MEERT: 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.
What changed
MEERT
NACE 46.831, Wholesale of construction materials, general range
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€37,542
2025 · €59,808-€97,350
Equity
€1.1m
2025 · €1.1m-€37,542
Cash
€150,898
2025 · €160,788-€9,889
Balance sheet total
€5.0m
2025 · €4.8m+€257,711
Largest movements
Assets
- Financial fixed assets -€1.3m
down €1.3m (-100.0%), from €1.3m to €0
- Receivables within one year +€925,360
up €925,360 (+97.9%), from €944,885 to €1.9m
of which Other amounts receivable: +€926,019
- Intangible fixed assets +€786,065
new in 2026: €786,065
- Tangible fixed assets -€118,188
down €118,188 (-11.2%), from €1.1m to €937,611
of which Land and buildings: -€86,374
Equity and liabilities
- Trade debts +€594,994
up €594,994 (+41.6%), from €1.4m to €2.0m
- Debts after one year -€234,408
down €234,408 (-14.3%), from €1.6m to €1.4m
- Current portion of long-term debt -€64,287
down €64,287 (-16.8%), from €381,532 to €317,245
Income statement
- Gross operating margin -€105,674
down €105,674 (-10.0%), from €1.1m to €952,852
- Staff costs +€27,688
up €27,688 (+4.0%), from €690,863 to €718,551
- Taxes -€26,490
down €26,490 (-94.1%), from €28,143 to €1,653
- Financial charges -€23,932
down €23,932 (-21.4%), from €111,655 to €87,724
- Financial income -€15,271
down €15,271 (-30.6%), from €49,852 to €34,581
From the 2025 result to the 2026 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 2025
€59,808
Gross operating margin
-€105,674
Staff costs
-€27,688
Depreciation
-€9,121
Write-downs
+€4,822
Other operating charges
+€5,161
Financial income
-€15,271
Financial charges
+€23,932
Taxes
+€26,490
Result 2026
-€37,542
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€163,731
Investment
+€452,537
Financing
-€298,695
Cash 2025
€160,788
From operations (derived)
-€163,731
Net result for the year
-€37,542
Depreciation
+€179,586
Stocks and contracts
+€29,662
Receivables within one year
-€925,360
Deferred charges and accrued income
-€4,026
Trade debts
+€594,994
Tax, wage and social debts
-€17,297
Advances received
-€90
Accrued charges and deferred income
+€16,340
Investment (derived)
+€452,537
Investment in fixed assets (net)
+€452,537
Financing
-€298,695
Debts after one year
-€234,408
Current portion of long-term debt
-€64,287
Cash 2026
€150,898
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,774,981 | €5,032,691 | +€257,711 | +5.4% |
| Fixed assets | 21/28 | €2,355,800 | €1,723,676 | -€632,123 | -26.8% |
| Intangible fixed assets | 21 | - | €786,065 | +€786,065 | |
| Tangible fixed assets | 22/27 | €1,055,800 | €937,611 | -€118,188 | -11.2% |
| Land and buildings | 22 | €893,168 | €806,794 | -€86,374 | -9.7% |
| Plant, machinery and equipment | 23 | €53,591 | €54,037 | +€446 | +0.8% |
| Furniture and vehicles | 24 | €109,040 | €76,780 | -€32,260 | -29.6% |
| Financial fixed assets | 28 | €1,300,000 | €0 | -€1.3m | -100.0% |
| Current assets | 29/58 | €2,419,181 | €3,309,015 | +€889,834 | +36.8% |
| Stocks and contracts in progress | 3 | €1,308,199 | €1,278,537 | -€29,662 | -2.3% |
| Stocks | 30/36 | €1,308,199 | €1,278,537 | -€29,662 | -2.3% |
| Amounts receivable within one year | 40/41 | €944,885 | €1,870,245 | +€925,360 | +97.9% |
| Trade receivables | 40 | €872,757 | €872,099 | -€659 | -0.1% |
| Other amounts receivable | 41 | €72,127 | €998,146 | +€926,019 | +1283.9% |
| Cash at bank and in hand | 54/58 | €160,788 | €150,898 | -€9,889 | -6.2% |
| Deferred charges and accrued income | 490/1 | €5,309 | €9,335 | +€4,026 | +75.8% |
| Total equity and liabilities | 10/49 | €4,774,981 | €5,032,691 | +€257,711 | +5.4% |
| Equity | 10/15 | €1,097,252 | €1,059,710 | -€37,542 | -3.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,072,463 | €1,034,921 | -€37,542 | -3.5% |
| Non-distributable reserves | 130/1 | €2,479 | €0 | -€2,479 | -100.0% |
| Reserves not available under the articles | 1311 | €2,479 | €0 | -€2,479 | -100.0% |
| Tax-exempt reserves | 132 | €246,122 | €145,964 | -€100,159 | -40.7% |
| Distributable reserves | 133 | €823,862 | €888,957 | +€65,096 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,677,728 | €3,972,981 | +€295,253 | +8.0% |
| Amounts payable after more than one year | 17 | €1,634,545 | €1,400,137 | -€234,408 | -14.3% |
| Financial debts | 170/4 | €1,634,545 | €1,400,137 | -€234,408 | -14.3% |
| Amounts payable within one year | 42/48 | €2,043,183 | €2,556,504 | +€513,321 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €381,532 | €317,245 | -€64,287 | -16.8% |
| Trade debts | 44 | €1,429,568 | €2,024,562 | +€594,994 | +41.6% |
| Suppliers | 440/4 | €1,429,568 | €2,024,562 | +€594,994 | +41.6% |
| Advances received on contracts in progress | 46 | €49,428 | €49,339 | -€90 | -0.2% |
| Taxes, remuneration and social security | 45 | €182,655 | €165,359 | -€17,297 | -9.5% |
| Taxes | 450/3 | €93,934 | €87,175 | -€6,760 | -7.2% |
| Remuneration and social security | 454/9 | €88,721 | €78,184 | -€10,537 | -11.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €16,340 | +€16,340 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €690,863 | €718,551 | +€27,688 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,465 | €179,586 | +€9,121 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,784 | €9,962 | -€4,822 | -32.6% |
| Other operating charges | 640/8 | €32,660 | €27,499 | -€5,161 | -15.8% |
| Gross operating margin | 9900 | €1,058,526 | €952,852 | -€105,674 | -10.0% |
| Operating profit (loss) | 9901 | €149,754 | €17,254 | -€132,500 | -88.5% |
| Financial income | 75/76B | €49,852 | €34,581 | -€15,271 | -30.6% |
| Recurring financial income | 75 | €49,852 | €34,581 | -€15,271 | -30.6% |
| Financial charges | 65/66B | €111,655 | €87,724 | -€23,932 | -21.4% |
| Recurring financial charges | 65 | €111,655 | €87,724 | -€23,932 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €87,951 | -€35,889 | -€123,840 | |
| Income taxes | 67/77 | €28,143 | €1,653 | -€26,490 | -94.1% |
| Profit (loss) for the period | 9904 | €59,808 | -€37,542 | -€97,350 | |
| Transfer from tax-exempt reserves | 789 | €0 | €100,159 | +€100,159 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,808 | €62,617 | +€2,809 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.