BERT MEEUS: 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.
BERT MEEUS
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+82.4%), from €1.7m to €3.1m
of which Land and buildings: +€1.2m
- Current investments -€303,603
down €303,603 (-43.1%), from €703,603 to €400,000
- Receivables within one year +€151,201
up €151,201 (+24.5%), from €617,856 to €769,058
of which Trade receivables: +€177,310
- Cash -€138,157
down €138,157 (-28.2%), from €489,217 to €351,060
mainly Investment in fixed assets (net) (-€1.7m) and Receivables within one year (-€151,201)
- Debts after one year +€850,595
up €850,595 (+90.8%), from €936,817 to €1.8m
- Reserves +€202,344
up €202,344 (+14.8%), from €1.4m to €1.6m
of which Distributable reserves: +€207,500
- Trade debts +€181,704
up €181,704 (+25.2%), from €722,456 to €904,160
- Tax, wage and social debts -€147,220
down €147,220 (-41.2%), from €357,040 to €209,819
of which Taxes: -€184,155
- Current portion of long-term debt +€52,739
up €52,739 (+62.5%), from €84,417 to €137,156
- Gross operating margin -€559,977
down €559,977 (-25.6%), from €2.2m to €1.6m
- Depreciation -€242,093
down €242,093 (-44.9%), from €539,330 to €297,237
- Taxes -€182,798
down €182,798 (-76.9%), from €237,798 to €55,000
- Staff costs +€69,695
up €69,695 (+7.7%), from €908,037 to €977,732
- Financial charges +€26,292
up €26,292 (+158.0%), from €16,642 to €42,934
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 | €3,767,749 | €4,908,526 | +€1.1m | +30.3% |
| Fixed assets | 21/28 | €1,677,346 | €3,059,027 | +€1.4m | +82.4% |
| Tangible fixed assets | 22/27 | €1,677,346 | €3,059,027 | +€1.4m | +82.4% |
| Land and buildings | 22 | €1,393,978 | €2,624,942 | +€1.2m | +88.3% |
| Plant, machinery and equipment | 23 | €209,648 | €307,322 | +€97,674 | +46.6% |
| Furniture and vehicles | 24 | €73,719 | €126,764 | +€53,044 | +72.0% |
| Current assets | 29/58 | €2,090,403 | €1,849,498 | -€240,905 | -11.5% |
| Stocks and contracts in progress | 3 | €255,295 | €281,730 | +€26,434 | +10.4% |
| Stocks | 30/36 | €142,450 | €121,332 | -€21,119 | -14.8% |
| Contracts in progress | 37 | €112,845 | €160,398 | +€47,553 | +42.1% |
| Amounts receivable within one year | 40/41 | €617,856 | €769,058 | +€151,201 | +24.5% |
| Trade receivables | 40 | €488,398 | €665,708 | +€177,310 | +36.3% |
| Other amounts receivable | 41 | €129,458 | €103,349 | -€26,109 | -20.2% |
| Current investments | 50/53 | €703,603 | €400,000 | -€303,603 | -43.1% |
| Cash at bank and in hand | 54/58 | €489,217 | €351,060 | -€138,157 | -28.2% |
| Deferred charges and accrued income | 490/1 | €24,432 | €47,651 | +€23,220 | +95.0% |
| Total equity and liabilities | 10/49 | €3,767,749 | €4,908,526 | +€1.1m | +30.3% |
| Equity | 10/15 | €1,662,956 | €1,865,305 | +€202,349 | +12.2% |
| Contributions | 10/11 | €171,420 | €171,420 | = | 0.0% |
| Capital | 10 | €171,420 | €171,420 | = | 0.0% |
| Issued capital | 100 | €171,420 | €171,420 | = | 0.0% |
| Reserves | 13 | €1,364,059 | €1,566,402 | +€202,344 | +14.8% |
| Non-distributable reserves | 130/1 | €17,142 | €17,142 | = | 0.0% |
| Legal reserve | 130 | €17,142 | €17,142 | = | 0.0% |
| Tax-exempt reserves | 132 | €502,159 | €497,003 | -€5,156 | -1.0% |
| Distributable reserves | 133 | €844,758 | €1,052,258 | +€207,500 | +24.6% |
| Profit (loss) carried forward | 14 | €127,477 | €127,482 | +€5 | 0.0% |
| Provisions and deferred taxes | 16 | €1,236 | €1,018 | -€219 | -17.7% |
| Deferred taxes | 168 | €1,236 | €1,018 | -€219 | -17.7% |
| Amounts payable | 17/49 | €2,103,557 | €3,042,203 | +€938,646 | +44.6% |
| Amounts payable after more than one year | 17 | €936,817 | €1,787,412 | +€850,595 | +90.8% |
| Financial debts | 170/4 | €936,817 | €1,787,412 | +€850,595 | +90.8% |
| Amounts payable within one year | 42/48 | €1,166,739 | €1,254,791 | +€88,052 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €84,417 | €137,156 | +€52,739 | +62.5% |
| Trade debts | 44 | €722,456 | €904,160 | +€181,704 | +25.2% |
| Suppliers | 440/4 | €722,456 | €904,160 | +€181,704 | +25.2% |
| Taxes, remuneration and social security | 45 | €357,040 | €209,819 | -€147,220 | -41.2% |
| Taxes | 450/3 | €195,209 | €11,054 | -€184,155 | -94.3% |
| Remuneration and social security | 454/9 | €161,831 | €198,766 | +€36,935 | +22.8% |
| Other amounts payable | 47/48 | €2,827 | €3,656 | +€829 | +29.3% |
| Remuneration, social security and pensions | 62 | €908,037 | €977,732 | +€69,695 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €539,330 | €297,237 | -€242,093 | -44.9% |
| Other operating charges | 640/8 | €16,920 | €18,943 | +€2,023 | +12.0% |
| Gross operating margin | 9900 | €2,189,134 | €1,629,157 | -€559,977 | -25.6% |
| Operating profit (loss) | 9901 | €724,846 | €335,244 | -€389,602 | -53.7% |
| Financial income | 75/76B | €20,460 | €34,820 | +€14,360 | +70.2% |
| Recurring financial income | 75 | €20,460 | €34,820 | +€14,360 | +70.2% |
| Financial charges | 65/66B | €16,642 | €42,934 | +€26,292 | +158.0% |
| Recurring financial charges | 65 | €16,642 | €42,934 | +€26,292 | +158.0% |
| Profit (loss) for the period before taxes | 9903 | €728,665 | €327,130 | -€401,534 | -55.1% |
| Transfer from deferred taxes | 780 | €219 | €219 | = | 0.0% |
| Income taxes | 67/77 | €237,798 | €55,000 | -€182,798 | -76.9% |
| Profit (loss) for the period | 9904 | €491,086 | €272,349 | -€218,736 | -44.5% |
| Transfer from tax-exempt reserves | 789 | €656 | €215,656 | +€215,000 | +32763.4% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €491,742 | €277,505 | -€214,236 | -43.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.