MEANDER BEHEER: 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.
What changed
MEANDER BEHEER
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,096
2024 · €985,982-€973,886
Equity
€182.9m
2024 · €182.9m+€12,096
Cash
€149,354
2024 · €1.5m-€1.4m
Balance sheet total
€183.5m
2024 · €189.0m-€5.5m
Largest movements
Assets
- Receivables within one year -€11.5m
down €11.5m (-100.0%), from €11.5m to €5,717
of which Other amounts receivable: -€11.5m
- Current investments +€7.4m
up €7.4m (+717%), from €1.0m to €8.4m
Equity and liabilities
- Other debts -€4.9m
down €4.9m (-91.2%), from €5.3m to €469,574
Income statement
- Financial income -€1.1m
down €1.1m (-99.0%), from €1.1m to €10,682
- Taxes -€100,073
down €100,073 (-84.4%), from €118,596 to €18,523
of which Taxes: -€100,108
- Staff costs -€25,359
down €25,359 (-15.4%), from €164,930 to €139,572
- Turnover +€24,700
up €24,700 (+11.0%), from €225,300 to €250,000
- Financial charges +€23,747
up €23,747 (+155%), from €15,331 to €39,078
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.
Result 2024
€985,982
Turnover
+€24,700
Other operating income
+€50
Services and other goods
-€3,830
Staff costs
+€25,359
Other operating charges
+€158
Financial income
-€1.1m
Financial charges
-€23,747
Taxes
+€100,073
Result 2025
€12,096
raises the resultlowers the result
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.
From operations
+€6.1m
Investment
-€7.4m
Financing
€0
Cash 2024
€1.5m
From operations (derived)
+€6.1m
Net result for the year
+€12,096
Depreciation
+€3,655
Receivables within one year
+€11.5m
Smaller working-capital items
+€24,847
Tax, wage and social debts
-€633,299
Other debts
-€4.9m
Investment (derived)
-€7.4m
Investment in fixed assets (net)
-€50,000
Current investments
-€7.4m
Cash 2025
€149,354
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €188,956,152 | €183,505,920 | -€5.5m | -2.9% |
| Fixed assets | 21/28 | €174,884,951 | €174,931,296 | +€46,345 | 0.0% |
| Tangible fixed assets | 22/27 | €380,100 | €376,445 | -€3,655 | -1.0% |
| Furniture and vehicles | 24 | €14,100 | €10,445 | -€3,655 | -25.9% |
| Other tangible fixed assets | 26 | €366,000 | €366,000 | = | 0.0% |
| Financial fixed assets | 28 | €174,504,851 | €174,554,851 | +€50,000 | 0.0% |
| Affiliated companies | 280/1 | €174,504,851 | €174,554,851 | +€50,000 | 0.0% |
| Participating interests | 280 | €174,504,851 | €174,554,851 | +€50,000 | 0.0% |
| Amounts receivable | 281 | €0 | - | = | |
| Current assets | 29/58 | €14,071,201 | €8,574,624 | -€5.5m | -39.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €11,535,868 | €5,717 | -€11.5m | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €11,535,868 | €5,717 | -€11.5m | -100.0% |
| Current investments | 50/53 | €1,029,945 | €8,417,690 | +€7.4m | +717% |
| Other investments | 51/53 | €1,029,945 | €8,417,690 | +€7.4m | +717% |
| Cash at bank and in hand | 54/58 | €1,504,214 | €149,354 | -€1.4m | -90.1% |
| Deferred charges and accrued income | 490/1 | €1,174 | €1,863 | +€689 | +58.6% |
| Total equity and liabilities | 10/49 | €188,956,152 | €183,505,920 | -€5.5m | -2.9% |
| Equity | 10/15 | €182,856,838 | €182,868,934 | +€12,096 | 0.0% |
| Contributions | 10/11 | €171,400,600 | €171,400,600 | = | 0.0% |
| Reserves | 13 | €11,456,238 | €11,468,334 | +€12,096 | +0.1% |
| Non-distributable reserves | 130/1 | €9,498,922 | €9,498,922 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,498,922 | €9,498,922 | = | 0.0% |
| Distributable reserves | 133 | €1,957,316 | €1,969,412 | +€12,096 | +0.6% |
| Amounts payable | 17/49 | €6,099,314 | €636,986 | -€5.5m | -89.6% |
| Amounts payable within one year | 42/48 | €6,099,314 | €636,986 | -€5.5m | -89.6% |
| Trade debts | 44 | €34,054 | €59,590 | +€25,536 | +75.0% |
| Suppliers | 440/4 | €34,054 | €59,590 | +€25,536 | +75.0% |
| Advances received on contracts in progress | 46 | €59,812 | €59,812 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €681,309 | €48,010 | -€633,299 | -93.0% |
| Taxes | 450/3 | €661,042 | €41,911 | -€619,131 | -93.7% |
| Remuneration and social security | 454/9 | €20,267 | €6,099 | -€14,169 | -69.9% |
| Other amounts payable | 47/48 | €5,324,139 | €469,574 | -€4.9m | -91.2% |
| Operating income | 70/76A | €226,896 | €251,646 | +€24,750 | +10.9% |
| Turnover | 70 | €225,300 | €250,000 | +€24,700 | +11.0% |
| Other operating income | 74 | €1,596 | €1,646 | +€50 | +3.1% |
| Operating charges | 60/66A | €214,317 | €192,630 | -€21,687 | -10.1% |
| Services and other goods | 61 | €45,008 | €48,837 | +€3,830 | +8.5% |
| Remuneration, social security and pensions | 62 | €164,930 | €139,572 | -€25,359 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,655 | €3,655 | = | 0.0% |
| Other operating charges | 640/8 | €724 | €566 | -€158 | -21.9% |
| Operating profit (loss) | 9901 | €12,578 | €59,015 | +€46,437 | +369% |
| Financial income | 75/76B | €1,107,331 | €10,682 | -€1.1m | -99.0% |
| Recurring financial income | 75 | €1,107,331 | €10,682 | -€1.1m | -99.0% |
| Income from financial fixed assets | 750 | €1,070 | €0 | -€1,070 | -100% |
| Income from current assets | 751 | €1,106,261 | €10,682 | -€1.1m | -99.0% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €15,331 | €39,078 | +€23,747 | +155% |
| Recurring financial charges | 65 | €15,331 | €39,078 | +€23,747 | +155% |
| Other financial charges | 652/9 | €15,331 | €39,078 | +€23,747 | +155% |
| Profit (loss) for the period before taxes | 9903 | €1,104,578 | €30,620 | -€1.1m | -97.2% |
| Income taxes | 67/77 | €118,596 | €18,523 | -€100,073 | -84.4% |
| Taxes | 670/3 | €118,632 | €18,523 | -€100,108 | -84.4% |
| Tax adjustments and reversals of tax provisions | 77 | €36 | €0 | -€36 | -100% |
| Profit (loss) for the period | 9904 | €985,982 | €12,096 | -€973,886 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €985,982 | €12,096 | -€973,886 | -98.8% |
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 13 October 2026 via checked.be.