MEAT: 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.
MEAT
Largest movements
- Receivables within one year -€35,985
down €35,985 (-51.5%), from €69,899 to €33,913
of which Trade receivables: -€18,855
- Cash -€22,536
down €22,536 (-11.4%), from €198,044 to €175,509
mainly Investment in fixed assets (net) (-€71,914) and Trade debts (-€41,661)
- Tangible fixed assets -€18,214
down €18,214 (-3.2%), from €561,063 to €542,849
of which Land and buildings: -€46,157
- Trade debts -€41,661
down €41,661 (-32.6%), from €127,796 to €86,135
- Debts after one year -€26,357
down €26,357 (-6.8%), from €387,984 to €361,627
- Reserves -€13,170
down €13,170 (-7.5%), from €175,280 to €162,109
of which Distributable reserves: -€13,170
- Other debts -€11,445
down €11,445 (-23.6%), from €48,487 to €37,042
- Tax, wage and social debts +€11,432
up €11,432 (+31.7%), from €36,011 to €47,444
of which Remuneration and social security: +€11,717
- Staff costs +€25,115
up €25,115 (+14.5%), from €173,087 to €198,202
- Depreciation +€14,814
up €14,814 (+19.7%), from €75,314 to €90,128
- Gross operating margin +€13,027
up €13,027 (+4.0%), from €327,494 to €340,522
- Taxes -€6,085
down €6,085 (-37.7%), from €16,146 to €10,061
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 | €846,506 | €774,771 | -€71,735 | -8.5% |
| Fixed assets | 21/28 | €561,063 | €542,849 | -€18,214 | -3.2% |
| Tangible fixed assets | 22/27 | €561,063 | €542,849 | -€18,214 | -3.2% |
| Land and buildings | 22 | €442,903 | €396,747 | -€46,157 | -10.4% |
| Plant, machinery and equipment | 23 | €116,811 | €96,383 | -€20,428 | -17.5% |
| Furniture and vehicles | 24 | €1,349 | €49,719 | +€48,371 | +3586.5% |
| Current assets | 29/58 | €285,443 | €231,922 | -€53,521 | -18.8% |
| Stocks and contracts in progress | 3 | €17,500 | €22,500 | +€5,000 | +28.6% |
| Stocks | 30/36 | €17,500 | €22,500 | +€5,000 | +28.6% |
| Amounts receivable within one year | 40/41 | €69,899 | €33,913 | -€35,985 | -51.5% |
| Trade receivables | 40 | €33,141 | €14,286 | -€18,855 | -56.9% |
| Other amounts receivable | 41 | €36,758 | €19,628 | -€17,130 | -46.6% |
| Cash at bank and in hand | 54/58 | €198,044 | €175,509 | -€22,536 | -11.4% |
| Total equity and liabilities | 10/49 | €846,506 | €774,771 | -€71,735 | -8.5% |
| Equity | 10/15 | €181,480 | €168,309 | -€13,170 | -7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €175,280 | €162,109 | -€13,170 | -7.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €173,421 | €160,250 | -€13,170 | -7.6% |
| Amounts payable | 17/49 | €665,026 | €606,461 | -€58,565 | -8.8% |
| Amounts payable after more than one year | 17 | €387,984 | €361,627 | -€26,357 | -6.8% |
| Financial debts | 170/4 | €387,984 | €361,627 | -€26,357 | -6.8% |
| Amounts payable within one year | 42/48 | €277,042 | €244,834 | -€32,208 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €64,747 | €74,213 | +€9,466 | +14.6% |
| Trade debts | 44 | €127,796 | €86,135 | -€41,661 | -32.6% |
| Suppliers | 440/4 | €127,796 | €86,135 | -€41,661 | -32.6% |
| Taxes, remuneration and social security | 45 | €36,011 | €47,444 | +€11,432 | +31.7% |
| Taxes | 450/3 | €11,960 | €11,675 | -€285 | -2.4% |
| Remuneration and social security | 454/9 | €24,051 | €35,769 | +€11,717 | +48.7% |
| Other amounts payable | 47/48 | €48,487 | €37,042 | -€11,445 | -23.6% |
| Remuneration, social security and pensions | 62 | €173,087 | €198,202 | +€25,115 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,314 | €90,128 | +€14,814 | +19.7% |
| Other operating charges | 640/8 | €3,663 | €4,455 | +€792 | +21.6% |
| Gross operating margin | 9900 | €327,494 | €340,522 | +€13,027 | +4.0% |
| Operating profit (loss) | 9901 | €75,430 | €47,736 | -€27,694 | -36.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €12,323 | €13,159 | +€836 | +6.8% |
| Recurring financial charges | 65 | €12,323 | €13,159 | +€836 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €63,107 | €34,578 | -€28,530 | -45.2% |
| Income taxes | 67/77 | €16,146 | €10,061 | -€6,085 | -37.7% |
| Profit (loss) for the period | 9904 | €46,961 | €24,517 | -€22,444 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,961 | €24,517 | -€22,444 | -47.8% |
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 10 October 2026 via checked.be.