MEUSE OFFICE 4: 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.
MEUSE OFFICE 4
Largest movements
- Cash +€1.0m
up €1.0m (+1,964%), from €51,169 to €1.1m
mainly Current portion of long-term debt (+€2.4m) and Accrued charges and deferred income (+€1.7m)
- Tangible fixed assets -€708,899
down €708,899 (-6.4%), from €11.1m to €10.4m
- Receivables within one year -€182,022
down €182,022 (-27.3%), from €665,677 to €483,656
of which Trade receivables: -€213,581
- Debts after one year -€3.8m
down €3.8m (-45.1%), from €8.4m to €4.6m
of which Financial debts: -€1.9m
- Current portion of long-term debt +€2.4m
up €2.4m (+36.7%), from €6.5m to €8.9m
- Accrued charges and deferred income +€1.7m
up €1.7m (+801%), from €214,033 to €1.9m
- Profit (loss) carried forward -€158,782
down €158,782 (-4.7%), from -€3.4m to -€3.5m
- Gross operating margin +€475,046
up €475,046 (+100%), from €474,339 to €949,385
- Financial charges -€280,968
down €280,968 (-29.7%), from €945,635 to €664,666
- Financial income +€31,552
up €31,552 (+431,632%), from €7 to €31,560
- Depreciation -€19,601
down €19,601 (-5.1%), from €386,505 to €366,904
- Other operating charges -€17,220
down €17,220 (-13.7%), from €125,376 to €108,156
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 | €12,110,877 | €12,201,208 | +€90,331 | +0.7% |
| Fixed assets | 21/28 | €11,128,766 | €10,419,867 | -€708,899 | -6.4% |
| Tangible fixed assets | 22/27 | €11,128,766 | €10,419,867 | -€708,899 | -6.4% |
| Land and buildings | 22 | €11,128,766 | €10,419,867 | -€708,899 | -6.4% |
| Current assets | 29/58 | €982,111 | €1,781,341 | +€799,230 | +81.4% |
| Amounts receivable within one year | 40/41 | €665,677 | €483,656 | -€182,022 | -27.3% |
| Trade receivables | 40 | €214,827 | €1,246 | -€213,581 | -99.4% |
| Other amounts receivable | 41 | €450,851 | €482,410 | +€31,560 | +7.0% |
| Cash at bank and in hand | 54/58 | €51,169 | €1,056,004 | +€1.0m | +1,964% |
| Deferred charges and accrued income | 490/1 | €265,264 | €241,681 | -€23,583 | -8.9% |
| Total equity and liabilities | 10/49 | €12,110,877 | €12,201,208 | +€90,331 | +0.7% |
| Equity | 10/15 | -€3,232,131 | -€3,390,913 | -€158,782 | -4.9% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,352,131 | -€3,510,913 | -€158,782 | -4.7% |
| Amounts payable | 17/49 | €15,343,008 | €15,592,121 | +€249,113 | +1.6% |
| Amounts payable after more than one year | 17 | €8,430,839 | €4,630,000 | -€3.8m | -45.1% |
| Financial debts | 170/4 | €4,232,458 | €2,315,000 | -€1.9m | -45.3% |
| Other amounts payable | 178/9 | €4,198,380 | €2,315,000 | -€1.9m | -44.9% |
| Amounts payable within one year | 42/48 | €6,698,136 | €9,033,580 | +€2.3m | +34.9% |
| Current portion of amounts payable after more than one year | 42 | €6,475,000 | €8,850,000 | +€2.4m | +36.7% |
| Financial debts | 43 | - | €53,996 | +€53,996 | |
| Credit institutions | 430/8 | - | €53,996 | +€53,996 | |
| Trade debts | 44 | €143,645 | €123,697 | -€19,948 | -13.9% |
| Suppliers | 440/4 | €143,645 | €123,697 | -€19,948 | -13.9% |
| Taxes, remuneration and social security | 45 | €79,491 | €5,887 | -€73,604 | -92.6% |
| Taxes | 450/3 | €79,491 | €5,887 | -€73,604 | -92.6% |
| Accrued charges and deferred income | 492/3 | €214,033 | €1,928,541 | +€1.7m | +801% |
| Non-recurring operating income | 76A | - | €102,620 | +€102,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386,505 | €366,904 | -€19,601 | -5.1% |
| Other operating charges | 640/8 | €125,376 | €108,156 | -€17,220 | -13.7% |
| Gross operating margin | 9900 | €474,339 | €949,385 | +€475,046 | +100% |
| Operating profit (loss) | 9901 | -€37,542 | €474,325 | +€511,867 | |
| Financial income | 75/76B | €7 | €31,560 | +€31,552 | +431,632% |
| Recurring financial income | 75 | €7 | €31,560 | +€31,552 | +431,632% |
| Financial charges | 65/66B | €945,635 | €664,666 | -€280,968 | -29.7% |
| Recurring financial charges | 65 | €945,635 | €664,666 | -€280,968 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€983,169 | -€158,782 | +€824,387 | +83.9% |
| Profit (loss) for the period | 9904 | -€983,169 | -€158,782 | +€824,387 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€983,169 | -€158,782 | +€824,387 | +83.9% |
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 26 October 2026 via checked.be.