MEERTS COMPACT: 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.
MEERTS COMPACT
Largest movements
- Tangible fixed assets -€42,391
down €42,391 (-25.0%), from €169,382 to €126,991
of which Leasing and similar rights: -€33,456
- Cash -€30,684
down €30,684 (-70.9%), from €43,266 to €12,581
mainly Debts after one year (-€69,077) and Receivables within one year (-€18,420)
- Receivables within one year +€18,420
up €18,420 (+15.3%), from €120,287 to €138,707
of which Trade receivables: +€96,031
- Stocks and contracts +€10,871
up €10,871 (+93.9%), from €11,577 to €22,448
- Debts after one year -€69,077
down €69,077 (-32.7%), from €211,194 to €142,118
- Other debts +€22,624
up €22,624 (+67.2%), from €33,686 to €56,309
- Tax, wage and social debts +€6,677
up €6,677 (+77.9%), from €8,572 to €15,249
- Gross operating margin -€21,124
down €21,124 (-27.6%), from €76,405 to €55,281
- Depreciation +€11,357
up €11,357 (+36.6%), from €31,034 to €42,391
- Taxes -€7,500
down €7,500 (-92.6%), from €8,096 to €595
- Financial charges +€4,001
up €4,001 (+42.2%), from €9,474 to €13,475
- Financial income -€1,252
down €1,252 (-26.9%), from €4,653 to €3,401
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.
Cash bridge derived
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 | €527,825 | €480,515 | -€47,310 | -9.0% |
| Fixed assets | 21/28 | €346,932 | €304,541 | -€42,391 | -12.2% |
| Tangible fixed assets | 22/27 | €169,382 | €126,991 | -€42,391 | -25.0% |
| Plant, machinery and equipment | 23 | €28,518 | €19,833 | -€8,686 | -30.5% |
| Furniture and vehicles | 24 | €677 | €427 | -€250 | -36.9% |
| Leasing and similar rights | 25 | €140,187 | €106,731 | -€33,456 | -23.9% |
| Financial fixed assets | 28 | €177,550 | €177,550 | = | 0.0% |
| Current assets | 29/58 | €180,893 | €175,974 | -€4,919 | -2.7% |
| Stocks and contracts in progress | 3 | €11,577 | €22,448 | +€10,871 | +93.9% |
| Stocks | 30/36 | €11,577 | €22,448 | +€10,871 | +93.9% |
| Amounts receivable within one year | 40/41 | €120,287 | €138,707 | +€18,420 | +15.3% |
| Trade receivables | 40 | €42,676 | €138,707 | +€96,031 | +225.0% |
| Other amounts receivable | 41 | €77,611 | €0 | -€77,611 | -100.0% |
| Cash at bank and in hand | 54/58 | €43,266 | €12,581 | -€30,684 | -70.9% |
| Deferred charges and accrued income | 490/1 | €5,763 | €2,237 | -€3,526 | -61.2% |
| Total equity and liabilities | 10/49 | €527,825 | €480,515 | -€47,310 | -9.0% |
| Equity | 10/15 | €145,615 | €146,722 | +€1,107 | +0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €139,415 | €140,522 | +€1,107 | +0.8% |
| Distributable reserves | 133 | €139,415 | €140,522 | +€1,107 | +0.8% |
| Amounts payable | 17/49 | €382,210 | €333,793 | -€48,417 | -12.7% |
| Amounts payable after more than one year | 17 | €211,194 | €142,118 | -€69,077 | -32.7% |
| Financial debts | 170/4 | €211,194 | €142,118 | -€69,077 | -32.7% |
| Amounts payable within one year | 42/48 | €169,905 | €190,186 | +€20,282 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €72,908 | €69,077 | -€3,831 | -5.3% |
| Trade debts | 44 | €54,740 | €49,552 | -€5,188 | -9.5% |
| Suppliers | 440/4 | €54,740 | €49,552 | -€5,188 | -9.5% |
| Taxes, remuneration and social security | 45 | €8,572 | €15,249 | +€6,677 | +77.9% |
| Taxes | 450/3 | €8,572 | €15,249 | +€6,677 | +77.9% |
| Other amounts payable | 47/48 | €33,686 | €56,309 | +€22,624 | +67.2% |
| Accrued charges and deferred income | 492/3 | €1,111 | €1,489 | +€378 | +34.0% |
| Non-recurring operating income | 76A | €38,236 | €0 | -€38,236 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,034 | €42,391 | +€11,357 | +36.6% |
| Other operating charges | 640/8 | €732 | €1,114 | +€382 | +52.1% |
| Gross operating margin | 9900 | €76,405 | €55,281 | -€21,124 | -27.6% |
| Operating profit (loss) | 9901 | €44,638 | €11,776 | -€32,862 | -73.6% |
| Financial income | 75/76B | €4,653 | €3,401 | -€1,252 | -26.9% |
| Recurring financial income | 75 | €4,653 | €3,401 | -€1,252 | -26.9% |
| Financial charges | 65/66B | €9,474 | €13,475 | +€4,001 | +42.2% |
| Recurring financial charges | 65 | €9,474 | €13,475 | +€4,001 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €39,818 | €1,702 | -€38,115 | -95.7% |
| Income taxes | 67/77 | €8,096 | €595 | -€7,500 | -92.6% |
| Profit (loss) for the period | 9904 | €31,722 | €1,107 | -€30,615 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,722 | €1,107 | -€30,615 | -96.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.