MEULDERS: 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.
MEULDERS
Largest movements
- Current investments +€278,320
up €278,320 (+618%), from €45,000 to €323,320
- Cash -€21,163
down €21,163 (-1.6%), from €1.3m to €1.3m
mainly Current investments (-€278,320) and Contributions, distributions and other (-€70,096)
- Stocks and contracts -€20,557
down €20,557 (-19.7%), from €104,271 to €83,714
- Reserves +€193,074
up €193,074 (+13.0%), from €1.5m to €1.7m
of which Distributable reserves: +€195,219
- Trade debts +€25,836
up €25,836 (+34.2%), from €75,476 to €101,312
- Tax, wage and social debts +€23,973
up €23,973 (+138%), from €17,391 to €41,364
of which Taxes: +€22,275
- Gross operating margin -€90,751
down €90,751 (-12.1%), from €748,079 to €657,327
- Financial income +€20,631
up €20,631 (+230%), from €8,968 to €29,598
- Taxes -€19,284
down €19,284 (-14.0%), from €137,330 to €118,046
- Staff costs -€18,618
down €18,618 (-7.3%), from €256,143 to €237,525
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 | €1,632,826 | €1,857,205 | +€224,378 | +13.7% |
| Fixed assets | 21/28 | €102,508 | €86,473 | -€16,035 | -15.6% |
| Tangible fixed assets | 22/27 | €101,233 | €85,198 | -€16,035 | -15.8% |
| Land and buildings | 22 | €2,987 | €5,116 | +€2,129 | +71.3% |
| Plant, machinery and equipment | 23 | €74,064 | €65,837 | -€8,226 | -11.1% |
| Furniture and vehicles | 24 | €24,182 | €14,244 | -€9,938 | -41.1% |
| Financial fixed assets | 28 | €1,276 | €1,276 | = | 0.0% |
| Current assets | 29/58 | €1,530,318 | €1,770,732 | +€240,413 | +15.7% |
| Stocks and contracts in progress | 3 | €104,271 | €83,714 | -€20,557 | -19.7% |
| Stocks | 30/36 | €104,271 | €83,714 | -€20,557 | -19.7% |
| Amounts receivable within one year | 40/41 | €44,439 | €43,363 | -€1,076 | -2.4% |
| Trade receivables | 40 | €25,117 | €22,846 | -€2,271 | -9.0% |
| Other amounts receivable | 41 | €19,321 | €20,517 | +€1,195 | +6.2% |
| Current investments | 50/53 | €45,000 | €323,320 | +€278,320 | +618% |
| Cash at bank and in hand | 54/58 | €1,324,267 | €1,303,104 | -€21,163 | -1.6% |
| Deferred charges and accrued income | 490/1 | €12,342 | €17,231 | +€4,889 | +39.6% |
| Total equity and liabilities | 10/49 | €1,632,826 | €1,857,205 | +€224,378 | +13.7% |
| Equity | 10/15 | €1,494,934 | €1,688,007 | +€193,074 | +12.9% |
| Contributions | 10/11 | €5,246 | €5,246 | = | 0.0% |
| Reserves | 13 | €1,489,688 | €1,682,761 | +€193,074 | +13.0% |
| Non-distributable reserves | 130/1 | €525 | €525 | = | 0.0% |
| Reserves not available under the articles | 1311 | €525 | €525 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,232 | €40,087 | -€2,146 | -5.1% |
| Distributable reserves | 133 | €1,446,931 | €1,642,150 | +€195,219 | +13.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €137,893 | €169,197 | +€31,305 | +22.7% |
| Amounts payable after more than one year | 17 | €20,919 | €4,275 | -€16,645 | -79.6% |
| Financial debts | 170/4 | €20,919 | €4,275 | -€16,645 | -79.6% |
| Amounts payable within one year | 42/48 | €110,286 | €164,664 | +€54,378 | +49.3% |
| Current portion of amounts payable after more than one year | 42 | €15,941 | €16,645 | +€704 | +4.4% |
| Trade debts | 44 | €75,476 | €101,312 | +€25,836 | +34.2% |
| Suppliers | 440/4 | €75,476 | €101,312 | +€25,836 | +34.2% |
| Taxes, remuneration and social security | 45 | €17,391 | €41,364 | +€23,973 | +138% |
| Taxes | 450/3 | €0 | €22,275 | +€22,275 | |
| Remuneration and social security | 454/9 | €17,391 | €19,089 | +€1,698 | +9.8% |
| Other amounts payable | 47/48 | €1,478 | €5,343 | +€3,865 | +262% |
| Accrued charges and deferred income | 492/3 | €6,687 | €259 | -€6,428 | -96.1% |
| Non-recurring operating income | 76A | €0 | €861 | +€861 | |
| Remuneration, social security and pensions | 62 | €256,143 | €237,525 | -€18,618 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,727 | €55,687 | +€5,960 | +12.0% |
| Other operating charges | 640/8 | €8,977 | €8,367 | -€610 | -6.8% |
| Non-recurring operating charges | 66A | - | €1,596 | +€1,596 | |
| Gross operating margin | 9900 | €748,079 | €657,327 | -€90,751 | -12.1% |
| Operating profit (loss) | 9901 | €433,231 | €354,152 | -€79,079 | -18.3% |
| Financial income | 75/76B | €8,968 | €29,598 | +€20,631 | +230% |
| Recurring financial income | 75 | €8,968 | €29,598 | +€20,631 | +230% |
| Financial charges | 65/66B | €2,322 | €2,535 | +€213 | +9.2% |
| Recurring financial charges | 65 | €2,322 | €2,535 | +€213 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €439,877 | €381,216 | -€58,662 | -13.3% |
| Income taxes | 67/77 | €137,330 | €118,046 | -€19,284 | -14.0% |
| Profit (loss) for the period | 9904 | €302,547 | €263,169 | -€39,378 | -13.0% |
| Transfer from tax-exempt reserves | 789 | €2,146 | €2,146 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €304,693 | €265,315 | -€39,378 | -12.9% |
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 21 October 2026 via checked.be.