DR. O. 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. O. MEEUS
Largest movements
- Current investments -€51,661
down €51,661 (-73.0%), from €70,724 to €19,063
- Deferred charges and accrued income -€45,101
down €45,101 (-75.8%), from €59,503 to €14,402
- Tangible fixed assets +€21,114
up €21,114 (+1,040%), from €2,031 to €23,145
- Cash -€16,253
down €16,253 (-13.3%), from €121,883 to €105,629
- Receivables within one year +€9,768
up €9,768 (+50.6%), from €19,320 to €29,088
- Reserves -€127,040
down €127,040 (-89.6%), from €141,860 to €14,820
of which Distributable reserves: -€125,180
- Other debts +€27,918
up €27,918 (+20.3%), from €137,242 to €165,159
- Current portion of long-term debt +€10,235
new in 2025: €10,235
- Debts after one year +€7,035
new in 2025: €7,035
- Gross operating margin +€80,221
up €80,221 (+42.8%), from €187,402 to €267,624
- Taxes +€19,579
up €19,579 (+46.4%), from €42,160 to €61,739
- Depreciation +€4,488
up €4,488 (+239%), from €1,881 to €6,369
- Financial charges -€3,425
down €3,425 (-78.6%), from €4,356 to €931
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €300,460 | €218,327 | -€82,133 | -27.3% |
| Fixed assets | 21/28 | €2,031 | €23,145 | +€21,114 | +1,040% |
| Tangible fixed assets | 22/27 | €2,031 | €23,145 | +€21,114 | +1,040% |
| Furniture and vehicles | 24 | €2,031 | €23,145 | +€21,114 | +1,040% |
| Current assets | 29/58 | €298,430 | €195,182 | -€103,247 | -34.6% |
| Amounts receivable after more than one year | 29 | €27,000 | €27,000 | = | 0.0% |
| Other amounts receivable | 291 | €27,000 | €27,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,320 | €29,088 | +€9,768 | +50.6% |
| Other amounts receivable | 41 | €19,320 | €29,088 | +€9,768 | +50.6% |
| Current investments | 50/53 | €70,724 | €19,063 | -€51,661 | -73.0% |
| Cash at bank and in hand | 54/58 | €121,883 | €105,629 | -€16,253 | -13.3% |
| Deferred charges and accrued income | 490/1 | €59,503 | €14,402 | -€45,101 | -75.8% |
| Total equity and liabilities | 10/49 | €300,460 | €218,327 | -€82,133 | -27.3% |
| Equity | 10/15 | €160,946 | €33,420 | -€127,527 | -79.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,860 | €14,820 | -€127,040 | -89.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €140,000 | €14,820 | -€125,180 | -89.4% |
| Profit (loss) carried forward | 14 | €486 | €0 | -€486 | -100% |
| Amounts payable | 17/49 | €139,514 | €184,907 | +€45,393 | +32.5% |
| Amounts payable after more than one year | 17 | - | €7,035 | +€7,035 | |
| Financial debts | 170/4 | - | €7,035 | +€7,035 | |
| Amounts payable within one year | 42/48 | €139,170 | €176,563 | +€37,392 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | - | €10,235 | +€10,235 | |
| Trade debts | 44 | €223 | €471 | +€248 | +111% |
| Suppliers | 440/4 | €223 | €471 | +€248 | +111% |
| Taxes, remuneration and social security | 45 | €1,706 | €697 | -€1,008 | -59.1% |
| Taxes | 450/3 | €1,706 | €697 | -€1,008 | -59.1% |
| Other amounts payable | 47/48 | €137,242 | €165,159 | +€27,918 | +20.3% |
| Accrued charges and deferred income | 492/3 | €344 | €1,310 | +€966 | +281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,881 | €6,369 | +€4,488 | +239% |
| Other operating charges | 640/8 | €818 | €1,085 | +€268 | +32.7% |
| Gross operating margin | 9900 | €187,402 | €267,624 | +€80,221 | +42.8% |
| Operating profit (loss) | 9901 | €184,703 | €260,169 | +€75,466 | +40.9% |
| Financial income | 75/76B | €2,036 | €2,320 | +€284 | +13.9% |
| Recurring financial income | 75 | €2,036 | €2,320 | +€284 | +13.9% |
| Financial charges | 65/66B | €4,356 | €931 | -€3,425 | -78.6% |
| Recurring financial charges | 65 | €4,356 | €931 | -€3,425 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €182,384 | €261,558 | +€79,174 | +43.4% |
| Income taxes | 67/77 | €42,160 | €61,739 | +€19,579 | +46.4% |
| Profit (loss) for the period | 9904 | €140,224 | €199,820 | +€59,596 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €140,224 | €199,820 | +€59,596 | +42.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.