MEG: 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.
MEG
Largest movements
- Receivables within one year +€391,140
up €391,140 (+115.8%), from €337,634 to €728,773
of which Other amounts receivable: +€209,233
- Cash -€85,334
down €85,334 (-93.0%), from €91,795 to €6,462
mainly Receivables within one year (-€391,140) and Investment in fixed assets (net) (-€110,170)
- Tangible fixed assets -€72,449
down €72,449 (-8.3%), from €876,668 to €804,220
of which Plant, machinery and equipment: -€62,925
- Stocks and contracts -€37,480
down €37,480 (-6.5%), from €578,360 to €540,879
of which Contracts in progress: -€39,600
- Receivables after one year -€28,314
down €28,314 (-14.8%), from €191,181 to €162,867
- Tax, wage and social debts +€64,834
up €64,834 (+92.7%), from €69,953 to €134,787
of which Taxes: +€35,217
- Other debts +€63,438
up €63,438 (+16.9%), from €375,546 to €438,985
- Debts after one year -€58,446
down €58,446 (-14.7%), from €396,587 to €338,142
- Trade debts +€57,456
up €57,456 (+13.4%), from €427,380 to €484,836
- Staff costs -€217,702
down €217,702 (-26.9%), from €808,829 to €591,127
- Gross operating margin -€198,278
down €198,278 (-19.2%), from €1.0m to €836,010
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 | €2,096,708 | €2,256,444 | +€159,736 | +7.6% |
| Fixed assets | 21/28 | €877,073 | €804,625 | -€72,449 | -8.3% |
| Tangible fixed assets | 22/27 | €876,668 | €804,220 | -€72,449 | -8.3% |
| Land and buildings | 22 | €51,139 | €47,167 | -€3,972 | -7.8% |
| Plant, machinery and equipment | 23 | €160,203 | €97,278 | -€62,925 | -39.3% |
| Furniture and vehicles | 24 | €210,050 | €262,039 | +€51,989 | +24.8% |
| Leasing and similar rights | 25 | €455,275 | €397,735 | -€57,540 | -12.6% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €1,219,635 | €1,451,819 | +€232,184 | +19.0% |
| Amounts receivable after more than one year | 29 | €191,181 | €162,867 | -€28,314 | -14.8% |
| Other amounts receivable | 291 | €191,181 | €162,867 | -€28,314 | -14.8% |
| Stocks and contracts in progress | 3 | €578,360 | €540,879 | -€37,480 | -6.5% |
| Stocks | 30/36 | €113,790 | €115,910 | +€2,120 | +1.9% |
| Contracts in progress | 37 | €464,570 | €424,970 | -€39,600 | -8.5% |
| Amounts receivable within one year | 40/41 | €337,634 | €728,773 | +€391,140 | +115.8% |
| Trade receivables | 40 | €234,815 | €416,722 | +€181,907 | +77.5% |
| Other amounts receivable | 41 | €102,818 | €312,051 | +€209,233 | +203.5% |
| Cash at bank and in hand | 54/58 | €91,795 | €6,462 | -€85,334 | -93.0% |
| Deferred charges and accrued income | 490/1 | €20,665 | €12,838 | -€7,827 | -37.9% |
| Total equity and liabilities | 10/49 | €2,096,708 | €2,256,444 | +€159,736 | +7.6% |
| Equity | 10/15 | €489,333 | €499,684 | +€10,350 | +2.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €339,333 | €349,684 | +€10,350 | +3.1% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €324,333 | €334,684 | +€10,350 | +3.2% |
| Amounts payable | 17/49 | €1,607,375 | €1,756,760 | +€149,385 | +9.3% |
| Amounts payable after more than one year | 17 | €396,587 | €338,142 | -€58,446 | -14.7% |
| Financial debts | 170/4 | €396,587 | €338,142 | -€58,446 | -14.7% |
| Amounts payable within one year | 42/48 | €1,210,787 | €1,418,619 | +€207,831 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €161,708 | €164,817 | +€3,109 | +1.9% |
| Financial debts | 43 | €176,200 | €195,194 | +€18,994 | +10.8% |
| Credit institutions | 430/8 | €176,200 | €195,194 | +€18,994 | +10.8% |
| Trade debts | 44 | €427,380 | €484,836 | +€57,456 | +13.4% |
| Suppliers | 440/4 | €427,380 | €484,836 | +€57,456 | +13.4% |
| Taxes, remuneration and social security | 45 | €69,953 | €134,787 | +€64,834 | +92.7% |
| Taxes | 450/3 | €4,145 | €39,361 | +€35,217 | +849.6% |
| Remuneration and social security | 454/9 | €65,808 | €95,426 | +€29,618 | +45.0% |
| Other amounts payable | 47/48 | €375,546 | €438,985 | +€63,438 | +16.9% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Remuneration, social security and pensions | 62 | €808,829 | €591,127 | -€217,702 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,792 | €182,618 | +€9,826 | +5.7% |
| Other operating charges | 640/8 | €12,439 | €9,838 | -€2,600 | -20.9% |
| Gross operating margin | 9900 | €1,034,288 | €836,010 | -€198,278 | -19.2% |
| Operating profit (loss) | 9901 | €40,228 | €52,427 | +€12,198 | +30.3% |
| Financial income | 75/76B | €833 | €1,852 | +€1,019 | +122.4% |
| Recurring financial income | 75 | €833 | €1,852 | +€1,019 | +122.4% |
| Financial charges | 65/66B | €38,954 | €38,660 | -€294 | -0.8% |
| Recurring financial charges | 65 | €38,954 | €33,357 | -€5,597 | -14.4% |
| Non-recurring financial charges | 66B | - | €5,303 | +€5,303 | |
| Profit (loss) for the period before taxes | 9903 | €2,107 | €15,619 | +€13,511 | +641.2% |
| Income taxes | 67/77 | €206 | €5,268 | +€5,062 | +2452.9% |
| Profit (loss) for the period | 9904 | €1,901 | €10,350 | +€8,449 | +444.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,901 | €10,350 | +€8,449 | +444.5% |
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 4 October 2026 via checked.be.