MEEUSEN MICHEL: 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.
MEEUSEN MICHEL
Largest movements
- Current investments +€849,723
new in 2025: €849,723
- Cash -€528,903
down €528,903 (-94.1%), from €562,229 to €33,326
mainly Current investments (-€849,723) and Other debts (-€27,750)
- Receivables within one year -€47,621
down €47,621 (-81.1%), from €58,716 to €11,095
of which Other amounts receivable: -€27,145
- Tangible fixed assets -€45,916
down €45,916 (-20.9%), from €219,309 to €173,393
- Stocks and contracts +€17,521
up €17,521 (+15.6%), from €112,457 to €129,978
- Reserves +€270,442
up €270,442 (+30.7%), from €879,895 to €1.2m
of which Distributable reserves: +€270,442
- Other debts -€27,750
down €27,750 (-61.1%), from €45,391 to €17,640
- Gross operating margin +€326,490
up €326,490 (+162%), from €201,372 to €527,862
- Taxes +€100,340
up €100,340 (+281%), from €35,754 to €136,093
- Staff costs +€11,084
up €11,084 (+25.4%), from €43,559 to €54,643
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 | €952,961 | €1,197,764 | +€244,804 | +25.7% |
| Fixed assets | 21/28 | €219,559 | €173,643 | -€45,916 | -20.9% |
| Tangible fixed assets | 22/27 | €219,309 | €173,393 | -€45,916 | -20.9% |
| Land and buildings | 22 | €122,081 | €113,137 | -€8,944 | -7.3% |
| Plant, machinery and equipment | 23 | €34,909 | €15,154 | -€19,755 | -56.6% |
| Furniture and vehicles | 24 | €62,319 | €45,103 | -€17,216 | -27.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €733,402 | €1,024,121 | +€290,719 | +39.6% |
| Stocks and contracts in progress | 3 | €112,457 | €129,978 | +€17,521 | +15.6% |
| Stocks | 30/36 | €112,457 | €129,978 | +€17,521 | +15.6% |
| Amounts receivable within one year | 40/41 | €58,716 | €11,095 | -€47,621 | -81.1% |
| Trade receivables | 40 | €28,155 | €7,680 | -€20,476 | -72.7% |
| Other amounts receivable | 41 | €30,561 | €3,415 | -€27,145 | -88.8% |
| Current investments | 50/53 | - | €849,723 | +€849,723 | |
| Cash at bank and in hand | 54/58 | €562,229 | €33,326 | -€528,903 | -94.1% |
| Total equity and liabilities | 10/49 | €952,961 | €1,197,764 | +€244,804 | +25.7% |
| Equity | 10/15 | €898,487 | €1,168,929 | +€270,442 | +30.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €879,895 | €1,150,337 | +€270,442 | +30.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €879,895 | €1,150,337 | +€270,442 | +30.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,474 | €28,836 | -€25,638 | -47.1% |
| Amounts payable within one year | 42/48 | €52,974 | €28,836 | -€24,138 | -45.6% |
| Trade debts | 44 | €3,785 | €4,292 | +€507 | +13.4% |
| Suppliers | 440/4 | €3,785 | €4,292 | +€507 | +13.4% |
| Taxes, remuneration and social security | 45 | €3,798 | €6,903 | +€3,105 | +81.8% |
| Taxes | 450/3 | €528 | €2,094 | +€1,566 | +297% |
| Remuneration and social security | 454/9 | €3,270 | €4,810 | +€1,539 | +47.1% |
| Other amounts payable | 47/48 | €45,391 | €17,640 | -€27,750 | -61.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Non-recurring operating income | 76A | €1,345 | €0 | -€1,345 | -100% |
| Remuneration, social security and pensions | 62 | €43,559 | €54,643 | +€11,084 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,549 | €50,105 | +€556 | +1.1% |
| Other operating charges | 640/8 | €4,800 | €2,297 | -€2,503 | -52.1% |
| Non-recurring operating charges | 66A | €470 | €0 | -€470 | -100% |
| Gross operating margin | 9900 | €201,372 | €527,862 | +€326,490 | +162% |
| Operating profit (loss) | 9901 | €102,994 | €420,817 | +€317,824 | +309% |
| Financial income | 75/76B | €9,042 | €4,955 | -€4,087 | -45.2% |
| Recurring financial income | 75 | €9,042 | €4,955 | -€4,087 | -45.2% |
| Financial charges | 65/66B | €1,798 | €1,597 | -€201 | -11.2% |
| Recurring financial charges | 65 | €1,798 | €1,597 | -€201 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €110,238 | €424,175 | +€313,937 | +285% |
| Income taxes | 67/77 | €35,754 | €136,093 | +€100,340 | +281% |
| Profit (loss) for the period | 9904 | €74,484 | €288,082 | +€213,598 | +287% |
| Profit (loss) for the period to be appropriated | 9905 | €74,484 | €288,082 | +€213,598 | +287% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.