M.E.C.O.: 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.
M.E.C.O.
Largest movements
- Receivables within one year -€22,770
down €22,770 (-46.3%), from €49,132 to €26,362
- Stocks and contracts -€22,250
down €22,250 (-42.2%), from €52,700 to €30,450
- Tangible fixed assets -€7,338
down €7,338 (-2.5%), from €294,351 to €287,014
of which Furniture and vehicles: -€7,451
- Other debts -€86,909
down €86,909 (-40.2%), from €216,239 to €129,330
- Debts after one year +€20,153
up €20,153 (+38.5%), from €52,390 to €72,543
of which Financial debts: +€20,153
- Trade debts +€11,134
up €11,134 (+102.0%), from €10,918 to €22,051
- Gross operating margin +€26,918
up €26,918 (+51.8%), from €51,922 to €78,840
- Other operating charges +€14,962
up €14,962 (+307.2%), from €4,870 to €19,832
- Depreciation +€12,267
up €12,267 (+32.0%), from €38,387 to €50,654
- Taxes -€1,776
down €1,776 (-44.3%), from €4,012 to €2,235
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 | €398,249 | €344,507 | -€53,741 | -13.5% |
| Fixed assets | 21/28 | €294,911 | €287,573 | -€7,338 | -2.5% |
| Tangible fixed assets | 22/27 | €294,351 | €287,014 | -€7,338 | -2.5% |
| Land and buildings | 22 | €169,861 | €170,057 | +€196 | +0.1% |
| Plant, machinery and equipment | 23 | €83 | - | -€83 | |
| Furniture and vehicles | 24 | €124,407 | €116,956 | -€7,451 | -6.0% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €103,337 | €56,934 | -€46,403 | -44.9% |
| Stocks and contracts in progress | 3 | €52,700 | €30,450 | -€22,250 | -42.2% |
| Stocks | 30/36 | €52,700 | €30,450 | -€22,250 | -42.2% |
| Amounts receivable within one year | 40/41 | €49,132 | €26,362 | -€22,770 | -46.3% |
| Trade receivables | 40 | €49,132 | €26,362 | -€22,770 | -46.3% |
| Cash at bank and in hand | 54/58 | €1,505 | €122 | -€1,383 | -91.9% |
| Total equity and liabilities | 10/49 | €398,249 | €344,507 | -€53,741 | -13.5% |
| Equity | 10/15 | €78,343 | €80,960 | +€2,617 | +3.3% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €7,315 | €7,315 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,315 | €6,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,028 | €41,645 | +€2,617 | +6.7% |
| Amounts payable | 17/49 | €319,906 | €263,547 | -€56,358 | -17.6% |
| Amounts payable after more than one year | 17 | €52,390 | €72,543 | +€20,153 | +38.5% |
| Financial debts | 170/4 | €51,890 | €72,043 | +€20,153 | +38.8% |
| Advances received on contracts in progress | 176 | €500 | €500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €267,516 | €191,005 | -€76,511 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €30,978 | €28,370 | -€2,608 | -8.4% |
| Financial debts | 43 | €1,952 | €5,455 | +€3,503 | +179.5% |
| Credit institutions | 430/8 | €1,952 | €5,455 | +€3,503 | +179.5% |
| Trade debts | 44 | €10,918 | €22,051 | +€11,134 | +102.0% |
| Suppliers | 440/4 | €10,918 | €22,051 | +€11,134 | +102.0% |
| Taxes, remuneration and social security | 45 | €7,429 | €5,798 | -€1,631 | -21.9% |
| Taxes | 450/3 | €7,429 | €5,798 | -€1,631 | -21.9% |
| Other amounts payable | 47/48 | €216,239 | €129,330 | -€86,909 | -40.2% |
| Non-recurring operating income | 76A | - | €3,514 | +€3,514 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,387 | €50,654 | +€12,267 | +32.0% |
| Other operating charges | 640/8 | €4,870 | €19,832 | +€14,962 | +307.2% |
| Non-recurring operating charges | 66A | €265 | - | -€265 | |
| Gross operating margin | 9900 | €51,922 | €78,840 | +€26,918 | +51.8% |
| Operating profit (loss) | 9901 | €8,400 | €8,354 | -€46 | -0.6% |
| Financial income | 75/76B | €23 | €192 | +€170 | +754.3% |
| Recurring financial income | 75 | €23 | €192 | +€170 | +754.3% |
| Financial charges | 65/66B | €3,474 | €3,694 | +€220 | +6.3% |
| Recurring financial charges | 65 | €3,474 | €3,194 | -€280 | -8.1% |
| Non-recurring financial charges | 66B | - | €500 | +€500 | |
| Profit (loss) for the period before taxes | 9903 | €4,949 | €4,852 | -€97 | -2.0% |
| Income taxes | 67/77 | €4,012 | €2,235 | -€1,776 | -44.3% |
| Profit (loss) for the period | 9904 | €937 | €2,617 | +€1,680 | +179.2% |
| Profit (loss) for the period to be appropriated | 9905 | €937 | €2,617 | +€1,680 | +179.2% |
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 3 October 2026 via checked.be.