Meurez: 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.
Meurez
Largest movements
- Tangible fixed assets +€277,494
up €277,494 (+684.7%), from €40,527 to €318,021
of which Land and buildings: +€265,000
- Cash +€47,950
up €47,950 (+41.4%), from €115,694 to €163,644
mainly Debts after one year (+€234,017) and Depreciation (+€58,146)
- Stocks and contracts -€20,354
no longer reported in 2025 (was €20,354)
- Receivables within one year -€10,125
down €10,125 (-9.0%), from €112,824 to €102,699
of which Trade receivables: -€23,491
- Intangible fixed assets -€7,000
down €7,000 (-13.1%), from €53,507 to €46,507
- Debts after one year +€234,017
up €234,017 (+6106.9%), from €3,832 to €237,849
- Reserves +€40,800
up €40,800 (+22.7%), from €179,584 to €220,385
- Trade debts +€12,795
up €12,795 (+105.2%), from €12,165 to €24,960
- Tax, wage and social debts -€10,139
down €10,139 (-20.2%), from €50,190 to €40,052
of which Taxes: -€10,497
- Depreciation +€38,131
up €38,131 (+190.5%), from €20,015 to €58,146
- Gross operating margin +€28,621
up €28,621 (+11.9%), from €240,197 to €268,818
- Staff costs +€28,341
up €28,341 (+29.7%), from €95,429 to €123,770
- Other operating charges +€13,270
up €13,270 (+431.6%), from €3,074 to €16,344
- Taxes -€12,282
down €12,282 (-51.4%), from €23,916 to €11,634
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 | €350,470 | €635,546 | +€285,076 | +81.3% |
| Fixed assets | 21/28 | €94,034 | €364,528 | +€270,494 | +287.7% |
| Intangible fixed assets | 21 | €53,507 | €46,507 | -€7,000 | -13.1% |
| Tangible fixed assets | 22/27 | €40,527 | €318,021 | +€277,494 | +684.7% |
| Land and buildings | 22 | - | €265,000 | +€265,000 | |
| Plant, machinery and equipment | 23 | €22,917 | €22,103 | -€814 | -3.6% |
| Furniture and vehicles | 24 | €16,158 | €29,797 | +€13,639 | +84.4% |
| Other tangible fixed assets | 26 | €1,452 | €1,120 | -€332 | -22.8% |
| Current assets | 29/58 | €256,436 | €271,018 | +€14,582 | +5.7% |
| Stocks and contracts in progress | 3 | €20,354 | - | -€20,354 | |
| Stocks | 30/36 | €20,354 | - | -€20,354 | |
| Amounts receivable within one year | 40/41 | €112,824 | €102,699 | -€10,125 | -9.0% |
| Trade receivables | 40 | €112,824 | €89,333 | -€23,491 | -20.8% |
| Other amounts receivable | 41 | - | €13,366 | +€13,366 | |
| Cash at bank and in hand | 54/58 | €115,694 | €163,644 | +€47,950 | +41.4% |
| Deferred charges and accrued income | 490/1 | €7,563 | €4,674 | -€2,889 | -38.2% |
| Total equity and liabilities | 10/49 | €350,470 | €635,546 | +€285,076 | +81.3% |
| Equity | 10/15 | €184,584 | €225,385 | +€40,800 | +22.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €179,584 | €220,385 | +€40,800 | +22.7% |
| Distributable reserves | 133 | €179,584 | €220,385 | +€40,800 | +22.7% |
| Amounts payable | 17/49 | €165,886 | €410,161 | +€244,275 | +147.3% |
| Amounts payable after more than one year | 17 | €3,832 | €237,849 | +€234,017 | +6106.9% |
| Financial debts | 170/4 | €3,832 | €237,849 | +€234,017 | +6106.9% |
| Amounts payable within one year | 42/48 | €154,908 | €167,322 | +€12,414 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €12,679 | €18,207 | +€5,529 | +43.6% |
| Financial debts | 43 | €12,000 | €14,583 | +€2,583 | +21.5% |
| Credit institutions | 430/8 | €12,000 | €14,583 | +€2,583 | +21.5% |
| Trade debts | 44 | €12,165 | €24,960 | +€12,795 | +105.2% |
| Suppliers | 440/4 | €12,165 | €24,960 | +€12,795 | +105.2% |
| Taxes, remuneration and social security | 45 | €50,190 | €40,052 | -€10,139 | -20.2% |
| Taxes | 450/3 | €43,923 | €33,427 | -€10,497 | -23.9% |
| Remuneration and social security | 454/9 | €6,267 | €6,625 | +€358 | +5.7% |
| Other amounts payable | 47/48 | €67,874 | €69,520 | +€1,646 | +2.4% |
| Accrued charges and deferred income | 492/3 | €7,146 | €4,990 | -€2,156 | -30.2% |
| Non-recurring operating income | 76A | €488 | - | -€488 | |
| Remuneration, social security and pensions | 62 | €95,429 | €123,770 | +€28,341 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,015 | €58,146 | +€38,131 | +190.5% |
| Other operating charges | 640/8 | €3,074 | €16,344 | +€13,270 | +431.6% |
| Gross operating margin | 9900 | €240,197 | €268,818 | +€28,621 | +11.9% |
| Operating profit (loss) | 9901 | €121,679 | €70,558 | -€51,121 | -42.0% |
| Financial income | 75/76B | €16 | €39 | +€23 | +143.4% |
| Recurring financial income | 75 | €16 | €39 | +€23 | +143.4% |
| Financial charges | 65/66B | €12,409 | €18,163 | +€5,754 | +46.4% |
| Recurring financial charges | 65 | €12,409 | €18,163 | +€5,754 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €109,286 | €52,434 | -€56,852 | -52.0% |
| Income taxes | 67/77 | €23,916 | €11,634 | -€12,282 | -51.4% |
| Profit (loss) for the period | 9904 | €85,370 | €40,800 | -€44,570 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,370 | €40,800 | -€44,570 | -52.2% |
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 7 October 2026 via checked.be.