MESANGES CAPITAL: 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.
MESANGES CAPITAL
Largest movements
- Receivables within one year +€96,855
up €96,855 (+107%), from €90,405 to €187,260
of which Trade receivables: +€94,766
- Cash -€91,708
down €91,708 (-42.2%), from €217,273 to €125,565
mainly Investment in fixed assets (net) (-€119,937) and Receivables within one year (-€96,855)
- Tangible fixed assets +€80,364
up €80,364 (+9.0%), from €894,925 to €975,289
of which Other tangible fixed assets: +€99,022
- Deferred charges and accrued income +€16,118
up €16,118 (+728%), from €2,215 to €18,334
- Debts after one year +€49,483
up €49,483 (+7.0%), from €711,740 to €761,223
of which Financial debts: +€49,483
- Trade debts +€44,034
up €44,034 (+695%), from €6,338 to €50,372
- Depreciation +€14,896
up €14,896 (+60.4%), from €24,676 to €39,573
- Financial charges +€11,896
up €11,896 (+94.9%), from €12,540 to €24,435
- Gross operating margin +€11,740
up €11,740 (+23.7%), from €49,473 to €61,212
- Financial income -€2,697
down €2,697 (-54.4%), from €4,955 to €2,258
- Other operating charges +€707
up €707 (+56.5%), from €1,252 to €1,960
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 | €1,204,818 | €1,306,447 | +€101,629 | +8.4% |
| Fixed assets | 21/28 | €894,925 | €975,289 | +€80,364 | +9.0% |
| Tangible fixed assets | 22/27 | €894,925 | €975,289 | +€80,364 | +9.0% |
| Land and buildings | 22 | €645,158 | €628,966 | -€16,192 | -2.5% |
| Plant, machinery and equipment | 23 | €21,601 | €19,171 | -€2,429 | -11.2% |
| Furniture and vehicles | 24 | €9,001 | €8,964 | -€37 | -0.4% |
| Other tangible fixed assets | 26 | €219,165 | €318,187 | +€99,022 | +45.2% |
| Current assets | 29/58 | €309,893 | €331,158 | +€21,265 | +6.9% |
| Amounts receivable within one year | 40/41 | €90,405 | €187,260 | +€96,855 | +107% |
| Trade receivables | 40 | €73,469 | €168,235 | +€94,766 | +129% |
| Other amounts receivable | 41 | €16,935 | €19,025 | +€2,089 | +12.3% |
| Cash at bank and in hand | 54/58 | €217,273 | €125,565 | -€91,708 | -42.2% |
| Deferred charges and accrued income | 490/1 | €2,215 | €18,334 | +€16,118 | +728% |
| Total equity and liabilities | 10/49 | €1,204,818 | €1,306,447 | +€101,629 | +8.4% |
| Equity | 10/15 | €333,220 | €333,728 | +€508 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €310,644 | €298,623 | -€12,020 | -3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €308,784 | €296,763 | -€12,020 | -3.9% |
| Profit (loss) carried forward | 14 | €3,976 | €16,504 | +€12,528 | +315% |
| Provisions and deferred taxes | 16 | €77,196 | €74,191 | -€3,005 | -3.9% |
| Deferred taxes | 168 | €77,196 | €74,191 | -€3,005 | -3.9% |
| Amounts payable | 17/49 | €794,402 | €898,528 | +€104,127 | +13.1% |
| Amounts payable after more than one year | 17 | €711,740 | €761,223 | +€49,483 | +7.0% |
| Financial debts | 170/4 | €711,740 | €761,223 | +€49,483 | +7.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €80,462 | €132,645 | +€52,184 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €25,279 | €36,617 | +€11,338 | +44.9% |
| Trade debts | 44 | €6,338 | €50,372 | +€44,034 | +695% |
| Suppliers | 440/4 | €6,338 | €50,372 | +€44,034 | +695% |
| Taxes, remuneration and social security | 45 | €18,845 | €15,656 | -€3,188 | -16.9% |
| Taxes | 450/3 | €18,845 | €15,656 | -€3,188 | -16.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,000 | €30,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,200 | €4,660 | +€2,460 | +112% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,676 | €39,573 | +€14,896 | +60.4% |
| Other operating charges | 640/8 | €1,252 | €1,960 | +€707 | +56.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €49,473 | €61,212 | +€11,740 | +23.7% |
| Operating profit (loss) | 9901 | €23,544 | €19,680 | -€3,864 | -16.4% |
| Financial income | 75/76B | €4,955 | €2,258 | -€2,697 | -54.4% |
| Recurring financial income | 75 | €4,955 | €2,258 | -€2,697 | -54.4% |
| Financial charges | 65/66B | €12,540 | €24,435 | +€11,896 | +94.9% |
| Recurring financial charges | 65 | €12,540 | €24,435 | +€11,896 | +94.9% |
| Profit (loss) for the period before taxes | 9903 | €15,959 | -€2,497 | -€18,457 | |
| Transfer from deferred taxes | 780 | €3,005 | €3,005 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €18,965 | €508 | -€18,457 | -97.3% |
| Transfer from tax-exempt reserves | 789 | €12,020 | €12,020 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €30,985 | €12,528 | -€18,457 | -59.6% |
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 24 October 2026 via checked.be.