Mestdagh-V: 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.
Mestdagh-V
Largest movements
- Tangible fixed assets -€27,527
down €27,527 (-22.3%), from €123,519 to €95,992
of which Furniture and vehicles: -€22,566
- Cash +€21,678
up €21,678 (+6.7%), from €324,680 to €346,359
mainly Net result for the year (+€299,098) and Depreciation (+€42,952)
- Intangible fixed assets -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Reserves -€25,902
down €25,902 (-10.4%), from €248,402 to €222,500
of which Distributable reserves: -€25,902
- Other debts +€19,267
up €19,267 (+10.5%), from €183,561 to €202,828
- Gross operating margin +€55,301
up €55,301 (+10.8%), from €513,100 to €568,401
- Staff costs +€12,609
up €12,609 (+7.5%), from €168,735 to €181,344
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 | €554,746 | €546,655 | -€8,091 | -1.5% |
| Fixed assets | 21/28 | €153,519 | €115,992 | -€37,527 | -24.4% |
| Intangible fixed assets | 21 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Tangible fixed assets | 22/27 | €123,519 | €95,992 | -€27,527 | -22.3% |
| Land and buildings | 22 | €17,108 | €14,722 | -€2,386 | -13.9% |
| Plant, machinery and equipment | 23 | €3,370 | €796 | -€2,574 | -76.4% |
| Furniture and vehicles | 24 | €103,041 | €80,475 | -€22,566 | -21.9% |
| Current assets | 29/58 | €401,227 | €430,663 | +€29,436 | +7.3% |
| Amounts receivable within one year | 40/41 | €2,784 | €5,673 | +€2,888 | +103.7% |
| Trade receivables | 40 | €56 | €0 | -€56 | -100.0% |
| Other amounts receivable | 41 | €2,728 | €5,673 | +€2,944 | +107.9% |
| Cash at bank and in hand | 54/58 | €324,680 | €346,359 | +€21,678 | +6.7% |
| Deferred charges and accrued income | 490/1 | €73,762 | €78,631 | +€4,869 | +6.6% |
| Total equity and liabilities | 10/49 | €554,746 | €546,655 | -€8,091 | -1.5% |
| Equity | 10/15 | €308,650 | €282,748 | -€25,902 | -8.4% |
| Contributions | 10/11 | €60,248 | €60,248 | = | 0.0% |
| Reserves | 13 | €248,402 | €222,500 | -€25,902 | -10.4% |
| Tax-exempt reserves | 132 | €282 | €282 | = | 0.0% |
| Distributable reserves | 133 | €248,120 | €222,218 | -€25,902 | -10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €246,096 | €263,907 | +€17,811 | +7.2% |
| Amounts payable after more than one year | 17 | €17,965 | €13,060 | -€4,905 | -27.3% |
| Financial debts | 170/4 | €17,965 | €13,060 | -€4,905 | -27.3% |
| Amounts payable within one year | 42/48 | €228,132 | €250,848 | +€22,716 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €4,732 | €4,905 | +€173 | +3.6% |
| Trade debts | 44 | €14,444 | €13,281 | -€1,163 | -8.0% |
| Suppliers | 440/4 | €14,444 | €13,281 | -€1,163 | -8.0% |
| Taxes, remuneration and social security | 45 | €25,395 | €29,834 | +€4,439 | +17.5% |
| Taxes | 450/3 | €5,935 | €9,525 | +€3,590 | +60.5% |
| Remuneration and social security | 454/9 | €19,460 | €20,309 | +€849 | +4.4% |
| Other amounts payable | 47/48 | €183,561 | €202,828 | +€19,267 | +10.5% |
| Remuneration, social security and pensions | 62 | €168,735 | €181,344 | +€12,609 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,859 | €42,952 | +€5,093 | +13.5% |
| Other operating charges | 640/8 | €722 | €255 | -€467 | -64.7% |
| Gross operating margin | 9900 | €513,100 | €568,401 | +€55,301 | +10.8% |
| Operating profit (loss) | 9901 | €305,784 | €343,850 | +€38,066 | +12.4% |
| Financial income | 75/76B | €5,275 | €4,148 | -€1,126 | -21.3% |
| Recurring financial income | 75 | €5,275 | €4,148 | -€1,126 | -21.3% |
| Financial charges | 65/66B | €1,004 | €2,205 | +€1,200 | +119.5% |
| Recurring financial charges | 65 | €1,004 | €2,205 | +€1,200 | +119.5% |
| Profit (loss) for the period before taxes | 9903 | €310,055 | €345,794 | +€35,740 | +11.5% |
| Income taxes | 67/77 | €43,696 | €46,696 | +€3,000 | +6.9% |
| Profit (loss) for the period | 9904 | €266,359 | €299,098 | +€32,740 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €266,359 | €299,098 | +€32,740 | +12.3% |
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 7 October 2026 via checked.be.