MEES: 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.
MEES
Largest movements
- Receivables within one year -€209,478
down €209,478 (-33.6%), from €622,711 to €413,233
of which Trade receivables: -€216,545
- Tangible fixed assets +€117,527
up €117,527 (+15.5%), from €758,075 to €875,602
of which Land and buildings: +€661,437
- Cash +€65,470
up €65,470 (+65.2%), from €100,424 to €165,894
mainly Receivables within one year (+€209,478) and Other debts (+€54,271)
- Reserves -€60,228
down €60,228 (-6.1%), from €979,718 to €919,490
of which Distributable reserves: -€60,228
- Other debts +€54,271
up €54,271 (+119.6%), from €45,384 to €99,656
- Advances received -€36,647
down €36,647 (-100.0%), from €36,647 to €0
- Debts after one year +€29,645
up €29,645, from €0 to €29,645
- Trade debts -€26,935
down €26,935 (-40.3%), from €66,859 to €39,924
- Gross operating margin +€154,417
up €154,417, from -€51,231 to €103,186
- Staff costs -€49,788
down €49,788, from €49,705 to -€83
- Other operating charges -€24,163
down €24,163 (-67.0%), from €36,061 to €11,898
- Financial income -€12,287
down €12,287 (-95.0%), from €12,935 to €648
- Financial charges -€8,265
down €8,265 (-75.8%), from €10,898 to €2,633
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 | €1,710,452 | €1,674,404 | -€36,048 | -2.1% |
| Fixed assets | 21/28 | €758,075 | €875,602 | +€117,527 | +15.5% |
| Tangible fixed assets | 22/27 | €758,075 | €875,602 | +€117,527 | +15.5% |
| Land and buildings | 22 | - | €661,437 | +€661,437 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €126,015 | €214,165 | +€88,149 | +70.0% |
| Assets under construction and advance payments | 27 | €632,060 | €0 | -€632,060 | -100.0% |
| Current assets | 29/58 | €952,377 | €798,802 | -€153,574 | -16.1% |
| Stocks and contracts in progress | 3 | €225,886 | €214,150 | -€11,736 | -5.2% |
| Stocks | 30/36 | €225,886 | €214,150 | -€11,736 | -5.2% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €622,711 | €413,233 | -€209,478 | -33.6% |
| Trade receivables | 40 | €596,349 | €379,804 | -€216,545 | -36.3% |
| Other amounts receivable | 41 | €26,362 | €33,429 | +€7,067 | +26.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €100,424 | €165,894 | +€65,470 | +65.2% |
| Deferred charges and accrued income | 490/1 | €3,355 | €5,525 | +€2,170 | +64.7% |
| Total equity and liabilities | 10/49 | €1,710,452 | €1,674,404 | -€36,048 | -2.1% |
| Equity | 10/15 | €1,294,405 | €1,234,177 | -€60,228 | -4.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €979,718 | €919,490 | -€60,228 | -6.1% |
| Tax-exempt reserves | 132 | €805,699 | €805,699 | = | 0.0% |
| Distributable reserves | 133 | €174,018 | €113,791 | -€60,228 | -34.6% |
| Profit (loss) carried forward | 14 | €296,095 | €296,095 | = | 0.0% |
| Provisions and deferred taxes | 16 | €256,066 | €256,066 | = | 0.0% |
| Deferred taxes | 168 | €256,066 | €256,066 | = | 0.0% |
| Amounts payable | 17/49 | €159,980 | €184,160 | +€24,180 | +15.1% |
| Amounts payable after more than one year | 17 | €0 | €29,645 | +€29,645 | |
| Financial debts | 170/4 | €0 | €29,645 | +€29,645 | |
| Amounts payable within one year | 42/48 | €159,939 | €154,433 | -€5,505 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €2,274 | €9,570 | +€7,296 | +320.8% |
| Financial debts | 43 | €3,821 | €0 | -€3,821 | -100.0% |
| Credit institutions | 430/8 | €3,821 | €0 | -€3,821 | -100.0% |
| Trade debts | 44 | €66,859 | €39,924 | -€26,935 | -40.3% |
| Suppliers | 440/4 | €66,859 | €39,924 | -€26,935 | -40.3% |
| Advances received on contracts in progress | 46 | €36,647 | €0 | -€36,647 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,954 | €5,283 | +€330 | +6.7% |
| Taxes | 450/3 | €928 | €5,283 | +€4,355 | +469.1% |
| Remuneration and social security | 454/9 | €4,025 | €0 | -€4,025 | -100.0% |
| Other amounts payable | 47/48 | €45,384 | €99,656 | +€54,271 | +119.6% |
| Accrued charges and deferred income | 492/3 | €42 | €82 | +€40 | +96.5% |
| Non-recurring operating income | 76A | €82,226 | €3,681 | -€78,545 | -95.5% |
| Remuneration, social security and pensions | 62 | €49,705 | -€83 | -€49,788 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,035 | €43,653 | +€2,618 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €433 | +€433 | |
| Other operating charges | 640/8 | €36,061 | €11,898 | -€24,163 | -67.0% |
| Non-recurring operating charges | 66A | €622 | €7,628 | +€7,007 | +1126.8% |
| Gross operating margin | 9900 | -€51,231 | €103,186 | +€154,417 | |
| Operating profit (loss) | 9901 | -€178,653 | €39,657 | +€218,310 | |
| Financial income | 75/76B | €12,935 | €648 | -€12,287 | -95.0% |
| Recurring financial income | 75 | €12,935 | €648 | -€12,287 | -95.0% |
| Financial charges | 65/66B | €10,898 | €2,633 | -€8,265 | -75.8% |
| Recurring financial charges | 65 | €10,898 | €2,633 | -€8,265 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | -€176,616 | €37,673 | +€214,289 | |
| Income taxes | 67/77 | €165 | €3,579 | +€3,414 | +2071.6% |
| Profit (loss) for the period | 9904 | -€176,781 | €34,093 | +€210,874 | |
| Profit (loss) for the period to be appropriated | 9905 | -€176,781 | €34,093 | +€210,874 |
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 7 October 2026 via checked.be.