Menza: 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.
Menza
Largest movements
- Cash -€84,275
down €84,275 (-26.4%), from €319,396 to €235,121
mainly Contributions, distributions and other (-€235,294) and Receivables within one year (-€10,309)
- Stocks and contracts -€61,326
down €61,326 (-28.8%), from €212,718 to €151,392
- Receivables within one year +€10,309
up €10,309 (+6.6%), from €155,039 to €165,348
of which Other amounts receivable: +€37,756
- Reserves -€164,105
down €164,105 (-25.9%), from €632,543 to €468,438
of which Distributable reserves: -€164,105
- Other debts +€18,153
up €18,153 (+186%), from €9,754 to €27,908
- Tax, wage and social debts +€9,259
up €9,259 (+20.6%), from €45,031 to €54,290
of which Remuneration and social security: +€7,510
- Gross operating margin -€117,434
down €117,434 (-47.9%), from €245,309 to €127,874
- Staff costs -€23,883
down €23,883 (-88.0%), from €27,146 to €3,264
- Taxes -€22,491
down €22,491 (-36.9%), from €61,007 to €38,516
- Financial charges -€8,113
down €8,113 (-93.1%), from €8,714 to €601
- Other operating charges +€3,905
up €3,905 (+122%), from €3,212 to €7,117
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 | €711,708 | €578,000 | -€133,708 | -18.8% |
| Fixed assets | 21/28 | €21,123 | €22,653 | +€1,530 | +7.2% |
| Intangible fixed assets | 21 | - | €531 | +€531 | |
| Tangible fixed assets | 22/27 | €11,748 | €11,168 | -€581 | -4.9% |
| Furniture and vehicles | 24 | €9,473 | €7,992 | -€1,482 | -15.6% |
| Other tangible fixed assets | 26 | €2,275 | €3,176 | +€901 | +39.6% |
| Financial fixed assets | 28 | €9,375 | €10,954 | +€1,579 | +16.8% |
| Current assets | 29/58 | €690,585 | €555,347 | -€135,237 | -19.6% |
| Stocks and contracts in progress | 3 | €212,718 | €151,392 | -€61,326 | -28.8% |
| Stocks | 30/36 | €212,718 | €151,392 | -€61,326 | -28.8% |
| Amounts receivable within one year | 40/41 | €155,039 | €165,348 | +€10,309 | +6.6% |
| Trade receivables | 40 | €127,910 | €100,463 | -€27,447 | -21.5% |
| Other amounts receivable | 41 | €27,129 | €64,885 | +€37,756 | +139% |
| Cash at bank and in hand | 54/58 | €319,396 | €235,121 | -€84,275 | -26.4% |
| Deferred charges and accrued income | 490/1 | €3,431 | €3,486 | +€55 | +1.6% |
| Total equity and liabilities | 10/49 | €711,708 | €578,000 | -€133,708 | -18.8% |
| Equity | 10/15 | €633,043 | €468,938 | -€164,105 | -25.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €632,543 | €468,438 | -€164,105 | -25.9% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €626,543 | €462,438 | -€164,105 | -26.2% |
| Amounts payable | 17/49 | €78,665 | €109,063 | +€30,397 | +38.6% |
| Amounts payable within one year | 42/48 | €78,665 | €109,063 | +€30,397 | +38.6% |
| Trade debts | 44 | €23,880 | €26,865 | +€2,985 | +12.5% |
| Suppliers | 440/4 | €23,880 | €26,865 | +€2,985 | +12.5% |
| Taxes, remuneration and social security | 45 | €45,031 | €54,290 | +€9,259 | +20.6% |
| Taxes | 450/3 | €36,955 | €38,704 | +€1,749 | +4.7% |
| Remuneration and social security | 454/9 | €8,076 | €15,586 | +€7,510 | +93.0% |
| Other amounts payable | 47/48 | €9,754 | €27,908 | +€18,153 | +186% |
| Remuneration, social security and pensions | 62 | €27,146 | €3,264 | -€23,883 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,121 | €7,670 | +€3,549 | +86.1% |
| Other operating charges | 640/8 | €3,212 | €7,117 | +€3,905 | +122% |
| Non-recurring operating charges | 66A | €852 | - | -€852 | |
| Gross operating margin | 9900 | €245,309 | €127,874 | -€117,434 | -47.9% |
| Operating profit (loss) | 9901 | €209,977 | €109,823 | -€100,154 | -47.7% |
| Financial income | 75/76B | €1,153 | €483 | -€671 | -58.2% |
| Recurring financial income | 75 | €1,153 | €483 | -€671 | -58.2% |
| Financial charges | 65/66B | €8,714 | €601 | -€8,113 | -93.1% |
| Recurring financial charges | 65 | €8,714 | €601 | -€8,113 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €202,417 | €109,705 | -€92,712 | -45.8% |
| Income taxes | 67/77 | €61,007 | €38,516 | -€22,491 | -36.9% |
| Profit (loss) for the period | 9904 | €141,410 | €71,189 | -€70,220 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,410 | €71,189 | -€70,220 | -49.7% |
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 23 October 2026 via checked.be.