MEERSTEEN: 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.
What changed
MEERSTEEN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · -€968,630+€2.6m
Equity
€20.1m
2024 · €18.5m+€1.6m
Cash
€1.4m
2024 · €970,506+€400,377
Balance sheet total
€31.3m
2024 · €29.6m+€1.7m
Largest movements
Assets
- Receivables within one year +€818,757
up €818,757 (+27.7%), from €3.0m to €3.8m
of which Other amounts receivable: +€673,163
- Current investments +€509,967
up €509,967 (+2.3%), from €22.2m to €22.7m
- Cash +€400,377
up €400,377 (+41.3%), from €970,506 to €1.4m
mainly Net result for the year (+€1.6m) and Trade debts (+€247,983)
Equity and liabilities
- Profit (loss) carried forward +€1.6m
up €1.6m (+10.6%), from €15.1m to €16.7m
Income statement
- Financial income +€1.7m
up €1.7m (+127%), from €1.4m to €3.1m
- Financial charges -€536,452
down €536,452 (-35.7%), from €1.5m to €967,377
- Gross operating margin +€348,821
up €348,821 (+92.0%), from -€379,248 to -€30,427
- Staff costs +€35,103
up €35,103 (+11.9%), from €295,397 to €330,499
- Other operating charges +€15,321
up €15,321 (+34.0%), from €45,001 to €60,321
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.
Result 2024
-€968,630
Gross operating margin
+€348,821
Staff costs
-€35,103
Depreciation
-€11,059
Other operating charges
-€15,321
Financial income
+€1.7m
Financial charges
+€536,452
Taxes
-€49
Result 2025
€1.6m
raises the resultlowers the result
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.
From operations
+€894,152
Investment
-€631,521
Financing
+€137,745
Cash 2024
€970,506
From operations (derived)
+€894,152
Net result for the year
+€1.6m
Depreciation
+€123,171
Receivables within one year
-€818,757
Deferred charges and accrued income
-€8,424
Trade debts
+€247,983
Tax, wage and social debts
+€68,559
Other debts
-€7,066
Accrued charges and deferred income
-€303,894
Investment (derived)
-€631,521
Investment in fixed assets (net)
-€121,554
Current investments
-€509,967
Financing
+€137,745
Debts after one year
+€121,750
Current portion of long-term debt
+€15,996
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,573,784 | €31,309,691 | +€1.7m | +5.9% |
| Fixed assets | 21/28 | €3,468,995 | €3,467,378 | -€1,617 | 0.0% |
| Tangible fixed assets | 22/27 | €2,394,895 | €2,393,278 | -€1,617 | -0.1% |
| Land and buildings | 22 | €2,362,631 | €2,325,577 | -€37,055 | -1.6% |
| Plant, machinery and equipment | 23 | €7,758 | €6,658 | -€1,100 | -14.2% |
| Furniture and vehicles | 24 | €24,506 | €15,318 | -€9,188 | -37.5% |
| Leasing and similar rights | 25 | - | €45,725 | +€45,725 | |
| Financial fixed assets | 28 | €1,074,100 | €1,074,100 | = | 0.0% |
| Current assets | 29/58 | €26,104,789 | €27,842,313 | +€1.7m | +6.7% |
| Amounts receivable within one year | 40/41 | €2,952,668 | €3,771,425 | +€818,757 | +27.7% |
| Trade receivables | 40 | €17,202 | €162,796 | +€145,594 | +846% |
| Other amounts receivable | 41 | €2,935,466 | €3,608,629 | +€673,163 | +22.9% |
| Current investments | 50/53 | €22,170,686 | €22,680,652 | +€509,967 | +2.3% |
| Cash at bank and in hand | 54/58 | €970,506 | €1,370,883 | +€400,377 | +41.3% |
| Deferred charges and accrued income | 490/1 | €10,929 | €19,353 | +€8,424 | +77.1% |
| Total equity and liabilities | 10/49 | €29,573,784 | €31,309,691 | +€1.7m | +5.9% |
| Equity | 10/15 | €18,477,685 | €20,070,264 | +€1.6m | +8.6% |
| Contributions | 10/11 | €3,085,000 | €3,085,000 | = | 0.0% |
| Capital | 10 | €3,085,000 | €3,085,000 | = | 0.0% |
| Issued capital | 100 | €3,085,000 | €3,085,000 | = | 0.0% |
| Reserves | 13 | €308,500 | €308,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €308,500 | €308,500 | = | 0.0% |
| Legal reserve | 130 | €308,500 | €308,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,084,185 | €16,676,764 | +€1.6m | +10.6% |
| Amounts payable | 17/49 | €11,096,098 | €11,239,426 | +€143,328 | +1.3% |
| Amounts payable after more than one year | 17 | €6,895,742 | €7,017,491 | +€121,750 | +1.8% |
| Financial debts | 170/4 | €6,895,742 | €7,017,491 | +€121,750 | +1.8% |
| Amounts payable within one year | 42/48 | €3,885,405 | €4,210,877 | +€325,472 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €262,564 | €278,560 | +€15,996 | +6.1% |
| Financial debts | 43 | €3,000,000 | €3,000,000 | = | 0.0% |
| Other loans | 439 | €3,000,000 | €3,000,000 | = | 0.0% |
| Trade debts | 44 | €44,468 | €292,451 | +€247,983 | +558% |
| Suppliers | 440/4 | €44,468 | €292,451 | +€247,983 | +558% |
| Taxes, remuneration and social security | 45 | €215,656 | €284,215 | +€68,559 | +31.8% |
| Taxes | 450/3 | €146,129 | €208,256 | +€62,127 | +42.5% |
| Remuneration and social security | 454/9 | €69,527 | €75,959 | +€6,433 | +9.3% |
| Other amounts payable | 47/48 | €362,716 | €355,651 | -€7,066 | -1.9% |
| Accrued charges and deferred income | 492/3 | €314,952 | €11,058 | -€303,894 | -96.5% |
| Non-recurring operating income | 76A | €768 | - | -€768 | |
| Remuneration, social security and pensions | 62 | €295,397 | €330,499 | +€35,103 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,113 | €123,171 | +€11,059 | +9.9% |
| Other operating charges | 640/8 | €45,001 | €60,321 | +€15,321 | +34.0% |
| Gross operating margin | 9900 | -€379,248 | -€30,427 | +€348,821 | +92.0% |
| Operating profit (loss) | 9901 | -€831,758 | -€544,419 | +€287,339 | +34.5% |
| Financial income | 75/76B | €1,367,104 | €3,104,571 | +€1.7m | +127% |
| Recurring financial income | 75 | €1,367,104 | €3,104,571 | +€1.7m | +127% |
| Financial charges | 65/66B | €1,503,828 | €967,377 | -€536,452 | -35.7% |
| Recurring financial charges | 65 | €1,503,828 | €967,377 | -€536,452 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | -€968,482 | €1,592,776 | +€2.6m | |
| Income taxes | 67/77 | €148 | €197 | +€49 | +32.8% |
| Profit (loss) for the period | 9904 | -€968,630 | €1,592,579 | +€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€968,630 | €1,592,579 | +€2.6m |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.