BART MEIJSSEN: 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.
BART MEIJSSEN
Largest movements
- Tangible fixed assets +€132,977
up €132,977 (+5,217%), from €2,549 to €135,526
- Cash -€70,927
down €70,927 (-56.1%), from €126,513 to €55,586
mainly Investment in fixed assets (net) (-€152,553) and Current investments (-€42,026)
- Current investments +€42,026
up €42,026 (+73.5%), from €57,200 to €99,226
- Receivables within one year +€7,007
up €7,007 (+26.3%), from €26,681 to €33,687
of which Trade receivables: +€5,264
- Debts after one year +€66,389
new in 2025: €66,389
- Reserves +€33,247
up €33,247 (+19.0%), from €174,882 to €208,129
- Current portion of long-term debt +€7,195
new in 2025: €7,195
- Depreciation +€18,903
up €18,903 (+2,808%), from €673 to €19,576
- Gross operating margin +€6,055
up €6,055 (+9.5%), from €63,904 to €69,959
- Taxes -€4,991
down €4,991 (-26.5%), from €18,866 to €13,875
- Financial charges +€2,697
up €2,697 (+134,856%), from €2 to €2,699
- Other operating charges +€1,543
up €1,543 (+142%), from €1,086 to €2,629
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 | €215,161 | €324,731 | +€109,569 | +50.9% |
| Fixed assets | 21/28 | €2,549 | €135,526 | +€132,977 | +5,217% |
| Tangible fixed assets | 22/27 | €2,549 | €135,526 | +€132,977 | +5,217% |
| Land and buildings | 22 | €2,549 | €135,526 | +€132,977 | +5,217% |
| Current assets | 29/58 | €212,612 | €189,205 | -€23,407 | -11.0% |
| Amounts receivable within one year | 40/41 | €26,681 | €33,687 | +€7,007 | +26.3% |
| Trade receivables | 40 | €26,681 | €31,944 | +€5,264 | +19.7% |
| Other amounts receivable | 41 | €0 | €1,743 | +€1,743 | |
| Current investments | 50/53 | €57,200 | €99,226 | +€42,026 | +73.5% |
| Cash at bank and in hand | 54/58 | €126,513 | €55,586 | -€70,927 | -56.1% |
| Deferred charges and accrued income | 490/1 | €2,219 | €706 | -€1,514 | -68.2% |
| Total equity and liabilities | 10/49 | €215,161 | €324,731 | +€109,569 | +50.9% |
| Equity | 10/15 | €189,142 | €222,389 | +€33,247 | +17.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €174,882 | €208,129 | +€33,247 | +19.0% |
| Distributable reserves | 133 | €174,882 | €208,129 | +€33,247 | +19.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €26,019 | €102,341 | +€76,322 | +293% |
| Amounts payable after more than one year | 17 | - | €66,389 | +€66,389 | |
| Financial debts | 170/4 | - | €66,389 | +€66,389 | |
| Amounts payable within one year | 42/48 | €25,539 | €34,453 | +€8,914 | +34.9% |
| Current portion of amounts payable after more than one year | 42 | - | €7,195 | +€7,195 | |
| Financial debts | 43 | - | €50 | +€50 | |
| Credit institutions | 430/8 | - | €50 | +€50 | |
| Trade debts | 44 | €2,044 | €2,003 | -€41 | -2.0% |
| Suppliers | 440/4 | €2,044 | €2,003 | -€41 | -2.0% |
| Taxes, remuneration and social security | 45 | €11,787 | €13,313 | +€1,526 | +12.9% |
| Taxes | 450/3 | €11,787 | €13,313 | +€1,526 | +12.9% |
| Other amounts payable | 47/48 | €11,708 | €11,892 | +€184 | +1.6% |
| Accrued charges and deferred income | 492/3 | €480 | €1,500 | +€1,020 | +213% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €673 | €19,576 | +€18,903 | +2,808% |
| Other operating charges | 640/8 | €1,086 | €2,629 | +€1,543 | +142% |
| Gross operating margin | 9900 | €63,904 | €69,959 | +€6,055 | +9.5% |
| Operating profit (loss) | 9901 | €62,145 | €47,755 | -€14,390 | -23.2% |
| Financial income | 75/76B | €2,986 | €2,067 | -€919 | -30.8% |
| Recurring financial income | 75 | €2,986 | €2,067 | -€919 | -30.8% |
| Financial charges | 65/66B | €2 | €2,699 | +€2,697 | +134,856% |
| Recurring financial charges | 65 | €2 | €2,699 | +€2,697 | +134,856% |
| Profit (loss) for the period before taxes | 9903 | €65,128 | €47,122 | -€18,006 | -27.6% |
| Income taxes | 67/77 | €18,866 | €13,875 | -€4,991 | -26.5% |
| Profit (loss) for the period | 9904 | €46,262 | €33,247 | -€13,015 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,262 | €33,247 | -€13,015 | -28.1% |
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.