MEUH: 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.
MEUH
Largest movements
- Tangible fixed assets -€19,644
down €19,644 (-23.8%), from €82,437 to €62,793
of which Furniture and vehicles: -€13,813
- Cash -€14,757
down €14,757 (-36.2%), from €40,761 to €26,004
mainly Trade debts (-€34,580) and Debts after one year (-€13,509)
- Deferred charges and accrued income -€5,895
down €5,895 (-81.6%), from €7,221 to €1,326
- Trade debts -€34,580
no longer reported in 2025 (was €34,580)
- Debts after one year -€13,509
down €13,509 (-27.2%), from €49,710 to €36,201
- Other debts +€7,184
up €7,184 (+47.1%), from €15,241 to €22,424
- Reserves +€3,600
up €3,600 (+3.7%), from €98,588 to €102,188
- Current portion of long-term debt -€2,935
down €2,935 (-17.8%), from €16,445 to €13,509
- Gross operating margin +€18,803
up €18,803 (+174.0%), from €10,807 to €29,610
- Depreciation +€5,465
up €5,465 (+38.5%), from €14,179 to €19,644
- Other operating charges +€1,968
up €1,968 (+409.9%), from €480 to €2,448
- Taxes +€1,035
up €1,035 (+827.3%), from €125 to €1,161
- Financial charges +€445
up €445 (+23.1%), from €1,930 to €2,375
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 | €221,793 | €179,318 | -€42,475 | -19.2% |
| Fixed assets | 21/28 | €83,961 | €64,317 | -€19,644 | -23.4% |
| Tangible fixed assets | 22/27 | €82,437 | €62,793 | -€19,644 | -23.8% |
| Plant, machinery and equipment | 23 | €20,819 | €15,528 | -€5,291 | -25.4% |
| Furniture and vehicles | 24 | €61,078 | €47,265 | -€13,813 | -22.6% |
| Other tangible fixed assets | 26 | €540 | - | -€540 | |
| Financial fixed assets | 28 | €1,524 | €1,524 | = | 0.0% |
| Current assets | 29/58 | €137,832 | €115,001 | -€22,831 | -16.6% |
| Amounts receivable within one year | 40/41 | €89,850 | €87,671 | -€2,179 | -2.4% |
| Trade receivables | 40 | €54,950 | €57,689 | +€2,739 | +5.0% |
| Other amounts receivable | 41 | €34,900 | €29,981 | -€4,918 | -14.1% |
| Cash at bank and in hand | 54/58 | €40,761 | €26,004 | -€14,757 | -36.2% |
| Deferred charges and accrued income | 490/1 | €7,221 | €1,326 | -€5,895 | -81.6% |
| Total equity and liabilities | 10/49 | €221,793 | €179,318 | -€42,475 | -19.2% |
| Equity | 10/15 | €99,123 | €103,105 | +€3,982 | +4.0% |
| Contributions | 10/11 | €875 | €875 | = | 0.0% |
| Reserves | 13 | €98,588 | €102,188 | +€3,600 | +3.7% |
| Distributable reserves | 133 | €98,588 | €102,188 | +€3,600 | +3.7% |
| Profit (loss) carried forward | 14 | -€340 | €42 | +€382 | |
| Amounts payable | 17/49 | €122,670 | €76,213 | -€46,457 | -37.9% |
| Amounts payable after more than one year | 17 | €49,710 | €36,201 | -€13,509 | -27.2% |
| Financial debts | 170/4 | €49,710 | €36,201 | -€13,509 | -27.2% |
| Amounts payable within one year | 42/48 | €72,960 | €40,012 | -€32,948 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €16,445 | €13,509 | -€2,935 | -17.8% |
| Trade debts | 44 | €34,580 | - | -€34,580 | |
| Suppliers | 440/4 | €34,580 | - | -€34,580 | |
| Taxes, remuneration and social security | 45 | €6,695 | €4,078 | -€2,617 | -39.1% |
| Taxes | 450/3 | €6,695 | €903 | -€5,792 | -86.5% |
| Remuneration and social security | 454/9 | - | €3,175 | +€3,175 | |
| Other amounts payable | 47/48 | €15,241 | €22,424 | +€7,184 | +47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,179 | €19,644 | +€5,465 | +38.5% |
| Other operating charges | 640/8 | €480 | €2,448 | +€1,968 | +409.9% |
| Gross operating margin | 9900 | €10,807 | €29,610 | +€18,803 | +174.0% |
| Operating profit (loss) | 9901 | -€3,852 | €7,517 | +€11,369 | |
| Financial income | 75/76B | €64 | €0 | -€64 | -99.7% |
| Recurring financial income | 75 | €64 | €0 | -€64 | -99.7% |
| Financial charges | 65/66B | €1,930 | €2,375 | +€445 | +23.1% |
| Recurring financial charges | 65 | €1,930 | €2,375 | +€445 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,717 | €5,143 | +€10,860 | |
| Income taxes | 67/77 | €125 | €1,161 | +€1,035 | +827.3% |
| Profit (loss) for the period | 9904 | -€5,842 | €3,982 | +€9,824 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,842 | €3,982 | +€9,824 |
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.