MEERTENS: 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.
MEERTENS
Largest movements
- Stocks and contracts -€101,901
down €101,901 (-100%), from €101,901 to €0
- Tangible fixed assets -€35,709
down €35,709 (-6.5%), from €548,667 to €512,959
of which Land and buildings: -€19,835
- Receivables within one year -€11,408
down €11,408 (-93.1%), from €12,255 to €847
of which Trade receivables: -€12,198
- Debts after one year -€56,828
down €56,828 (-19.9%), from €286,162 to €229,334
- Profit (loss) carried forward -€26,882
down €26,882 (-5.4%), from €500,072 to €473,190
- Tax, wage and social debts -€26,246
down €26,246 (-82.3%), from €31,875 to €5,629
of which Taxes: -€25,200
- Other debts -€20,030
down €20,030 (-85.3%), from €23,484 to €3,454
- Trade debts -€11,107
down €11,107 (-97.4%), from €11,398 to €292
- Gross operating margin -€129,557
down €129,557 (-92.7%), from €139,791 to €10,234
- Staff costs -€36,860
down €36,860 (-95.6%), from €38,560 to €1,700
- Taxes -€13,352
down €13,352 (-99.0%), from €13,493 to €141
- Write-downs -€6,587
new in 2025: -€6,587
- Financial income -€5,269
down €5,269 (-99.7%), from €5,286 to €17
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 | €953,494 | €802,812 | -€150,682 | -15.8% |
| Fixed assets | 21/28 | €548,940 | €513,231 | -€35,709 | -6.5% |
| Tangible fixed assets | 22/27 | €548,667 | €512,959 | -€35,709 | -6.5% |
| Land and buildings | 22 | €517,819 | €497,984 | -€19,835 | -3.8% |
| Furniture and vehicles | 24 | €30,849 | €14,975 | -€15,874 | -51.5% |
| Financial fixed assets | 28 | €273 | €273 | = | 0.0% |
| Current assets | 29/58 | €404,554 | €289,581 | -€114,973 | -28.4% |
| Stocks and contracts in progress | 3 | €101,901 | €0 | -€101,901 | -100% |
| Stocks | 30/36 | €101,901 | €0 | -€101,901 | -100% |
| Amounts receivable within one year | 40/41 | €12,255 | €847 | -€11,408 | -93.1% |
| Trade receivables | 40 | €12,198 | €0 | -€12,198 | -100% |
| Other amounts receivable | 41 | €57 | €847 | +€790 | +1,374% |
| Cash at bank and in hand | 54/58 | €281,178 | €288,627 | +€7,450 | +2.6% |
| Deferred charges and accrued income | 490/1 | €9,220 | €106 | -€9,114 | -98.8% |
| Total equity and liabilities | 10/49 | €953,494 | €802,812 | -€150,682 | -15.8% |
| Equity | 10/15 | €543,459 | €507,275 | -€36,184 | -6.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €12,400 | €3,099 | -€9,302 | -75.0% |
| Tax-exempt reserves | 132 | €9,302 | €0 | -€9,302 | -100% |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €500,072 | €473,190 | -€26,882 | -5.4% |
| Amounts payable | 17/49 | €410,035 | €295,537 | -€114,498 | -27.9% |
| Amounts payable after more than one year | 17 | €286,162 | €229,334 | -€56,828 | -19.9% |
| Financial debts | 170/4 | €286,162 | €229,334 | -€56,828 | -19.9% |
| Amounts payable within one year | 42/48 | €123,873 | €66,203 | -€57,670 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €57,116 | €56,828 | -€287 | -0.5% |
| Trade debts | 44 | €11,398 | €292 | -€11,107 | -97.4% |
| Suppliers | 440/4 | €11,398 | €292 | -€11,107 | -97.4% |
| Taxes, remuneration and social security | 45 | €31,875 | €5,629 | -€26,246 | -82.3% |
| Taxes | 450/3 | €30,829 | €5,629 | -€25,200 | -81.7% |
| Remuneration and social security | 454/9 | €1,046 | €0 | -€1,046 | -100% |
| Other amounts payable | 47/48 | €23,484 | €3,454 | -€20,030 | -85.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €16,538 | +€16,538 | |
| Remuneration, social security and pensions | 62 | €38,560 | €1,700 | -€36,860 | -95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,931 | €28,747 | -€5,184 | -15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,587 | -€6,587 | |
| Other operating charges | 640/8 | €8,159 | €7,750 | -€409 | -5.0% |
| Gross operating margin | 9900 | €139,791 | €10,234 | -€129,557 | -92.7% |
| Operating profit (loss) | 9901 | €59,140 | -€21,376 | -€80,516 | |
| Financial income | 75/76B | €5,286 | €17 | -€5,269 | -99.7% |
| Recurring financial income | 75 | €5,286 | €17 | -€5,269 | -99.7% |
| Financial charges | 65/66B | €17,749 | €14,684 | -€3,065 | -17.3% |
| Recurring financial charges | 65 | €17,749 | €14,684 | -€3,065 | -17.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €46,677 | -€36,043 | -€82,719 | |
| Income taxes | 67/77 | €13,493 | €141 | -€13,352 | -99.0% |
| Profit (loss) for the period | 9904 | €33,184 | -€36,184 | -€69,367 | |
| Transfer from tax-exempt reserves | 789 | - | €9,302 | +€9,302 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,184 | -€26,882 | -€60,066 |
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 20 October 2026 via checked.be.