MENWAR: 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.
MENWAR
Largest movements
- Receivables within one year -€27,310
down €27,310 (-40.9%), from €66,771 to €39,461
of which Trade receivables: -€22,959
- Tangible fixed assets -€15,024
down €15,024 (-92.6%), from €16,225 to €1,201
- Deferred charges and accrued income -€11,893
down €11,893 (-20.7%), from €57,582 to €45,689
- Cash +€7,384
up €7,384 (+26.2%), from €28,189 to €35,573
mainly Receivables within one year (+€27,310) and Deferred charges and accrued income (+€11,893)
- Trade debts -€48,365
down €48,365 (-50.2%), from €96,324 to €47,959
of which Suppliers: -€48,400
- Purchases and services +€35,874
up €35,874 (+17.1%), from €210,143 to €246,017
- Turnover +€23,036
up €23,036 (+10.1%), from €227,410 to €250,446
- Gross operating margin -€8,692
down €8,692 (-41.7%), from €20,863 to €12,171
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 | €178,159 | €131,316 | -€46,843 | -26.3% |
| Fixed assets | 21/28 | €25,617 | €10,593 | -€15,024 | -58.6% |
| Tangible fixed assets | 22/27 | €16,225 | €1,201 | -€15,024 | -92.6% |
| Furniture and vehicles | 24 | €16,225 | €1,201 | -€15,024 | -92.6% |
| Financial fixed assets | 28 | €9,392 | €9,392 | = | 0.0% |
| Current assets | 29/58 | €152,542 | €120,723 | -€31,819 | -20.9% |
| Amounts receivable within one year | 40/41 | €66,771 | €39,461 | -€27,310 | -40.9% |
| Trade receivables | 40 | €55,940 | €32,982 | -€22,959 | -41.0% |
| Other amounts receivable | 41 | €10,831 | €6,479 | -€4,351 | -40.2% |
| Cash at bank and in hand | 54/58 | €28,189 | €35,573 | +€7,384 | +26.2% |
| Deferred charges and accrued income | 490/1 | €57,582 | €45,689 | -€11,893 | -20.7% |
| Total equity and liabilities | 10/49 | €178,159 | €131,316 | -€46,843 | -26.3% |
| Equity | 10/15 | €42,465 | €42,945 | +€480 | +1.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,465 | €22,945 | +€480 | +2.1% |
| Amounts payable | 17/49 | €135,694 | €88,371 | -€47,323 | -34.9% |
| Amounts payable within one year | 42/48 | €135,694 | €88,371 | -€47,323 | -34.9% |
| Trade debts | 44 | €96,324 | €47,959 | -€48,365 | -50.2% |
| Suppliers | 440/4 | €96,324 | €47,924 | -€48,400 | -50.2% |
| Bills of exchange payable | 441 | - | €35 | +€35 | |
| Taxes, remuneration and social security | 45 | €8,306 | €9,348 | +€1,042 | +12.5% |
| Taxes | 450/3 | €1,702 | €2,744 | +€1,042 | +61.2% |
| Remuneration and social security | 454/9 | €6,604 | €6,604 | = | 0.0% |
| Other amounts payable | 47/48 | €31,063 | €31,063 | = | 0.0% |
| Turnover | 70 | €227,410 | €250,446 | +€23,036 | +10.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €210,143 | €246,017 | +€35,874 | +17.1% |
| Remuneration, social security and pensions | 62 | €218 | - | -€218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,155 | €7,155 | -€2,000 | -21.8% |
| Other operating charges | 640/8 | €2,740 | €3,320 | +€580 | +21.2% |
| Gross operating margin | 9900 | €20,863 | €12,171 | -€8,692 | -41.7% |
| Operating profit (loss) | 9901 | €8,751 | €1,696 | -€7,054 | -80.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €138 | €138 | +€0 | +0.2% |
| Recurring financial charges | 65 | €138 | €138 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €8,613 | €1,558 | -€7,055 | -81.9% |
| Income taxes | 67/77 | €1,723 | €1,078 | -€645 | -37.4% |
| Profit (loss) for the period | 9904 | €6,890 | €480 | -€6,410 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,890 | €480 | -€6,410 | -93.0% |
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 29 September 2026 via checked.be.