MECO: 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.
MECO
Largest movements
- Stocks and contracts +€103,004
up €103,004 (+150.2%), from €68,560 to €171,564
of which Contracts in progress: +€81,999
- Receivables within one year -€70,150
down €70,150 (-33.6%), from €208,644 to €138,494
of which Trade receivables: -€66,254
- Cash -€13,786
down €13,786 (-66.6%), from €20,700 to €6,914
mainly Stocks and contracts (-€103,004) and Investment in fixed assets (net) (-€54,194)
- Trade debts +€48,285
up €48,285 (+192.4%), from €25,095 to €73,380
- Profit (loss) carried forward +€44,330
up €44,330 (+95.4%), from €46,451 to €90,781
- Debts after one year -€31,937
down €31,937 (-79.2%), from €40,348 to €8,411
- Tax, wage and social debts -€16,489
down €16,489 (-35.1%), from €47,020 to €30,531
of which Taxes: -€16,236
- Current portion of long-term debt -€14,761
down €14,761 (-31.6%), from €46,698 to €31,937
- Gross operating margin -€177,416
down €177,416 (-29.8%), from €596,030 to €418,614
- Staff costs -€122,573
down €122,573 (-29.3%), from €418,199 to €295,626
- Depreciation -€8,557
down €8,557 (-13.8%), from €62,072 to €53,515
- Taxes -€5,977
down €5,977 (-28.3%), from €21,132 to €15,154
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 | €423,696 | €444,435 | +€20,740 | +4.9% |
| Fixed assets | 21/28 | €125,792 | €126,471 | +€680 | +0.5% |
| Tangible fixed assets | 22/27 | €115,735 | €116,346 | +€611 | +0.5% |
| Plant, machinery and equipment | 23 | €96,720 | €81,864 | -€14,857 | -15.4% |
| Furniture and vehicles | 24 | €10,600 | €8,200 | -€2,400 | -22.6% |
| Assets under construction and advance payments | 27 | €8,414 | €26,282 | +€17,868 | +212.3% |
| Financial fixed assets | 28 | €10,057 | €10,126 | +€69 | +0.7% |
| Current assets | 29/58 | €297,904 | €317,964 | +€20,060 | +6.7% |
| Stocks and contracts in progress | 3 | €68,560 | €171,564 | +€103,004 | +150.2% |
| Stocks | 30/36 | €50,060 | €71,065 | +€21,005 | +42.0% |
| Contracts in progress | 37 | €18,500 | €100,499 | +€81,999 | +443.2% |
| Amounts receivable within one year | 40/41 | €208,644 | €138,494 | -€70,150 | -33.6% |
| Trade receivables | 40 | €204,748 | €138,494 | -€66,254 | -32.4% |
| Other amounts receivable | 41 | €3,896 | - | -€3,896 | |
| Cash at bank and in hand | 54/58 | €20,700 | €6,914 | -€13,786 | -66.6% |
| Deferred charges and accrued income | 490/1 | - | €992 | +€992 | |
| Total equity and liabilities | 10/49 | €423,696 | €444,435 | +€20,740 | +4.9% |
| Equity | 10/15 | €201,451 | €245,781 | +€44,330 | +22.0% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,451 | €90,781 | +€44,330 | +95.4% |
| Amounts payable | 17/49 | €222,244 | €198,654 | -€23,590 | -10.6% |
| Amounts payable after more than one year | 17 | €40,348 | €8,411 | -€31,937 | -79.2% |
| Financial debts | 170/4 | €40,348 | €8,411 | -€31,937 | -79.2% |
| Amounts payable within one year | 42/48 | €170,242 | €187,278 | +€17,035 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €46,698 | €31,937 | -€14,761 | -31.6% |
| Trade debts | 44 | €25,095 | €73,380 | +€48,285 | +192.4% |
| Suppliers | 440/4 | €25,095 | €73,380 | +€48,285 | +192.4% |
| Taxes, remuneration and social security | 45 | €47,020 | €30,531 | -€16,489 | -35.1% |
| Taxes | 450/3 | €46,768 | €30,531 | -€16,236 | -34.7% |
| Remuneration and social security | 454/9 | €253 | - | -€253 | |
| Other amounts payable | 47/48 | €51,430 | €51,430 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,654 | €2,966 | -€8,689 | -74.6% |
| Remuneration, social security and pensions | 62 | €418,199 | €295,626 | -€122,573 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,072 | €53,515 | -€8,557 | -13.8% |
| Other operating charges | 640/8 | €10,462 | €8,453 | -€2,009 | -19.2% |
| Gross operating margin | 9900 | €596,030 | €418,614 | -€177,416 | -29.8% |
| Operating profit (loss) | 9901 | €105,297 | €61,020 | -€44,277 | -42.0% |
| Financial income | 75/76B | €801 | €81 | -€720 | -89.9% |
| Recurring financial income | 75 | €801 | €81 | -€720 | -89.9% |
| Financial charges | 65/66B | €3,653 | €1,617 | -€2,036 | -55.7% |
| Recurring financial charges | 65 | €3,653 | €1,617 | -€2,036 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €102,445 | €59,484 | -€42,961 | -41.9% |
| Income taxes | 67/77 | €21,132 | €15,154 | -€5,977 | -28.3% |
| Profit (loss) for the period | 9904 | €81,313 | €44,330 | -€36,983 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,313 | €44,330 | -€36,983 | -45.5% |
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 6 October 2026 via checked.be.