MEUBELSTAD: 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.
MEUBELSTAD
Largest movements
- Stocks and contracts -€229,968
down €229,968 (-16.1%), from €1.4m to €1.2m
- Intangible fixed assets +€203,383
new in 2025: €203,383
- Cash -€40,106
down €40,106 (-44.2%), from €90,780 to €50,674
mainly Net result for the year (-€518,631) and Investment in fixed assets (net) (-€253,543)
- Tangible fixed assets +€21,919
up €21,919 (+31.8%), from €68,843 to €90,762
of which Land and buildings: +€26,879
- Reserves -€316,576
down €316,576 (-93.4%), from €338,886 to €22,310
of which Distributable reserves: -€316,576
- Profit (loss) carried forward -€202,055
down €202,055 (-107%), from -€188,334 to -€390,389
- Other debts +€138,158
up €138,158 (+10,352%), from €1,335 to €139,492
- Trade debts +€116,292
up €116,292 (+9.8%), from €1.2m to €1.3m
- Tax, wage and social debts +€116,227
up €116,227 (+297%), from €39,095 to €155,322
of which Taxes: +€120,170
- Gross operating margin -€162,868
down €162,868 (-68.6%), from €237,389 to €74,521
- Staff costs +€151,263
up €151,263 (+37.4%), from €404,580 to €555,843
- Financial income +€45,449
up €45,449 (+161%), from €28,292 to €73,742
- Depreciation +€16,431
up €16,431 (+139%), from €11,811 to €28,242
- Financial charges +€2,724
up €2,724 (+57.9%), from €4,703 to €7,427
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 | €1,647,063 | €1,593,258 | -€53,805 | -3.3% |
| Fixed assets | 21/28 | €94,274 | €319,576 | +€225,301 | +239% |
| Intangible fixed assets | 21 | - | €203,383 | +€203,383 | |
| Tangible fixed assets | 22/27 | €68,843 | €90,762 | +€21,919 | +31.8% |
| Land and buildings | 22 | €51,317 | €78,196 | +€26,879 | +52.4% |
| Furniture and vehicles | 24 | €17,526 | €12,566 | -€4,961 | -28.3% |
| Financial fixed assets | 28 | €25,431 | €25,431 | = | 0.0% |
| Current assets | 29/58 | €1,552,789 | €1,273,682 | -€279,106 | -18.0% |
| Stocks and contracts in progress | 3 | €1,432,102 | €1,202,134 | -€229,968 | -16.1% |
| Stocks | 30/36 | €1,432,102 | €1,202,134 | -€229,968 | -16.1% |
| Amounts receivable within one year | 40/41 | €23,213 | €9,332 | -€13,881 | -59.8% |
| Trade receivables | 40 | €8,232 | - | -€8,232 | |
| Other amounts receivable | 41 | €14,981 | €9,332 | -€5,649 | -37.7% |
| Cash at bank and in hand | 54/58 | €90,780 | €50,674 | -€40,106 | -44.2% |
| Deferred charges and accrued income | 490/1 | €6,694 | €11,543 | +€4,849 | +72.4% |
| Total equity and liabilities | 10/49 | €1,647,063 | €1,593,258 | -€53,805 | -3.3% |
| Equity | 10/15 | €373,656 | -€144,975 | -€518,631 | |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €338,886 | €22,310 | -€316,576 | -93.4% |
| Non-distributable reserves | 130/1 | €22,310 | €22,310 | = | 0.0% |
| Legal reserve | 130 | €22,310 | €22,310 | = | 0.0% |
| Distributable reserves | 133 | €316,576 | - | -€316,576 | |
| Profit (loss) carried forward | 14 | -€188,334 | -€390,389 | -€202,055 | -107% |
| Amounts payable | 17/49 | €1,273,407 | €1,738,232 | +€464,826 | +36.5% |
| Amounts payable after more than one year | 17 | €45,850 | €140,000 | +€94,150 | +205% |
| Financial debts | 170/4 | €45,850 | €140,000 | +€94,150 | +205% |
| Amounts payable within one year | 42/48 | €1,227,557 | €1,598,232 | +€370,676 | +30.2% |
| Trade debts | 44 | €1,187,127 | €1,303,418 | +€116,292 | +9.8% |
| Suppliers | 440/4 | €1,187,127 | €1,303,418 | +€116,292 | +9.8% |
| Taxes, remuneration and social security | 45 | €39,095 | €155,322 | +€116,227 | +297% |
| Taxes | 450/3 | €35,152 | €155,322 | +€120,170 | +342% |
| Remuneration and social security | 454/9 | €3,943 | - | -€3,943 | |
| Other amounts payable | 47/48 | €1,335 | €139,492 | +€138,158 | +10,352% |
| Remuneration, social security and pensions | 62 | €404,580 | €555,843 | +€151,263 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,811 | €28,242 | +€16,431 | +139% |
| Other operating charges | 640/8 | €73,626 | €75,144 | +€1,517 | +2.1% |
| Gross operating margin | 9900 | €237,389 | €74,521 | -€162,868 | -68.6% |
| Operating profit (loss) | 9901 | -€252,629 | -€584,707 | -€332,078 | -131% |
| Financial income | 75/76B | €28,292 | €73,742 | +€45,449 | +161% |
| Recurring financial income | 75 | €28,292 | €73,742 | +€45,449 | +161% |
| Financial charges | 65/66B | €4,703 | €7,427 | +€2,724 | +57.9% |
| Recurring financial charges | 65 | €4,703 | €7,427 | +€2,724 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | -€229,039 | -€518,393 | -€289,353 | -126% |
| Income taxes | 67/77 | €130 | €238 | +€109 | +83.8% |
| Profit (loss) for the period | 9904 | -€229,169 | -€518,631 | -€289,462 | -126% |
| Profit (loss) for the period to be appropriated | 9905 | -€229,169 | -€518,631 | -€289,462 | -126% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.