MEEROE: 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.
MEEROE
Largest movements
- Current investments -€5.5m
no longer reported in 2025 (was €5.5m)
- Cash -€349,484
down €349,484 (-87.3%), from €400,124 to €50,640
mainly Contributions, distributions and other (-€10.0m) and Net result for the year (-€45,440)
- Reserves -€9.0m
down €9.0m (-88.0%), from €10.2m to €1.2m
of which Distributable reserves: -€9.0m
- Other debts +€4.2m
new in 2025: €4.2m
- Profit (loss) carried forward -€1.0m
down €1.0m (-21.3%), from €4.9m to €3.9m
- Financial income -€55,691
down €55,691 (-45.6%), from €122,084 to €66,393
- Gross operating margin +€46,260
up €46,260 (+42.9%), from -€107,873 to -€61,613
- Financial charges +€45,831
up €45,831 (+3,730%), from €1,229 to €47,060
- Other operating charges -€9,432
down €9,432 (-90.4%), from €10,430 to €998
- Taxes -€2,430
down €2,430 (-96.2%), from €2,526 to €96
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 | €16,185,617 | €10,329,352 | -€5.9m | -36.2% |
| Fixed assets | 21/28 | €10,045,754 | €10,045,312 | -€442 | 0.0% |
| Intangible fixed assets | 21 | €1,954 | €1,170 | -€784 | -40.1% |
| Tangible fixed assets | 22/27 | €7,997 | €8,339 | +€342 | +4.3% |
| Furniture and vehicles | 24 | €2,379 | €2,721 | +€342 | +14.4% |
| Other tangible fixed assets | 26 | €5,618 | €5,618 | = | 0.0% |
| Financial fixed assets | 28 | €10,035,803 | €10,035,803 | = | 0.0% |
| Current assets | 29/58 | €6,139,863 | €284,040 | -€5.9m | -95.4% |
| Amounts receivable within one year | 40/41 | €234,466 | €227,435 | -€7,030 | -3.0% |
| Trade receivables | 40 | €28,088 | €25,718 | -€2,370 | -8.4% |
| Other amounts receivable | 41 | €206,377 | €201,717 | -€4,660 | -2.3% |
| Current investments | 50/53 | €5,500,000 | - | -€5.5m | |
| Cash at bank and in hand | 54/58 | €400,124 | €50,640 | -€349,484 | -87.3% |
| Deferred charges and accrued income | 490/1 | €5,274 | €5,964 | +€691 | +13.1% |
| Total equity and liabilities | 10/49 | €16,185,617 | €10,329,352 | -€5.9m | -36.2% |
| Equity | 10/15 | €16,166,188 | €6,120,748 | -€10.0m | -62.1% |
| Contributions | 10/11 | €1,027,169 | €1,027,169 | = | 0.0% |
| Capital | 10 | €1,027,169 | €1,027,169 | = | 0.0% |
| Issued capital | 100 | €1,027,169 | €1,027,169 | = | 0.0% |
| Reserves | 13 | €10,224,197 | €1,224,197 | -€9.0m | -88.0% |
| Non-distributable reserves | 130/1 | €551,981 | €551,981 | = | 0.0% |
| Legal reserve | 130 | €551,981 | €551,981 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,450 | €8,450 | = | 0.0% |
| Distributable reserves | 133 | €9,663,766 | €663,766 | -€9.0m | -93.1% |
| Profit (loss) carried forward | 14 | €4,914,822 | €3,869,382 | -€1.0m | -21.3% |
| Amounts payable | 17/49 | €19,429 | €4,208,605 | +€4.2m | +21,561% |
| Amounts payable within one year | 42/48 | €11,470 | €4,199,291 | +€4.2m | +36,512% |
| Trade debts | 44 | €11,470 | €3,562 | -€7,907 | -68.9% |
| Suppliers | 440/4 | €11,470 | €3,562 | -€7,907 | -68.9% |
| Taxes, remuneration and social security | 45 | - | €10,184 | +€10,184 | |
| Taxes | 450/3 | - | €10,184 | +€10,184 | |
| Other amounts payable | 47/48 | - | €4,185,545 | +€4.2m | |
| Accrued charges and deferred income | 492/3 | €7,960 | €9,314 | +€1,354 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,778 | €2,066 | +€287 | +16.2% |
| Other operating charges | 640/8 | €10,430 | €998 | -€9,432 | -90.4% |
| Gross operating margin | 9900 | -€107,873 | -€61,613 | +€46,260 | +42.9% |
| Operating profit (loss) | 9901 | -€120,081 | -€64,677 | +€55,404 | +46.1% |
| Financial income | 75/76B | €122,084 | €66,393 | -€55,691 | -45.6% |
| Recurring financial income | 75 | €122,084 | €66,393 | -€55,691 | -45.6% |
| Financial charges | 65/66B | €1,229 | €47,060 | +€45,831 | +3,730% |
| Recurring financial charges | 65 | €1,229 | €47,060 | +€45,831 | +3,730% |
| Profit (loss) for the period before taxes | 9903 | €774 | -€45,344 | -€46,118 | |
| Income taxes | 67/77 | €2,526 | €96 | -€2,430 | -96.2% |
| Profit (loss) for the period | 9904 | -€1,752 | -€45,440 | -€43,688 | -2,494% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,752 | -€45,440 | -€43,688 | -2,494% |
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 26 October 2026 via checked.be.