MEUKO: 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.
MEUKO
Largest movements
- Receivables within one year +€275,003
up €275,003 (+86.7%), from €317,089 to €592,092
of which Other amounts receivable: +€362,877
- Tangible fixed assets -€33,041
down €33,041 (-6.8%), from €482,749 to €449,708
- Cash +€22,761
up €22,761 (+203.4%), from €11,189 to €33,949
mainly Net result for the year (+€272,852) and Provisions (+€84,889)
- Reserves +€261,005
up €261,005 (+278.0%), from €93,895 to €354,900
of which Tax-exempt reserves: +€254,667
- Provisions +€84,889
new in 2025: €84,889
- Trade debts -€84,420
down €84,420 (-86.4%), from €97,654 to €13,234
- Debts after one year -€17,398
down €17,398 (-5.0%), from €349,258 to €331,861
- Profit (loss) carried forward +€11,847
no longer reported in 2025 (was -€11,847)
- Gross operating margin +€133,562
up €133,562 (+52.2%), from €255,847 to €389,409
- Financial income +€13,461
up €13,461 (+394.6%), from €3,411 to €16,873
- Other operating charges -€4,746
down €4,746 (-27.8%), from €17,096 to €12,350
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 | €811,127 | €1,077,070 | +€265,943 | +32.8% |
| Fixed assets | 21/28 | €482,749 | €449,708 | -€33,041 | -6.8% |
| Tangible fixed assets | 22/27 | €482,749 | €449,708 | -€33,041 | -6.8% |
| Land and buildings | 22 | €482,749 | €449,708 | -€33,041 | -6.8% |
| Current assets | 29/58 | €328,378 | €627,361 | +€298,984 | +91.0% |
| Amounts receivable within one year | 40/41 | €317,089 | €592,092 | +€275,003 | +86.7% |
| Trade receivables | 40 | €87,874 | - | -€87,874 | |
| Other amounts receivable | 41 | €229,215 | €592,092 | +€362,877 | +158.3% |
| Cash at bank and in hand | 54/58 | €11,189 | €33,949 | +€22,761 | +203.4% |
| Deferred charges and accrued income | 490/1 | €100 | €1,320 | +€1,220 | +1219.8% |
| Total equity and liabilities | 10/49 | €811,127 | €1,077,070 | +€265,943 | +32.8% |
| Equity | 10/15 | €329,942 | €602,794 | +€272,852 | +82.7% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €93,895 | €354,900 | +€261,005 | +278.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €254,667 | +€254,667 | |
| Distributable reserves | 133 | €69,106 | €75,444 | +€6,338 | +9.2% |
| Profit (loss) carried forward | 14 | -€11,847 | - | +€11,847 | |
| Provisions and deferred taxes | 16 | - | €84,889 | +€84,889 | |
| Deferred taxes | 168 | - | €84,889 | +€84,889 | |
| Amounts payable | 17/49 | €481,185 | €389,387 | -€91,798 | -19.1% |
| Amounts payable after more than one year | 17 | €349,258 | €331,861 | -€17,398 | -5.0% |
| Financial debts | 170/4 | €349,258 | €331,861 | -€17,398 | -5.0% |
| Amounts payable within one year | 42/48 | €131,927 | €57,526 | -€74,401 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €16,769 | €17,398 | +€628 | +3.7% |
| Trade debts | 44 | €97,654 | €13,234 | -€84,420 | -86.4% |
| Suppliers | 440/4 | €97,654 | €13,234 | -€84,420 | -86.4% |
| Taxes, remuneration and social security | 45 | €3,326 | €9,945 | +€6,619 | +199.0% |
| Taxes | 450/3 | €3,326 | €9,945 | +€6,619 | +199.0% |
| Other amounts payable | 47/48 | €14,178 | €16,950 | +€2,772 | +19.6% |
| Non-recurring operating income | 76A | €200,868 | €339,556 | +€138,688 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,859 | €15,097 | +€3,238 | +27.3% |
| Other operating charges | 640/8 | €17,096 | €12,350 | -€4,746 | -27.8% |
| Gross operating margin | 9900 | €255,847 | €389,409 | +€133,562 | +52.2% |
| Operating profit (loss) | 9901 | €226,892 | €361,962 | +€135,070 | +59.5% |
| Financial income | 75/76B | €3,411 | €16,873 | +€13,461 | +394.6% |
| Recurring financial income | 75 | €3,411 | €16,873 | +€13,461 | +394.6% |
| Financial charges | 65/66B | €13,720 | €14,474 | +€754 | +5.5% |
| Recurring financial charges | 65 | €13,720 | €14,474 | +€754 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €216,584 | €364,361 | +€147,777 | +68.2% |
| Transfer to deferred taxes | 680 | - | €84,889 | +€84,889 | |
| Income taxes | 67/77 | €3,331 | €6,620 | +€3,289 | +98.7% |
| Profit (loss) for the period | 9904 | €213,253 | €272,852 | +€59,599 | +27.9% |
| Transfer to tax-exempt reserves | 689 | - | €254,667 | +€254,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €213,253 | €18,185 | -€195,068 | -91.5% |
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 6 October 2026 via checked.be.