MESTDAGH: 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.
What changed
MESTDAGH
NACE 10.520, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€205,456
2024 · -€389,936+€184,480
Equity
€320,260
2024 · -€324,284+€644,544
Cash
€37,492
2024 · €28,138+€9,354
Balance sheet total
€1.5m
2024 · €1.8m-€263,575
Largest movements
Assets
- Stocks and contracts -€143,889
down €143,889 (-23.4%), from €615,597 to €471,707
- Receivables within one year -€80,991
down €80,991 (-12.6%), from €644,852 to €563,861
of which Trade receivables: -€65,429
- Tangible fixed assets -€26,794
down €26,794 (-6.0%), from €446,217 to €419,424
of which Plant, machinery and equipment: -€30,186
Equity and liabilities
- Other debts -€1.2m
down €1.2m (-96.5%), from €1.3m to €45,000
- Contributions +€850,000
up €850,000 (+1,382%), from €61,500 to €911,500
- Debts after one year +€452,735
up €452,735 (+545%), from €83,125 to €535,859
- Profit (loss) carried forward -€205,456
down €205,456 (-52.7%), from -€389,936 to -€595,392
- Current portion of long-term debt -€112,756
down €112,756 (-61.3%), from €183,983 to €71,227
Income statement
- Staff costs -€88,433
down €88,433 (-11.3%), from €784,327 to €695,895
- Gross operating margin +€51,152
up €51,152 (+8.4%), from €611,853 to €663,005
- Depreciation -€21,825
down €21,825 (-14.4%), from €151,996 to €130,171
- Write-downs -€14,205
down €14,205, from €4,082 to -€10,123
- Other operating charges -€13,534
down €13,534 (-67.7%), from €19,997 to €6,462
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.
Result 2024
-€389,936
Gross operating margin
+€51,152
Staff costs
+€88,433
Depreciation
+€21,825
Write-downs
+€14,205
Other operating charges
+€13,534
Other operating items
-€2,136
Financial income
+€4,402
Financial charges
-€6,901
Taxes
-€34
Result 2025
-€205,456
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.1m
Investment
-€86,566
Financing
+€1.2m
Cash 2024
€28,138
From operations (derived)
-€1.1m
Net result for the year
-€205,456
Depreciation
+€130,171
Stocks and contracts
+€143,889
Receivables within one year
+€80,991
Deferred charges and accrued income
+€4,444
Trade debts
-€22,594
Tax, wage and social debts
+€8,362
Other debts
-€1.2m
Accrued charges and deferred income
-€9,742
Investment (derived)
-€86,566
Investment in fixed assets (net)
-€86,566
Financing
+€1.2m
Debts after one year
+€452,735
Current portion of long-term debt
-€112,756
Contributions, distributions and other
+€850,000
Cash 2025
€37,492
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,803,713 | €1,540,138 | -€263,575 | -14.6% |
| Fixed assets | 21/28 | €487,219 | €443,614 | -€43,605 | -8.9% |
| Intangible fixed assets | 21 | €40,401 | €23,590 | -€16,811 | -41.6% |
| Tangible fixed assets | 22/27 | €446,217 | €419,424 | -€26,794 | -6.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €387,350 | €357,164 | -€30,186 | -7.8% |
| Furniture and vehicles | 24 | €55,262 | €59,024 | +€3,762 | +6.8% |
| Other tangible fixed assets | 26 | €3,606 | €3,236 | -€370 | -10.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €1,316,495 | €1,096,525 | -€219,970 | -16.7% |
| Stocks and contracts in progress | 3 | €615,597 | €471,707 | -€143,889 | -23.4% |
| Stocks | 30/36 | €615,597 | €471,707 | -€143,889 | -23.4% |
| Amounts receivable within one year | 40/41 | €644,852 | €563,861 | -€80,991 | -12.6% |
| Trade receivables | 40 | €627,472 | €562,043 | -€65,429 | -10.4% |
| Other amounts receivable | 41 | €17,381 | €1,818 | -€15,563 | -89.5% |
| Cash at bank and in hand | 54/58 | €28,138 | €37,492 | +€9,354 | +33.2% |
| Deferred charges and accrued income | 490/1 | €27,908 | €23,464 | -€4,444 | -15.9% |
| Total equity and liabilities | 10/49 | €1,803,713 | €1,540,138 | -€263,575 | -14.6% |
| Equity | 10/15 | -€324,284 | €320,260 | +€644,544 | |
| Contributions | 10/11 | €61,500 | €911,500 | +€850,000 | +1,382% |
| Capital | 10 | €61,500 | €911,500 | +€850,000 | +1,382% |
| Issued capital | 100 | €61,500 | €911,500 | +€850,000 | +1,382% |
| Reserves | 13 | €4,152 | €4,152 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,085 | €4,085 | = | 0.0% |
| Legal reserve | 130 | €4,085 | €4,085 | = | 0.0% |
| Tax-exempt reserves | 132 | €66 | €66 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€389,936 | -€595,392 | -€205,456 | -52.7% |
| Amounts payable | 17/49 | €2,127,998 | €1,219,878 | -€908,119 | -42.7% |
| Amounts payable after more than one year | 17 | €83,125 | €535,859 | +€452,735 | +545% |
| Financial debts | 170/4 | €83,125 | €535,859 | +€452,735 | +545% |
| Amounts payable within one year | 42/48 | €2,030,260 | €679,148 | -€1.4m | -66.5% |
| Current portion of amounts payable after more than one year | 42 | €183,983 | €71,227 | -€112,756 | -61.3% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €172,894 | €150,301 | -€22,594 | -13.1% |
| Suppliers | 440/4 | €172,894 | €150,301 | -€22,594 | -13.1% |
| Taxes, remuneration and social security | 45 | €104,259 | €112,621 | +€8,362 | +8.0% |
| Taxes | 450/3 | €17,821 | €37,898 | +€20,077 | +113% |
| Remuneration and social security | 454/9 | €86,438 | €74,723 | -€11,715 | -13.6% |
| Other amounts payable | 47/48 | €1,269,124 | €45,000 | -€1.2m | -96.5% |
| Accrued charges and deferred income | 492/3 | €14,613 | €4,871 | -€9,742 | -66.7% |
| Non-recurring operating income | 76A | €4,121 | €0 | -€4,121 | -100% |
| Remuneration, social security and pensions | 62 | €784,327 | €695,895 | -€88,433 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,996 | €130,171 | -€21,825 | -14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,082 | -€10,123 | -€14,205 | |
| Other operating charges | 640/8 | €19,997 | €6,462 | -€13,534 | -67.7% |
| Non-recurring operating charges | 66A | - | €2,136 | +€2,136 | |
| Gross operating margin | 9900 | €611,853 | €663,005 | +€51,152 | +8.4% |
| Operating profit (loss) | 9901 | -€348,549 | -€161,536 | +€187,013 | +53.7% |
| Financial income | 75/76B | €213 | €4,615 | +€4,402 | +2,065% |
| Recurring financial income | 75 | €213 | €4,615 | +€4,402 | +2,065% |
| Financial charges | 65/66B | €40,926 | €47,826 | +€6,901 | +16.9% |
| Recurring financial charges | 65 | €40,926 | €47,826 | +€6,901 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€389,262 | -€204,747 | +€184,514 | +47.4% |
| Income taxes | 67/77 | €675 | €708 | +€34 | +5.0% |
| Profit (loss) for the period | 9904 | -€389,936 | -€205,456 | +€184,480 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€389,936 | -€205,456 | +€184,480 | +47.3% |
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 18 October 2026 via checked.be.