MESTDAG: 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.
MESTDAG
Largest movements
- Receivables within one year +€65,679
up €65,679 (+447.5%), from €14,677 to €80,357
- Intangible fixed assets -€65,020
down €65,020 (-28.8%), from €225,681 to €160,662
- Deferred charges and accrued income -€17,167
down €17,167 (-82.1%), from €20,920 to €3,753
- Other debts +€113,889
new in 2025: €113,889
- Reserves -€73,002
down €73,002 (-26.5%), from €275,485 to €202,484
- Debts after one year -€30,751
down €30,751 (-26.3%), from €116,829 to €86,078
- Short-term financial debts -€24,513
no longer reported in 2025 (was €24,513)
- Current portion of long-term debt -€22,813
down €22,813 (-27.4%), from €83,235 to €60,422
- Gross operating margin -€29,528
down €29,528 (-12.8%), from €231,035 to €201,506
- Financial income +€3,738
up €3,738 (+82.0%), from €4,559 to €8,297
- Taxes -€3,284
down €3,284 (-12.9%), from €25,521 to €22,236
- Financial charges -€3,151
down €3,151 (-30.1%), from €10,480 to €7,329
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 | €509,940 | €496,857 | -€13,083 | -2.6% |
| Fixed assets | 21/28 | €474,343 | €412,157 | -€62,186 | -13.1% |
| Intangible fixed assets | 21 | €225,681 | €160,662 | -€65,020 | -28.8% |
| Tangible fixed assets | 22/27 | €8,612 | €11,445 | +€2,834 | +32.9% |
| Plant, machinery and equipment | 23 | €7,834 | €11,445 | +€3,611 | +46.1% |
| Furniture and vehicles | 24 | €778 | - | -€778 | |
| Financial fixed assets | 28 | €240,050 | €240,050 | = | 0.0% |
| Current assets | 29/58 | €35,597 | €84,700 | +€49,103 | +137.9% |
| Amounts receivable within one year | 40/41 | €14,677 | €80,357 | +€65,679 | +447.5% |
| Other amounts receivable | 41 | €14,677 | €80,357 | +€65,679 | +447.5% |
| Cash at bank and in hand | 54/58 | - | €591 | +€591 | |
| Deferred charges and accrued income | 490/1 | €20,920 | €3,753 | -€17,167 | -82.1% |
| Total equity and liabilities | 10/49 | €509,940 | €496,857 | -€13,083 | -2.6% |
| Equity | 10/15 | €276,685 | €203,684 | -€73,002 | -26.4% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €275,485 | €202,484 | -€73,002 | -26.5% |
| Distributable reserves | 133 | €275,485 | €202,484 | -€73,002 | -26.5% |
| Amounts payable | 17/49 | €233,254 | €293,174 | +€59,919 | +25.7% |
| Amounts payable after more than one year | 17 | €116,829 | €86,078 | -€30,751 | -26.3% |
| Financial debts | 170/4 | €116,829 | €86,078 | -€30,751 | -26.3% |
| Amounts payable within one year | 42/48 | €116,426 | €207,096 | +€90,670 | +77.9% |
| Current portion of amounts payable after more than one year | 42 | €83,235 | €60,422 | -€22,813 | -27.4% |
| Financial debts | 43 | €24,513 | - | -€24,513 | |
| Credit institutions | 430/8 | €24,513 | - | -€24,513 | |
| Trade debts | 44 | €1,179 | €2,699 | +€1,520 | +129.0% |
| Suppliers | 440/4 | €1,179 | €2,699 | +€1,520 | +129.0% |
| Taxes, remuneration and social security | 45 | €7,499 | €30,085 | +€22,587 | +301.2% |
| Taxes | 450/3 | - | €25,000 | +€25,000 | |
| Remuneration and social security | 454/9 | €7,499 | €5,085 | -€2,414 | -32.2% |
| Other amounts payable | 47/48 | - | €113,889 | +€113,889 | |
| Remuneration, social security and pensions | 62 | €42,562 | €44,537 | +€1,975 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,704 | €69,422 | -€2,282 | -3.2% |
| Other operating charges | 640/8 | €343 | €392 | +€49 | +14.2% |
| Gross operating margin | 9900 | €231,035 | €201,506 | -€29,528 | -12.8% |
| Operating profit (loss) | 9901 | €116,425 | €87,156 | -€29,270 | -25.1% |
| Financial income | 75/76B | €4,559 | €8,297 | +€3,738 | +82.0% |
| Recurring financial income | 75 | €4,559 | €8,297 | +€3,738 | +82.0% |
| Financial charges | 65/66B | €10,480 | €7,329 | -€3,151 | -30.1% |
| Recurring financial charges | 65 | €10,480 | €7,329 | -€3,151 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €110,505 | €88,123 | -€22,381 | -20.3% |
| Income taxes | 67/77 | €25,521 | €22,236 | -€3,284 | -12.9% |
| Profit (loss) for the period | 9904 | €84,984 | €65,887 | -€19,097 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,984 | €65,887 | -€19,097 | -22.5% |
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 3 October 2026 via checked.be.