L. MEULEMANS: 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.
L. MEULEMANS
Largest movements
- Current investments +€50,092
up €50,092 (+15.9%), from €315,507 to €365,598
- Cash +€40,248
up €40,248 (+40.2%), from €100,171 to €140,419
mainly Net result for the year (+€72,892) and Other debts (+€48,688)
- Tangible fixed assets -€23,185
down €23,185 (-34.9%), from €66,353 to €43,168
of which Furniture and vehicles: -€13,514
- Receivables within one year +€6,168
up €6,168 (+33.3%), from €18,532 to €24,700
of which Trade receivables: +€20,881
- Other debts +€48,688
up €48,688 (+26.3%), from €185,431 to €234,119
- Reserves +€17,841
up €17,841 (+6.3%), from €283,269 to €301,110
of which Distributable reserves: +€17,841
- Trade debts +€6,519
up €6,519 (+64.9%), from €10,042 to €16,561
- Gross operating margin +€39,726
up €39,726 (+40.2%), from €98,731 to €138,457
- Taxes +€10,584
up €10,584 (+56.6%), from €18,691 to €29,274
- Financial income +€6,285
up €6,285 (+107%), from €5,865 to €12,150
- Financial charges -€3,937
down €3,937 (-16.1%), from €24,474 to €20,537
of which Non-recurring financial charges: -€6,237
- Depreciation +€1,444
up €1,444 (+7.0%), from €20,699 to €22,143
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 | €504,770 | €578,094 | +€73,324 | +14.5% |
| Fixed assets | 21/28 | €66,353 | €43,168 | -€23,185 | -34.9% |
| Tangible fixed assets | 22/27 | €66,353 | €43,168 | -€23,185 | -34.9% |
| Plant, machinery and equipment | 23 | €1,653 | €1,524 | -€130 | -7.8% |
| Furniture and vehicles | 24 | €38,227 | €24,714 | -€13,514 | -35.4% |
| Other tangible fixed assets | 26 | €26,472 | €16,930 | -€9,542 | -36.0% |
| Current assets | 29/58 | €438,417 | €534,927 | +€96,509 | +22.0% |
| Stocks and contracts in progress | 3 | €538 | €509 | -€29 | -5.4% |
| Stocks | 30/36 | €538 | €509 | -€29 | -5.4% |
| Amounts receivable within one year | 40/41 | €18,532 | €24,700 | +€6,168 | +33.3% |
| Trade receivables | 40 | €3,819 | €24,700 | +€20,881 | +547% |
| Other amounts receivable | 41 | €14,713 | - | -€14,713 | |
| Current investments | 50/53 | €315,507 | €365,598 | +€50,092 | +15.9% |
| Cash at bank and in hand | 54/58 | €100,171 | €140,419 | +€40,248 | +40.2% |
| Deferred charges and accrued income | 490/1 | €3,670 | €3,700 | +€30 | +0.8% |
| Total equity and liabilities | 10/49 | €504,770 | €578,094 | +€73,324 | +14.5% |
| Equity | 10/15 | €301,861 | €319,702 | +€17,841 | +5.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €283,269 | €301,110 | +€17,841 | +6.3% |
| Tax-exempt reserves | 132 | €6,791 | €6,791 | = | 0.0% |
| Distributable reserves | 133 | €276,478 | €294,320 | +€17,841 | +6.5% |
| Amounts payable | 17/49 | €202,909 | €258,392 | +€55,483 | +27.3% |
| Amounts payable within one year | 42/48 | €198,548 | €252,207 | +€53,659 | +27.0% |
| Trade debts | 44 | €10,042 | €16,561 | +€6,519 | +64.9% |
| Suppliers | 440/4 | €10,042 | €16,561 | +€6,519 | +64.9% |
| Taxes, remuneration and social security | 45 | €3,075 | €1,527 | -€1,548 | -50.3% |
| Taxes | 450/3 | - | €1,527 | +€1,527 | |
| Remuneration and social security | 454/9 | €3,075 | - | -€3,075 | |
| Other amounts payable | 47/48 | €185,431 | €234,119 | +€48,688 | +26.3% |
| Accrued charges and deferred income | 492/3 | €4,361 | €6,185 | +€1,824 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,699 | €22,143 | +€1,444 | +7.0% |
| Other operating charges | 640/8 | €418 | €381 | -€36 | -8.7% |
| Non-recurring operating charges | 66A | - | €5,378 | +€5,378 | |
| Gross operating margin | 9900 | €98,731 | €138,457 | +€39,726 | +40.2% |
| Operating profit (loss) | 9901 | €77,614 | €110,554 | +€32,940 | +42.4% |
| Financial income | 75/76B | €5,865 | €12,150 | +€6,285 | +107% |
| Recurring financial income | 75 | €5,865 | €12,150 | +€6,285 | +107% |
| Financial charges | 65/66B | €24,474 | €20,537 | -€3,937 | -16.1% |
| Recurring financial charges | 65 | €18,237 | €20,537 | +€2,300 | +12.6% |
| Non-recurring financial charges | 66B | €6,237 | - | -€6,237 | |
| Profit (loss) for the period before taxes | 9903 | €59,005 | €102,167 | +€43,161 | +73.1% |
| Income taxes | 67/77 | €18,691 | €29,274 | +€10,584 | +56.6% |
| Profit (loss) for the period | 9904 | €40,315 | €72,892 | +€32,578 | +80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,315 | €72,892 | +€32,578 | +80.8% |
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 18 October 2026 via checked.be.