LUC MEEUS: 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.
LUC MEEUS
Largest movements
- Cash -€1.2m
down €1.2m (-31.1%), from €3.9m to €2.7m
mainly Receivables within one year (-€1.1m) and Other debts (-€645,230)
- Receivables within one year +€1.1m
up €1.1m (+3345.3%), from €33,054 to €1.1m
of which Other amounts receivable: +€1.1m
- Current investments +€500,000
new in 2025: €500,000
- Receivables after one year +€125,286
up €125,286 (+14.3%), from €876,038 to €1.0m
- Reserves +€1.1m
up €1.1m (+27.0%), from €3.9m to €5.0m
of which Distributable reserves: +€1.1m
- Other debts -€645,230
down €645,230 (-99.4%), from €648,991 to €3,761
- Tax, wage and social debts +€129,265
up €129,265 (+63.8%), from €202,753 to €332,018
- Gross operating margin +€283,338
up €283,338 (+22.7%), from €1.2m to €1.5m
- Taxes +€114,344
up €114,344 (+29.9%), from €382,791 to €497,136
- Financial income +€66,910
up €66,910 (+11948185.7%), from €1 to €66,910
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 | €4,844,243 | €5,395,746 | +€551,503 | +11.4% |
| Fixed assets | 21/28 | €35,500 | €21,209 | -€14,291 | -40.3% |
| Tangible fixed assets | 22/27 | €34,012 | €19,721 | -€14,291 | -42.0% |
| Land and buildings | 22 | €21,389 | €1,448 | -€19,940 | -93.2% |
| Furniture and vehicles | 24 | €12,623 | €18,273 | +€5,650 | +44.8% |
| Financial fixed assets | 28 | €1,487 | €1,487 | = | 0.0% |
| Current assets | 29/58 | €4,808,743 | €5,374,537 | +€565,794 | +11.8% |
| Amounts receivable after more than one year | 29 | €876,038 | €1,001,324 | +€125,286 | +14.3% |
| Trade receivables | 290 | €876,038 | €1,001,324 | +€125,286 | +14.3% |
| Amounts receivable within one year | 40/41 | €33,054 | €1,138,803 | +€1.1m | +3345.3% |
| Trade receivables | 40 | €33,054 | €38,803 | +€5,749 | +17.4% |
| Other amounts receivable | 41 | - | €1,100,000 | +€1.1m | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €3,898,226 | €2,686,973 | -€1.2m | -31.1% |
| Deferred charges and accrued income | 490/1 | €1,426 | €47,437 | +€46,011 | +3227.5% |
| Total equity and liabilities | 10/49 | €4,844,243 | €5,395,746 | +€551,503 | +11.4% |
| Equity | 10/15 | €3,935,880 | €4,996,312 | +€1.1m | +26.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,923,480 | €4,983,912 | +€1.1m | +27.0% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Distributable reserves | 133 | €3,921,000 | €4,981,432 | +€1.1m | +27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €55,000 | €55,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €55,000 | €55,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable | 17/49 | €853,363 | €344,434 | -€508,929 | -59.6% |
| Amounts payable within one year | 42/48 | €853,363 | €341,524 | -€511,839 | -60.0% |
| Trade debts | 44 | €1,619 | €5,744 | +€4,125 | +254.8% |
| Suppliers | 440/4 | €1,619 | €5,744 | +€4,125 | +254.8% |
| Taxes, remuneration and social security | 45 | €202,753 | €332,018 | +€129,265 | +63.8% |
| Taxes | 450/3 | €202,753 | €332,018 | +€129,265 | +63.8% |
| Other amounts payable | 47/48 | €648,991 | €3,761 | -€645,230 | -99.4% |
| Accrued charges and deferred income | 492/3 | - | €2,910 | +€2,910 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,804 | €33,232 | -€1,572 | -4.5% |
| Other operating charges | 640/8 | €4,605 | €5,009 | +€404 | +8.8% |
| Gross operating margin | 9900 | €1,245,647 | €1,528,985 | +€283,338 | +22.7% |
| Operating profit (loss) | 9901 | €1,206,238 | €1,490,745 | +€284,507 | +23.6% |
| Financial income | 75/76B | €1 | €66,910 | +€66,910 | +11948185.7% |
| Recurring financial income | 75 | €1 | €66,910 | +€66,910 | +11948185.7% |
| Financial charges | 65/66B | €899 | €88 | -€811 | -90.2% |
| Recurring financial charges | 65 | €899 | €88 | -€811 | -90.2% |
| Profit (loss) for the period before taxes | 9903 | €1,205,339 | €1,557,567 | +€352,228 | +29.2% |
| Income taxes | 67/77 | €382,791 | €497,136 | +€114,344 | +29.9% |
| Profit (loss) for the period | 9904 | €822,548 | €1,060,432 | +€237,884 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €822,548 | €1,060,432 | +€237,884 | +28.9% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.