MEERSMAN: 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.
MEERSMAN
Largest movements
- Tangible fixed assets -€89,774
down €89,774 (-12.5%), from €721,070 to €631,296
of which Land and buildings: -€74,159
- Cash +€23,136
up €23,136 (+115%), from €20,179 to €43,315
mainly Depreciation (+€89,774) and Short-term financial debts (+€11,727)
- Receivables within one year +€8,067
up €8,067 (+66.6%), from €12,119 to €20,186
of which Other amounts receivable: +€5,564
- Profit (loss) carried forward -€26,470
down €26,470 (-5.8%), from -€458,575 to -€485,045
- Debts after one year -€24,179
down €24,179 (-3.4%), from €709,539 to €685,360
- Reserves -€12,203
down €12,203 (-13.5%), from €90,329 to €78,126
of which Tax-exempt reserves: -€12,203
- Short-term financial debts +€11,727
up €11,727 (+19.1%), from €61,434 to €73,161
- Gross operating margin -€47,833
down €47,833 (-23.8%), from €200,987 to €153,154
- Depreciation +€7,787
up €7,787 (+9.5%), from €81,987 to €89,774
- Staff costs +€4,185
up €4,185 (+6.5%), from €64,359 to €68,544
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 | €755,738 | €698,755 | -€56,984 | -7.5% |
| Fixed assets | 21/28 | €721,070 | €631,296 | -€89,774 | -12.5% |
| Tangible fixed assets | 22/27 | €721,070 | €631,296 | -€89,774 | -12.5% |
| Land and buildings | 22 | €658,513 | €584,354 | -€74,159 | -11.3% |
| Plant, machinery and equipment | 23 | €5,030 | €3,286 | -€1,744 | -34.7% |
| Furniture and vehicles | 24 | €57,527 | €43,655 | -€13,872 | -24.1% |
| Current assets | 29/58 | €34,668 | €67,459 | +€32,791 | +94.6% |
| Amounts receivable within one year | 40/41 | €12,119 | €20,186 | +€8,067 | +66.6% |
| Trade receivables | 40 | €12,090 | €14,593 | +€2,503 | +20.7% |
| Other amounts receivable | 41 | €29 | €5,593 | +€5,564 | +19,482% |
| Cash at bank and in hand | 54/58 | €20,179 | €43,315 | +€23,136 | +115% |
| Deferred charges and accrued income | 490/1 | €2,371 | €3,959 | +€1,588 | +67.0% |
| Total equity and liabilities | 10/49 | €755,738 | €698,755 | -€56,984 | -7.5% |
| Equity | 10/15 | -€306,246 | -€344,919 | -€38,673 | -12.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €90,329 | €78,126 | -€12,203 | -13.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,219 | €61,016 | -€12,203 | -16.7% |
| Distributable reserves | 133 | €10,910 | €10,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€458,575 | -€485,045 | -€26,470 | -5.8% |
| Provisions and deferred taxes | 16 | €37,702 | €31,418 | -€6,284 | -16.7% |
| Deferred taxes | 168 | €37,702 | €31,418 | -€6,284 | -16.7% |
| Amounts payable | 17/49 | €1,024,282 | €1,012,255 | -€12,027 | -1.2% |
| Amounts payable after more than one year | 17 | €709,539 | €685,360 | -€24,179 | -3.4% |
| Financial debts | 170/4 | €709,539 | €685,360 | -€24,179 | -3.4% |
| Amounts payable within one year | 42/48 | €312,802 | €321,927 | +€9,125 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €30,199 | €24,179 | -€6,020 | -19.9% |
| Financial debts | 43 | €61,434 | €73,161 | +€11,727 | +19.1% |
| Credit institutions | 430/8 | €61,434 | €73,161 | +€11,727 | +19.1% |
| Trade debts | 44 | €9,862 | €9,548 | -€315 | -3.2% |
| Suppliers | 440/4 | €9,862 | €9,548 | -€315 | -3.2% |
| Taxes, remuneration and social security | 45 | €13,404 | €15,185 | +€1,781 | +13.3% |
| Taxes | 450/3 | €2,045 | €2,590 | +€546 | +26.7% |
| Remuneration and social security | 454/9 | €11,359 | €12,595 | +€1,235 | +10.9% |
| Other amounts payable | 47/48 | €197,903 | €199,854 | +€1,952 | +1.0% |
| Accrued charges and deferred income | 492/3 | €1,941 | €4,968 | +€3,027 | +156% |
| Remuneration, social security and pensions | 62 | €64,359 | €68,544 | +€4,185 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,987 | €89,774 | +€7,787 | +9.5% |
| Other operating charges | 640/8 | €21,098 | €20,443 | -€655 | -3.1% |
| Non-recurring operating charges | 66A | €2,205 | €2,927 | +€722 | +32.7% |
| Gross operating margin | 9900 | €200,987 | €153,154 | -€47,833 | -23.8% |
| Operating profit (loss) | 9901 | €31,338 | -€28,534 | -€59,872 | |
| Financial income | 75/76B | €337 | €25 | -€312 | -92.5% |
| Recurring financial income | 75 | €337 | €25 | -€312 | -92.5% |
| Financial charges | 65/66B | €16,874 | €16,254 | -€620 | -3.7% |
| Recurring financial charges | 65 | €16,874 | €16,254 | -€620 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €14,801 | -€44,763 | -€59,564 | |
| Transfer from deferred taxes | 780 | €6,284 | €6,284 | = | 0.0% |
| Income taxes | 67/77 | €530 | €194 | -€337 | -63.5% |
| Profit (loss) for the period | 9904 | €20,554 | -€38,673 | -€59,227 | |
| Transfer from tax-exempt reserves | 789 | €12,203 | €12,203 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,757 | -€26,470 | -€59,227 |
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 18 October 2026 via checked.be.