MEERTS & ZONEN: 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.
MEERTS & ZONEN
Largest movements
- Tangible fixed assets -€66,818
down €66,818 (-15.7%), from €426,094 to €359,277
of which Plant, machinery and equipment: -€45,257
- Cash -€11,384
down €11,384 (-23.7%), from €47,962 to €36,578
mainly Trade debts (-€41,259) and Current portion of long-term debt (-€41,050)
- Trade debts -€41,259
down €41,259 (-26.0%), from €158,798 to €117,539
- Current portion of long-term debt -€41,050
down €41,050 (-54.1%), from €75,922 to €34,871
- Debts after one year -€37,322
down €37,322 (-29.9%), from €125,030 to €87,708
- Short-term financial debts +€16,813
new in 2025: €16,813
- Profit (loss) carried forward +€7,531
up €7,531 (+14.3%), from €52,584 to €60,114
- Gross operating margin -€34,166
down €34,166 (-15.5%), from €220,533 to €186,368
- Other operating charges -€19,817
down €19,817 (-90.1%), from €21,994 to €2,177
- Staff costs +€7,083
up €7,083 (+7.6%), from €93,461 to €100,544
- Financial income +€6,002
up €6,002 (+1,006%), from €597 to €6,599
- Depreciation -€2,726
down €2,726 (-3.9%), from €69,178 to €66,452
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 | €641,027 | €550,199 | -€90,828 | -14.2% |
| Fixed assets | 21/28 | €426,094 | €359,277 | -€66,818 | -15.7% |
| Tangible fixed assets | 22/27 | €426,094 | €359,277 | -€66,818 | -15.7% |
| Land and buildings | 22 | €243,595 | €234,025 | -€9,570 | -3.9% |
| Plant, machinery and equipment | 23 | €97,570 | €52,313 | -€45,257 | -46.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €84,929 | €72,939 | -€11,990 | -14.1% |
| Current assets | 29/58 | €214,933 | €190,922 | -€24,010 | -11.2% |
| Stocks and contracts in progress | 3 | €6,214 | €3,693 | -€2,521 | -40.6% |
| Stocks | 30/36 | €6,214 | €3,693 | -€2,521 | -40.6% |
| Amounts receivable within one year | 40/41 | €149,895 | €145,786 | -€4,109 | -2.7% |
| Trade receivables | 40 | €143,275 | €141,073 | -€2,202 | -1.5% |
| Other amounts receivable | 41 | €6,620 | €4,713 | -€1,907 | -28.8% |
| Cash at bank and in hand | 54/58 | €47,962 | €36,578 | -€11,384 | -23.7% |
| Deferred charges and accrued income | 490/1 | €10,862 | €4,865 | -€5,997 | -55.2% |
| Total equity and liabilities | 10/49 | €641,027 | €550,199 | -€90,828 | -14.2% |
| Equity | 10/15 | €172,894 | €180,424 | +€7,531 | +4.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €95,310 | €95,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €95,310 | €95,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,584 | €60,114 | +€7,531 | +14.3% |
| Amounts payable | 17/49 | €468,133 | €369,775 | -€98,359 | -21.0% |
| Amounts payable after more than one year | 17 | €125,030 | €87,708 | -€37,322 | -29.9% |
| Financial debts | 170/4 | €125,030 | €87,708 | -€37,322 | -29.9% |
| Amounts payable within one year | 42/48 | €343,103 | €276,363 | -€66,740 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €75,922 | €34,871 | -€41,050 | -54.1% |
| Financial debts | 43 | - | €16,813 | +€16,813 | |
| Credit institutions | 430/8 | - | €16,813 | +€16,813 | |
| Trade debts | 44 | €158,798 | €117,539 | -€41,259 | -26.0% |
| Suppliers | 440/4 | €158,798 | €117,539 | -€41,259 | -26.0% |
| Taxes, remuneration and social security | 45 | €20,775 | €20,198 | -€577 | -2.8% |
| Taxes | 450/3 | €3,612 | €4,551 | +€938 | +26.0% |
| Remuneration and social security | 454/9 | €17,162 | €15,647 | -€1,516 | -8.8% |
| Other amounts payable | 47/48 | €87,609 | €86,941 | -€668 | -0.8% |
| Accrued charges and deferred income | 492/3 | - | €5,703 | +€5,703 | |
| Non-recurring operating income | 76A | €125,749 | €31,000 | -€94,749 | -75.3% |
| Remuneration, social security and pensions | 62 | €93,461 | €100,544 | +€7,083 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,178 | €66,452 | -€2,726 | -3.9% |
| Other operating charges | 640/8 | €21,994 | €2,177 | -€19,817 | -90.1% |
| Non-recurring operating charges | 66A | €8,474 | €366 | -€8,108 | -95.7% |
| Gross operating margin | 9900 | €220,533 | €186,368 | -€34,166 | -15.5% |
| Operating profit (loss) | 9901 | €27,426 | €16,829 | -€10,598 | -38.6% |
| Financial income | 75/76B | €597 | €6,599 | +€6,002 | +1,006% |
| Recurring financial income | 75 | €597 | €6,599 | +€6,002 | +1,006% |
| Financial charges | 65/66B | €14,797 | €12,516 | -€2,280 | -15.4% |
| Recurring financial charges | 65 | €14,797 | €12,516 | -€2,280 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €13,226 | €10,911 | -€2,315 | -17.5% |
| Income taxes | 67/77 | €2,777 | €3,381 | +€604 | +21.7% |
| Profit (loss) for the period | 9904 | €10,450 | €7,531 | -€2,919 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,450 | €7,531 | -€2,919 | -27.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.