Dr. V. Meuleman: 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. V. Meuleman
Largest movements
- Tangible fixed assets -€127,369
down €127,369 (-71.1%), from €179,157 to €51,788
of which Land and buildings: -€90,020
- Current investments +€109,995
new in 2025: €109,995
- Receivables after one year -€85,000
down €85,000 (-34.0%), from €250,000 to €165,000
- Receivables within one year -€74,868
down €74,868 (-70.7%), from €105,941 to €31,074
of which Trade receivables: -€105,941
- Cash +€30,861
up €30,861 (+27.1%), from €113,948 to €144,810
mainly Investment in fixed assets (net) (+€105,085) and Receivables after one year (+€85,000)
- Reserves -€89,938
down €89,938 (-17.6%), from €512,352 to €422,414
- Other debts -€22,858
down €22,858 (-92.3%), from €24,778 to €1,920
- Debts after one year -€22,009
down €22,009 (-72.5%), from €30,364 to €8,354
- Gross operating margin -€178,469
down €178,469 (-82.9%), from €215,302 to €36,833
- Taxes -€44,649
down €44,649 (-91.9%), from €48,575 to €3,927
- Depreciation -€19,106
down €19,106 (-46.2%), from €41,390 to €22,284
- Financial charges -€4,476
down €4,476 (-62.4%), from €7,176 to €2,701
of which Financial charges: -€4,180
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 | €649,401 | €505,173 | -€144,229 | -22.2% |
| Fixed assets | 21/28 | €179,157 | €51,788 | -€127,369 | -71.1% |
| Tangible fixed assets | 22/27 | €179,157 | €51,788 | -€127,369 | -71.1% |
| Land and buildings | 22 | €90,020 | - | -€90,020 | |
| Plant, machinery and equipment | 23 | €6,594 | €4,590 | -€2,005 | -30.4% |
| Furniture and vehicles | 24 | €5,441 | €7,227 | +€1,786 | +32.8% |
| Leasing and similar rights | 25 | €57,101 | €39,971 | -€17,130 | -30.0% |
| Other tangible fixed assets | 26 | €20,000 | - | -€20,000 | |
| Current assets | 29/58 | €470,245 | €453,385 | -€16,860 | -3.6% |
| Amounts receivable after more than one year | 29 | €250,000 | €165,000 | -€85,000 | -34.0% |
| Other amounts receivable | 291 | €250,000 | €165,000 | -€85,000 | -34.0% |
| Amounts receivable within one year | 40/41 | €105,941 | €31,074 | -€74,868 | -70.7% |
| Trade receivables | 40 | €105,941 | - | -€105,941 | |
| Other amounts receivable | 41 | - | €31,074 | +€31,074 | |
| Current investments | 50/53 | - | €109,995 | +€109,995 | |
| Cash at bank and in hand | 54/58 | €113,948 | €144,810 | +€30,861 | +27.1% |
| Deferred charges and accrued income | 490/1 | €355 | €2,507 | +€2,152 | +606% |
| Total equity and liabilities | 10/49 | €649,401 | €505,173 | -€144,229 | -22.2% |
| Equity | 10/15 | €530,952 | €441,014 | -€89,938 | -16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €512,352 | €422,414 | -€89,938 | -17.6% |
| Distributable reserves | 133 | €512,352 | €422,414 | -€89,938 | -17.6% |
| Amounts payable | 17/49 | €118,449 | €64,158 | -€54,291 | -45.8% |
| Amounts payable after more than one year | 17 | €30,364 | €8,354 | -€22,009 | -72.5% |
| Financial debts | 170/4 | €30,364 | €8,354 | -€22,009 | -72.5% |
| Amounts payable within one year | 42/48 | €88,086 | €55,804 | -€32,282 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €33,131 | €33,790 | +€659 | +2.0% |
| Trade debts | 44 | €6,132 | €1,519 | -€4,613 | -75.2% |
| Suppliers | 440/4 | €6,132 | €1,519 | -€4,613 | -75.2% |
| Taxes, remuneration and social security | 45 | €24,045 | €18,575 | -€5,470 | -22.7% |
| Taxes | 450/3 | €13,575 | €18,575 | +€5,000 | +36.8% |
| Remuneration and social security | 454/9 | €10,470 | - | -€10,470 | |
| Other amounts payable | 47/48 | €24,778 | €1,920 | -€22,858 | -92.3% |
| Non-recurring operating income | 76A | €1,500 | €980 | -€520 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,390 | €22,284 | -€19,106 | -46.2% |
| Other operating charges | 640/8 | €5,285 | €5,086 | -€199 | -3.8% |
| Gross operating margin | 9900 | €215,302 | €36,833 | -€178,469 | -82.9% |
| Operating profit (loss) | 9901 | €168,627 | €9,463 | -€159,164 | -94.4% |
| Financial income | 75/76B | €6,100 | €7,226 | +€1,126 | +18.5% |
| Recurring financial income | 75 | €6,100 | €7,226 | +€1,126 | +18.5% |
| Financial charges | 65/66B | €7,176 | €2,701 | -€4,476 | -62.4% |
| Recurring financial charges | 65 | €6,881 | €2,701 | -€4,180 | -60.7% |
| Non-recurring financial charges | 66B | €295 | - | -€295 | |
| Profit (loss) for the period before taxes | 9903 | €167,551 | €13,988 | -€153,562 | -91.7% |
| Income taxes | 67/77 | €48,575 | €3,927 | -€44,649 | -91.9% |
| Profit (loss) for the period | 9904 | €118,976 | €10,062 | -€108,914 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118,976 | €10,062 | -€108,914 | -91.5% |
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.