MEANDER: 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.
MEANDER
Largest movements
- Cash -€13,691
down €13,691 (-21.8%), from €62,877 to €49,187
mainly Contributions, distributions and other (-€40,792) and Trade debts (-€1,135)
- Receivables after one year -€12,500
no longer reported in 2025 (was €12,500)
- Tangible fixed assets -€7,024
down €7,024 (-51.7%), from €13,592 to €6,568
of which Plant, machinery and equipment: -€6,506
- Reserves -€31,580
down €31,580 (-44.5%), from €70,961 to €39,381
of which Distributable reserves: -€31,580
- Gross operating margin -€8,123
down €8,123 (-23.1%), from €35,195 to €27,072
- Taxes -€2,159
down €2,159 (-29.8%), from €7,250 to €5,091
- Financial charges -€805
down €805 (-14.8%), from €5,438 to €4,633
- Depreciation -€630
down €630 (-9.3%), from €6,787 to €6,157
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 | €114,498 | €81,187 | -€33,310 | -29.1% |
| Fixed assets | 21/28 | €13,592 | €6,568 | -€7,024 | -51.7% |
| Tangible fixed assets | 22/27 | €13,592 | €6,568 | -€7,024 | -51.7% |
| Land and buildings | 22 | €654 | €402 | -€252 | -38.5% |
| Plant, machinery and equipment | 23 | €12,170 | €5,664 | -€6,506 | -53.5% |
| Furniture and vehicles | 24 | €767 | €502 | -€266 | -34.6% |
| Current assets | 29/58 | €100,906 | €74,620 | -€26,287 | -26.1% |
| Amounts receivable after more than one year | 29 | €12,500 | - | -€12,500 | |
| Other amounts receivable | 291 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €25,205 | €25,271 | +€66 | +0.3% |
| Trade receivables | 40 | €12,705 | €12,112 | -€593 | -4.7% |
| Other amounts receivable | 41 | €12,500 | €13,159 | +€659 | +5.3% |
| Cash at bank and in hand | 54/58 | €62,877 | €49,187 | -€13,691 | -21.8% |
| Deferred charges and accrued income | 490/1 | €324 | €162 | -€162 | -50.0% |
| Total equity and liabilities | 10/49 | €114,498 | €81,187 | -€33,310 | -29.1% |
| Equity | 10/15 | €89,561 | €57,981 | -€31,580 | -35.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,961 | €39,381 | -€31,580 | -44.5% |
| Tax-exempt reserves | 132 | €898 | €898 | = | 0.0% |
| Distributable reserves | 133 | €70,063 | €38,483 | -€31,580 | -45.1% |
| Amounts payable | 17/49 | €24,937 | €23,207 | -€1,730 | -6.9% |
| Amounts payable within one year | 42/48 | €24,625 | €22,910 | -€1,715 | -7.0% |
| Trade debts | 44 | €3,232 | €2,096 | -€1,135 | -35.1% |
| Suppliers | 440/4 | €3,232 | €2,096 | -€1,135 | -35.1% |
| Taxes, remuneration and social security | 45 | €8,649 | €8,454 | -€195 | -2.3% |
| Taxes | 450/3 | €8,649 | €8,454 | -€195 | -2.3% |
| Other amounts payable | 47/48 | €12,744 | €12,359 | -€385 | -3.0% |
| Accrued charges and deferred income | 492/3 | €312 | €297 | -€15 | -4.8% |
| Non-recurring operating income | 76A | €477 | - | -€477 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,787 | €6,157 | -€630 | -9.3% |
| Other operating charges | 640/8 | €1,504 | €1,598 | +€94 | +6.3% |
| Non-recurring operating charges | 66A | - | €867 | +€867 | |
| Gross operating margin | 9900 | €35,195 | €27,072 | -€8,123 | -23.1% |
| Operating profit (loss) | 9901 | €26,905 | €18,450 | -€8,455 | -31.4% |
| Financial income | 75/76B | €812 | €486 | -€326 | -40.2% |
| Recurring financial income | 75 | €812 | €486 | -€326 | -40.2% |
| Financial charges | 65/66B | €5,438 | €4,633 | -€805 | -14.8% |
| Recurring financial charges | 65 | €5,438 | €4,633 | -€805 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €22,278 | €14,303 | -€7,976 | -35.8% |
| Income taxes | 67/77 | €7,250 | €5,091 | -€2,159 | -29.8% |
| Profit (loss) for the period | 9904 | €15,028 | €9,212 | -€5,817 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,028 | €9,212 | -€5,817 | -38.7% |
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 10 October 2026 via checked.be.