MENUIFAB: 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.
What changed
MENUIFAB
NACE 16.230, Manufacture of other builders' carpentry and joinery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€368,282
2024 · €7,022-€375,304
Equity
€937,787
2024 · €1.4m-€433,878
Cash
€173,233
2024 · €180,985-€7,752
Balance sheet total
€3.8m
2024 · €4.9m-€1.1m
Largest movements
Assets
- Receivables within one year -€874,395
down €874,395 (-54.9%), from €1.6m to €719,514
of which Other amounts receivable: -€555,337
- Tangible fixed assets -€198,038
down €198,038 (-9.1%), from €2.2m to €2.0m
of which Land and buildings: -€111,145
- Stocks and contracts -€76,129
down €76,129 (-8.5%), from €898,693 to €822,564
of which Contracts in progress: -€89,307
Equity and liabilities
- Trade debts -€538,559
down €538,559 (-52.9%), from €1.0m to €478,705
- Profit (loss) carried forward -€282,922
down €282,922, from €0 to -€282,922
- Short-term financial debts -€189,392
down €189,392 (-29.8%), from €634,786 to €445,394
- Reserves -€85,359
down €85,359 (-74.4%), from €114,672 to €29,312
of which Distributable reserves: -€60,578
- Investment grants -€65,597
down €65,597 (-15.7%), from €417,662 to €352,065
Income statement
- Gross operating margin -€518,582
down €518,582 (-27.6%), from €1.9m to €1.4m
- Staff costs -€77,954
down €77,954 (-4.9%), from €1.6m to €1.5m
- Depreciation -€38,473
down €38,473 (-15.1%), from €255,492 to €217,020
- Financial income +€21,136
up €21,136 (+28.6%), from €73,937 to €95,073
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.
Result 2024
€7,022
Gross operating margin
-€518,582
Staff costs
+€77,954
Depreciation
+€38,473
Other operating charges
+€9,030
Other operating items
-€14,333
Financial income
+€21,136
Financial charges
-€1,869
Taxes
+€978
Deferred taxes and other
+€11,910
Result 2025
-€368,282
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.
From operations
+€278,483
Investment
-€10,950
Financing
-€275,284
Cash 2024
€180,985
From operations (derived)
+€278,483
Net result for the year
-€368,282
Depreciation
+€217,020
Stocks and contracts
+€76,129
Receivables within one year
+€874,395
Deferred charges and accrued income
-€40,060
Provisions
-€12,760
Trade debts
-€538,559
Tax, wage and social debts
+€28,391
Advances received
+€53,038
Other debts
-€6,758
Accrued charges and deferred income
-€4,071
Investment (derived)
-€10,950
Investment in fixed assets (net)
-€10,950
Financing
-€275,284
Debts after one year
+€38,030
Current portion of long-term debt
-€58,326
Short-term financial debts
-€189,392
Contributions, distributions and other
-€65,597
Cash 2025
€173,233
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,941,857 | €3,817,572 | -€1.1m | -22.8% |
| Fixed assets | 21/28 | €2,254,401 | €2,048,332 | -€206,069 | -9.1% |
| Intangible fixed assets | 21 | €75,740 | €67,708 | -€8,032 | -10.6% |
| Tangible fixed assets | 22/27 | €2,178,662 | €1,980,624 | -€198,038 | -9.1% |
| Land and buildings | 22 | €1,835,395 | €1,724,250 | -€111,145 | -6.1% |
| Plant, machinery and equipment | 23 | €177,965 | €115,266 | -€62,699 | -35.2% |
| Furniture and vehicles | 24 | €41,620 | €63,526 | +€21,906 | +52.6% |
| Leasing and similar rights | 25 | €111,753 | €77,583 | -€34,170 | -30.6% |
| Other tangible fixed assets | 26 | €11,929 | - | -€11,929 | |
| Current assets | 29/58 | €2,687,456 | €1,769,240 | -€918,215 | -34.2% |
| Stocks and contracts in progress | 3 | €898,693 | €822,564 | -€76,129 | -8.5% |
| Stocks | 30/36 | €415,707 | €428,885 | +€13,178 | +3.2% |
| Contracts in progress | 37 | €482,986 | €393,678 | -€89,307 | -18.5% |
| Amounts receivable within one year | 40/41 | €1,593,910 | €719,514 | -€874,395 | -54.9% |
| Trade receivables | 40 | €1,006,921 | €687,863 | -€319,058 | -31.7% |
| Other amounts receivable | 41 | €586,989 | €31,652 | -€555,337 | -94.6% |
| Cash at bank and in hand | 54/58 | €180,985 | €173,233 | -€7,752 | -4.3% |
| Deferred charges and accrued income | 490/1 | €13,868 | €53,929 | +€40,060 | +288.9% |
| Total equity and liabilities | 10/49 | €4,941,857 | €3,817,572 | -€1.1m | -22.8% |
| Equity | 10/15 | €1,371,666 | €937,787 | -€433,878 | -31.6% |
| Contributions | 10/11 | €839,332 | €839,332 | = | 0.0% |
| Capital | 10 | €839,332 | €839,332 | = | 0.0% |
| Issued capital | 100 | €839,332 | €839,332 | = | 0.0% |
| Reserves | 13 | €114,672 | €29,312 | -€85,359 | -74.4% |
| Non-distributable reserves | 130/1 | €29,312 | €29,312 | = | 0.0% |
| Legal reserve | 130 | €29,312 | €29,312 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,781 | - | -€24,781 | |
| Distributable reserves | 133 | €60,578 | - | -€60,578 | |
| Profit (loss) carried forward | 14 | €0 | -€282,922 | -€282,922 | |
| Investment grants | 15 | €417,662 | €352,065 | -€65,597 | -15.7% |
| Provisions and deferred taxes | 16 | €12,760 | - | -€12,760 | |
| Deferred taxes | 168 | €12,760 | - | -€12,760 | |
| Amounts payable | 17/49 | €3,557,431 | €2,879,785 | -€677,646 | -19.0% |
| Amounts payable after more than one year | 17 | €1,503,402 | €1,541,432 | +€38,030 | +2.5% |
| Financial debts | 170/4 | €1,503,402 | €1,291,432 | -€211,970 | -14.1% |
| Other amounts payable | 178/9 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €2,046,054 | €1,334,449 | -€711,606 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €230,580 | €172,254 | -€58,326 | -25.3% |
| Financial debts | 43 | €634,786 | €445,394 | -€189,392 | -29.8% |
| Credit institutions | 430/8 | €634,786 | €445,394 | -€189,392 | -29.8% |
| Trade debts | 44 | €1,017,264 | €478,705 | -€538,559 | -52.9% |
| Suppliers | 440/4 | €1,017,264 | €478,705 | -€538,559 | -52.9% |
| Advances received on contracts in progress | 46 | - | €53,038 | +€53,038 | |
| Taxes, remuneration and social security | 45 | €155,184 | €183,575 | +€28,391 | +18.3% |
| Taxes | 450/3 | €0 | €49,008 | +€49,008 | |
| Remuneration and social security | 454/9 | €155,184 | €134,567 | -€20,617 | -13.3% |
| Other amounts payable | 47/48 | €8,240 | €1,482 | -€6,758 | -82.0% |
| Accrued charges and deferred income | 492/3 | €7,974 | €3,904 | -€4,071 | -51.0% |
| Non-recurring operating income | 76A | €14,470 | €9,875 | -€4,595 | -31.8% |
| Remuneration, social security and pensions | 62 | €1,576,715 | €1,498,761 | -€77,954 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,492 | €217,020 | -€38,473 | -15.1% |
| Other operating charges | 640/8 | €40,635 | €31,605 | -€9,030 | -22.2% |
| Non-recurring operating charges | 66A | €0 | €14,333 | +€14,333 | |
| Gross operating margin | 9900 | €1,878,520 | €1,359,938 | -€518,582 | -27.6% |
| Operating profit (loss) | 9901 | €5,677 | -€401,781 | -€407,458 | |
| Financial income | 75/76B | €73,937 | €95,073 | +€21,136 | +28.6% |
| Recurring financial income | 75 | €73,937 | €95,073 | +€21,136 | +28.6% |
| Financial charges | 65/66B | €71,465 | €73,333 | +€1,869 | +2.6% |
| Recurring financial charges | 65 | €71,465 | €73,333 | +€1,869 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €8,149 | -€380,042 | -€388,191 | |
| Transfer from deferred taxes | 780 | €851 | €12,760 | +€11,910 | +1400.0% |
| Income taxes | 67/77 | €1,978 | €1,000 | -€978 | -49.4% |
| Profit (loss) for the period | 9904 | €7,022 | -€368,282 | -€375,304 | |
| Transfer from tax-exempt reserves | 789 | €1,652 | €24,781 | +€23,129 | +1400.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,674 | -€343,500 | -€352,174 |
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 9 October 2026 via checked.be.