MEA: 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.
MEA
Largest movements
- Financial fixed assets -€272,762
down €272,762 (-84.2%), from €324,025 to €51,263
- Tangible fixed assets -€86,723
down €86,723 (-6.4%), from €1.4m to €1.3m
of which Land and buildings: -€78,616
- Cash -€39,809
down €39,809 (-27.4%), from €145,098 to €105,288
mainly Net result for the year (-€316,371) and Debts after one year (-€72,554)
- Reserves -€316,371
down €316,371 (-18.4%), from €1.7m to €1.4m
of which Distributable reserves: -€271,359
- Debts after one year -€72,554
down €72,554 (-12.6%), from €573,630 to €501,076
- Financial charges +€271,908
up €271,908 (+553%), from €49,143 to €321,052
of which Non-recurring financial charges: +€272,762
- Gross operating margin -€76,044
down €76,044 (-22.5%), from €338,147 to €262,103
- Staff costs -€33,553
down €33,553 (-17.3%), from €194,448 to €160,894
- Depreciation +€4,408
up €4,408 (+4.9%), from €89,309 to €93,717
- Taxes -€3,707
down €3,707 (-75.8%), from €4,892 to €1,185
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 | €3,003,671 | €2,611,919 | -€391,752 | -13.0% |
| Fixed assets | 21/28 | €1,681,963 | €1,323,222 | -€358,742 | -21.3% |
| Intangible fixed assets | 21 | €4,095 | €4,839 | +€744 | +18.2% |
| Tangible fixed assets | 22/27 | €1,353,843 | €1,267,120 | -€86,723 | -6.4% |
| Land and buildings | 22 | €1,311,025 | €1,232,410 | -€78,616 | -6.0% |
| Plant, machinery and equipment | 23 | €7,380 | €6,304 | -€1,076 | -14.6% |
| Furniture and vehicles | 24 | €8,256 | €6,893 | -€1,362 | -16.5% |
| Leasing and similar rights | 25 | €27,182 | €21,513 | -€5,669 | -20.9% |
| Financial fixed assets | 28 | €324,025 | €51,263 | -€272,762 | -84.2% |
| Current assets | 29/58 | €1,321,707 | €1,288,697 | -€33,010 | -2.5% |
| Stocks and contracts in progress | 3 | €1,021,018 | €1,023,598 | +€2,580 | +0.3% |
| Stocks | 30/36 | €1,021,018 | €1,023,598 | +€2,580 | +0.3% |
| Amounts receivable within one year | 40/41 | €151,357 | €150,274 | -€1,083 | -0.7% |
| Trade receivables | 40 | €121,196 | €120,758 | -€439 | -0.4% |
| Other amounts receivable | 41 | €30,161 | €29,516 | -€645 | -2.1% |
| Cash at bank and in hand | 54/58 | €145,098 | €105,288 | -€39,809 | -27.4% |
| Deferred charges and accrued income | 490/1 | €4,234 | €9,536 | +€5,302 | +125% |
| Total equity and liabilities | 10/49 | €3,003,671 | €2,611,919 | -€391,752 | -13.0% |
| Equity | 10/15 | €1,735,297 | €1,418,926 | -€316,371 | -18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,716,697 | €1,400,326 | -€316,371 | -18.4% |
| Tax-exempt reserves | 132 | €514,879 | €469,867 | -€45,012 | -8.7% |
| Distributable reserves | 133 | €1,201,818 | €930,459 | -€271,359 | -22.6% |
| Provisions and deferred taxes | 16 | €128,720 | €117,467 | -€11,253 | -8.7% |
| Deferred taxes | 168 | €128,720 | €117,467 | -€11,253 | -8.7% |
| Amounts payable | 17/49 | €1,139,653 | €1,075,526 | -€64,128 | -5.6% |
| Amounts payable after more than one year | 17 | €573,630 | €501,076 | -€72,554 | -12.6% |
| Financial debts | 170/4 | €573,630 | €501,076 | -€72,554 | -12.6% |
| Amounts payable within one year | 42/48 | €540,521 | €550,911 | +€10,390 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €72,309 | €72,554 | +€245 | +0.3% |
| Trade debts | 44 | €86,326 | €82,123 | -€4,203 | -4.9% |
| Suppliers | 440/4 | €86,326 | €82,123 | -€4,203 | -4.9% |
| Advances received on contracts in progress | 46 | €74 | €0 | -€74 | -100% |
| Taxes, remuneration and social security | 45 | €60,161 | €55,412 | -€4,749 | -7.9% |
| Taxes | 450/3 | €22,435 | €21,068 | -€1,367 | -6.1% |
| Remuneration and social security | 454/9 | €37,726 | €34,343 | -€3,383 | -9.0% |
| Other amounts payable | 47/48 | €321,651 | €340,821 | +€19,171 | +6.0% |
| Accrued charges and deferred income | 492/3 | €25,502 | €23,539 | -€1,963 | -7.7% |
| Non-recurring operating income | 76A | €3,926 | €0 | -€3,926 | -100% |
| Remuneration, social security and pensions | 62 | €194,448 | €160,894 | -€33,553 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,309 | €93,717 | +€4,408 | +4.9% |
| Other operating charges | 640/8 | €13,329 | €13,525 | +€196 | +1.5% |
| Non-recurring operating charges | 66A | €18,203 | €0 | -€18,203 | -100% |
| Gross operating margin | 9900 | €338,147 | €262,103 | -€76,044 | -22.5% |
| Operating profit (loss) | 9901 | €22,857 | -€6,035 | -€28,891 | |
| Financial income | 75/76B | €920 | €647 | -€273 | -29.7% |
| Recurring financial income | 75 | €920 | €647 | -€273 | -29.7% |
| Financial charges | 65/66B | €49,143 | €321,052 | +€271,908 | +553% |
| Recurring financial charges | 65 | €49,143 | €48,290 | -€854 | -1.7% |
| Non-recurring financial charges | 66B | - | €272,762 | +€272,762 | |
| Profit (loss) for the period before taxes | 9903 | -€25,367 | -€326,439 | -€301,072 | -1,187% |
| Transfer from deferred taxes | 780 | €11,253 | €11,253 | = | 0.0% |
| Income taxes | 67/77 | €4,892 | €1,185 | -€3,707 | -75.8% |
| Profit (loss) for the period | 9904 | -€19,006 | -€316,371 | -€297,365 | -1,565% |
| Transfer from tax-exempt reserves | 789 | €45,012 | €45,012 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,006 | -€271,359 | -€297,365 |
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 30 October 2026 via checked.be.