MEEUS: 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.
MEEUS
Largest movements
- Cash +€60,472
up €60,472 (+156%), from €38,772 to €99,244
mainly Depreciation (+€74,726) and Net result for the year (+€50,297)
- Tangible fixed assets -€59,399
down €59,399 (-8.9%), from €665,999 to €606,600
of which Plant, machinery and equipment: -€37,321
- Receivables within one year +€13,757
up €13,757 (+47.7%), from €28,840 to €42,598
of which Trade receivables: +€36,797
- Debts after one year -€21,458
down €21,458 (-15.1%), from €142,576 to €121,118
- Trade debts +€18,828
up €18,828 (+81.3%), from €23,151 to €41,979
- Other debts +€13,347
up €13,347 (+30.5%), from €43,755 to €57,101
- Gross operating margin +€16,926
up €16,926 (+7.5%), from €227,089 to €244,016
- Depreciation +€7,034
up €7,034 (+10.4%), from €67,692 to €74,726
- Staff costs +€5,376
up €5,376 (+6.6%), from €81,103 to €86,478
- Financial charges -€3,057
down €3,057 (-32.0%), from €9,561 to €6,504
- Taxes +€2,709
up €2,709 (+13.7%), from €19,722 to €22,431
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 | €743,493 | €757,309 | +€13,816 | +1.9% |
| Fixed assets | 21/28 | €666,103 | €606,704 | -€59,399 | -8.9% |
| Tangible fixed assets | 22/27 | €665,999 | €606,600 | -€59,399 | -8.9% |
| Land and buildings | 22 | €515,508 | €493,430 | -€22,078 | -4.3% |
| Plant, machinery and equipment | 23 | €150,491 | €113,170 | -€37,321 | -24.8% |
| Financial fixed assets | 28 | €104 | €104 | = | 0.0% |
| Current assets | 29/58 | €77,390 | €150,605 | +€73,215 | +94.6% |
| Stocks and contracts in progress | 3 | €1,700 | €2,200 | +€500 | +29.4% |
| Stocks | 30/36 | €1,700 | €2,200 | +€500 | +29.4% |
| Amounts receivable within one year | 40/41 | €28,840 | €42,598 | +€13,757 | +47.7% |
| Trade receivables | 40 | €1,193 | €37,990 | +€36,797 | +3,085% |
| Other amounts receivable | 41 | €27,647 | €4,608 | -€23,040 | -83.3% |
| Cash at bank and in hand | 54/58 | €38,772 | €99,244 | +€60,472 | +156% |
| Deferred charges and accrued income | 490/1 | €8,078 | €6,563 | -€1,515 | -18.8% |
| Total equity and liabilities | 10/49 | €743,493 | €757,309 | +€13,816 | +1.9% |
| Equity | 10/15 | €494,695 | €490,992 | -€3,703 | -0.7% |
| Contributions | 10/11 | €11,163 | €11,163 | = | 0.0% |
| Reserves | 13 | €483,530 | €479,820 | -€3,710 | -0.8% |
| Distributable reserves | 133 | €483,530 | €479,820 | -€3,710 | -0.8% |
| Profit (loss) carried forward | 14 | €1 | €8 | +€7 | +526% |
| Amounts payable | 17/49 | €248,799 | €266,317 | +€17,519 | +7.0% |
| Amounts payable after more than one year | 17 | €142,576 | €121,118 | -€21,458 | -15.1% |
| Financial debts | 170/4 | €142,576 | €121,118 | -€21,458 | -15.1% |
| Amounts payable within one year | 42/48 | €106,223 | €145,199 | +€38,976 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €20,729 | €21,114 | +€385 | +1.9% |
| Trade debts | 44 | €23,151 | €41,979 | +€18,828 | +81.3% |
| Suppliers | 440/4 | €23,151 | €41,979 | +€18,828 | +81.3% |
| Taxes, remuneration and social security | 45 | €18,589 | €25,005 | +€6,416 | +34.5% |
| Taxes | 450/3 | €17,441 | €25,005 | +€7,564 | +43.4% |
| Remuneration and social security | 454/9 | €1,148 | - | -€1,148 | |
| Other amounts payable | 47/48 | €43,755 | €57,101 | +€13,347 | +30.5% |
| Remuneration, social security and pensions | 62 | €81,103 | €86,478 | +€5,376 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,692 | €74,726 | +€7,034 | +10.4% |
| Other operating charges | 640/8 | €3,693 | €3,826 | +€133 | +3.6% |
| Gross operating margin | 9900 | €227,089 | €244,016 | +€16,926 | +7.5% |
| Operating profit (loss) | 9901 | €74,603 | €78,986 | +€4,383 | +5.9% |
| Financial income | 75/76B | €2,418 | €247 | -€2,171 | -89.8% |
| Recurring financial income | 75 | €2,252 | €56 | -€2,196 | -97.5% |
| Non-recurring financial income | 76B | €166 | €191 | +€25 | +15.0% |
| Financial charges | 65/66B | €9,561 | €6,504 | -€3,057 | -32.0% |
| Recurring financial charges | 65 | €9,561 | €6,504 | -€3,057 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €67,460 | €72,728 | +€5,268 | +7.8% |
| Income taxes | 67/77 | €19,722 | €22,431 | +€2,709 | +13.7% |
| Profit (loss) for the period | 9904 | €47,738 | €50,297 | +€2,559 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,738 | €50,297 | +€2,559 | +5.4% |
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 13 October 2026 via checked.be.