Meerschaut plus: 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.
Meerschaut plus
Largest movements
- Cash -€48,142
down €48,142 (-84.2%), from €57,189 to €9,047
mainly Trade debts (-€103,087) and Current portion of long-term debt (-€17,325)
- Receivables within one year -€32,538
down €32,538 (-14.7%), from €221,434 to €188,896
of which Other amounts receivable: -€32,424
- Stocks and contracts -€30,137
no longer reported in 2025 (was €30,137)
of which Contracts in progress: -€29,792
- Tangible fixed assets -€3,339
down €3,339 (-63.7%), from €5,244 to €1,905
of which Furniture and vehicles: -€1,789
- Trade debts -€103,087
down €103,087 (-36.0%), from €286,158 to €183,071
- Current portion of long-term debt -€17,325
no longer reported in 2025 (was €17,325)
- Gross operating margin -€72,585
down €72,585 (-86.8%), from €83,644 to €11,059
- Staff costs -€65,616
down €65,616 (-96.9%), from €67,740 to €2,124
- Financial charges -€5,071
down €5,071 (-86.8%), from €5,840 to €768
- Depreciation -€3,446
down €3,446 (-50.8%), from €6,785 to €3,339
- Other operating charges -€983
down €983 (-35.0%), from €2,805 to €1,822
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 | €318,929 | €200,510 | -€118,420 | -37.1% |
| Fixed assets | 21/28 | €6,884 | €1,905 | -€4,979 | -72.3% |
| Tangible fixed assets | 22/27 | €5,244 | €1,905 | -€3,339 | -63.7% |
| Plant, machinery and equipment | 23 | €3,414 | €1,863 | -€1,550 | -45.4% |
| Furniture and vehicles | 24 | €1,830 | €41 | -€1,789 | -97.7% |
| Financial fixed assets | 28 | €1,640 | - | -€1,640 | |
| Current assets | 29/58 | €312,045 | €198,605 | -€113,441 | -36.4% |
| Stocks and contracts in progress | 3 | €30,137 | - | -€30,137 | |
| Stocks | 30/36 | €345 | - | -€345 | |
| Contracts in progress | 37 | €29,792 | - | -€29,792 | |
| Amounts receivable within one year | 40/41 | €221,434 | €188,896 | -€32,538 | -14.7% |
| Trade receivables | 40 | €75,049 | €74,935 | -€114 | -0.2% |
| Other amounts receivable | 41 | €146,385 | €113,962 | -€32,424 | -22.1% |
| Cash at bank and in hand | 54/58 | €57,189 | €9,047 | -€48,142 | -84.2% |
| Deferred charges and accrued income | 490/1 | €3,285 | €662 | -€2,624 | -79.9% |
| Total equity and liabilities | 10/49 | €318,929 | €200,510 | -€118,420 | -37.1% |
| Equity | 10/15 | €14,430 | €16,650 | +€2,220 | +15.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,230 | €10,450 | +€2,220 | +27.0% |
| Distributable reserves | 133 | €8,230 | €10,450 | +€2,220 | +27.0% |
| Amounts payable | 17/49 | €304,500 | €183,860 | -€120,640 | -39.6% |
| Amounts payable within one year | 42/48 | €304,500 | €183,860 | -€120,640 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €17,325 | - | -€17,325 | |
| Trade debts | 44 | €286,158 | €183,071 | -€103,087 | -36.0% |
| Suppliers | 440/4 | €286,158 | €183,071 | -€103,087 | -36.0% |
| Taxes, remuneration and social security | 45 | €1,017 | €789 | -€228 | -22.4% |
| Taxes | 450/3 | €1,017 | €789 | -€228 | -22.4% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €67,740 | €2,124 | -€65,616 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,785 | €3,339 | -€3,446 | -50.8% |
| Other operating charges | 640/8 | €2,805 | €1,822 | -€983 | -35.0% |
| Gross operating margin | 9900 | €83,644 | €11,059 | -€72,585 | -86.8% |
| Operating profit (loss) | 9901 | €6,314 | €3,774 | -€2,540 | -40.2% |
| Financial income | 75/76B | €10 | €3 | -€7 | -70.3% |
| Recurring financial income | 75 | €10 | €3 | -€7 | -70.3% |
| Financial charges | 65/66B | €5,840 | €768 | -€5,071 | -86.8% |
| Recurring financial charges | 65 | €5,840 | €768 | -€5,071 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €485 | €3,009 | +€2,524 | +521% |
| Income taxes | 67/77 | €1,017 | €789 | -€228 | -22.4% |
| Profit (loss) for the period | 9904 | -€532 | €2,220 | +€2,752 | |
| Profit (loss) for the period to be appropriated | 9905 | -€532 | €2,220 | +€2,752 |
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.