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.
Menzenco
Largest movements
- Tangible fixed assets +€123,173
up €123,173 (+208.1%), from €59,197 to €182,370
of which Furniture and vehicles: +€137,308
- Current investments -€55,000
down €55,000 (-14.7%), from €375,000 to €320,000
- Cash +€35,855
up €35,855 (+123.5%), from €29,031 to €64,886
mainly Current investments (+€55,000) and Debts after one year (+€44,007)
- Receivables within one year -€24,749
down €24,749 (-12.7%), from €194,575 to €169,826
of which Other amounts receivable: -€18,089
- Debts after one year +€44,007
new in 2025: €44,007
- Trade debts +€15,075
up €15,075 (+142.1%), from €10,606 to €25,681
- Current portion of long-term debt +€13,865
new in 2025: €13,865
- Gross operating margin -€38,601
down €38,601 (-35.3%), from €109,418 to €70,818
- Taxes -€28,965
down €28,965 (-67.4%), from €42,986 to €14,021
- Financial income +€4,662
up €4,662 (+86.4%), from €5,394 to €10,057
- Other operating charges -€3,955
down €3,955 (-61.0%), from €6,479 to €2,524
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 | €662,743 | €744,968 | +€82,225 | +12.4% |
| Fixed assets | 21/28 | €59,197 | €182,370 | +€123,173 | +208.1% |
| Tangible fixed assets | 22/27 | €59,197 | €182,370 | +€123,173 | +208.1% |
| Land and buildings | 22 | €38,102 | €25,460 | -€12,642 | -33.2% |
| Plant, machinery and equipment | 23 | €2,673 | €1,180 | -€1,494 | -55.9% |
| Furniture and vehicles | 24 | €18,422 | €155,731 | +€137,308 | +745.3% |
| Current assets | 29/58 | €603,546 | €562,598 | -€40,948 | -6.8% |
| Amounts receivable within one year | 40/41 | €194,575 | €169,826 | -€24,749 | -12.7% |
| Trade receivables | 40 | €31,490 | €24,830 | -€6,660 | -21.1% |
| Other amounts receivable | 41 | €163,085 | €144,996 | -€18,089 | -11.1% |
| Current investments | 50/53 | €375,000 | €320,000 | -€55,000 | -14.7% |
| Cash at bank and in hand | 54/58 | €29,031 | €64,886 | +€35,855 | +123.5% |
| Deferred charges and accrued income | 490/1 | €4,941 | €7,886 | +€2,946 | +59.6% |
| Total equity and liabilities | 10/49 | €662,743 | €744,968 | +€82,225 | +12.4% |
| Equity | 10/15 | €637,584 | €640,894 | +€3,309 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €618,984 | €622,294 | +€3,309 | +0.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €526 | €526 | = | 0.0% |
| Distributable reserves | 133 | €618,459 | €621,768 | +€3,309 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,159 | €104,074 | +€78,915 | +313.7% |
| Amounts payable after more than one year | 17 | - | €44,007 | +€44,007 | |
| Financial debts | 170/4 | - | €44,007 | +€44,007 | |
| Amounts payable within one year | 42/48 | €25,159 | €60,067 | +€34,908 | +138.7% |
| Current portion of amounts payable after more than one year | 42 | - | €13,865 | +€13,865 | |
| Trade debts | 44 | €10,606 | €25,681 | +€15,075 | +142.1% |
| Suppliers | 440/4 | €10,606 | €25,681 | +€15,075 | +142.1% |
| Taxes, remuneration and social security | 45 | €9,553 | €11,350 | +€1,797 | +18.8% |
| Taxes | 450/3 | €9,553 | €9,212 | -€340 | -3.6% |
| Remuneration and social security | 454/9 | - | €2,138 | +€2,138 | |
| Other amounts payable | 47/48 | €5,000 | €9,171 | +€4,171 | +83.4% |
| Non-recurring operating income | 76A | €0 | €23,347 | +€23,347 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,043 | €31,577 | -€466 | -1.5% |
| Other operating charges | 640/8 | €6,479 | €2,524 | -€3,955 | -61.0% |
| Gross operating margin | 9900 | €109,418 | €70,818 | -€38,601 | -35.3% |
| Operating profit (loss) | 9901 | €70,896 | €36,717 | -€34,179 | -48.2% |
| Financial income | 75/76B | €5,394 | €10,057 | +€4,662 | +86.4% |
| Recurring financial income | 75 | €5,394 | €10,057 | +€4,662 | +86.4% |
| Financial charges | 65/66B | €1,055 | €526 | -€529 | -50.2% |
| Recurring financial charges | 65 | €1,055 | €526 | -€529 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €75,235 | €46,248 | -€28,987 | -38.5% |
| Income taxes | 67/77 | €42,986 | €14,021 | -€28,965 | -67.4% |
| Profit (loss) for the period | 9904 | €32,249 | €32,227 | -€22 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,249 | €32,227 | -€22 | -0.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 September 2026 via checked.be.