Meuleman - Pollet: 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.
Meuleman - Pollet
Largest movements
- Tangible fixed assets +€308,823
up €308,823 (+15.3%), from €2.0m to €2.3m
of which Plant, machinery and equipment: +€243,862
- Receivables within one year -€232,855
down €232,855 (-43.2%), from €538,617 to €305,762
of which Trade receivables: -€211,733
- Cash +€135,339
up €135,339 (+35.9%), from €376,648 to €511,986
mainly Depreciation (+€683,255) and Receivables within one year (+€232,855)
- Current portion of long-term debt +€183,349
up €183,349 (+51.5%), from €355,803 to €539,153
- Reserves +€110,627
up €110,627 (+17.7%), from €624,130 to €734,758
- Trade debts -€63,739
down €63,739 (-28.0%), from €227,286 to €163,548
- Depreciation +€218,037
up €218,037 (+46.9%), from €465,219 to €683,255
- Gross operating margin +€139,609
up €139,609 (+14.8%), from €941,341 to €1.1m
- Taxes -€56,206
down €56,206 (-93.0%), from €60,437 to €4,231
- Staff costs +€37,298
up €37,298 (+32.6%), from €114,544 to €151,842
- Other operating charges +€33,515
up €33,515 (+1,246%), from €2,691 to €36,206
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 | €2,953,997 | €3,159,729 | +€205,732 | +7.0% |
| Fixed assets | 21/28 | €2,018,236 | €2,332,059 | +€313,823 | +15.5% |
| Tangible fixed assets | 22/27 | €2,018,101 | €2,326,924 | +€308,823 | +15.3% |
| Plant, machinery and equipment | 23 | €1,990,126 | €2,233,988 | +€243,862 | +12.3% |
| Furniture and vehicles | 24 | €23,540 | €89,421 | +€65,881 | +280% |
| Other tangible fixed assets | 26 | €4,435 | €3,515 | -€920 | -20.7% |
| Financial fixed assets | 28 | €135 | €5,135 | +€5,000 | +3,704% |
| Current assets | 29/58 | €935,761 | €827,670 | -€108,091 | -11.6% |
| Amounts receivable within one year | 40/41 | €538,617 | €305,762 | -€232,855 | -43.2% |
| Trade receivables | 40 | €433,900 | €222,168 | -€211,733 | -48.8% |
| Other amounts receivable | 41 | €104,716 | €83,594 | -€21,122 | -20.2% |
| Cash at bank and in hand | 54/58 | €376,648 | €511,986 | +€135,339 | +35.9% |
| Deferred charges and accrued income | 490/1 | €20,497 | €9,922 | -€10,575 | -51.6% |
| Total equity and liabilities | 10/49 | €2,953,997 | €3,159,729 | +€205,732 | +7.0% |
| Equity | 10/15 | €642,680 | €753,308 | +€110,627 | +17.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €624,130 | €734,758 | +€110,627 | +17.7% |
| Distributable reserves | 133 | €624,130 | €734,758 | +€110,627 | +17.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,311,317 | €2,406,422 | +€95,104 | +4.1% |
| Amounts payable after more than one year | 17 | €1,590,074 | €1,579,873 | -€10,201 | -0.6% |
| Financial debts | 170/4 | €1,590,074 | €1,579,873 | -€10,201 | -0.6% |
| Amounts payable within one year | 42/48 | €698,113 | €807,244 | +€109,131 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €355,803 | €539,153 | +€183,349 | +51.5% |
| Trade debts | 44 | €227,286 | €163,548 | -€63,739 | -28.0% |
| Suppliers | 440/4 | €227,286 | €163,548 | -€63,739 | -28.0% |
| Taxes, remuneration and social security | 45 | €64,770 | €54,544 | -€10,226 | -15.8% |
| Taxes | 450/3 | €48,643 | €39,801 | -€8,842 | -18.2% |
| Remuneration and social security | 454/9 | €16,127 | €14,743 | -€1,384 | -8.6% |
| Other amounts payable | 47/48 | €50,254 | €50,000 | -€254 | -0.5% |
| Accrued charges and deferred income | 492/3 | €23,131 | €19,304 | -€3,826 | -16.5% |
| Non-recurring operating income | 76A | €27,200 | €0 | -€27,200 | -100% |
| Remuneration, social security and pensions | 62 | €114,544 | €151,842 | +€37,298 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,219 | €683,255 | +€218,037 | +46.9% |
| Other operating charges | 640/8 | €2,691 | €36,206 | +€33,515 | +1,246% |
| Gross operating margin | 9900 | €941,341 | €1,080,950 | +€139,609 | +14.8% |
| Operating profit (loss) | 9901 | €358,888 | €209,648 | -€149,240 | -41.6% |
| Financial income | 75/76B | €214 | €4,419 | +€4,205 | +1,969% |
| Recurring financial income | 75 | €214 | €4,419 | +€4,205 | +1,969% |
| Financial charges | 65/66B | €44,958 | €49,208 | +€4,250 | +9.5% |
| Recurring financial charges | 65 | €44,958 | €49,208 | +€4,250 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €314,143 | €164,859 | -€149,285 | -47.5% |
| Income taxes | 67/77 | €60,437 | €4,231 | -€56,206 | -93.0% |
| Profit (loss) for the period | 9904 | €253,706 | €160,627 | -€93,078 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €253,706 | €160,627 | -€93,078 | -36.7% |
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 28 October 2026 via checked.be.