MEFEC: 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.
MEFEC
Largest movements
- Receivables within one year +€8,906
up €8,906 (+20.9%), from €42,684 to €51,591
of which Other amounts receivable: +€5,477
- Tangible fixed assets +€5,262
up €5,262 (+40.8%), from €12,898 to €18,161
of which Furniture and vehicles: +€4,986
- Deferred charges and accrued income -€3,046
down €3,046 (-37.8%), from €8,056 to €5,010
- Cash -€2,488
down €2,488 (-37.2%), from €6,694 to €4,206
mainly Investment in fixed assets (net) (-€10,930) and Receivables within one year (-€8,906)
- Intangible fixed assets -€1,105
down €1,105 (-60.2%), from €1,835 to €730
- Tax, wage and social debts +€6,003
up €6,003 (+45.4%), from €13,212 to €19,215
of which Remuneration and social security: +€6,925
- Debts after one year +€2,290
up €2,290 (+111%), from €2,057 to €4,347
- Gross operating margin +€39,391
up €39,391 (+111%), from €35,382 to €74,773
- Staff costs +€28,280
up €28,280 (+112%), from €25,290 to €53,570
- Other operating charges +€5,575
up €5,575 (+207%), from €2,695 to €8,270
- Financial charges +€2,704
up €2,704 (+159%), from €1,697 to €4,401
- Depreciation +€2,279
up €2,279 (+50.7%), from €4,494 to €6,773
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 | €75,768 | €83,297 | +€7,529 | +9.9% |
| Fixed assets | 21/28 | €18,333 | €22,490 | +€4,158 | +22.7% |
| Intangible fixed assets | 21 | €1,835 | €730 | -€1,105 | -60.2% |
| Tangible fixed assets | 22/27 | €12,898 | €18,161 | +€5,262 | +40.8% |
| Plant, machinery and equipment | 23 | €8,008 | €8,285 | +€276 | +3.4% |
| Furniture and vehicles | 24 | €4,890 | €9,876 | +€4,986 | +102% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €57,435 | €60,807 | +€3,372 | +5.9% |
| Amounts receivable within one year | 40/41 | €42,684 | €51,591 | +€8,906 | +20.9% |
| Trade receivables | 40 | €40,702 | €44,131 | +€3,429 | +8.4% |
| Other amounts receivable | 41 | €1,983 | €7,460 | +€5,477 | +276% |
| Cash at bank and in hand | 54/58 | €6,694 | €4,206 | -€2,488 | -37.2% |
| Deferred charges and accrued income | 490/1 | €8,056 | €5,010 | -€3,046 | -37.8% |
| Total equity and liabilities | 10/49 | €75,768 | €83,297 | +€7,529 | +9.9% |
| Equity | 10/15 | €52,069 | €52,296 | +€227 | +0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €47,069 | €47,296 | +€227 | +0.5% |
| Distributable reserves | 133 | €47,069 | €47,296 | +€227 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €23,699 | €31,001 | +€7,302 | +30.8% |
| Amounts payable after more than one year | 17 | €2,057 | €4,347 | +€2,290 | +111% |
| Financial debts | 170/4 | €2,057 | €4,347 | +€2,290 | +111% |
| Amounts payable within one year | 42/48 | €21,642 | €26,529 | +€4,887 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €7,705 | €7,087 | -€618 | -8.0% |
| Trade debts | 44 | €726 | €227 | -€499 | -68.7% |
| Suppliers | 440/4 | €726 | €227 | -€499 | -68.7% |
| Taxes, remuneration and social security | 45 | €13,212 | €19,215 | +€6,003 | +45.4% |
| Taxes | 450/3 | €13,212 | €12,290 | -€922 | -7.0% |
| Remuneration and social security | 454/9 | €0 | €6,925 | +€6,925 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €126 | +€126 | |
| Remuneration, social security and pensions | 62 | €25,290 | €53,570 | +€28,280 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,494 | €6,773 | +€2,279 | +50.7% |
| Other operating charges | 640/8 | €2,695 | €8,270 | +€5,575 | +207% |
| Gross operating margin | 9900 | €35,382 | €74,773 | +€39,391 | +111% |
| Operating profit (loss) | 9901 | €2,904 | €6,160 | +€3,257 | +112% |
| Financial income | 75/76B | €73 | €0 | -€73 | -100% |
| Recurring financial income | 75 | €73 | €0 | -€73 | -100% |
| Financial charges | 65/66B | €1,697 | €4,401 | +€2,704 | +159% |
| Recurring financial charges | 65 | €1,697 | €4,401 | +€2,704 | +159% |
| Profit (loss) for the period before taxes | 9903 | €1,280 | €1,759 | +€479 | +37.5% |
| Income taxes | 67/77 | €819 | €1,532 | +€713 | +87.0% |
| Profit (loss) for the period | 9904 | €461 | €227 | -€234 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €461 | €227 | -€234 | -50.7% |
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 23 October 2026 via checked.be.