MENUISOL: 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.
MENUISOL
Largest movements
- Cash -€236,246
down €236,246 (-37.9%), from €622,807 to €386,562
mainly Investment in fixed assets (net) (-€337,779) and Debts after one year (-€122,673)
- Tangible fixed assets +€165,010
up €165,010 (+6.1%), from €2.7m to €2.9m
of which Plant, machinery and equipment: +€243,273
- Receivables within one year -€109,393
down €109,393 (-29.8%), from €366,763 to €257,370
of which Trade receivables: -€164,620
- Stocks and contracts +€89,534
up €89,534 (+100.6%), from €89,012 to €178,546
- Debts after one year -€122,673
down €122,673 (-5.9%), from €2.1m to €2.0m
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Advances received +€82,312
up €82,312 (+34.0%), from €242,103 to €324,415
- Profit (loss) carried forward +€70,013
up €70,013 (+2521.5%), from €2,777 to €72,790
- Trade debts +€57,117
up €57,117 (+15.9%), from €360,253 to €417,371
- Staff costs +€71,497
up €71,497 (+10.5%), from €682,679 to €754,176
- Gross operating margin +€59,613
up €59,613 (+5.0%), from €1.2m to €1.2m
- Depreciation -€56,378
down €56,378 (-24.4%), from €231,117 to €174,739
- Financial charges +€27,493
up €27,493 (+16.4%), from €167,825 to €195,318
- Other operating charges +€25,105
up €25,105 (+90.5%), from €27,746 to €52,851
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 | €3,801,824 | €3,718,379 | -€83,445 | -2.2% |
| Fixed assets | 21/28 | €2,711,662 | €2,874,702 | +€163,039 | +6.0% |
| Intangible fixed assets | 21 | €5,551 | €3,580 | -€1,971 | -35.5% |
| Tangible fixed assets | 22/27 | €2,696,358 | €2,861,368 | +€165,010 | +6.1% |
| Land and buildings | 22 | €2,210,350 | €2,146,068 | -€64,282 | -2.9% |
| Plant, machinery and equipment | 23 | €317,309 | €560,582 | +€243,273 | +76.7% |
| Furniture and vehicles | 24 | €22,986 | €37,427 | +€14,441 | +62.8% |
| Leasing and similar rights | 25 | €102,042 | €52,234 | -€49,808 | -48.8% |
| Other tangible fixed assets | 26 | €43,671 | €65,057 | +€21,386 | +49.0% |
| Financial fixed assets | 28 | €9,754 | €9,754 | = | 0.0% |
| Current assets | 29/58 | €1,090,162 | €843,677 | -€246,485 | -22.6% |
| Stocks and contracts in progress | 3 | €89,012 | €178,546 | +€89,534 | +100.6% |
| Stocks | 30/36 | €89,012 | €178,546 | +€89,534 | +100.6% |
| Amounts receivable within one year | 40/41 | €366,763 | €257,370 | -€109,393 | -29.8% |
| Trade receivables | 40 | €366,763 | €202,144 | -€164,620 | -44.9% |
| Other amounts receivable | 41 | €0 | €55,227 | +€55,227 | |
| Cash at bank and in hand | 54/58 | €622,807 | €386,562 | -€236,246 | -37.9% |
| Deferred charges and accrued income | 490/1 | €11,579 | €21,200 | +€9,621 | +83.1% |
| Total equity and liabilities | 10/49 | €3,801,824 | €3,718,379 | -€83,445 | -2.2% |
| Equity | 10/15 | €675,928 | €711,146 | +€35,218 | +5.2% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €390,462 | €390,462 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €365,673 | €365,673 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,777 | €72,790 | +€70,013 | +2521.5% |
| Investment grants | 15 | €34,795 | €0 | -€34,795 | -100.0% |
| Amounts payable | 17/49 | €3,125,896 | €3,007,233 | -€118,663 | -3.8% |
| Amounts payable after more than one year | 17 | €2,074,871 | €1,952,198 | -€122,673 | -5.9% |
| Financial debts | 170/4 | €2,074,871 | €1,952,198 | -€122,673 | -5.9% |
| Amounts payable within one year | 42/48 | €961,211 | €977,257 | +€16,046 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €132,823 | €122,673 | -€10,150 | -7.6% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €360,253 | €417,371 | +€57,117 | +15.9% |
| Suppliers | 440/4 | €360,253 | €417,371 | +€57,117 | +15.9% |
| Advances received on contracts in progress | 46 | €242,103 | €324,415 | +€82,312 | +34.0% |
| Taxes, remuneration and social security | 45 | €123,945 | €112,799 | -€11,146 | -9.0% |
| Taxes | 450/3 | €67,172 | €53,821 | -€13,351 | -19.9% |
| Remuneration and social security | 454/9 | €56,772 | €58,978 | +€2,206 | +3.9% |
| Other amounts payable | 47/48 | €2,087 | €0 | -€2,087 | -100.0% |
| Accrued charges and deferred income | 492/3 | €89,814 | €77,778 | -€12,036 | -13.4% |
| Non-recurring operating income | 76A | - | €10,331 | +€10,331 | |
| Remuneration, social security and pensions | 62 | €682,679 | €754,176 | +€71,497 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231,117 | €174,739 | -€56,378 | -24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,949 | +€1,949 | |
| Other operating charges | 640/8 | €27,746 | €52,851 | +€25,105 | +90.5% |
| Gross operating margin | 9900 | €1,189,985 | €1,249,598 | +€59,613 | +5.0% |
| Operating profit (loss) | 9901 | €248,443 | €265,883 | +€17,439 | +7.0% |
| Financial income | 75/76B | €11,525 | €21,382 | +€9,857 | +85.5% |
| Recurring financial income | 75 | €11,525 | €16,957 | +€5,432 | +47.1% |
| Non-recurring financial income | 76B | - | €4,425 | +€4,425 | |
| Financial charges | 65/66B | €167,825 | €195,318 | +€27,493 | +16.4% |
| Recurring financial charges | 65 | €167,825 | €195,318 | +€27,493 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €92,144 | €91,947 | -€197 | -0.2% |
| Income taxes | 67/77 | €25,664 | €21,934 | -€3,730 | -14.5% |
| Profit (loss) for the period | 9904 | €66,480 | €70,013 | +€3,534 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,480 | €70,013 | +€3,534 | +5.3% |
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 5 October 2026 via checked.be.