MEERSMAN: 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.
MEERSMAN
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+304.1%), from €360,924 to €1.5m
of which Land and buildings: +€1.0m
- Receivables within one year -€29,555
down €29,555 (-32.5%), from €90,850 to €61,295
of which Trade receivables: -€29,918
- Debts after one year +€969,540
up €969,540 (+147.4%), from €657,805 to €1.6m
of which Financial debts: +€852,514
- Current portion of long-term debt +€62,909
up €62,909 (+258.0%), from €24,384 to €87,292
- Profit (loss) carried forward +€50,093
up €50,093 (+55.1%), from -€90,942 to -€40,849
- Tax, wage and social debts +€32,732
up €32,732 (+77.5%), from €42,243 to €74,976
of which Remuneration and social security: +€24,692
- Other debts -€29,025
down €29,025 (-100.0%), from €29,025 to €0
- Gross operating margin +€96,534
up €96,534 (+85.6%), from €112,786 to €209,320
- Taxes +€15,761
up €15,761 (+271.8%), from €5,800 to €21,561
- Depreciation +€15,620
up €15,620 (+110.5%), from €14,133 to €29,752
- Staff costs +€13,145
up €13,145 (+17.2%), from €76,238 to €89,383
- Financial charges +€5,361
up €5,361 (+70.7%), from €7,586 to €12,947
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 | €711,832 | €1,794,723 | +€1.1m | +152.1% |
| Fixed assets | 21/28 | €601,997 | €1,699,529 | +€1.1m | +182.3% |
| Tangible fixed assets | 22/27 | €360,924 | €1,458,456 | +€1.1m | +304.1% |
| Land and buildings | 22 | €356,874 | €1,389,635 | +€1.0m | +289.4% |
| Plant, machinery and equipment | 23 | €2,743 | €1,871 | -€871 | -31.8% |
| Furniture and vehicles | 24 | €1,307 | €66,950 | +€65,642 | +5021.0% |
| Financial fixed assets | 28 | €241,073 | €241,073 | = | 0.0% |
| Current assets | 29/58 | €109,835 | €95,194 | -€14,641 | -13.3% |
| Amounts receivable within one year | 40/41 | €90,850 | €61,295 | -€29,555 | -32.5% |
| Trade receivables | 40 | €57,669 | €27,751 | -€29,918 | -51.9% |
| Other amounts receivable | 41 | €33,181 | €33,543 | +€363 | +1.1% |
| Cash at bank and in hand | 54/58 | €16,759 | €31,153 | +€14,393 | +85.9% |
| Deferred charges and accrued income | 490/1 | €2,226 | €2,747 | +€520 | +23.4% |
| Total equity and liabilities | 10/49 | €711,832 | €1,794,723 | +€1.1m | +152.1% |
| Equity | 10/15 | -€53,482 | -€3,389 | +€50,093 | +93.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,860 | €18,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €17,000 | €18,860 | +€1,860 | +10.9% |
| Profit (loss) carried forward | 14 | -€90,942 | -€40,849 | +€50,093 | +55.1% |
| Amounts payable | 17/49 | €765,315 | €1,798,113 | +€1.0m | +135.0% |
| Amounts payable after more than one year | 17 | €657,805 | €1,627,345 | +€969,540 | +147.4% |
| Financial debts | 170/4 | €262,067 | €1,114,581 | +€852,514 | +325.3% |
| Other amounts payable | 178/9 | €395,738 | €512,764 | +€117,026 | +29.6% |
| Amounts payable within one year | 42/48 | €107,509 | €170,767 | +€63,258 | +58.8% |
| Current portion of amounts payable after more than one year | 42 | €24,384 | €87,292 | +€62,909 | +258.0% |
| Financial debts | 43 | €0 | €57 | +€57 | |
| Credit institutions | 430/8 | €0 | €57 | +€57 | |
| Trade debts | 44 | €11,595 | €8,180 | -€3,415 | -29.4% |
| Suppliers | 440/4 | €11,595 | €8,180 | -€3,415 | -29.4% |
| Advances received on contracts in progress | 46 | €262 | €262 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €42,243 | €74,976 | +€32,732 | +77.5% |
| Taxes | 450/3 | €26,183 | €34,223 | +€8,040 | +30.7% |
| Remuneration and social security | 454/9 | €16,060 | €40,753 | +€24,692 | +153.7% |
| Other amounts payable | 47/48 | €29,025 | €0 | -€29,025 | -100.0% |
| Non-recurring operating income | 76A | - | €11,461 | +€11,461 | |
| Remuneration, social security and pensions | 62 | €76,238 | €89,383 | +€13,145 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,133 | €29,752 | +€15,620 | +110.5% |
| Other operating charges | 640/8 | €4,675 | €5,583 | +€908 | +19.4% |
| Gross operating margin | 9900 | €112,786 | €209,320 | +€96,534 | +85.6% |
| Operating profit (loss) | 9901 | €17,740 | €84,601 | +€66,861 | +376.9% |
| Financial charges | 65/66B | €7,586 | €12,947 | +€5,361 | +70.7% |
| Recurring financial charges | 65 | €7,586 | €12,947 | +€5,361 | +70.7% |
| Profit (loss) for the period before taxes | 9903 | €10,154 | €71,654 | +€61,500 | +605.7% |
| Income taxes | 67/77 | €5,800 | €21,561 | +€15,761 | +271.8% |
| Profit (loss) for the period | 9904 | €4,354 | €50,093 | +€45,739 | +1050.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,354 | €50,093 | +€45,739 | +1050.5% |
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.