MESHUGA: 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.
MESHUGA
Largest movements
- Receivables within one year -€23,465
down €23,465 (-51.3%), from €45,770 to €22,304
of which Trade receivables: -€22,751
- Cash -€10,283
down €10,283 (-76.0%), from €13,527 to €3,244
mainly Other debts (-€50,299) and Trade debts (-€22,879)
- Tangible fixed assets -€3,118
down €3,118 (-24.6%), from €12,694 to €9,576
of which Other tangible fixed assets: -€2,759
- Stocks and contracts -€2,382
down €2,382 (-20.1%), from €11,845 to €9,463
- Deferred charges and accrued income -€903
down €903 (-57.4%), from €1,573 to €670
- Other debts -€50,299
no longer reported in 2025 (was €50,299)
- Debts after one year +€28,232
up €28,232 (+227%), from €12,421 to €40,653
- Trade debts -€22,879
down €22,879 (-41.8%), from €54,697 to €31,818
- Profit (loss) carried forward +€2,051
up €2,051 (+3.8%), from -€54,297 to -€52,245
- Tax, wage and social debts +€1,471
up €1,471 (+38.4%), from €3,829 to €5,301
- Gross operating margin +€4,681
up €4,681 (+122%), from €3,830 to €8,511
- Taxes +€1,564
up €1,564, from -€1,564 to €1
- Depreciation -€784
down €784 (-16.9%), from €4,633 to €3,849
- Other operating charges +€755
up €755 (+289%), from €262 to €1,017
- Financial charges -€645
down €645 (-27.4%), from €2,357 to €1,712
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 | €87,409 | €47,027 | -€40,382 | -46.2% |
| Fixed assets | 21/28 | €14,695 | €11,346 | -€3,349 | -22.8% |
| Intangible fixed assets | 21 | €732 | - | -€732 | |
| Tangible fixed assets | 22/27 | €12,694 | €9,576 | -€3,118 | -24.6% |
| Furniture and vehicles | 24 | €358 | - | -€358 | |
| Other tangible fixed assets | 26 | €12,336 | €9,576 | -€2,759 | -22.4% |
| Financial fixed assets | 28 | €1,269 | €1,769 | +€500 | +39.4% |
| Current assets | 29/58 | €72,714 | €35,681 | -€37,033 | -50.9% |
| Stocks and contracts in progress | 3 | €11,845 | €9,463 | -€2,382 | -20.1% |
| Stocks | 30/36 | €11,845 | €9,463 | -€2,382 | -20.1% |
| Amounts receivable within one year | 40/41 | €45,770 | €22,304 | -€23,465 | -51.3% |
| Trade receivables | 40 | €44,580 | €21,829 | -€22,751 | -51.0% |
| Other amounts receivable | 41 | €1,190 | €475 | -€715 | -60.1% |
| Cash at bank and in hand | 54/58 | €13,527 | €3,244 | -€10,283 | -76.0% |
| Deferred charges and accrued income | 490/1 | €1,573 | €670 | -€903 | -57.4% |
| Total equity and liabilities | 10/49 | €87,409 | €47,027 | -€40,382 | -46.2% |
| Equity | 10/15 | -€33,837 | -€31,785 | +€2,051 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,297 | -€52,245 | +€2,051 | +3.8% |
| Amounts payable | 17/49 | €121,246 | €78,812 | -€42,433 | -35.0% |
| Amounts payable after more than one year | 17 | €12,421 | €40,653 | +€28,232 | +227% |
| Other amounts payable | 178/9 | €12,421 | €40,653 | +€28,232 | +227% |
| Amounts payable within one year | 42/48 | €108,825 | €38,160 | -€70,665 | -64.9% |
| Financial debts | 43 | - | €1,041 | +€1,041 | |
| Credit institutions | 430/8 | - | €1,041 | +€1,041 | |
| Trade debts | 44 | €54,697 | €31,818 | -€22,879 | -41.8% |
| Suppliers | 440/4 | €54,697 | €31,818 | -€22,879 | -41.8% |
| Taxes, remuneration and social security | 45 | €3,829 | €5,301 | +€1,471 | +38.4% |
| Taxes | 450/3 | €3,829 | €5,301 | +€1,471 | +38.4% |
| Other amounts payable | 47/48 | €50,299 | - | -€50,299 | |
| Non-recurring operating income | 76A | €917 | €3,857 | +€2,940 | +321% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,633 | €3,849 | -€784 | -16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €520 | - | -€520 | |
| Other operating charges | 640/8 | €262 | €1,017 | +€755 | +289% |
| Non-recurring operating charges | 66A | €1,017 | - | -€1,017 | |
| Gross operating margin | 9900 | €3,830 | €8,511 | +€4,681 | +122% |
| Operating profit (loss) | 9901 | -€2,602 | €3,645 | +€6,247 | |
| Financial income | 75/76B | €130 | €120 | -€10 | -8.0% |
| Recurring financial income | 75 | €130 | €120 | -€10 | -8.0% |
| Financial charges | 65/66B | €2,357 | €1,712 | -€645 | -27.4% |
| Recurring financial charges | 65 | €2,357 | €1,712 | -€645 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,829 | €2,052 | +€6,881 | |
| Income taxes | 67/77 | -€1,564 | €1 | +€1,564 | |
| Profit (loss) for the period | 9904 | -€3,266 | €2,051 | +€5,317 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,266 | €2,051 | +€5,317 |
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 14 October 2026 via checked.be.