MEFOU: 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.
MEFOU
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+80.7%), from €2.5m to €4.5m
of which Land and buildings: +€1.8m
- Receivables within one year +€235,347
up €235,347 (+1346.5%), from €17,479 to €252,826
- Cash +€201,958
up €201,958 (+189.8%), from €106,418 to €308,375
mainly Debts after one year (+€1.8m) and Trade debts (+€371,222)
- Formation expenses -€74,144
no longer reported in 2025 (was €74,144)
- Debts after one year +€1.8m
up €1.8m (+82.0%), from €2.2m to €4.1m
- Trade debts +€371,222
up €371,222 (+292.4%), from €126,964 to €498,187
- Profit (loss) carried forward +€130,374
up €130,374 (+76.0%), from -€171,629 to -€41,255
- Gross operating margin +€398,602
up €398,602 (+224.8%), from €177,275 to €575,877
- Depreciation +€189,186
up €189,186 (+312.4%), from €60,556 to €249,742
- Financial charges +€138,406
up €138,406 (+884.0%), from €15,656 to €154,062
of which Financial charges: +€133,576
- Other operating charges -€82,357
down €82,357 (-66.4%), from €124,057 to €41,699
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 | €2,710,536 | €5,102,411 | +€2.4m | +88.2% |
| Formation expenses | 20 | €74,144 | - | -€74,144 | |
| Fixed assets | 21/28 | €2,511,550 | €4,539,096 | +€2.0m | +80.7% |
| Tangible fixed assets | 22/27 | €2,511,550 | €4,539,096 | +€2.0m | +80.7% |
| Land and buildings | 22 | €2,511,550 | €4,345,884 | +€1.8m | +73.0% |
| Plant, machinery and equipment | 23 | - | €193,212 | +€193,212 | |
| Current assets | 29/58 | €124,842 | €563,315 | +€438,473 | +351.2% |
| Amounts receivable within one year | 40/41 | €17,479 | €252,826 | +€235,347 | +1346.5% |
| Trade receivables | 40 | €17,479 | €252,826 | +€235,347 | +1346.5% |
| Cash at bank and in hand | 54/58 | €106,418 | €308,375 | +€201,958 | +189.8% |
| Deferred charges and accrued income | 490/1 | €945 | €2,114 | +€1,169 | +123.6% |
| Total equity and liabilities | 10/49 | €2,710,536 | €5,102,411 | +€2.4m | +88.2% |
| Equity | 10/15 | -€61,629 | €68,745 | +€130,374 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,629 | -€41,255 | +€130,374 | +76.0% |
| Amounts payable | 17/49 | €2,772,166 | €5,033,666 | +€2.3m | +81.6% |
| Amounts payable after more than one year | 17 | €2,246,629 | €4,089,451 | +€1.8m | +82.0% |
| Financial debts | 170/4 | €2,246,629 | €4,089,451 | +€1.8m | +82.0% |
| Amounts payable within one year | 42/48 | €525,537 | €901,473 | +€375,937 | +71.5% |
| Current portion of amounts payable after more than one year | 42 | €123,572 | €128,287 | +€4,714 | +3.8% |
| Trade debts | 44 | €126,964 | €498,187 | +€371,222 | +292.4% |
| Suppliers | 440/4 | €126,964 | €498,187 | +€371,222 | +292.4% |
| Other amounts payable | 47/48 | €275,000 | €275,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €42,742 | +€42,742 | |
| Non-recurring operating income | 76A | €3,463 | - | -€3,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,556 | €249,742 | +€189,186 | +312.4% |
| Other operating charges | 640/8 | €124,057 | €41,699 | -€82,357 | -66.4% |
| Gross operating margin | 9900 | €177,275 | €575,877 | +€398,602 | +224.8% |
| Operating profit (loss) | 9901 | -€7,338 | €284,436 | +€291,774 | |
| Financial charges | 65/66B | €15,656 | €154,062 | +€138,406 | +884.0% |
| Recurring financial charges | 65 | €15,656 | €149,232 | +€133,576 | +853.2% |
| Non-recurring financial charges | 66B | - | €4,830 | +€4,830 | |
| Profit (loss) for the period before taxes | 9903 | -€22,994 | €130,374 | +€153,368 | |
| Profit (loss) for the period | 9904 | -€22,994 | €130,374 | +€153,368 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,994 | €130,374 | +€153,368 |
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 11 October 2026 via checked.be.