Mestdagh-B: 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.
Mestdagh-B
Largest movements
- Cash +€156,704
up €156,704 (+64.6%), from €242,507 to €399,212
mainly Net result for the year (+€460,974) and Depreciation (+€9,074)
- Reserves +€145,974
up €145,974 (+103%), from €142,379 to €288,353
of which Distributable reserves: +€145,974
- Other debts +€5,802
up €5,802 (+3.4%), from €169,199 to €175,000
- Staff costs +€57,676
up €57,676 (+35.0%), from €164,716 to €222,393
- Taxes -€27,170
down €27,170 (-21.7%), from €125,028 to €97,858
- Gross operating margin -€23,643
down €23,643 (-2.9%), from €809,761 to €786,118
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 | €393,276 | €545,350 | +€152,075 | +38.7% |
| Fixed assets | 21/28 | €29,260 | €27,107 | -€2,153 | -7.4% |
| Tangible fixed assets | 22/27 | €29,260 | €27,107 | -€2,153 | -7.4% |
| Furniture and vehicles | 24 | €29,260 | €27,107 | -€2,153 | -7.4% |
| Current assets | 29/58 | €364,016 | €518,243 | +€154,228 | +42.4% |
| Amounts receivable within one year | 40/41 | €34,735 | €32,092 | -€2,643 | -7.6% |
| Other amounts receivable | 41 | €34,735 | €32,092 | -€2,643 | -7.6% |
| Cash at bank and in hand | 54/58 | €242,507 | €399,212 | +€156,704 | +64.6% |
| Deferred charges and accrued income | 490/1 | €86,774 | €86,940 | +€166 | +0.2% |
| Total equity and liabilities | 10/49 | €393,276 | €545,350 | +€152,075 | +38.7% |
| Equity | 10/15 | €182,131 | €328,105 | +€145,974 | +80.1% |
| Contributions | 10/11 | €39,752 | €39,752 | = | 0.0% |
| Reserves | 13 | €142,379 | €288,353 | +€145,974 | +103% |
| Tax-exempt reserves | 132 | €186 | €186 | = | 0.0% |
| Distributable reserves | 133 | €142,193 | €288,167 | +€145,974 | +103% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €211,145 | €217,246 | +€6,101 | +2.9% |
| Amounts payable within one year | 42/48 | €211,145 | €217,246 | +€6,101 | +2.9% |
| Trade debts | 44 | €15,350 | €14,545 | -€805 | -5.2% |
| Suppliers | 440/4 | €15,350 | €14,545 | -€805 | -5.2% |
| Taxes, remuneration and social security | 45 | €26,596 | €27,701 | +€1,104 | +4.2% |
| Taxes | 450/3 | €7,494 | €2,901 | -€4,594 | -61.3% |
| Remuneration and social security | 454/9 | €19,102 | €24,800 | +€5,698 | +29.8% |
| Other amounts payable | 47/48 | €169,199 | €175,000 | +€5,802 | +3.4% |
| Remuneration, social security and pensions | 62 | €164,716 | €222,393 | +€57,676 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,082 | €9,074 | -€2,008 | -18.1% |
| Other operating charges | 640/8 | €908 | €742 | -€166 | -18.3% |
| Gross operating margin | 9900 | €809,761 | €786,118 | -€23,643 | -2.9% |
| Operating profit (loss) | 9901 | €633,055 | €553,910 | -€79,145 | -12.5% |
| Financial income | 75/76B | €7,090 | €4,988 | -€2,102 | -29.7% |
| Recurring financial income | 75 | €7,090 | €4,988 | -€2,102 | -29.7% |
| Financial charges | 65/66B | €244 | €66 | -€178 | -73.0% |
| Recurring financial charges | 65 | €244 | €66 | -€178 | -73.0% |
| Profit (loss) for the period before taxes | 9903 | €639,900 | €558,831 | -€81,069 | -12.7% |
| Income taxes | 67/77 | €125,028 | €97,858 | -€27,170 | -21.7% |
| Profit (loss) for the period | 9904 | €514,873 | €460,974 | -€53,899 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €514,873 | €460,974 | -€53,899 | -10.5% |
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 31 October 2026 via checked.be.