MEERT FREDERIK: 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.
MEERT FREDERIK
Largest movements
- Cash +€24,799
up €24,799 (+299%), from €8,303 to €33,102
mainly Receivables within one year (+€8,158) and Depreciation (+€6,035)
- Receivables within one year -€8,158
down €8,158 (-36.8%), from €22,179 to €14,021
of which Trade receivables: -€8,218
- Tangible fixed assets -€6,035
no longer reported in 2025 (was €6,035)
- Deferred charges and accrued income +€659
up €659 (+76.6%), from €861 to €1,520
- Reserves +€5,544
up €5,544 (+35.3%), from €15,701 to €21,245
of which Distributable reserves: +€5,544
- Other debts +€4,562
up €4,562 (+96.1%), from €4,749 to €9,310
- Tax, wage and social debts +€4,465
up €4,465 (+380%), from €1,176 to €5,640
of which Taxes: +€2,965
- Current portion of long-term debt -€3,955
down €3,955 (-91.6%), from €4,318 to €362
- Short-term financial debts +€529
up €529 (+155%), from €342 to €871
- Gross operating margin -€8,311
down €8,311 (-35.4%), from €23,462 to €15,150
- Taxes +€1,110
up €1,110 (+94.4%), from €1,176 to €2,286
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 | €38,127 | €49,393 | +€11,265 | +29.5% |
| Fixed assets | 21/28 | €6,785 | €750 | -€6,035 | -88.9% |
| Tangible fixed assets | 22/27 | €6,035 | - | -€6,035 | |
| Furniture and vehicles | 24 | €6,035 | - | -€6,035 | |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €31,342 | €48,643 | +€17,300 | +55.2% |
| Amounts receivable within one year | 40/41 | €22,179 | €14,021 | -€8,158 | -36.8% |
| Trade receivables | 40 | €21,822 | €13,604 | -€8,218 | -37.7% |
| Other amounts receivable | 41 | €357 | €417 | +€60 | +16.9% |
| Cash at bank and in hand | 54/58 | €8,303 | €33,102 | +€24,799 | +299% |
| Deferred charges and accrued income | 490/1 | €861 | €1,520 | +€659 | +76.6% |
| Total equity and liabilities | 10/49 | €38,127 | €49,393 | +€11,265 | +29.5% |
| Equity | 10/15 | €26,241 | €31,785 | +€5,544 | +21.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €15,701 | €21,245 | +€5,544 | +35.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,841 | €19,385 | +€5,544 | +40.1% |
| Profit (loss) carried forward | 14 | -€1,860 | -€1,860 | = | 0.0% |
| Amounts payable | 17/49 | €11,886 | €17,607 | +€5,721 | +48.1% |
| Amounts payable after more than one year | 17 | €362 | - | -€362 | |
| Financial debts | 170/4 | €362 | - | -€362 | |
| Amounts payable within one year | 42/48 | €11,524 | €17,607 | +€6,083 | +52.8% |
| Current portion of amounts payable after more than one year | 42 | €4,318 | €362 | -€3,955 | -91.6% |
| Financial debts | 43 | €342 | €871 | +€529 | +155% |
| Credit institutions | 430/8 | €342 | €871 | +€529 | +155% |
| Trade debts | 44 | €940 | €1,424 | +€483 | +51.4% |
| Suppliers | 440/4 | €940 | €1,424 | +€483 | +51.4% |
| Taxes, remuneration and social security | 45 | €1,176 | €5,640 | +€4,465 | +380% |
| Taxes | 450/3 | €1,176 | €4,140 | +€2,965 | +252% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €4,749 | €9,310 | +€4,562 | +96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,188 | €6,035 | -€153 | -2.5% |
| Other operating charges | 640/8 | €969 | €1,095 | +€126 | +13.0% |
| Gross operating margin | 9900 | €23,462 | €15,150 | -€8,311 | -35.4% |
| Operating profit (loss) | 9901 | €16,305 | €8,021 | -€8,284 | -50.8% |
| Financial charges | 65/66B | €393 | €191 | -€202 | -51.5% |
| Recurring financial charges | 65 | €393 | €191 | -€202 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | €15,912 | €7,830 | -€8,082 | -50.8% |
| Income taxes | 67/77 | €1,176 | €2,286 | +€1,110 | +94.4% |
| Profit (loss) for the period | 9904 | €14,736 | €5,544 | -€9,192 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,736 | €5,544 | -€9,192 | -62.4% |
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.