MEINHOLD: 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.
MEINHOLD
Largest movements
- Receivables within one year -€26,245
down €26,245 (-31.5%), from €83,262 to €57,016
of which Trade receivables: -€24,625
- Cash +€11,625
up €11,625 (+15.2%), from €76,623 to €88,247
mainly Receivables within one year (+€26,245) and Depreciation (+€10,993)
- Tangible fixed assets -€6,650
down €6,650 (-45.0%), from €14,773 to €8,123
of which Plant, machinery and equipment: -€4,501
- Reserves -€20,000
down €20,000 (-19.3%), from €103,860 to €83,860
- Trade debts +€6,011
up €6,011 (+110.9%), from €5,422 to €11,433
- Profit (loss) carried forward -€5,998
down €5,998 (-29.1%), from €20,609 to €14,611
- Gross operating margin -€40,558
down €40,558 (-88.0%), from €46,113 to €5,555
- Taxes -€9,703
no longer reported in 2025 (was €9,703)
- Depreciation -€1,313
down €1,313 (-10.7%), from €12,306 to €10,993
- Financial income -€495
down €495 (-63.9%), from €774 to €279
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 | €181,465 | €160,815 | -€20,650 | -11.4% |
| Fixed assets | 21/28 | €14,773 | €8,123 | -€6,650 | -45.0% |
| Tangible fixed assets | 22/27 | €14,773 | €8,123 | -€6,650 | -45.0% |
| Plant, machinery and equipment | 23 | €7,780 | €3,279 | -€4,501 | -57.9% |
| Furniture and vehicles | 24 | €6,277 | €4,245 | -€2,032 | -32.4% |
| Other tangible fixed assets | 26 | €717 | €599 | -€118 | -16.4% |
| Current assets | 29/58 | €166,691 | €152,692 | -€14,000 | -8.4% |
| Stocks and contracts in progress | 3 | €6,008 | €5,784 | -€224 | -3.7% |
| Stocks | 30/36 | €6,008 | €5,784 | -€224 | -3.7% |
| Amounts receivable within one year | 40/41 | €83,262 | €57,016 | -€26,245 | -31.5% |
| Trade receivables | 40 | €75,293 | €50,668 | -€24,625 | -32.7% |
| Other amounts receivable | 41 | €7,968 | €6,348 | -€1,620 | -20.3% |
| Cash at bank and in hand | 54/58 | €76,623 | €88,247 | +€11,625 | +15.2% |
| Deferred charges and accrued income | 490/1 | €799 | €1,644 | +€845 | +105.9% |
| Total equity and liabilities | 10/49 | €181,465 | €160,815 | -€20,650 | -11.4% |
| Equity | 10/15 | €143,069 | €117,071 | -€25,998 | -18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,860 | €83,860 | -€20,000 | -19.3% |
| Distributable reserves | 133 | €103,860 | €83,860 | -€20,000 | -19.3% |
| Profit (loss) carried forward | 14 | €20,609 | €14,611 | -€5,998 | -29.1% |
| Amounts payable | 17/49 | €38,395 | €43,743 | +€5,348 | +13.9% |
| Amounts payable within one year | 42/48 | €37,572 | €42,859 | +€5,287 | +14.1% |
| Trade debts | 44 | €5,422 | €11,433 | +€6,011 | +110.9% |
| Suppliers | 440/4 | €5,422 | €11,433 | +€6,011 | +110.9% |
| Taxes, remuneration and social security | 45 | €10,683 | €10,683 | = | 0.0% |
| Taxes | 450/3 | €7,203 | €7,203 | = | 0.0% |
| Remuneration and social security | 454/9 | €3,479 | €3,479 | = | 0.0% |
| Other amounts payable | 47/48 | €21,467 | €20,743 | -€724 | -3.4% |
| Accrued charges and deferred income | 492/3 | €824 | €885 | +€61 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,306 | €10,993 | -€1,313 | -10.7% |
| Other operating charges | 640/8 | €582 | €768 | +€186 | +32.0% |
| Gross operating margin | 9900 | €46,113 | €5,555 | -€40,558 | -88.0% |
| Operating profit (loss) | 9901 | €33,225 | -€6,206 | -€39,431 | |
| Financial income | 75/76B | €774 | €279 | -€495 | -63.9% |
| Recurring financial income | 75 | €774 | €279 | -€495 | -63.9% |
| Financial charges | 65/66B | €254 | €71 | -€182 | -71.9% |
| Recurring financial charges | 65 | €254 | €71 | -€182 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €33,745 | -€5,998 | -€39,743 | |
| Income taxes | 67/77 | €9,703 | - | -€9,703 | |
| Profit (loss) for the period | 9904 | €24,041 | -€5,998 | -€30,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,041 | -€5,998 | -€30,039 |
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 9 October 2026 via checked.be.