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 +€79,851
up €79,851 (+82.9%), from €96,378 to €176,228
of which Other amounts receivable: +€65,414
- Cash -€17,818
down €17,818 (-23.2%), from €76,742 to €58,924
mainly Receivables within one year (-€79,851) and Current portion of long-term debt (-€2,897)
- Tangible fixed assets -€12,408
no longer reported in 2025 (was €12,408)
of which Furniture and vehicles: -€6,358
- Reserves +€40,640
up €40,640 (+25.4%), from €159,879 to €200,520
- Tax, wage and social debts +€11,862
up €11,862 (+466.2%), from €2,545 to €14,407
- Current portion of long-term debt -€2,897
no longer reported in 2025 (was €2,897)
- Depreciation -€7,011
down €7,011 (-94.5%), from €7,423 to €412
- Financial income +€6,212
up €6,212 (+420.8%), from €1,476 to €7,688
- Gross operating margin -€2,417
down €2,417 (-3.9%), from €61,850 to €59,433
- Taxes +€1,510
up €1,510 (+8.1%), from €18,631 to €20,141
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 | €186,608 | €236,160 | +€49,551 | +26.6% |
| Fixed assets | 21/28 | €12,408 | - | -€12,408 | |
| Tangible fixed assets | 22/27 | €12,408 | - | -€12,408 | |
| Land and buildings | 22 | €4,728 | - | -€4,728 | |
| Furniture and vehicles | 24 | €6,358 | - | -€6,358 | |
| Other tangible fixed assets | 26 | €1,322 | - | -€1,322 | |
| Current assets | 29/58 | €174,201 | €236,160 | +€61,959 | +35.6% |
| Amounts receivable within one year | 40/41 | €96,378 | €176,228 | +€79,851 | +82.9% |
| Trade receivables | 40 | €2,375 | €16,812 | +€14,437 | +607.8% |
| Other amounts receivable | 41 | €94,002 | €159,416 | +€65,414 | +69.6% |
| Cash at bank and in hand | 54/58 | €76,742 | €58,924 | -€17,818 | -23.2% |
| Deferred charges and accrued income | 490/1 | €1,081 | €1,007 | -€74 | -6.9% |
| Total equity and liabilities | 10/49 | €186,608 | €236,160 | +€49,551 | +26.6% |
| Equity | 10/15 | €178,479 | €219,120 | +€40,640 | +22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,879 | €200,520 | +€40,640 | +25.4% |
| Distributable reserves | 133 | €159,879 | €200,520 | +€40,640 | +25.4% |
| Amounts payable | 17/49 | €8,129 | €17,040 | +€8,911 | +109.6% |
| Amounts payable within one year | 42/48 | €8,129 | €17,040 | +€8,911 | +109.6% |
| Current portion of amounts payable after more than one year | 42 | €2,897 | - | -€2,897 | |
| Trade debts | 44 | €2,687 | €2,633 | -€54 | -2.0% |
| Suppliers | 440/4 | €2,687 | €2,633 | -€54 | -2.0% |
| Taxes, remuneration and social security | 45 | €2,545 | €14,407 | +€11,862 | +466.2% |
| Taxes | 450/3 | €2,545 | €14,407 | +€11,862 | +466.2% |
| Non-recurring operating income | 76A | - | €9,264 | +€9,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,423 | €412 | -€7,011 | -94.5% |
| Other operating charges | 640/8 | €1,088 | €1,130 | +€42 | +3.8% |
| Non-recurring operating charges | 66A | - | €4,607 | +€4,607 | |
| Gross operating margin | 9900 | €61,850 | €59,433 | -€2,417 | -3.9% |
| Operating profit (loss) | 9901 | €53,339 | €53,284 | -€55 | -0.1% |
| Financial income | 75/76B | €1,476 | €7,688 | +€6,212 | +420.8% |
| Recurring financial income | 75 | €1,476 | €7,688 | +€6,212 | +420.8% |
| Financial charges | 65/66B | €246 | €191 | -€55 | -22.3% |
| Recurring financial charges | 65 | €246 | €191 | -€55 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €54,569 | €60,781 | +€6,212 | +11.4% |
| Income taxes | 67/77 | €18,631 | €20,141 | +€1,510 | +8.1% |
| Profit (loss) for the period | 9904 | €35,938 | €40,640 | +€4,702 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,938 | €40,640 | +€4,702 | +13.1% |
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 11 October 2026 via checked.be.