MEERT KLEDING: 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 KLEDING
Largest movements
- Formation expenses +€201,615
up €201,615 (+41.3%), from €487,857 to €689,472
- Stocks and contracts -€108,793
down €108,793 (-37.1%), from €292,967 to €184,175
- Tangible fixed assets -€97,490
down €97,490 (-28.1%), from €346,943 to €249,453
- Receivables within one year +€73,453
up €73,453 (+79.8%), from €91,999 to €165,452
of which Other amounts receivable: +€69,188
- Cash -€17,006
down €17,006 (-77.9%), from €21,819 to €4,814
mainly Investment in fixed assets (net) (-€219,314) and Receivables within one year (-€73,453)
- Other debts +€115,349
up €115,349 (+2,902%), from €3,975 to €119,325
- Debts after one year -€65,337
down €65,337 (-36.4%), from €179,719 to €114,382
of which Financial debts: -€65,337
- Tax, wage and social debts +€40,583
up €40,583 (+29.9%), from €135,768 to €176,350
of which Taxes: +€30,301
- Current portion of long-term debt -€37,104
down €37,104 (-31.0%), from €119,631 to €82,527
- Short-term financial debts +€27,218
up €27,218 (+7.4%), from €367,185 to €394,403
of which Credit institutions: +€27,218
- Gross operating margin -€101,656
down €101,656 (-23.6%), from €431,492 to €329,836
- Staff costs -€93,607
down €93,607 (-35.6%), from €263,245 to €169,638
- Financial charges -€4,346
down €4,346 (-8.9%), from €48,995 to €44,649
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 | €1,387,228 | €1,456,753 | +€69,525 | +5.0% |
| Formation expenses | 20 | €487,857 | €689,472 | +€201,615 | +41.3% |
| Fixed assets | 21/28 | €492,585 | €412,795 | -€79,791 | -16.2% |
| Intangible fixed assets | 21 | €145,515 | €161,314 | +€15,800 | +10.9% |
| Tangible fixed assets | 22/27 | €346,943 | €249,453 | -€97,490 | -28.1% |
| Plant, machinery and equipment | 23 | €346,943 | €249,453 | -€97,490 | -28.1% |
| Financial fixed assets | 28 | €128 | €2,028 | +€1,900 | +1,490% |
| Current assets | 29/58 | €406,786 | €354,487 | -€52,299 | -12.9% |
| Stocks and contracts in progress | 3 | €292,967 | €184,175 | -€108,793 | -37.1% |
| Stocks | 30/36 | €292,967 | €184,175 | -€108,793 | -37.1% |
| Amounts receivable within one year | 40/41 | €91,999 | €165,452 | +€73,453 | +79.8% |
| Trade receivables | 40 | €11,878 | €16,143 | +€4,265 | +35.9% |
| Other amounts receivable | 41 | €80,121 | €149,309 | +€69,188 | +86.4% |
| Cash at bank and in hand | 54/58 | €21,819 | €4,814 | -€17,006 | -77.9% |
| Deferred charges and accrued income | 490/1 | - | €47 | +€47 | |
| Total equity and liabilities | 10/49 | €1,387,228 | €1,456,753 | +€69,525 | +5.0% |
| Equity | 10/15 | €289,037 | €290,782 | +€1,745 | +0.6% |
| Contributions | 10/11 | €311,552 | €311,552 | = | 0.0% |
| Capital | 10 | €311,552 | €311,552 | = | 0.0% |
| Issued capital | 100 | €311,552 | €311,552 | = | 0.0% |
| Reserves | 13 | €78,003 | €78,003 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,125 | €10,125 | = | 0.0% |
| Legal reserve | 130 | €10,125 | €10,125 | = | 0.0% |
| Distributable reserves | 133 | €67,877 | €67,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,517 | -€98,773 | +€1,745 | +1.7% |
| Amounts payable | 17/49 | €1,098,191 | €1,165,971 | +€67,780 | +6.2% |
| Amounts payable after more than one year | 17 | €179,719 | €114,382 | -€65,337 | -36.4% |
| Financial debts | 170/4 | €119,719 | €54,382 | -€65,337 | -54.6% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €917,939 | €1,047,339 | +€129,400 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €119,631 | €82,527 | -€37,104 | -31.0% |
| Financial debts | 43 | €367,185 | €394,403 | +€27,218 | +7.4% |
| Credit institutions | 430/8 | €347,185 | €374,403 | +€27,218 | +7.8% |
| Other loans | 439 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €291,381 | €274,735 | -€16,646 | -5.7% |
| Suppliers | 440/4 | €291,381 | €274,735 | -€16,646 | -5.7% |
| Taxes, remuneration and social security | 45 | €135,768 | €176,350 | +€40,583 | +29.9% |
| Taxes | 450/3 | €124,586 | €154,886 | +€30,301 | +24.3% |
| Remuneration and social security | 454/9 | €11,182 | €21,464 | +€10,282 | +92.0% |
| Other amounts payable | 47/48 | €3,975 | €119,325 | +€115,349 | +2,902% |
| Accrued charges and deferred income | 492/3 | €532 | €4,250 | +€3,718 | +698% |
| Remuneration, social security and pensions | 62 | €263,245 | €169,638 | -€93,607 | -35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,925 | €97,490 | -€435 | -0.4% |
| Other operating charges | 640/8 | €16,137 | €15,660 | -€477 | -3.0% |
| Gross operating margin | 9900 | €431,492 | €329,836 | -€101,656 | -23.6% |
| Operating profit (loss) | 9901 | €54,185 | €47,047 | -€7,138 | -13.2% |
| Financial income | 75/76B | €172 | €119 | -€53 | -30.8% |
| Recurring financial income | 75 | €172 | €119 | -€53 | -30.8% |
| Financial charges | 65/66B | €48,995 | €44,649 | -€4,346 | -8.9% |
| Recurring financial charges | 65 | €48,995 | €44,649 | -€4,346 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €5,363 | €2,518 | -€2,845 | -53.1% |
| Income taxes | 67/77 | €636 | €773 | +€137 | +21.5% |
| Profit (loss) for the period | 9904 | €4,727 | €1,745 | -€2,982 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,727 | €1,745 | -€2,982 | -63.1% |
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 23 October 2026 via checked.be.