MEGAREST: 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.
MEGAREST
Largest movements
- Current investments +€77,764
up €77,764 (+39.9%), from €194,962 to €272,726
- Cash -€44,222
down €44,222 (-31.2%), from €141,848 to €97,627
mainly Current investments (-€77,764) and Trade debts (-€24,103)
- Tangible fixed assets -€9,214
down €9,214 (-27.4%), from €33,663 to €24,449
of which Leasing and similar rights: -€11,017
- Reserves +€49,861
up €49,861 (+13.6%), from €366,623 to €416,485
of which Distributable reserves: +€49,861
- Trade debts -€24,103
down €24,103 (-15.1%), from €159,479 to €135,377
- Debts after one year -€8,337
down €8,337 (-77.9%), from €10,700 to €2,363
- Financial income +€49,763
up €49,763 (+581.1%), from €8,563 to €58,326
- Staff costs +€46,027
up €46,027 (+6.0%), from €761,887 to €807,914
- Gross operating margin +€12,844
up €12,844 (+1.5%), from €832,740 to €845,584
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 | €683,307 | €703,680 | +€20,373 | +3.0% |
| Fixed assets | 21/28 | €63,114 | €53,900 | -€9,214 | -14.6% |
| Tangible fixed assets | 22/27 | €33,663 | €24,449 | -€9,214 | -27.4% |
| Plant, machinery and equipment | 23 | €4,321 | €2,609 | -€1,712 | -39.6% |
| Furniture and vehicles | 24 | €2,587 | €1,873 | -€714 | -27.6% |
| Leasing and similar rights | 25 | €23,538 | €12,522 | -€11,017 | -46.8% |
| Other tangible fixed assets | 26 | €3,217 | €7,445 | +€4,228 | +131.4% |
| Financial fixed assets | 28 | €29,452 | €29,452 | = | 0.0% |
| Current assets | 29/58 | €620,192 | €649,780 | +€29,587 | +4.8% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,505 | €17,634 | +€129 | +0.7% |
| Stocks | 30/36 | €17,505 | €17,634 | +€129 | +0.7% |
| Amounts receivable within one year | 40/41 | €84,834 | €87,210 | +€2,376 | +2.8% |
| Trade receivables | 40 | €6,120 | €10,424 | +€4,304 | +70.3% |
| Other amounts receivable | 41 | €78,714 | €76,785 | -€1,928 | -2.4% |
| Current investments | 50/53 | €194,962 | €272,726 | +€77,764 | +39.9% |
| Cash at bank and in hand | 54/58 | €141,848 | €97,627 | -€44,222 | -31.2% |
| Deferred charges and accrued income | 490/1 | €11,043 | €4,583 | -€6,459 | -58.5% |
| Total equity and liabilities | 10/49 | €683,307 | €703,680 | +€20,373 | +3.0% |
| Equity | 10/15 | €440,992 | €490,853 | +€49,861 | +11.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €366,623 | €416,485 | +€49,861 | +13.6% |
| Non-distributable reserves | 130/1 | €12,207 | €12,207 | = | 0.0% |
| Legal reserve | 130 | €12,207 | €12,207 | = | 0.0% |
| Distributable reserves | 133 | €354,417 | €404,278 | +€49,861 | +14.1% |
| Amounts payable | 17/49 | €242,315 | €212,827 | -€29,488 | -12.2% |
| Amounts payable after more than one year | 17 | €10,700 | €2,363 | -€8,337 | -77.9% |
| Financial debts | 170/4 | €10,700 | €2,363 | -€8,337 | -77.9% |
| Amounts payable within one year | 42/48 | €231,615 | €209,292 | -€22,323 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €8,006 | €8,337 | +€331 | +4.1% |
| Trade debts | 44 | €159,479 | €135,377 | -€24,103 | -15.1% |
| Suppliers | 440/4 | €159,479 | €135,377 | -€24,103 | -15.1% |
| Taxes, remuneration and social security | 45 | €62,890 | €65,578 | +€2,688 | +4.3% |
| Remuneration and social security | 454/9 | €62,890 | €65,578 | +€2,688 | +4.3% |
| Other amounts payable | 47/48 | €1,240 | - | -€1,240 | |
| Accrued charges and deferred income | 492/3 | - | €1,172 | +€1,172 | |
| Remuneration, social security and pensions | 62 | €761,887 | €807,914 | +€46,027 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,198 | €13,634 | +€437 | +3.3% |
| Other operating charges | 640/8 | €2,506 | €2,035 | -€471 | -18.8% |
| Gross operating margin | 9900 | €832,740 | €845,584 | +€12,844 | +1.5% |
| Operating profit (loss) | 9901 | €55,150 | €22,001 | -€33,149 | -60.1% |
| Financial income | 75/76B | €8,563 | €58,326 | +€49,763 | +581.1% |
| Recurring financial income | 75 | €8,563 | €58,326 | +€49,763 | +581.1% |
| Financial charges | 65/66B | €12,180 | €11,100 | -€1,081 | -8.9% |
| Recurring financial charges | 65 | €12,180 | €11,100 | -€1,081 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €51,533 | €69,228 | +€17,695 | +34.3% |
| Income taxes | 67/77 | €17,081 | €19,366 | +€2,285 | +13.4% |
| Profit (loss) for the period | 9904 | €34,452 | €49,861 | +€15,410 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,452 | €49,861 | +€15,410 | +44.7% |
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 5 October 2026 via checked.be.