Meuse Bidco: 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.
What changed
Meuse Bidco
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€65.0m
2024 · €158.1m-€93.1m
Equity
€729.9m
2024 · €664.9m+€65.0m
Cash
-
not filed
Balance sheet total
€736.3m
2024 · €953.9m-€217.5m
Largest movements
Assets
- Receivables after one year -€255.0m
down €255.0m (-62.2%), from €410.0m to €155.0m
- Receivables within one year +€128.7m
up €128.7m (+1,478%), from €8.7m to €137.4m
of which Other amounts receivable: +€129.3m
- Financial fixed assets -€91.3m
down €91.3m (-17.1%), from €535.1m to €443.8m
of which Affiliated companies: -€91.3m
Equity and liabilities
- Debts after one year -€258.3m
no longer reported in 2025 (was €258.3m)
- Profit (loss) carried forward +€61.8m
up €61.8m (+59.8%), from €103.3m to €165.0m
- Other debts -€30.5m
down €30.5m (-100.0%), from €30.5m to €177
Income statement
- Financial income -€113.6m
down €113.6m (-62.7%), from €181.1m to €67.5m
of which Financial income: -€136.0m
- Financial charges -€23.4m
down €23.4m (-94.0%), from €24.9m to €1.5m
of which Financial charges: -€23.4m
- Turnover -€1.5m
down €1.5m (-41.3%), from €3.7m to €2.2m
- Taxes +€1.3m
up €1.3m (+35,476%), from €3,652 to €1.3m
of which Taxes: +€1.3m
- Other operating charges +€247,827
up €247,827 (+201%), from €123,017 to €370,844
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.
Result 2024
€158.1m
Turnover
-€1.5m
Other operating income
+€222,607
Services and other goods
-€125,362
Staff costs
-€21,491
Depreciation
+€5,051
Other operating charges
-€247,827
Financial income
-€113.6m
Financial charges
+€23.4m
Taxes
-€1.3m
Result 2025
€65.0m
raises the resultlowers the result
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €953,851,511 | €736,309,928 | -€217.5m | -22.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €535,122,589 | €443,792,248 | -€91.3m | -17.1% |
| Tangible fixed assets | 22/27 | €16,927 | €0 | -€16,927 | -100% |
| Furniture and vehicles | 24 | €16,927 | €0 | -€16,927 | -100% |
| Financial fixed assets | 28 | €535,105,662 | €443,792,248 | -€91.3m | -17.1% |
| Affiliated companies | 280/1 | €535,104,663 | €443,791,251 | -€91.3m | -17.1% |
| Participating interests | 280 | €535,104,663 | €443,791,251 | -€91.3m | -17.1% |
| Other financial fixed assets | 284/8 | €999 | €997 | -€2 | -0.2% |
| Shares | 284 | €4 | €2 | -€2 | -50.0% |
| Amounts receivable and cash guarantees | 285/8 | €995 | €995 | = | 0.0% |
| Current assets | 29/58 | €418,728,921 | €292,517,680 | -€126.2m | -30.1% |
| Amounts receivable after more than one year | 29 | €410,000,000 | €155,000,000 | -€255.0m | -62.2% |
| Other amounts receivable | 291 | €410,000,000 | €155,000,000 | -€255.0m | -62.2% |
| Amounts receivable within one year | 40/41 | €8,706,346 | €137,429,292 | +€128.7m | +1,478% |
| Trade receivables | 40 | €567,947 | €4,583 | -€563,364 | -99.2% |
| Other amounts receivable | 41 | €8,138,399 | €137,424,709 | +€129.3m | +1,589% |
| Deferred charges and accrued income | 490/1 | €22,575 | €88,388 | +€65,813 | +292% |
| Total equity and liabilities | 10/49 | €953,851,511 | €736,309,928 | -€217.5m | -22.8% |
| Equity | 10/15 | €664,911,157 | €729,927,553 | +€65.0m | +9.8% |
| Contributions | 10/11 | €556,197,491 | €556,197,491 | = | 0.0% |
| Capital | 10 | €556,197,491 | €556,197,491 | = | 0.0% |
| Issued capital | 100 | €556,197,491 | €556,197,491 | = | 0.0% |
| Reserves | 13 | €5,435,683 | €8,686,503 | +€3.3m | +59.8% |
| Non-distributable reserves | 130/1 | €5,435,683 | €8,686,503 | +€3.3m | +59.8% |
| Legal reserve | 130 | €5,435,683 | €8,686,503 | +€3.3m | +59.8% |
| Profit (loss) carried forward | 14 | €103,277,982 | €165,043,558 | +€61.8m | +59.8% |
| Amounts payable | 17/49 | €288,940,354 | €6,382,375 | -€282.6m | -97.8% |
| Amounts payable after more than one year | 17 | €258,332,505 | - | -€258.3m | |
| Other amounts payable | 178/9 | €258,332,505 | - | -€258.3m | |
| Amounts payable within one year | 42/48 | €30,607,849 | €6,382,375 | -€24.2m | -79.1% |
| Trade debts | 44 | €4,567 | €1,692,186 | +€1.7m | +36,953% |
| Suppliers | 440/4 | €4,567 | €1,692,186 | +€1.7m | +36,953% |
| Taxes, remuneration and social security | 45 | €53,743 | €4,690,013 | +€4.6m | +8,627% |
| Taxes | 450/3 | €6,930 | €4,646,004 | +€4.6m | +66,940% |
| Remuneration and social security | 454/9 | €46,813 | €44,009 | -€2,804 | -6.0% |
| Other amounts payable | 47/48 | €30,549,539 | €177 | -€30.5m | -100.0% |
| Operating income | 70/76A | €3,901,598 | €2,608,334 | -€1.3m | -33.1% |
| Turnover | 70 | €3,672,086 | €2,156,215 | -€1.5m | -41.3% |
| Other operating income | 74 | €229,512 | €452,118 | +€222,607 | +97.0% |
| Operating charges | 60/66A | €1,937,459 | €2,327,088 | +€389,630 | +20.1% |
| Services and other goods | 61 | €1,465,941 | €1,591,303 | +€125,362 | +8.6% |
| Remuneration, social security and pensions | 62 | €343,226 | €364,717 | +€21,491 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,275 | €225 | -€5,051 | -95.7% |
| Other operating charges | 640/8 | €123,017 | €370,844 | +€247,827 | +201% |
| Operating profit (loss) | 9901 | €1,964,139 | €281,245 | -€1.7m | -85.7% |
| Financial income | 75/76B | €181,087,209 | €67,527,430 | -€113.6m | -62.7% |
| Recurring financial income | 75 | €174,840,421 | €38,804,783 | -€136.0m | -77.8% |
| Income from financial fixed assets | 750 | €174,735,312 | €25,000,026 | -€149.7m | -85.7% |
| Income from current assets | 751 | - | €13,804,740 | +€13.8m | |
| Other financial income | 752/9 | €105,109 | €17 | -€105,092 | -100.0% |
| Non-recurring financial income | 76B | €6,246,788 | €28,722,646 | +€22.5m | +360% |
| Financial charges | 65/66B | €24,914,523 | €1,493,153 | -€23.4m | -94.0% |
| Recurring financial charges | 65 | €24,914,523 | €1,493,152 | -€23.4m | -94.0% |
| Debt charges | 650 | €24,904,451 | €1,491,762 | -€23.4m | -94.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €8,985 | - | -€8,985 | |
| Other financial charges | 652/9 | €1,087 | €1,390 | +€303 | +27.9% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €158,136,825 | €66,315,522 | -€91.8m | -58.1% |
| Income taxes | 67/77 | €3,652 | €1,299,126 | +€1.3m | +35,476% |
| Taxes | 670/3 | €3,652 | €1,299,148 | +€1.3m | +35,477% |
| Tax adjustments and reversals of tax provisions | 77 | - | €22 | +€22 | |
| Profit (loss) for the period | 9904 | €158,133,173 | €65,016,396 | -€93.1m | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,133,173 | €65,016,396 | -€93.1m | -58.9% |
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 18 October 2026 via checked.be.