94,373 (-23.7%), from €397,367 to €302,994
- Taxes -€4,714
down €4,714 (-36.2%), from €13,018 to €8,303
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 | €7,335,860 | €7,343,980 | +€8,120 | +0.1% |
| Fixed assets | 21/28 | €30,664 | €24,821 | -€5,843 | -19.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €28,900 | €23,057 | -€5,843 | -20.2% |
| Furniture and vehicles | 24 | €17,528 | €11,686 | -€5,843 | -33.3% |
| Other tangible fixed assets | 26 | €11,372 | €11,372 | = | 0.0% |
| Financial fixed assets | 28 | €1,764 | €1,764 | = | 0.0% |
| Current assets | 29/58 | €7,305,196 | €7,319,158 | +€13,962 | +0.2% |
| Amounts receivable within one year | 40/41 | €1,892,318 | €1,897,524 | +€5,206 | +0.3% |
| Trade receivables | 40 | €12,683 | €18,723 | +€6,040 | +47.6% |
| Other amounts receivable | 41 | €1,879,635 | €1,878,801 | -€834 | 0.0% |
| Current investments | 50/53 | €4,226,957 | €3,976,421 | -€250,536 | -5.9% |
| Cash at bank and in hand | 54/58 | €859,496 | €1,219,921 | +€360,425 | +41.9% |
| Deferred charges and accrued income | 490/1 | €326,425 | €225,293 | -€101,132 | -31.0% |
| Total equity and liabilities | 10/49 | €7,335,860 | €7,343,980 | +€8,120 | +0.1% |
| Equity | 10/15 | €6,888,292 | €6,952,594 | +€64,302 | +0.9% |
| Contributions | 10/11 | €1,520,322 | €1,520,322 | = | 0.0% |
| Reserves | 13 | €5,343,788 | €5,343,788 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €5,323,179 | €5,323,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,182 | €88,484 | +€64,302 | +266% |
| Amounts payable | 17/49 | €447,568 | €391,386 | -€56,182 | -12.6% |
| Amounts payable after more than one year | 17 | €293,835 | €133,353 | -€160,482 | -54.6% |
| Other amounts payable | 178/9 | €293,835 | €133,353 | -€160,482 | -54.6% |
| Amounts payable within one year | 42/48 | €153,733 | €258,033 | +€104,300 | +67.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | -€0 | |
| Trade debts | 44 | €28,733 | €5,413 | -€23,319 | -81.2% |
| Suppliers | 440/4 | €28,733 | €5,413 | -€23,319 | -81.2% |
| Taxes, remuneration and social security | 45 | €125,000 | €252,581 | +€127,581 | +102% |
| Taxes | 450/3 | €0 | €2,581 | +€2,581 | +25,806,200% |
| Remuneration and social security | 454/9 | €125,000 | €250,000 | +€125,000 | +100% |
| Other amounts payable | 47/48 | - | €39 | +€39 | |
| Remuneration, social security and pensions | 62 | €92,700 | €97,299 | +€4,599 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €528,827 | €5,843 | -€522,984 | -98.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €125,000 | €125,000 | = | 0.0% |
| Other operating charges | 640/8 | €5,086 | €4,733 | -€352 | -6.9% |
| Gross operating margin | 9900 | €397,367 | €302,994 | -€94,373 | -23.7% |
| Operating profit (loss) | 9901 | -€354,245 | €70,119 | +€424,365 | |
| Financial income | 75/76B | €318,880 | €115,757 | -€203,122 | -63.7% |
| Recurring financial income | 75 | €285,911 | €92,686 | -€193,225 | -67.6% |
| Non-recurring financial income | 76B | €32,969 | €23,071 | -€9,897 | -30.0% |
| Financial charges | 65/66B | €12,482 | €113,272 | +€100,790 | +808% |
| Recurring financial charges | 65 | €12,216 | €8,927 | -€3,288 | -26.9% |
| Non-recurring financial charges | 66B | €266 | €104,344 | +€104,078 | +39,129% |
| Profit (loss) for the period before taxes | 9903 | -€47,847 | €72,605 | +€120,453 | |
| Transfer from deferred taxes | 780 | €55,080 | - | -€55,080 | |
| Income taxes | 67/77 | €13,018 | €8,303 | -€4,714 | -36.2% |
| Profit (loss) for the period | 9904 | -€5,785 | €64,302 | +€70,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,785 | €64,302 | +€70,087 |
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 22 October 2026 via checked.be.