Ad Meir: 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.
Ad Meir
Largest movements
- Intangible fixed assets +€67,750
new in 2025: €67,750
- Tangible fixed assets +€25,291
up €25,291 (+28.3%), from €89,317 to €114,608
of which Plant, machinery and equipment: +€27,986
- Receivables within one year -€16,953
down €16,953 (-6.9%), from €246,509 to €229,556
of which Trade receivables: -€85,453
- Cash -€7,505
down €7,505 (-20.8%), from €36,129 to €28,624
mainly Investment in fixed assets (net) (-€113,267) and Other debts (-€3,000)
- Trade debts +€64,288
up €64,288 (+25.4%), from €253,354 to €317,642
- Tax, wage and social debts +€11,483
up €11,483 (+16.3%), from €70,373 to €81,856
of which Remuneration and social security: +€23,748
- Gross operating margin +€167,114
up €167,114 (+96.9%), from €172,374 to €339,487
- Staff costs +€151,112
up €151,112 (+117%), from €129,129 to €280,241
- Depreciation +€15,324
up €15,324 (+297%), from €5,164 to €20,488
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 | €383,112 | €457,121 | +€74,009 | +19.3% |
| Formation expenses | 20 | €1,049 | €787 | -€262 | -25.0% |
| Fixed assets | 21/28 | €91,151 | €184,192 | +€93,041 | +102% |
| Intangible fixed assets | 21 | - | €67,750 | +€67,750 | |
| Tangible fixed assets | 22/27 | €89,317 | €114,608 | +€25,291 | +28.3% |
| Plant, machinery and equipment | 23 | €57,760 | €85,746 | +€27,986 | +48.5% |
| Other tangible fixed assets | 26 | €31,557 | €28,863 | -€2,695 | -8.5% |
| Financial fixed assets | 28 | €1,834 | €1,834 | = | 0.0% |
| Current assets | 29/58 | €290,912 | €272,142 | -€18,770 | -6.5% |
| Stocks and contracts in progress | 3 | €8,274 | €11,135 | +€2,861 | +34.6% |
| Stocks | 30/36 | €8,274 | €11,135 | +€2,861 | +34.6% |
| Amounts receivable within one year | 40/41 | €246,509 | €229,556 | -€16,953 | -6.9% |
| Trade receivables | 40 | €167,690 | €82,237 | -€85,453 | -51.0% |
| Other amounts receivable | 41 | €78,819 | €147,319 | +€68,500 | +86.9% |
| Cash at bank and in hand | 54/58 | €36,129 | €28,624 | -€7,505 | -20.8% |
| Deferred charges and accrued income | 490/1 | - | €2,828 | +€2,828 | |
| Total equity and liabilities | 10/49 | €383,112 | €457,121 | +€74,009 | +19.3% |
| Equity | 10/15 | €23,028 | €24,266 | +€1,238 | +5.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,028 | €4,266 | +€1,238 | +40.9% |
| Amounts payable | 17/49 | €360,084 | €432,855 | +€72,771 | +20.2% |
| Amounts payable within one year | 42/48 | €360,084 | €432,855 | +€72,771 | +20.2% |
| Trade debts | 44 | €253,354 | €317,642 | +€64,288 | +25.4% |
| Suppliers | 440/4 | €253,354 | €317,642 | +€64,288 | +25.4% |
| Taxes, remuneration and social security | 45 | €70,373 | €81,856 | +€11,483 | +16.3% |
| Taxes | 450/3 | €32,578 | €20,313 | -€12,264 | -37.6% |
| Remuneration and social security | 454/9 | €37,795 | €61,543 | +€23,748 | +62.8% |
| Other amounts payable | 47/48 | €36,358 | €33,358 | -€3,000 | -8.3% |
| Remuneration, social security and pensions | 62 | €129,129 | €280,241 | +€151,112 | +117% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,164 | €20,488 | +€15,324 | +297% |
| Other operating charges | 640/8 | €27,320 | €28,387 | +€1,067 | +3.9% |
| Gross operating margin | 9900 | €172,374 | €339,487 | +€167,114 | +96.9% |
| Operating profit (loss) | 9901 | €10,761 | €10,372 | -€389 | -3.6% |
| Financial income | 75/76B | €124 | €194 | +€69 | +55.7% |
| Recurring financial income | 75 | €124 | €194 | +€69 | +55.7% |
| Financial charges | 65/66B | €7,833 | €9,270 | +€1,437 | +18.4% |
| Recurring financial charges | 65 | €7,833 | €9,270 | +€1,437 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €3,053 | €1,295 | -€1,757 | -57.6% |
| Income taxes | 67/77 | €24 | €58 | +€33 | +137% |
| Profit (loss) for the period | 9904 | €3,028 | €1,238 | -€1,791 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,028 | €1,238 | -€1,791 | -59.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.