MEBF: what changed
Two fiscal 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.
MEBF
Largest movements
- Stocks and contracts +€266,237
up €266,237 (+19.3%), from €1.4m to €1.6m
- Receivables after one year -€189,987
down €189,987 (-76.3%), from €248,855 to €58,868
- Receivables within one year +€154,078
up €154,078 (+62.7%), from €245,693 to €399,771
of which Trade receivables: +€156,015
- Tangible fixed assets -€105,957
down €105,957 (-12.0%), from €884,705 to €778,748
of which Plant, machinery and equipment: -€183,308
- Cash -€96,205
down €96,205 (-61.1%), from €157,423 to €61,218
mainly Investment in fixed assets (net) (-€268,992) and Stocks and contracts (-€266,237)
- Debts after one year +€125,411
up €125,411 (+10.3%), from €1.2m to €1.3m
- Other debts -€109,130
down €109,130 (-97.3%), from €112,212 to €3,083
- Trade debts +€74,704
up €74,704 (+19.1%), from €390,222 to €464,926
- Current portion of long-term debt +€35,705
up €35,705 (+12.3%), from €290,510 to €326,216
- Staff costs -€124,506
down €124,506 (-10.5%), from €1.2m to €1.1m
- Gross operating margin +€103,221
up €103,221 (+7.0%), from €1.5m to €1.6m
- Depreciation +€62,404
up €62,404 (+25.8%), from €241,637 to €304,041
- Write-downs +€22,922
up €22,922, from -€13,549 to €9,372
- Other operating charges -€20,290
down €20,290 (-62.1%), from €32,660 to €12,370
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 | €2,977,232 | €3,100,843 | +€123,611 | +4.2% |
| Formation expenses | 20 | €14,071 | €63,559 | +€49,488 | +351.7% |
| Fixed assets | 21/28 | €916,092 | €831,555 | -€84,537 | -9.2% |
| Intangible fixed assets | 21 | €31,387 | €52,806 | +€21,420 | +68.2% |
| Tangible fixed assets | 22/27 | €884,705 | €778,748 | -€105,957 | -12.0% |
| Plant, machinery and equipment | 23 | €682,133 | €498,825 | -€183,308 | -26.9% |
| Furniture and vehicles | 24 | €4,572 | €6,810 | +€2,238 | +48.9% |
| Leasing and similar rights | 25 | €171,471 | €239,442 | +€67,971 | +39.6% |
| Other tangible fixed assets | 26 | €26,530 | €33,671 | +€7,142 | +26.9% |
| Current assets | 29/58 | €2,047,069 | €2,205,729 | +€158,660 | +7.8% |
| Amounts receivable after more than one year | 29 | €248,855 | €58,868 | -€189,987 | -76.3% |
| Other amounts receivable | 291 | €248,855 | €58,868 | -€189,987 | -76.3% |
| Stocks and contracts in progress | 3 | €1,382,215 | €1,648,452 | +€266,237 | +19.3% |
| Stocks | 30/36 | €1,382,215 | €1,648,452 | +€266,237 | +19.3% |
| Amounts receivable within one year | 40/41 | €245,693 | €399,771 | +€154,078 | +62.7% |
| Trade receivables | 40 | €175,094 | €331,110 | +€156,015 | +89.1% |
| Other amounts receivable | 41 | €70,599 | €68,662 | -€1,937 | -2.7% |
| Cash at bank and in hand | 54/58 | €157,423 | €61,218 | -€96,205 | -61.1% |
| Deferred charges and accrued income | 490/1 | €12,882 | €37,420 | +€24,538 | +190.5% |
| Total equity and liabilities | 10/49 | €2,977,232 | €3,100,843 | +€123,611 | +4.2% |
| Equity | 10/15 | €357,071 | €375,608 | +€18,538 | +5.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Revaluation surpluses | 12 | €205,969 | €205,969 | = | 0.0% |
| Reserves | 13 | €97,223 | €97,223 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,223 | €85,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,738 | -€48,661 | +€19,076 | +28.2% |
| Investment grants | 15 | €1,616 | €1,078 | -€539 | -33.3% |
| Amounts payable | 17/49 | €2,620,162 | €2,725,235 | +€105,073 | +4.0% |
| Amounts payable after more than one year | 17 | €1,220,369 | €1,345,780 | +€125,411 | +10.3% |
| Financial debts | 170/4 | €1,220,369 | €1,345,780 | +€125,411 | +10.3% |
| Amounts payable within one year | 42/48 | €1,375,441 | €1,375,951 | +€510 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €290,510 | €326,216 | +€35,705 | +12.3% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €390,222 | €464,926 | +€74,704 | +19.1% |
| Suppliers | 440/4 | €390,222 | €464,926 | +€74,704 | +19.1% |
| Taxes, remuneration and social security | 45 | €182,496 | €181,727 | -€769 | -0.4% |
| Taxes | 450/3 | €103,313 | €97,363 | -€5,950 | -5.8% |
| Remuneration and social security | 454/9 | €79,183 | €84,363 | +€5,180 | +6.5% |
| Other amounts payable | 47/48 | €112,212 | €3,083 | -€109,130 | -97.3% |
| Accrued charges and deferred income | 492/3 | €24,351 | €3,504 | -€20,848 | -85.6% |
| Non-recurring operating income | 76A | €29,589 | €13,412 | -€16,177 | -54.7% |
| Remuneration, social security and pensions | 62 | €1,189,254 | €1,064,748 | -€124,506 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,637 | €304,041 | +€62,404 | +25.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€13,549 | €9,372 | +€22,922 | |
| Other operating charges | 640/8 | €32,660 | €12,370 | -€20,290 | -62.1% |
| Non-recurring operating charges | 66A | €17,278 | €35,909 | +€18,631 | +107.8% |
| Gross operating margin | 9900 | €1,477,985 | €1,581,205 | +€103,221 | +7.0% |
| Operating profit (loss) | 9901 | €10,705 | €154,765 | +€144,060 | +1345.7% |
| Financial income | 75/76B | €14,723 | €7,832 | -€6,891 | -46.8% |
| Recurring financial income | 75 | €14,723 | €7,832 | -€6,891 | -46.8% |
| Financial charges | 65/66B | €132,899 | €143,167 | +€10,267 | +7.7% |
| Recurring financial charges | 65 | €132,899 | €143,167 | +€10,267 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€107,471 | €19,431 | +€126,901 | |
| Income taxes | 67/77 | -€234 | €354 | +€589 | |
| Profit (loss) for the period | 9904 | -€107,236 | €19,076 | +€126,313 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,236 | €19,076 | +€126,313 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.