MEERMINNE: 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.
MEERMINNE
Largest movements
- Stocks and contracts -€703,787
down €703,787 (-100%), from €703,787 to €0
- Tangible fixed assets +€481,634
up €481,634 (+57.0%), from €845,086 to €1.3m
of which Land and buildings: +€482,043
- Cash +€217,424
up €217,424 (+1,161%), from €18,729 to €236,153
mainly Stocks and contracts (+€703,787) and Debts after one year (+€688,983)
- Debts after one year +€688,983
up €688,983 (+276%), from €250,000 to €938,983
- Short-term financial debts -€640,000
down €640,000 (-100%), from €640,000 to €0
- Trade debts -€51,432
down €51,432 (-97.9%), from €52,548 to €1,116
- Financial income +€72,879
new in 2025: €72,879
- Financial charges +€51,778
up €51,778, from -€6,620 to €45,158
- Other operating charges +€15,796
up €15,796 (+527%), from €2,997 to €18,793
- Gross operating margin +€6,444
up €6,444 (+54.7%), from -€11,785 to -€5,341
- Depreciation -€313
down €313 (-2.0%), from €15,987 to €15,674
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,573,142 | €1,563,484 | -€9,658 | -0.6% |
| Formation expenses | 20 | €287 | €0 | -€287 | -100% |
| Fixed assets | 21/28 | €845,086 | €1,326,720 | +€481,634 | +57.0% |
| Tangible fixed assets | 22/27 | €845,086 | €1,326,720 | +€481,634 | +57.0% |
| Land and buildings | 22 | €844,235 | €1,326,278 | +€482,043 | +57.1% |
| Plant, machinery and equipment | 23 | €488 | €243 | -€245 | -50.2% |
| Furniture and vehicles | 24 | €363 | €199 | -€164 | -45.1% |
| Current assets | 29/58 | €727,769 | €236,764 | -€491,005 | -67.5% |
| Stocks and contracts in progress | 3 | €703,787 | €0 | -€703,787 | -100% |
| Stocks | 30/36 | €703,787 | €0 | -€703,787 | -100% |
| Amounts receivable within one year | 40/41 | €3,893 | €611 | -€3,281 | -84.3% |
| Trade receivables | 40 | €1,250 | €0 | -€1,250 | -100% |
| Other amounts receivable | 41 | €2,643 | €611 | -€2,031 | -76.9% |
| Cash at bank and in hand | 54/58 | €18,729 | €236,153 | +€217,424 | +1,161% |
| Deferred charges and accrued income | 490/1 | €1,360 | €0 | -€1,360 | -100% |
| Total equity and liabilities | 10/49 | €1,573,142 | €1,563,484 | -€9,658 | -0.6% |
| Equity | 10/15 | €150,551 | €138,464 | -€12,087 | -8.0% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€9,449 | -€21,536 | -€12,087 | -128% |
| Amounts payable | 17/49 | €1,422,591 | €1,425,020 | +€2,429 | +0.2% |
| Amounts payable after more than one year | 17 | €250,000 | €938,983 | +€688,983 | +276% |
| Financial debts | 170/4 | €250,000 | €938,983 | +€688,983 | +276% |
| Amounts payable within one year | 42/48 | €1,169,214 | €486,037 | -€683,178 | -58.4% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | €24,921 | +€8,254 | +49.5% |
| Financial debts | 43 | €640,000 | €0 | -€640,000 | -100% |
| Credit institutions | 430/8 | €640,000 | €0 | -€640,000 | -100% |
| Trade debts | 44 | €52,548 | €1,116 | -€51,432 | -97.9% |
| Suppliers | 440/4 | €52,548 | €1,116 | -€51,432 | -97.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €460,000 | €460,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,377 | €0 | -€3,377 | -100% |
| Non-recurring operating income | 76A | €0 | €74,840 | +€74,840 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,987 | €15,674 | -€313 | -2.0% |
| Other operating charges | 640/8 | €2,997 | €18,793 | +€15,796 | +527% |
| Gross operating margin | 9900 | -€11,785 | -€5,341 | +€6,444 | +54.7% |
| Operating profit (loss) | 9901 | -€30,769 | -€39,808 | -€9,038 | -29.4% |
| Financial income | 75/76B | - | €72,879 | +€72,879 | |
| Recurring financial income | 75 | - | €72,879 | +€72,879 | |
| Financial charges | 65/66B | -€6,620 | €45,158 | +€51,778 | |
| Recurring financial charges | 65 | -€6,620 | €45,158 | +€51,778 | |
| Profit (loss) for the period before taxes | 9903 | -€24,149 | -€12,087 | +€12,062 | +50.0% |
| Profit (loss) for the period | 9904 | -€24,149 | -€12,087 | +€12,062 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,149 | -€12,087 | +€12,062 | +50.0% |
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 28 October 2026 via checked.be.