MEHER GROUP: 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.
MEHER GROUP
Largest movements
- Receivables within one year -€100,525
down €100,525 (-62.6%), from €160,629 to €60,104
of which Trade receivables: -€98,532
- Cash -€39,973
down €39,973 (-45.5%), from €87,842 to €47,869
mainly Trade debts (-€130,027) and Debts after one year (-€17,212)
- Trade debts -€130,027
down €130,027 (-65.7%), from €197,768 to €67,741
- Debts after one year -€17,212
down €17,212 (-10.2%), from €169,207 to €151,995
- Other debts -€11,903
down €11,903 (-9.9%), from €120,260 to €108,357
- Tax, wage and social debts +€10,614
up €10,614 (+41.6%), from €25,498 to €36,112
of which Remuneration and social security: +€7,938
- Gross operating margin +€34,145
up €34,145 (+32.7%), from €104,439 to €138,584
- Staff costs +€32,118
up €32,118 (+44.2%), from €72,681 to €104,799
- Financial income -€22,997
down €22,997 (-91.3%), from €25,195 to €2,198
- Taxes -€6,024
down €6,024 (-91.8%), from €6,564 to €540
- Financial charges -€1,398
down €1,398 (-9.6%), from €14,518 to €13,119
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 | €752,104 | €605,255 | -€146,849 | -19.5% |
| Fixed assets | 21/28 | €284,026 | €283,882 | -€144 | -0.1% |
| Tangible fixed assets | 22/27 | €280,026 | €279,882 | -€144 | -0.1% |
| Land and buildings | 22 | €265,144 | €257,066 | -€8,078 | -3.0% |
| Plant, machinery and equipment | 23 | €13,828 | €22,313 | +€8,485 | +61.4% |
| Furniture and vehicles | 24 | €1,053 | €502 | -€551 | -52.3% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €468,078 | €321,373 | -€146,705 | -31.3% |
| Stocks and contracts in progress | 3 | €213,553 | €207,374 | -€6,179 | -2.9% |
| Stocks | 30/36 | €213,553 | €207,374 | -€6,179 | -2.9% |
| Amounts receivable within one year | 40/41 | €160,629 | €60,104 | -€100,525 | -62.6% |
| Trade receivables | 40 | €122,909 | €24,377 | -€98,532 | -80.2% |
| Other amounts receivable | 41 | €37,720 | €35,727 | -€1,993 | -5.3% |
| Cash at bank and in hand | 54/58 | €87,842 | €47,869 | -€39,973 | -45.5% |
| Deferred charges and accrued income | 490/1 | €6,054 | €6,028 | -€26 | -0.4% |
| Total equity and liabilities | 10/49 | €752,104 | €605,255 | -€146,849 | -19.5% |
| Equity | 10/15 | €171,246 | €173,446 | +€2,199 | +1.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €105,985 | €105,985 | = | 0.0% |
| Distributable reserves | 133 | €105,985 | €105,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,262 | €42,461 | +€2,199 | +5.5% |
| Amounts payable | 17/49 | €580,857 | €431,809 | -€149,048 | -25.7% |
| Amounts payable after more than one year | 17 | €169,207 | €151,995 | -€17,212 | -10.2% |
| Financial debts | 170/4 | €169,207 | €151,995 | -€17,212 | -10.2% |
| Amounts payable within one year | 42/48 | €411,497 | €279,550 | -€131,947 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €16,843 | €17,212 | +€369 | +2.2% |
| Financial debts | 43 | €51,128 | €50,129 | -€999 | -2.0% |
| Credit institutions | 430/8 | €51,128 | €50,129 | -€999 | -2.0% |
| Trade debts | 44 | €197,768 | €67,741 | -€130,027 | -65.7% |
| Suppliers | 440/4 | €197,768 | €67,741 | -€130,027 | -65.7% |
| Taxes, remuneration and social security | 45 | €25,498 | €36,112 | +€10,614 | +41.6% |
| Taxes | 450/3 | €9,621 | €12,296 | +€2,676 | +27.8% |
| Remuneration and social security | 454/9 | €15,877 | €23,815 | +€7,938 | +50.0% |
| Other amounts payable | 47/48 | €120,260 | €108,357 | -€11,903 | -9.9% |
| Accrued charges and deferred income | 492/3 | €154 | €265 | +€111 | +72.0% |
| Remuneration, social security and pensions | 62 | €72,681 | €104,799 | +€32,118 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,308 | €13,191 | -€117 | -0.9% |
| Other operating charges | 640/8 | €6,539 | €6,933 | +€394 | +6.0% |
| Gross operating margin | 9900 | €104,439 | €138,584 | +€34,145 | +32.7% |
| Operating profit (loss) | 9901 | €11,910 | €13,660 | +€1,750 | +14.7% |
| Financial income | 75/76B | €25,195 | €2,198 | -€22,997 | -91.3% |
| Recurring financial income | 75 | €25,195 | €2,198 | -€22,997 | -91.3% |
| Financial charges | 65/66B | €14,518 | €13,119 | -€1,398 | -9.6% |
| Recurring financial charges | 65 | €14,518 | €13,119 | -€1,398 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €22,588 | €2,739 | -€19,848 | -87.9% |
| Income taxes | 67/77 | €6,564 | €540 | -€6,024 | -91.8% |
| Profit (loss) for the period | 9904 | €16,024 | €2,199 | -€13,825 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,024 | €2,199 | -€13,825 | -86.3% |
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 27 October 2026 via checked.be.