BART MEERSMAN: what changed
BART MEERSMAN
Largest movements
- Tangible fixed assets +€49,863
up €49,863 (+20.2%), from €246,339 to €296,202
of which Plant, machinery and equipment: +€69,024
- Receivables within one year +€39,334
up €39,334 (+1,137%), from €3,459 to €42,793
of which Other amounts receivable: +€25,911
- Cash -€30,732
down €30,732 (-65.3%), from €47,074 to €16,341
mainly Investment in fixed assets (net) (-€70,443) and Receivables within one year (-€39,334)
- Debts after one year +€32,305
up €32,305 (+21.8%), from €148,124 to €180,430
- Profit (loss) carried forward +€23,043
new in 2025: €23,043
- Advances received +€10,962
new in 2025: €10,962
- Tax, wage and social debts -€6,201
down €6,201 (-21.8%), from €28,483 to €22,281
of which Taxes: -€10,392
- Gross operating margin +€22,287
up €22,287 (+71.8%), from €31,051 to €53,338
- Taxes +€4,961
up €4,961 (+279%), from €1,775 to €6,736
- Financial income +€3,083
up €3,083 (+217%), from €1,423 to €4,506
- Other operating charges +€1,006
up €1,006 (+37.6%), from €2,677 to €3,683
- Financial charges +€833
up €833 (+28.0%), from €2,970 to €3,803
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €300,124 | €357,971 | +€57,847 | +19.3% |
| Fixed assets | 21/28 | €246,474 | €296,337 | +€49,863 | +20.2% |
| Tangible fixed assets | 22/27 | €246,339 | €296,202 | +€49,863 | +20.2% |
| Land and buildings | 22 | €227,228 | €219,735 | -€7,493 | -3.3% |
| Plant, machinery and equipment | 23 | - | €69,024 | +€69,024 | |
| Furniture and vehicles | 24 | €19,111 | €7,443 | -€11,667 | -61.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €53,650 | €61,634 | +€7,984 | +14.9% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,459 | €42,793 | +€39,334 | +1,137% |
| Trade receivables | 40 | €196 | €13,618 | +€13,423 | +6,865% |
| Other amounts receivable | 41 | €3,263 | €29,175 | +€25,911 | +794% |
| Cash at bank and in hand | 54/58 | €47,074 | €16,341 | -€30,732 | -65.3% |
| Deferred charges and accrued income | 490/1 | €618 | - | -€618 | |
| Total equity and liabilities | 10/49 | €300,124 | €357,971 | +€57,847 | +19.3% |
| Equity | 10/15 | €74,981 | €98,024 | +€23,043 | +30.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €68,781 | €68,781 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €68,781 | €66,921 | -€1,860 | -2.7% |
| Profit (loss) carried forward | 14 | - | €23,043 | +€23,043 | |
| Amounts payable | 17/49 | €225,143 | €259,947 | +€34,804 | +15.5% |
| Amounts payable after more than one year | 17 | €148,124 | €180,430 | +€32,305 | +21.8% |
| Financial debts | 170/4 | €148,124 | €180,430 | +€32,305 | +21.8% |
| Amounts payable within one year | 42/48 | €77,018 | €79,517 | +€2,499 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €23,129 | €22,718 | -€411 | -1.8% |
| Trade debts | 44 | €25,407 | €23,556 | -€1,851 | -7.3% |
| Suppliers | 440/4 | €25,407 | €23,556 | -€1,851 | -7.3% |
| Advances received on contracts in progress | 46 | - | €10,962 | +€10,962 | |
| Taxes, remuneration and social security | 45 | €28,483 | €22,281 | -€6,201 | -21.8% |
| Taxes | 450/3 | €18,745 | €8,353 | -€10,392 | -55.4% |
| Remuneration and social security | 454/9 | €9,738 | €13,928 | +€4,190 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,996 | €20,580 | -€416 | -2.0% |
| Other operating charges | 640/8 | €2,677 | €3,683 | +€1,006 | +37.6% |
| Gross operating margin | 9900 | €31,051 | €53,338 | +€22,287 | +71.8% |
| Operating profit (loss) | 9901 | €7,378 | €29,076 | +€21,697 | +294% |
| Financial income | 75/76B | €1,423 | €4,506 | +€3,083 | +217% |
| Recurring financial income | 75 | €1,423 | €4,506 | +€3,083 | +217% |
| Financial charges | 65/66B | €2,970 | €3,803 | +€833 | +28.0% |
| Recurring financial charges | 65 | €2,970 | €3,803 | +€833 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €5,832 | €29,779 | +€23,947 | +411% |
| Income taxes | 67/77 | €1,775 | €6,736 | +€4,961 | +279% |
| Profit (loss) for the period | 9904 | €4,057 | €23,043 | +€18,986 | +468% |
| Profit (loss) for the period to be appropriated | 9905 | €4,057 | €23,043 | +€18,986 | +468% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.