Dr. MESTDAGH: 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.
Dr. MESTDAGH
Largest movements
- Deferred charges and accrued income +€40,332
up €40,332 (+13.9%), from €290,499 to €330,831
- Current investments +€13,745
up €13,745 (+2.9%), from €475,649 to €489,394
- Reserves +€36,465
up €36,465 (+3.2%), from €1.1m to €1.2m
of which Distributable reserves: +€36,465
- Tax, wage and social debts +€13,677
up €13,677 (+35.5%), from €38,541 to €52,219
of which Taxes: +€9,163
- Gross operating margin +€14,149
up €14,149 (+5.4%), from €259,924 to €274,073
- Depreciation +€4,993
up €4,993 (+26.8%), from €18,599 to €23,592
- Taxes +€4,396
up €4,396 (+6.1%), from €71,654 to €76,050
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 | €1,195,084 | €1,251,200 | +€56,116 | +4.7% |
| Fixed assets | 21/28 | €63,195 | €65,860 | +€2,665 | +4.2% |
| Tangible fixed assets | 22/27 | €63,195 | €65,860 | +€2,665 | +4.2% |
| Land and buildings | 22 | €10,227 | - | -€10,227 | |
| Furniture and vehicles | 24 | €24,500 | €24,500 | = | 0.0% |
| Other tangible fixed assets | 26 | €28,468 | €41,360 | +€12,892 | +45.3% |
| Current assets | 29/58 | €1,131,889 | €1,185,340 | +€53,451 | +4.7% |
| Amounts receivable within one year | 40/41 | €349,955 | €349,955 | = | 0.0% |
| Other amounts receivable | 41 | €349,955 | €349,955 | = | 0.0% |
| Current investments | 50/53 | €475,649 | €489,394 | +€13,745 | +2.9% |
| Cash at bank and in hand | 54/58 | €15,786 | €15,160 | -€626 | -4.0% |
| Deferred charges and accrued income | 490/1 | €290,499 | €330,831 | +€40,332 | +13.9% |
| Total equity and liabilities | 10/49 | €1,195,084 | €1,251,200 | +€56,116 | +4.7% |
| Equity | 10/15 | €1,136,290 | €1,172,754 | +€36,465 | +3.2% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €1,130,082 | €1,166,546 | +€36,465 | +3.2% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,073,832 | €1,110,296 | +€36,465 | +3.4% |
| Amounts payable | 17/49 | €58,795 | €78,446 | +€19,651 | +33.4% |
| Amounts payable within one year | 42/48 | €58,795 | €78,446 | +€19,651 | +33.4% |
| Financial debts | 43 | €12,500 | €12,500 | = | 0.0% |
| Credit institutions | 430/8 | €12,500 | €12,500 | = | 0.0% |
| Trade debts | 44 | €7,754 | €7,168 | -€586 | -7.6% |
| Suppliers | 440/4 | €7,754 | €7,168 | -€586 | -7.6% |
| Taxes, remuneration and social security | 45 | €38,541 | €52,219 | +€13,677 | +35.5% |
| Taxes | 450/3 | €38,541 | €47,704 | +€9,163 | +23.8% |
| Remuneration and social security | 454/9 | - | €4,515 | +€4,515 | |
| Other amounts payable | 47/48 | - | €6,559 | +€6,559 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,599 | €23,592 | +€4,993 | +26.8% |
| Other operating charges | 640/8 | €6,328 | €6,059 | -€269 | -4.3% |
| Gross operating margin | 9900 | €259,924 | €274,073 | +€14,149 | +5.4% |
| Operating profit (loss) | 9901 | €234,997 | €244,422 | +€9,425 | +4.0% |
| Financial charges | 65/66B | €3,312 | €1,907 | -€1,405 | -42.4% |
| Recurring financial charges | 65 | €3,312 | €1,907 | -€1,405 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €231,685 | €242,515 | +€10,830 | +4.7% |
| Income taxes | 67/77 | €71,654 | €76,050 | +€4,396 | +6.1% |
| Profit (loss) for the period | 9904 | €160,031 | €166,465 | +€6,434 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,031 | €166,465 | +€6,434 | +4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.