MEUL: 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.
MEUL
Largest movements
- Tangible fixed assets +€82,904
up €82,904 (+12.5%), from €663,765 to €746,670
of which Plant, machinery and equipment: +€87,936
- Cash -€26,411
down €26,411 (-4.7%), from €565,525 to €539,114
mainly Investment in fixed assets (net) (-€289,828) and Debts after one year (-€90,052)
- Receivables within one year +€16,033
up €16,033 (+7.3%), from €219,142 to €235,175
of which Trade receivables: +€16,033
- Reserves +€112,426
up €112,426 (+11.9%), from €942,415 to €1.1m
- Debts after one year -€90,052
down €90,052 (-30.6%), from €294,361 to €204,309
- Accrued charges and deferred income +€37,311
new in 2025: €37,311
- Current portion of long-term debt -€32,753
down €32,753 (-26.7%), from €122,804 to €90,052
- Trade debts +€27,394
up €27,394 (+77.4%), from €35,391 to €62,785
- Staff costs +€67,410
up €67,410 (+19.7%), from €342,275 to €409,685
- Gross operating margin +€49,541
up €49,541 (+6.7%), from €738,528 to €788,069
- Depreciation +€17,271
up €17,271 (+9.4%), from €184,653 to €201,923
- Taxes -€15,126
down €15,126 (-24.6%), from €61,548 to €46,422
- Financial income -€10,187
down €10,187 (-76.8%), from €13,266 to €3,079
of which Financial income: -€5,187
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 | €1,470,092 | €1,539,434 | +€69,342 | +4.7% |
| Fixed assets | 21/28 | €676,050 | €763,955 | +€87,904 | +13.0% |
| Tangible fixed assets | 22/27 | €663,765 | €746,670 | +€82,904 | +12.5% |
| Land and buildings | 22 | €9,066 | €6,043 | -€3,023 | -33.3% |
| Plant, machinery and equipment | 23 | €31,002 | €118,938 | +€87,936 | +284% |
| Furniture and vehicles | 24 | €623,697 | €621,689 | -€2,008 | -0.3% |
| Financial fixed assets | 28 | €12,285 | €17,285 | +€5,000 | +40.7% |
| Current assets | 29/58 | €794,042 | €775,479 | -€18,563 | -2.3% |
| Stocks and contracts in progress | 3 | €9,375 | €1,190 | -€8,185 | -87.3% |
| Stocks | 30/36 | €9,375 | €1,190 | -€8,185 | -87.3% |
| Amounts receivable within one year | 40/41 | €219,142 | €235,175 | +€16,033 | +7.3% |
| Trade receivables | 40 | €219,142 | €235,175 | +€16,033 | +7.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €565,525 | €539,114 | -€26,411 | -4.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,470,092 | €1,539,434 | +€69,342 | +4.7% |
| Equity | 10/15 | €961,015 | €1,073,442 | +€112,426 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €942,415 | €1,054,842 | +€112,426 | +11.9% |
| Distributable reserves | 133 | €942,415 | €1,054,842 | +€112,426 | +11.9% |
| Amounts payable | 17/49 | €509,077 | €465,992 | -€43,085 | -8.5% |
| Amounts payable after more than one year | 17 | €294,361 | €204,309 | -€90,052 | -30.6% |
| Financial debts | 170/4 | €294,361 | €204,309 | -€90,052 | -30.6% |
| Amounts payable within one year | 42/48 | €214,716 | €224,372 | +€9,656 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €122,804 | €90,052 | -€32,753 | -26.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €35,391 | €62,785 | +€27,394 | +77.4% |
| Suppliers | 440/4 | €35,391 | €62,785 | +€27,394 | +77.4% |
| Taxes, remuneration and social security | 45 | €46,842 | €61,856 | +€15,015 | +32.1% |
| Taxes | 450/3 | €42,330 | €24,062 | -€18,268 | -43.2% |
| Remuneration and social security | 454/9 | €4,512 | €37,794 | +€33,283 | +738% |
| Other amounts payable | 47/48 | €9,679 | €9,679 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €37,311 | +€37,311 | |
| Remuneration, social security and pensions | 62 | €342,275 | €409,685 | +€67,410 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,653 | €201,923 | +€17,271 | +9.4% |
| Other operating charges | 640/8 | €3,905 | €4,408 | +€503 | +12.9% |
| Gross operating margin | 9900 | €738,528 | €788,069 | +€49,541 | +6.7% |
| Operating profit (loss) | 9901 | €207,695 | €172,052 | -€35,643 | -17.2% |
| Financial income | 75/76B | €13,266 | €3,079 | -€10,187 | -76.8% |
| Recurring financial income | 75 | €8,266 | €3,079 | -€5,187 | -62.8% |
| Non-recurring financial income | 76B | €5,000 | €0 | -€5,000 | -100% |
| Financial charges | 65/66B | €10,215 | €16,283 | +€6,068 | +59.4% |
| Recurring financial charges | 65 | €10,215 | €16,283 | +€6,068 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €210,746 | €158,848 | -€51,898 | -24.6% |
| Income taxes | 67/77 | €61,548 | €46,422 | -€15,126 | -24.6% |
| Profit (loss) for the period | 9904 | €149,198 | €112,426 | -€36,772 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,198 | €112,426 | -€36,772 | -24.6% |
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 16 October 2026 via checked.be.