JOHAN 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.
JOHAN MEULEMAN
Largest movements
- Stocks and contracts +€6,250
new in 2025: €6,250
- Receivables within one year -€6,173
down €6,173 (-54.0%), from €11,432 to €5,259
of which Other amounts receivable: -€5,335
- Tangible fixed assets -€2,793
down €2,793 (-15.4%), from €18,082 to €15,288
of which Plant, machinery and equipment: -€2,425
- Deferred charges and accrued income -€1,354
down €1,354 (-44.7%), from €3,030 to €1,676
- Cash +€600
up €600 (+14.4%), from €4,178 to €4,778
mainly Receivables within one year (+€6,173) and Depreciation (+€3,903)
- Debts after one year -€4,448
down €4,448 (-22.6%), from €19,656 to €15,208
- Other debts +€3,389
new in 2025: €3,389
- Trade debts +€2,381
new in 2025: €2,381
- Current portion of long-term debt -€1,892
down €1,892 (-29.8%), from €6,340 to €4,448
- Tax, wage and social debts -€1,831
no longer reported in 2025 (was €1,831)
- Gross operating margin -€3,489
down €3,489 (-38.1%), from €9,162 to €5,672
- Taxes -€564
no longer reported in 2025 (was €564)
- Financial charges +€236
up €236 (+12.1%), from €1,943 to €2,179
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 | €36,722 | €33,251 | -€3,470 | -9.5% |
| Fixed assets | 21/28 | €18,082 | €15,288 | -€2,793 | -15.4% |
| Tangible fixed assets | 22/27 | €18,082 | €15,288 | -€2,793 | -15.4% |
| Land and buildings | 22 | €12,454 | €11,011 | -€1,443 | -11.6% |
| Plant, machinery and equipment | 23 | €5,628 | €3,202 | -€2,425 | -43.1% |
| Furniture and vehicles | 24 | - | €1,075 | +€1,075 | |
| Current assets | 29/58 | €18,640 | €17,963 | -€677 | -3.6% |
| Stocks and contracts in progress | 3 | - | €6,250 | +€6,250 | |
| Stocks | 30/36 | - | €6,250 | +€6,250 | |
| Amounts receivable within one year | 40/41 | €11,432 | €5,259 | -€6,173 | -54.0% |
| Trade receivables | 40 | €1,824 | €986 | -€838 | -45.9% |
| Other amounts receivable | 41 | €9,608 | €4,273 | -€5,335 | -55.5% |
| Cash at bank and in hand | 54/58 | €4,178 | €4,778 | +€600 | +14.4% |
| Deferred charges and accrued income | 490/1 | €3,030 | €1,676 | -€1,354 | -44.7% |
| Total equity and liabilities | 10/49 | €36,722 | €33,251 | -€3,470 | -9.5% |
| Equity | 10/15 | €8,894 | €7,826 | -€1,069 | -12.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,684 | €7,684 | = | 0.0% |
| Distributable reserves | 133 | €7,684 | €7,684 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€790 | -€1,858 | -€1,069 | -135% |
| Amounts payable | 17/49 | €27,827 | €25,426 | -€2,402 | -8.6% |
| Amounts payable after more than one year | 17 | €19,656 | €15,208 | -€4,448 | -22.6% |
| Financial debts | 170/4 | €19,656 | €15,208 | -€4,448 | -22.6% |
| Amounts payable within one year | 42/48 | €8,171 | €10,218 | +€2,047 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €6,340 | €4,448 | -€1,892 | -29.8% |
| Trade debts | 44 | - | €2,381 | +€2,381 | |
| Suppliers | 440/4 | - | €2,381 | +€2,381 | |
| Taxes, remuneration and social security | 45 | €1,831 | - | -€1,831 | |
| Taxes | 450/3 | €1,831 | - | -€1,831 | |
| Other amounts payable | 47/48 | - | €3,389 | +€3,389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,868 | €3,903 | +€35 | +0.9% |
| Other operating charges | 640/8 | €573 | €659 | +€86 | +15.0% |
| Gross operating margin | 9900 | €9,162 | €5,672 | -€3,489 | -38.1% |
| Operating profit (loss) | 9901 | €4,721 | €1,110 | -€3,610 | -76.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,943 | €2,179 | +€236 | +12.1% |
| Recurring financial charges | 65 | €1,943 | €2,179 | +€236 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €2,778 | -€1,069 | -€3,847 | |
| Income taxes | 67/77 | €564 | - | -€564 | |
| Profit (loss) for the period | 9904 | €2,215 | -€1,069 | -€3,283 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,215 | -€1,069 | -€3,283 |
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 15 October 2026 via checked.be.