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
- Receivables within one year +€62,666
up €62,666 (+106%), from €58,927 to €121,594
of which Other amounts receivable: +€64,670
- Cash -€44,735
down €44,735 (-68.4%), from €65,373 to €20,638
mainly Receivables within one year (-€62,666) and Trade debts (-€60,588)
- Tangible fixed assets -€4,845
down €4,845 (-2.6%), from €185,259 to €180,414
of which Land and buildings: -€8,571
- Trade debts -€60,588
down €60,588 (-96.6%), from €62,736 to €2,148
- Profit (loss) carried forward +€45,709
up €45,709, from -€26,307 to €19,402
- Other debts +€31,486
up €31,486 (+189%), from €16,628 to €48,114
- Tax, wage and social debts +€14,337
up €14,337 (+227%), from €6,303 to €20,640
of which Taxes: +€12,211
- Current portion of long-term debt -€6,059
down €6,059 (-53.3%), from €11,377 to €5,319
- Gross operating margin +€40,851
up €40,851 (+44.9%), from €91,039 to €131,890
- Staff costs +€10,485
up €10,485 (+23.2%), from €45,254 to €55,739
- Taxes +€9,957
up €9,957 (+140%), from €7,137 to €17,094
- Financial income +€7,156
up €7,156 (+1,287%), from €556 to €7,712
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 | €365,525 | €381,391 | +€15,866 | +4.3% |
| Fixed assets | 21/28 | €185,492 | €180,648 | -€4,845 | -2.6% |
| Tangible fixed assets | 22/27 | €185,259 | €180,414 | -€4,845 | -2.6% |
| Land and buildings | 22 | €183,267 | €174,696 | -€8,571 | -4.7% |
| Plant, machinery and equipment | 23 | €1,992 | €5,719 | +€3,726 | +187% |
| Financial fixed assets | 28 | €233 | €233 | = | 0.0% |
| Current assets | 29/58 | €180,033 | €200,743 | +€20,710 | +11.5% |
| Stocks and contracts in progress | 3 | €53,509 | €54,945 | +€1,436 | +2.7% |
| Stocks | 30/36 | €53,509 | €54,945 | +€1,436 | +2.7% |
| Amounts receivable within one year | 40/41 | €58,927 | €121,594 | +€62,666 | +106% |
| Trade receivables | 40 | €3,951 | €1,946 | -€2,004 | -50.7% |
| Other amounts receivable | 41 | €54,977 | €119,647 | +€64,670 | +118% |
| Cash at bank and in hand | 54/58 | €65,373 | €20,638 | -€44,735 | -68.4% |
| Deferred charges and accrued income | 490/1 | €2,224 | €3,567 | +€1,343 | +60.4% |
| Total equity and liabilities | 10/49 | €365,525 | €381,391 | +€15,866 | +4.3% |
| Equity | 10/15 | €89,693 | €135,402 | +€45,709 | +51.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €41,000 | €41,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,307 | €19,402 | +€45,709 | |
| Amounts payable | 17/49 | €275,832 | €245,989 | -€29,843 | -10.8% |
| Amounts payable after more than one year | 17 | €119,698 | €114,379 | -€5,319 | -4.4% |
| Financial debts | 170/4 | €47,319 | €42,000 | -€5,319 | -11.2% |
| Other amounts payable | 178/9 | €72,379 | €72,379 | = | 0.0% |
| Amounts payable within one year | 42/48 | €156,134 | €131,610 | -€24,525 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €11,377 | €5,319 | -€6,059 | -53.3% |
| Financial debts | 43 | €59,091 | €55,000 | -€4,091 | -6.9% |
| Credit institutions | 430/8 | €59,091 | €55,000 | -€4,091 | -6.9% |
| Trade debts | 44 | €62,736 | €2,148 | -€60,588 | -96.6% |
| Suppliers | 440/4 | €62,736 | €2,148 | -€60,588 | -96.6% |
| Advances received on contracts in progress | 46 | - | €390 | +€390 | |
| Taxes, remuneration and social security | 45 | €6,303 | €20,640 | +€14,337 | +227% |
| Taxes | 450/3 | €1,384 | €13,596 | +€12,211 | +882% |
| Remuneration and social security | 454/9 | €4,918 | €7,044 | +€2,125 | +43.2% |
| Other amounts payable | 47/48 | €16,628 | €48,114 | +€31,486 | +189% |
| Non-recurring operating income | 76A | €5,076 | - | -€5,076 | |
| Remuneration, social security and pensions | 62 | €45,254 | €55,739 | +€10,485 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,686 | €9,865 | +€180 | +1.9% |
| Other operating charges | 640/8 | €5,307 | €4,494 | -€813 | -15.3% |
| Gross operating margin | 9900 | €91,039 | €131,890 | +€40,851 | +44.9% |
| Operating profit (loss) | 9901 | €30,793 | €61,792 | +€30,999 | +101% |
| Financial income | 75/76B | €556 | €7,712 | +€7,156 | +1,287% |
| Recurring financial income | 75 | €556 | €7,712 | +€7,156 | +1,287% |
| Financial charges | 65/66B | €7,425 | €6,701 | -€725 | -9.8% |
| Recurring financial charges | 65 | €7,425 | €6,701 | -€725 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €23,923 | €62,803 | +€38,880 | +163% |
| Income taxes | 67/77 | €7,137 | €17,094 | +€9,957 | +140% |
| Profit (loss) for the period | 9904 | €16,786 | €45,709 | +€28,923 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €16,786 | €45,709 | +€28,923 | +172% |
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 13 October 2026 via checked.be.