KURT MEERTS: what changed
KURT MEERTS
Largest movements
- Cash +€832,827
up €832,827 (+22,835%), from €3,647 to €836,474
mainly Other debts (+€711,336) and Depreciation (+€68,658)
- Tangible fixed assets -€68,658
down €68,658 (-5.0%), from €1.4m to €1.3m
of which Land and buildings: -€64,715
- Other debts +€711,336
up €711,336 (+189%), from €376,894 to €1.1m
- Reserves +€44,030
up €44,030 (+4.6%), from €964,462 to €1.0m
of which Distributable reserves: +€44,030
- Financial income -€194,456
down €194,456 (-99.0%), from €196,403 to €1,947
- Financial charges +€73,082
up €73,082 (+242%), from €30,139 to €103,221
- Gross operating margin +€61,959
up €61,959 (+33.5%), from €184,870 to €246,829
- Taxes -€33,921
down €33,921 (-60.4%), from €56,195 to €22,274
- Other operating charges +€4,377
up €4,377 (+70.4%), from €6,217 to €10,594
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,624,447 | €3,405,819 | +€781,373 | +29.8% |
| Fixed assets | 21/28 | €2,477,764 | €2,409,106 | -€68,658 | -2.8% |
| Tangible fixed assets | 22/27 | €1,383,839 | €1,315,181 | -€68,658 | -5.0% |
| Land and buildings | 22 | €1,374,323 | €1,309,608 | -€64,715 | -4.7% |
| Furniture and vehicles | 24 | €9,516 | €5,574 | -€3,943 | -41.4% |
| Financial fixed assets | 28 | €1,093,925 | €1,093,925 | = | 0.0% |
| Current assets | 29/58 | €146,683 | €996,713 | +€850,031 | +580% |
| Amounts receivable within one year | 40/41 | €141,540 | €158,621 | +€17,081 | +12.1% |
| Trade receivables | 40 | €141,540 | €158,621 | +€17,081 | +12.1% |
| Cash at bank and in hand | 54/58 | €3,647 | €836,474 | +€832,827 | +22,835% |
| Deferred charges and accrued income | 490/1 | €1,495 | €1,619 | +€124 | +8.3% |
| Total equity and liabilities | 10/49 | €2,624,447 | €3,405,819 | +€781,373 | +29.8% |
| Equity | 10/15 | €983,062 | €1,027,092 | +€44,030 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €964,462 | €1,008,492 | +€44,030 | +4.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €962,602 | €1,006,632 | +€44,030 | +4.6% |
| Amounts payable | 17/49 | €1,641,385 | €2,378,728 | +€737,343 | +44.9% |
| Amounts payable after more than one year | 17 | €1,211,955 | €1,211,955 | = | 0.0% |
| Financial debts | 170/4 | €1,211,955 | €1,211,955 | = | 0.0% |
| Amounts payable within one year | 42/48 | €429,430 | €1,166,773 | +€737,343 | +172% |
| Trade debts | 44 | €3,204 | €4,083 | +€879 | +27.4% |
| Suppliers | 440/4 | €3,204 | €4,083 | +€879 | +27.4% |
| Taxes, remuneration and social security | 45 | €49,332 | €74,461 | +€25,129 | +50.9% |
| Taxes | 450/3 | €49,272 | €74,401 | +€25,129 | +51.0% |
| Remuneration and social security | 454/9 | €60 | €60 | = | 0.0% |
| Other amounts payable | 47/48 | €376,894 | €1,088,229 | +€711,336 | +189% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,658 | €68,658 | = | 0.0% |
| Other operating charges | 640/8 | €6,217 | €10,594 | +€4,377 | +70.4% |
| Gross operating margin | 9900 | €184,870 | €246,829 | +€61,959 | +33.5% |
| Operating profit (loss) | 9901 | €109,995 | €167,577 | +€57,582 | +52.3% |
| Financial income | 75/76B | €196,403 | €1,947 | -€194,456 | -99.0% |
| Recurring financial income | 75 | €196,403 | €1,947 | -€194,456 | -99.0% |
| Financial charges | 65/66B | €30,139 | €103,221 | +€73,082 | +242% |
| Recurring financial charges | 65 | €30,139 | €103,221 | +€73,082 | +242% |
| Profit (loss) for the period before taxes | 9903 | €276,259 | €66,304 | -€209,955 | -76.0% |
| Income taxes | 67/77 | €56,195 | €22,274 | -€33,921 | -60.4% |
| Profit (loss) for the period | 9904 | €220,063 | €44,030 | -€176,034 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €220,063 | €44,030 | -€176,034 | -80.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.