MEVAK: 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.
MEVAK
Largest movements
- Cash -€183,942
down €183,942 (-60.1%), from €306,050 to €122,109
mainly Investment in fixed assets (net) (-€158,722) and Stocks and contracts (-€58,750)
- Tangible fixed assets +€70,986
up €70,986 (+13.8%), from €516,038 to €587,023
of which Plant, machinery and equipment: +€86,018
- Stocks and contracts +€58,750
new in 2025: €58,750
- Deferred charges and accrued income +€35,543
up €35,543 (+492%), from €7,218 to €42,761
- Receivables within one year +€10,961
up €10,961 (+64.7%), from €16,934 to €27,895
of which Other amounts receivable: +€8,987
- Profit (loss) carried forward -€52,160
down €52,160 (-14.8%), from €352,880 to €300,720
- Debts after one year +€23,056
up €23,056 (+8.7%), from €265,603 to €288,659
- Accrued charges and deferred income +€12,614
up €12,614 (+3,269%), from €386 to €13,000
- Gross operating margin -€465,182
down €465,182 (-90.7%), from €513,012 to €47,831
- Taxes -€96,064
down €96,064 (-100%), from €96,064 to €0
- Write-downs -€28,649
no longer reported in 2025 (was €28,649)
- Financial charges -€11,569
down €11,569 (-50.0%), from €23,153 to €11,584
- Depreciation -€10,894
down €10,894 (-11.0%), from €98,630 to €87,737
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 | €846,240 | €838,538 | -€7,702 | -0.9% |
| Fixed assets | 21/28 | €516,038 | €587,023 | +€70,986 | +13.8% |
| Tangible fixed assets | 22/27 | €516,038 | €587,023 | +€70,986 | +13.8% |
| Land and buildings | 22 | €165,903 | €178,599 | +€12,696 | +7.7% |
| Plant, machinery and equipment | 23 | €220,200 | €306,218 | +€86,018 | +39.1% |
| Furniture and vehicles | 24 | €129,935 | €102,206 | -€27,729 | -21.3% |
| Current assets | 29/58 | €330,202 | €251,515 | -€78,688 | -23.8% |
| Stocks and contracts in progress | 3 | - | €58,750 | +€58,750 | |
| Stocks | 30/36 | - | €58,750 | +€58,750 | |
| Amounts receivable within one year | 40/41 | €16,934 | €27,895 | +€10,961 | +64.7% |
| Trade receivables | 40 | €10,499 | €12,473 | +€1,974 | +18.8% |
| Other amounts receivable | 41 | €6,435 | €15,422 | +€8,987 | +140% |
| Cash at bank and in hand | 54/58 | €306,050 | €122,109 | -€183,942 | -60.1% |
| Deferred charges and accrued income | 490/1 | €7,218 | €42,761 | +€35,543 | +492% |
| Total equity and liabilities | 10/49 | €846,240 | €838,538 | -€7,702 | -0.9% |
| Equity | 10/15 | €511,062 | €458,901 | -€52,160 | -10.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €68,182 | €68,182 | = | 0.0% |
| Distributable reserves | 133 | €68,182 | €68,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €352,880 | €300,720 | -€52,160 | -14.8% |
| Amounts payable | 17/49 | €335,178 | €379,637 | +€44,459 | +13.3% |
| Amounts payable after more than one year | 17 | €265,603 | €288,659 | +€23,056 | +8.7% |
| Financial debts | 170/4 | €265,603 | €288,659 | +€23,056 | +8.7% |
| Amounts payable within one year | 42/48 | €69,189 | €77,977 | +€8,788 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €51,228 | €56,944 | +€5,716 | +11.2% |
| Taxes, remuneration and social security | 45 | €10,969 | €11,034 | +€64 | +0.6% |
| Taxes | 450/3 | €10,969 | €11,034 | +€64 | +0.6% |
| Other amounts payable | 47/48 | €6,992 | €10,000 | +€3,008 | +43.0% |
| Accrued charges and deferred income | 492/3 | €386 | €13,000 | +€12,614 | +3,269% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,630 | €87,737 | -€10,894 | -11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,649 | - | -€28,649 | |
| Other operating charges | 640/8 | €2,457 | €898 | -€1,559 | -63.4% |
| Gross operating margin | 9900 | €513,012 | €47,831 | -€465,182 | -90.7% |
| Operating profit (loss) | 9901 | €383,276 | -€40,804 | -€424,080 | |
| Financial income | 75/76B | €500 | €228 | -€273 | -54.5% |
| Recurring financial income | 75 | €500 | €228 | -€273 | -54.5% |
| Financial charges | 65/66B | €23,153 | €11,584 | -€11,569 | -50.0% |
| Recurring financial charges | 65 | €23,153 | €11,584 | -€11,569 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €360,623 | -€52,160 | -€412,784 | |
| Income taxes | 67/77 | €96,064 | €0 | -€96,064 | -100% |
| Profit (loss) for the period | 9904 | €264,560 | -€52,160 | -€316,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €264,560 | -€52,160 | -€316,720 |
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 16 October 2026 via checked.be.