Groep Meuleman: 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.
Groep Meuleman
Largest movements
- Tangible fixed assets +€23,958
up €23,958 (+40.8%), from €58,675 to €82,633
of which Furniture and vehicles: +€30,868
- Cash +€13,567
new in 2025: €13,567
mainly Debts after one year (+€77,767) and Depreciation (+€17,271)
- Stocks and contracts -€8,296
no longer reported in 2025 (was €8,296)
- Intangible fixed assets +€2,770
up €2,770 (+46.1%), from €6,009 to €8,779
- Debts after one year +€77,767
up €77,767 (+89.0%), from €87,345 to €165,112
- Profit (loss) carried forward -€45,938
down €45,938 (-114.2%), from -€40,226 to -€86,164
- Current portion of long-term debt +€16,267
up €16,267 (+126.5%), from €12,863 to €29,130
- Trade debts -€6,759
down €6,759 (-43.2%), from €15,661 to €8,903
- Short-term financial debts -€6,654
no longer reported in 2025 (was €6,654)
- Gross operating margin +€10,640
up €10,640 (+37.8%), from -€28,118 to -€17,478
- Depreciation +€8,532
up €8,532 (+97.6%), from €8,739 to €17,271
- Financial charges +€6,043
up €6,043 (+273.0%), from €2,213 to €8,257
- Other operating charges +€1,795
up €1,795 (+155.3%), from €1,156 to €2,952
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 | €92,274 | €123,272 | +€30,998 | +33.6% |
| Fixed assets | 21/28 | €64,734 | €91,413 | +€26,678 | +41.2% |
| Intangible fixed assets | 21 | €6,009 | €8,779 | +€2,770 | +46.1% |
| Tangible fixed assets | 22/27 | €58,675 | €82,633 | +€23,958 | +40.8% |
| Plant, machinery and equipment | 23 | €53,784 | €46,874 | -€6,910 | -12.8% |
| Furniture and vehicles | 24 | €4,891 | €35,759 | +€30,868 | +631.1% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €27,539 | €31,859 | +€4,320 | +15.7% |
| Stocks and contracts in progress | 3 | €8,296 | - | -€8,296 | |
| Stocks | 30/36 | €8,296 | - | -€8,296 | |
| Amounts receivable within one year | 40/41 | €18,778 | €18,292 | -€486 | -2.6% |
| Trade receivables | 40 | €18,460 | €14,282 | -€4,178 | -22.6% |
| Other amounts receivable | 41 | €318 | €4,009 | +€3,692 | +1161.5% |
| Cash at bank and in hand | 54/58 | - | €13,567 | +€13,567 | |
| Deferred charges and accrued income | 490/1 | €464 | - | -€464 | |
| Total equity and liabilities | 10/49 | €92,274 | €123,272 | +€30,998 | +33.6% |
| Equity | 10/15 | -€35,226 | -€81,164 | -€45,938 | -130.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,226 | -€86,164 | -€45,938 | -114.2% |
| Amounts payable | 17/49 | €127,500 | €204,435 | +€76,936 | +60.3% |
| Amounts payable after more than one year | 17 | €87,345 | €165,112 | +€77,767 | +89.0% |
| Financial debts | 170/4 | €87,345 | €165,112 | +€77,767 | +89.0% |
| Amounts payable within one year | 42/48 | €38,735 | €39,323 | +€588 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €12,863 | €29,130 | +€16,267 | +126.5% |
| Financial debts | 43 | €6,654 | - | -€6,654 | |
| Credit institutions | 430/8 | €6,654 | - | -€6,654 | |
| Trade debts | 44 | €15,661 | €8,903 | -€6,759 | -43.2% |
| Suppliers | 440/4 | €15,661 | €8,903 | -€6,759 | -43.2% |
| Taxes, remuneration and social security | 45 | €911 | €832 | -€79 | -8.6% |
| Taxes | 450/3 | €911 | €832 | -€79 | -8.6% |
| Other amounts payable | 47/48 | €2,646 | €459 | -€2,187 | -82.7% |
| Accrued charges and deferred income | 492/3 | €1,420 | - | -€1,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,739 | €17,271 | +€8,532 | +97.6% |
| Other operating charges | 640/8 | €1,156 | €2,952 | +€1,795 | +155.3% |
| Gross operating margin | 9900 | -€28,118 | -€17,478 | +€10,640 | +37.8% |
| Operating profit (loss) | 9901 | -€38,014 | -€37,701 | +€312 | +0.8% |
| Financial income | 75/76B | €1 | €20 | +€19 | +2547.4% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +2547.4% |
| Financial charges | 65/66B | €2,213 | €8,257 | +€6,043 | +273.0% |
| Recurring financial charges | 65 | €2,213 | €8,257 | +€6,043 | +273.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,226 | -€45,938 | -€5,711 | -14.2% |
| Profit (loss) for the period | 9904 | -€40,226 | -€45,938 | -€5,711 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,226 | -€45,938 | -€5,711 | -14.2% |
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 6 October 2026 via checked.be.