DR. PETER 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. PETER MEEUS
Largest movements
- Current investments +€122,646
up €122,646 (+31.0%), from €396,227 to €518,873
- Cash +€95,412
up €95,412 (+85.1%), from €112,173 to €207,585
mainly Net result for the year (+€182,625) and Receivables within one year (+€90,864)
- Receivables within one year -€90,864
down €90,864 (-46.5%), from €195,229 to €104,365
of which Trade receivables: -€86,766
- Tangible fixed assets -€14,830
down €14,830 (-43.2%), from €34,315 to €19,485
of which Furniture and vehicles: -€14,334
- Reserves +€145,526
up €145,526 (+22.5%), from €646,397 to €791,923
of which Distributable reserves: +€145,526
- Tax, wage and social debts -€18,206
down €18,206 (-59.2%), from €30,759 to €12,553
- Debts after one year -€12,368
down €12,368 (-66.5%), from €18,585 to €6,217
- Gross operating margin -€35,189
down €35,189 (-11.5%), from €305,967 to €270,778
- Taxes -€11,538
down €11,538 (-12.9%), from €89,385 to €77,847
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 | €742,987 | €858,129 | +€115,143 | +15.5% |
| Fixed assets | 21/28 | €34,315 | €19,485 | -€14,830 | -43.2% |
| Tangible fixed assets | 22/27 | €34,315 | €19,485 | -€14,830 | -43.2% |
| Furniture and vehicles | 24 | €32,313 | €17,978 | -€14,334 | -44.4% |
| Other tangible fixed assets | 26 | €2,002 | €1,507 | -€495 | -24.7% |
| Current assets | 29/58 | €708,672 | €838,644 | +€129,972 | +18.3% |
| Amounts receivable within one year | 40/41 | €195,229 | €104,365 | -€90,864 | -46.5% |
| Trade receivables | 40 | €188,511 | €101,744 | -€86,766 | -46.0% |
| Other amounts receivable | 41 | €6,718 | €2,620 | -€4,098 | -61.0% |
| Current investments | 50/53 | €396,227 | €518,873 | +€122,646 | +31.0% |
| Cash at bank and in hand | 54/58 | €112,173 | €207,585 | +€95,412 | +85.1% |
| Deferred charges and accrued income | 490/1 | €5,042 | €7,821 | +€2,779 | +55.1% |
| Total equity and liabilities | 10/49 | €742,987 | €858,129 | +€115,143 | +15.5% |
| Equity | 10/15 | €664,947 | €810,473 | +€145,526 | +21.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €646,397 | €791,923 | +€145,526 | +22.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €644,542 | €790,068 | +€145,526 | +22.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,040 | €47,656 | -€30,384 | -38.9% |
| Amounts payable after more than one year | 17 | €18,585 | €6,217 | -€12,368 | -66.5% |
| Financial debts | 170/4 | €18,585 | €6,217 | -€12,368 | -66.5% |
| Amounts payable within one year | 42/48 | €57,199 | €39,181 | -€18,017 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €12,282 | €12,368 | +€86 | +0.7% |
| Financial debts | 43 | €14,128 | €14,260 | +€132 | +0.9% |
| Credit institutions | 430/8 | €14,128 | €14,260 | +€132 | +0.9% |
| Trade debts | 44 | €29 | €0 | -€29 | -100% |
| Suppliers | 440/4 | €29 | €0 | -€29 | -100% |
| Taxes, remuneration and social security | 45 | €30,759 | €12,553 | -€18,206 | -59.2% |
| Taxes | 450/3 | €30,759 | €12,553 | -€18,206 | -59.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,256 | €2,258 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,552 | €14,830 | -€723 | -4.6% |
| Other operating charges | 640/8 | €623 | €632 | +€10 | +1.6% |
| Gross operating margin | 9900 | €305,967 | €270,778 | -€35,189 | -11.5% |
| Operating profit (loss) | 9901 | €289,792 | €255,316 | -€34,476 | -11.9% |
| Financial income | 75/76B | €3,938 | €6,731 | +€2,793 | +70.9% |
| Recurring financial income | 75 | €3,938 | €6,731 | +€2,793 | +70.9% |
| Financial charges | 65/66B | €397 | €1,575 | +€1,178 | +297% |
| Recurring financial charges | 65 | €397 | €1,575 | +€1,178 | +297% |
| Profit (loss) for the period before taxes | 9903 | €293,333 | €260,472 | -€32,861 | -11.2% |
| Income taxes | 67/77 | €89,385 | €77,847 | -€11,538 | -12.9% |
| Profit (loss) for the period | 9904 | €203,948 | €182,625 | -€21,322 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €203,948 | €182,625 | -€21,322 | -10.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.