MEURCO: 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.
MEURCO
Largest movements
- Current investments +€15,000
up €15,000 (+9.4%), from €160,000 to €175,000
- Cash +€7,906
up €7,906 (+22.6%), from €34,963 to €42,868
mainly Net result for the year (+€34,936) and Depreciation (+€7,351)
- Tangible fixed assets -€7,782
down €7,782 (-57.7%), from €13,488 to €5,705
of which Furniture and vehicles: -€7,111
- Reserves +€34,900
up €34,900 (+19.9%), from €175,000 to €209,900
- Other debts -€25,573
no longer reported in 2025 (was €25,573)
- Tax, wage and social debts +€3,031
up €3,031 (+139.6%), from €2,171 to €5,202
of which Taxes: +€4,767
- Gross operating margin -€13,537
down €13,537 (-17.3%), from €78,263 to €64,726
- Staff costs -€8,899
down €8,899 (-57.7%), from €15,431 to €6,532
- Financial income -€1,256
down €1,256 (-24.0%), from €5,223 to €3,967
- Taxes +€1,236
up €1,236 (+6.9%), from €17,935 to €19,171
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 | €217,806 | €230,365 | +€12,559 | +5.8% |
| Fixed assets | 21/28 | €13,543 | €5,705 | -€7,837 | -57.9% |
| Tangible fixed assets | 22/27 | €13,488 | €5,705 | -€7,782 | -57.7% |
| Land and buildings | 22 | €694 | €32 | -€662 | -95.5% |
| Furniture and vehicles | 24 | €12,732 | €5,622 | -€7,111 | -55.8% |
| Other tangible fixed assets | 26 | €61 | €52 | -€9 | -15.2% |
| Financial fixed assets | 28 | €55 | - | -€55 | |
| Current assets | 29/58 | €204,264 | €224,659 | +€20,396 | +10.0% |
| Amounts receivable within one year | 40/41 | €4,851 | €4,319 | -€532 | -11.0% |
| Trade receivables | 40 | €3,316 | €4,319 | +€1,003 | +30.2% |
| Other amounts receivable | 41 | €1,535 | - | -€1,535 | |
| Current investments | 50/53 | €160,000 | €175,000 | +€15,000 | +9.4% |
| Cash at bank and in hand | 54/58 | €34,963 | €42,868 | +€7,906 | +22.6% |
| Deferred charges and accrued income | 490/1 | €4,449 | €2,472 | -€1,977 | -44.4% |
| Total equity and liabilities | 10/49 | €217,806 | €230,365 | +€12,559 | +5.8% |
| Equity | 10/15 | €190,000 | €224,936 | +€34,936 | +18.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €175,000 | €209,900 | +€34,900 | +19.9% |
| Distributable reserves | 133 | €175,000 | €209,900 | +€34,900 | +19.9% |
| Profit (loss) carried forward | 14 | - | €36 | +€36 | |
| Amounts payable | 17/49 | €27,806 | €5,429 | -€22,377 | -80.5% |
| Amounts payable within one year | 42/48 | €27,749 | €5,366 | -€22,384 | -80.7% |
| Trade debts | 44 | €5 | €164 | +€159 | +3170.0% |
| Suppliers | 440/4 | €5 | €164 | +€159 | +3170.0% |
| Taxes, remuneration and social security | 45 | €2,171 | €5,202 | +€3,031 | +139.6% |
| Taxes | 450/3 | €435 | €5,202 | +€4,767 | +1095.8% |
| Remuneration and social security | 454/9 | €1,736 | - | -€1,736 | |
| Other amounts payable | 47/48 | €25,573 | - | -€25,573 | |
| Accrued charges and deferred income | 492/3 | €57 | €63 | +€7 | +12.0% |
| Remuneration, social security and pensions | 62 | €15,431 | €6,532 | -€8,899 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,111 | €7,351 | -€760 | -9.4% |
| Other operating charges | 640/8 | €770 | €572 | -€197 | -25.6% |
| Gross operating margin | 9900 | €78,263 | €64,726 | -€13,537 | -17.3% |
| Operating profit (loss) | 9901 | €53,951 | €50,270 | -€3,680 | -6.8% |
| Financial income | 75/76B | €5,223 | €3,967 | -€1,256 | -24.0% |
| Recurring financial income | 75 | €5,223 | €3,967 | -€1,256 | -24.0% |
| Financial charges | 65/66B | €117 | €131 | +€14 | +11.6% |
| Recurring financial charges | 65 | €117 | €131 | +€14 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €59,056 | €54,106 | -€4,950 | -8.4% |
| Income taxes | 67/77 | €17,935 | €19,171 | +€1,236 | +6.9% |
| Profit (loss) for the period | 9904 | €41,121 | €34,936 | -€6,186 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,121 | €34,936 | -€6,186 | -15.0% |
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 11 October 2026 via checked.be.