DR. MARC MEEUSSEN: 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. MARC MEEUSSEN
Largest movements
- Receivables within one year +€236,754
up €236,754 (+167%), from €141,388 to €378,142
of which Other amounts receivable: +€236,754
- Tangible fixed assets -€58,091
down €58,091 (-3.4%), from €1.7m to €1.7m
of which Land and buildings: -€31,689
- Other debts +€84,650
up €84,650 (+162%), from €52,204 to €136,854
- Debts after one year +€62,074
up €62,074 (+60.3%), from €102,916 to €164,991
- Current portion of long-term debt +€36,786
up €36,786 (+38.7%), from €95,000 to €131,786
- Financial income -€175,037
down €175,037 (-99.6%), from €175,813 to €775
- Gross operating margin +€73,443
up €73,443 (+3,293%), from €2,230 to €75,673
- Financial charges +€768
up €768 (+24.0%), from €3,205 to €3,973
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 | €2,288,695 | €2,474,180 | +€185,485 | +8.1% |
| Fixed assets | 21/28 | €2,109,910 | €2,051,820 | -€58,091 | -2.8% |
| Tangible fixed assets | 22/27 | €1,725,127 | €1,667,036 | -€58,091 | -3.4% |
| Land and buildings | 22 | €1,027,979 | €996,290 | -€31,689 | -3.1% |
| Other tangible fixed assets | 26 | €697,147 | €670,746 | -€26,402 | -3.8% |
| Financial fixed assets | 28 | €384,784 | €384,784 | = | 0.0% |
| Current assets | 29/58 | €178,784 | €422,361 | +€243,576 | +136% |
| Amounts receivable after more than one year | 29 | €27,698 | €27,698 | = | 0.0% |
| Other amounts receivable | 291 | €27,698 | €27,698 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €141,388 | €378,142 | +€236,754 | +167% |
| Trade receivables | 40 | €917 | €917 | = | 0.0% |
| Other amounts receivable | 41 | €140,471 | €377,224 | +€236,754 | +169% |
| Cash at bank and in hand | 54/58 | €5,058 | €6,659 | +€1,601 | +31.7% |
| Deferred charges and accrued income | 490/1 | €4,641 | €9,862 | +€5,221 | +113% |
| Total equity and liabilities | 10/49 | €2,288,695 | €2,474,180 | +€185,485 | +8.1% |
| Equity | 10/15 | €2,029,715 | €2,036,072 | +€6,357 | +0.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,017,315 | €2,023,672 | +€6,357 | +0.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,015,455 | €2,021,812 | +€6,357 | +0.3% |
| Amounts payable | 17/49 | €258,980 | €438,108 | +€179,128 | +69.2% |
| Amounts payable after more than one year | 17 | €102,916 | €164,991 | +€62,074 | +60.3% |
| Financial debts | 170/4 | €102,916 | €164,991 | +€62,074 | +60.3% |
| Amounts payable within one year | 42/48 | €156,063 | €273,117 | +€117,054 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €95,000 | €131,786 | +€36,786 | +38.7% |
| Financial debts | 43 | €1,690 | €0 | -€1,690 | -100% |
| Credit institutions | 430/8 | €1,690 | €0 | -€1,690 | -100% |
| Trade debts | 44 | €7,169 | €4,478 | -€2,692 | -37.5% |
| Suppliers | 440/4 | €7,169 | €4,478 | -€2,692 | -37.5% |
| Other amounts payable | 47/48 | €52,204 | €136,854 | +€84,650 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,091 | €58,091 | = | 0.0% |
| Other operating charges | 640/8 | €7,633 | €8,028 | +€395 | +5.2% |
| Gross operating margin | 9900 | €2,230 | €75,673 | +€73,443 | +3,293% |
| Operating profit (loss) | 9901 | -€63,494 | €9,555 | +€73,049 | |
| Financial income | 75/76B | €175,813 | €775 | -€175,037 | -99.6% |
| Recurring financial income | 75 | €175,813 | €775 | -€175,037 | -99.6% |
| Financial charges | 65/66B | €3,205 | €3,973 | +€768 | +24.0% |
| Recurring financial charges | 65 | €3,205 | €3,973 | +€768 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €109,114 | €6,357 | -€102,757 | -94.2% |
| Income taxes | 67/77 | -€478 | €0 | +€478 | |
| Profit (loss) for the period | 9904 | €109,591 | €6,357 | -€103,234 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,591 | €6,357 | -€103,234 | -94.2% |
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 30 October 2026 via checked.be.