DR GERT MEEUS: 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.
DR GERT MEEUS
Largest movements
- Receivables within one year +€111,692
up €111,692 (+15.0%), from €743,903 to €855,595
of which Other amounts receivable: +€111,492
- Tangible fixed assets +€92,297
up €92,297 (+348%), from €26,485 to €118,782
of which Furniture and vehicles: +€98,477
- Cash +€56,118
up €56,118 (+21.0%), from €267,386 to €323,504
mainly Net result for the year (+€275,469) and Debts after one year (+€65,721)
- Reserves +€167,469
up €167,469 (+13.2%), from €1.3m to €1.4m
of which Distributable reserves: +€167,469
- Debts after one year +€65,721
new in 2025: €65,721
- Current portion of long-term debt +€34,434
new in 2025: €34,434
- Gross operating margin -€37,649
down €37,649 (-8.0%), from €471,634 to €433,985
- Taxes -€16,800
down €16,800 (-11.9%), from €140,747 to €123,947
- Staff costs +€6,520
up €6,520 (+57.7%), from €11,302 to €17,822
- Depreciation +€5,330
up €5,330 (+61.5%), from €8,673 to €14,003
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 | €1,354,553 | €1,614,235 | +€259,682 | +19.2% |
| Fixed assets | 21/28 | €26,485 | €118,782 | +€92,297 | +348% |
| Tangible fixed assets | 22/27 | €26,485 | €118,782 | +€92,297 | +348% |
| Furniture and vehicles | 24 | €5,430 | €103,906 | +€98,477 | +1,814% |
| Other tangible fixed assets | 26 | €21,055 | €14,875 | -€6,180 | -29.4% |
| Current assets | 29/58 | €1,328,068 | €1,495,453 | +€167,386 | +12.6% |
| Amounts receivable within one year | 40/41 | €743,903 | €855,595 | +€111,692 | +15.0% |
| Trade receivables | 40 | - | €200 | +€200 | |
| Other amounts receivable | 41 | €743,903 | €855,395 | +€111,492 | +15.0% |
| Current investments | 50/53 | €308,597 | €308,148 | -€449 | -0.1% |
| Cash at bank and in hand | 54/58 | €267,386 | €323,504 | +€56,118 | +21.0% |
| Deferred charges and accrued income | 490/1 | €8,182 | €8,207 | +€25 | +0.3% |
| Total equity and liabilities | 10/49 | €1,354,553 | €1,614,235 | +€259,682 | +19.2% |
| Equity | 10/15 | €1,285,578 | €1,453,047 | +€167,469 | +13.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,273,178 | €1,440,647 | +€167,469 | +13.2% |
| Tax-exempt reserves | 132 | €26,505 | €26,505 | = | 0.0% |
| Distributable reserves | 133 | €1,246,673 | €1,414,142 | +€167,469 | +13.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €68,974 | €161,188 | +€92,213 | +134% |
| Amounts payable after more than one year | 17 | - | €65,721 | +€65,721 | |
| Financial debts | 170/4 | - | €65,721 | +€65,721 | |
| Amounts payable within one year | 42/48 | €66,861 | €94,038 | +€27,177 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | - | €34,434 | +€34,434 | |
| Financial debts | 43 | - | €624 | +€624 | |
| Credit institutions | 430/8 | - | €624 | +€624 | |
| Trade debts | 44 | €4,426 | €4,538 | +€112 | +2.5% |
| Suppliers | 440/4 | €4,426 | €4,538 | +€112 | +2.5% |
| Taxes, remuneration and social security | 45 | €54,172 | €43,528 | -€10,645 | -19.6% |
| Taxes | 450/3 | €46,672 | €35,047 | -€11,625 | -24.9% |
| Remuneration and social security | 454/9 | €7,500 | €8,481 | +€981 | +13.1% |
| Other amounts payable | 47/48 | €8,262 | €10,914 | +€2,651 | +32.1% |
| Accrued charges and deferred income | 492/3 | €2,113 | €1,429 | -€684 | -32.4% |
| Remuneration, social security and pensions | 62 | €11,302 | €17,822 | +€6,520 | +57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,673 | €14,003 | +€5,330 | +61.5% |
| Other operating charges | 640/8 | €1,423 | €1,597 | +€174 | +12.3% |
| Gross operating margin | 9900 | €471,634 | €433,985 | -€37,649 | -8.0% |
| Operating profit (loss) | 9901 | €450,235 | €400,562 | -€49,673 | -11.0% |
| Financial income | 75/76B | €4,447 | €1,662 | -€2,785 | -62.6% |
| Recurring financial income | 75 | €4,447 | €1,662 | -€2,785 | -62.6% |
| Financial charges | 65/66B | €1,936 | €2,808 | +€873 | +45.1% |
| Recurring financial charges | 65 | €1,936 | €2,808 | +€873 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | €452,747 | €399,416 | -€53,331 | -11.8% |
| Income taxes | 67/77 | €140,747 | €123,947 | -€16,800 | -11.9% |
| Profit (loss) for the period | 9904 | €311,999 | €275,469 | -€36,531 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €311,999 | €275,469 | -€36,531 | -11.7% |
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 28 October 2026 via checked.be.