David Meersman: what changed
David Meersman
Largest movements
- Cash +€19,349
up €19,349 (+35.6%), from €54,291 to €73,640
mainly Net result for the year (+€20,572) and Receivables within one year (+€18,714)
- Receivables within one year -€18,714
down €18,714 (-28.9%), from €64,741 to €46,027
of which Trade receivables: -€20,019
- Tangible fixed assets -€6,002
down €6,002 (-34.2%), from €17,555 to €11,553
of which Leasing and similar rights: -€5,950
- Reserves +€6,292
up €6,292 (+5.6%), from €112,625 to €118,917
- Tax, wage and social debts -€5,744
down €5,744 (-34.2%), from €16,798 to €11,054
- Current portion of long-term debt -€3,585
down €3,585 (-57.2%), from €6,263 to €2,679
- Debts after one year -€2,679
no longer reported in 2025 (was €2,679)
- Taxes -€1,229
down €1,229 (-9.7%), from €12,658 to €11,429
- Gross operating margin -€1,086
down €1,086 (-2.5%), from €42,763 to €41,677
- Other operating charges +€735
up €735 (+62.3%), from €1,178 to €1,913
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 | €139,755 | €134,115 | -€5,640 | -4.0% |
| Formation expenses | 20 | €1,120 | €890 | -€230 | -20.5% |
| Fixed assets | 21/28 | €17,555 | €11,553 | -€6,002 | -34.2% |
| Tangible fixed assets | 22/27 | €17,555 | €11,553 | -€6,002 | -34.2% |
| Plant, machinery and equipment | 23 | €30 | €882 | +€852 | +2,851% |
| Furniture and vehicles | 24 | €237 | €130 | -€107 | -45.2% |
| Leasing and similar rights | 25 | €14,688 | €8,738 | -€5,950 | -40.5% |
| Other tangible fixed assets | 26 | €2,600 | €1,803 | -€797 | -30.6% |
| Current assets | 29/58 | €121,080 | €121,672 | +€592 | +0.5% |
| Amounts receivable within one year | 40/41 | €64,741 | €46,027 | -€18,714 | -28.9% |
| Trade receivables | 40 | €51,130 | €31,111 | -€20,019 | -39.2% |
| Other amounts receivable | 41 | €13,611 | €14,916 | +€1,305 | +9.6% |
| Cash at bank and in hand | 54/58 | €54,291 | €73,640 | +€19,349 | +35.6% |
| Deferred charges and accrued income | 490/1 | €2,048 | €2,005 | -€43 | -2.1% |
| Total equity and liabilities | 10/49 | €139,755 | €134,115 | -€5,640 | -4.0% |
| Equity | 10/15 | €112,625 | €118,917 | +€6,292 | +5.6% |
| Reserves | 13 | €112,625 | €118,917 | +€6,292 | +5.6% |
| Distributable reserves | 133 | €112,625 | €118,917 | +€6,292 | +5.6% |
| Amounts payable | 17/49 | €27,130 | €15,199 | -€11,932 | -44.0% |
| Amounts payable after more than one year | 17 | €2,679 | - | -€2,679 | |
| Financial debts | 170/4 | €2,679 | - | -€2,679 | |
| Amounts payable within one year | 42/48 | €24,452 | €15,199 | -€9,253 | -37.8% |
| Current portion of amounts payable after more than one year | 42 | €6,263 | €2,679 | -€3,585 | -57.2% |
| Trade debts | 44 | €1,390 | €1,466 | +€76 | +5.5% |
| Suppliers | 440/4 | €1,390 | €1,466 | +€76 | +5.5% |
| Taxes, remuneration and social security | 45 | €16,798 | €11,054 | -€5,744 | -34.2% |
| Taxes | 450/3 | €16,798 | €11,054 | -€5,744 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,226 | €7,413 | +€187 | +2.6% |
| Other operating charges | 640/8 | €1,178 | €1,913 | +€735 | +62.3% |
| Gross operating margin | 9900 | €42,763 | €41,677 | -€1,086 | -2.5% |
| Operating profit (loss) | 9901 | €34,358 | €32,351 | -€2,008 | -5.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -88.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -88.0% |
| Financial charges | 65/66B | €551 | €350 | -€201 | -36.5% |
| Recurring financial charges | 65 | €551 | €350 | -€201 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €33,808 | €32,001 | -€1,808 | -5.3% |
| Income taxes | 67/77 | €12,658 | €11,429 | -€1,229 | -9.7% |
| Profit (loss) for the period | 9904 | €21,150 | €20,572 | -€578 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,150 | €20,572 | -€578 | -2.7% |
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 5 November 2026 via checked.be.