MENUETTO: 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.
MENUETTO
Largest movements
- Intangible fixed assets +€3.6m
up €3.6m (+25.3%), from €14.4m to €18.1m
- Current investments +€400,000
new in 2025: €400,000
- Receivables within one year +€304,501
up €304,501 (+18.7%), from €1.6m to €1.9m
of which Other amounts receivable: +€576,045
- Advances received +€1.5m
up €1.5m (+109.9%), from €1.4m to €2.8m
- Investment grants +€1.1m
up €1.1m (+14.5%), from €7.3m to €8.4m
- Debts after one year +€942,639
up €942,639 (+12.1%), from €7.8m to €8.8m
of which Other amounts payable: +€2.3m
- Trade debts +€447,608
up €447,608 (+398.1%), from €112,426 to €560,035
- Accrued charges and deferred income +€275,036
up €275,036 (+494.2%), from €55,648 to €330,685
- Depreciation +€5.1m
up €5.1m (+744.3%), from €684,739 to €5.8m
- Financial income +€2.4m
up €2.4m (+1171.8%), from €202,352 to €2.6m
- Gross operating margin +€2.3m
up €2.3m (+175.6%), from €1.3m to €3.7m
- Financial charges -€355,240
down €355,240 (-51.9%), from €683,855 to €328,615
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 | €17,194,301 | €21,470,359 | +€4.3m | +24.9% |
| Fixed assets | 21/28 | €14,423,422 | €18,067,977 | +€3.6m | +25.3% |
| Intangible fixed assets | 21 | €14,415,437 | €18,062,407 | +€3.6m | +25.3% |
| Tangible fixed assets | 22/27 | €903 | €899 | -€4 | -0.4% |
| Plant, machinery and equipment | 23 | €903 | €899 | -€4 | -0.4% |
| Financial fixed assets | 28 | €7,081 | €4,671 | -€2,410 | -34.0% |
| Current assets | 29/58 | €2,770,880 | €3,402,381 | +€631,502 | +22.8% |
| Amounts receivable within one year | 40/41 | €1,625,504 | €1,930,005 | +€304,501 | +18.7% |
| Trade receivables | 40 | €378,833 | €107,289 | -€271,544 | -71.7% |
| Other amounts receivable | 41 | €1,246,671 | €1,822,716 | +€576,045 | +46.2% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €1,140,215 | €1,067,533 | -€72,682 | -6.4% |
| Deferred charges and accrued income | 490/1 | €5,161 | €4,843 | -€317 | -6.2% |
| Total equity and liabilities | 10/49 | €17,194,301 | €21,470,359 | +€4.3m | +24.9% |
| Equity | 10/15 | €7,842,123 | €8,951,666 | +€1.1m | +14.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €461,000 | €567,072 | +€106,072 | +23.0% |
| Distributable reserves | 133 | €461,000 | €567,072 | +€106,072 | +23.0% |
| Profit (loss) carried forward | 14 | €52,904 | €0 | -€52,904 | -100.0% |
| Investment grants | 15 | €7,303,219 | €8,359,594 | +€1.1m | +14.5% |
| Amounts payable | 17/49 | €9,352,178 | €12,518,692 | +€3.2m | +33.9% |
| Amounts payable after more than one year | 17 | €7,816,331 | €8,758,969 | +€942,639 | +12.1% |
| Financial debts | 170/4 | €5,981,756 | €4,594,563 | -€1.4m | -23.2% |
| Other amounts payable | 178/9 | €1,834,575 | €4,164,406 | +€2.3m | +127.0% |
| Amounts payable within one year | 42/48 | €1,480,199 | €3,429,038 | +€1.9m | +131.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €112,426 | €560,035 | +€447,608 | +398.1% |
| Suppliers | 440/4 | €112,426 | €560,035 | +€447,608 | +398.1% |
| Advances received on contracts in progress | 46 | €1,357,266 | €2,849,389 | +€1.5m | +109.9% |
| Taxes, remuneration and social security | 45 | €10,506 | €19,615 | +€9,109 | +86.7% |
| Taxes | 450/3 | €10,506 | €19,615 | +€9,109 | +86.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €55,648 | €330,685 | +€275,036 | +494.2% |
| Remuneration, social security and pensions | 62 | €22,367 | €0 | -€22,367 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €684,739 | €5,781,139 | +€5.1m | +744.3% |
| Other operating charges | 640/8 | €2,877 | €21,903 | +€19,026 | +661.2% |
| Gross operating margin | 9900 | €1,333,468 | €3,674,704 | +€2.3m | +175.6% |
| Operating profit (loss) | 9901 | €623,484 | -€2,128,338 | -€2.8m | |
| Financial income | 75/76B | €202,352 | €2,573,524 | +€2.4m | +1171.8% |
| Recurring financial income | 75 | €202,352 | €2,573,524 | +€2.4m | +1171.8% |
| Financial charges | 65/66B | €683,855 | €328,615 | -€355,240 | -51.9% |
| Recurring financial charges | 65 | €683,855 | €328,615 | -€355,240 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €141,982 | €116,572 | -€25,410 | -17.9% |
| Income taxes | 67/77 | €30,950 | €10,500 | -€20,450 | -66.1% |
| Profit (loss) for the period | 9904 | €111,032 | €106,072 | -€4,960 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €111,032 | €106,072 | -€4,960 | -4.5% |
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.