MEYERS: 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.
MEYERS
Largest movements
- Cash -€187,179
down €187,179 (-32.4%), from €578,419 to €391,241
mainly Other debts (-€164,999) and Contributions, distributions and other (-€164,000)
- Intangible fixed assets +€97,406
new in 2025: €97,406
- Stocks and contracts -€39,896
down €39,896 (-10.2%), from €389,427 to €349,531
- Receivables within one year -€39,701
down €39,701 (-25.8%), from €153,661 to €113,959
of which Trade receivables: -€23,581
- Tangible fixed assets -€19,645
down €19,645 (-17.8%), from €110,316 to €90,672
- Other debts -€164,999
down €164,999 (-97.1%), from €169,969 to €4,970
- Reserves -€164,000
down €164,000 (-56.2%), from €291,665 to €127,665
of which Distributable reserves: -€164,000
- Trade debts +€116,498
up €116,498 (+57.2%), from €203,748 to €320,246
- Profit (loss) carried forward +€78,756
up €78,756 (+32.0%), from €246,239 to €324,995
- Provisions -€30,874
down €30,874 (-100.0%), from €30,874 to €0
- Gross operating margin -€202,882
down €202,882 (-43.9%), from €461,711 to €258,829
- Staff costs -€100,880
down €100,880 (-38.8%), from €260,313 to €159,433
- Provisions -€61,749
down €61,749, from €30,874 to -€30,874
- Taxes -€27,512
down €27,512 (-67.0%), from €41,054 to €13,541
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 | €1,239,188 | €1,050,135 | -€189,053 | -15.3% |
| Fixed assets | 21/28 | €110,316 | €188,078 | +€77,761 | +70.5% |
| Intangible fixed assets | 21 | - | €97,406 | +€97,406 | |
| Tangible fixed assets | 22/27 | €110,316 | €90,672 | -€19,645 | -17.8% |
| Land and buildings | 22 | €45,837 | €45,837 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,941 | €6,485 | -€2,456 | -27.5% |
| Furniture and vehicles | 24 | €11,570 | €2,150 | -€9,420 | -81.4% |
| Other tangible fixed assets | 26 | €43,969 | €36,200 | -€7,769 | -17.7% |
| Current assets | 29/58 | €1,128,872 | €862,057 | -€266,814 | -23.6% |
| Stocks and contracts in progress | 3 | €389,427 | €349,531 | -€39,896 | -10.2% |
| Stocks | 30/36 | €389,427 | €349,531 | -€39,896 | -10.2% |
| Amounts receivable within one year | 40/41 | €153,661 | €113,959 | -€39,701 | -25.8% |
| Trade receivables | 40 | €36,316 | €12,735 | -€23,581 | -64.9% |
| Other amounts receivable | 41 | €117,345 | €101,225 | -€16,120 | -13.7% |
| Current investments | 50/53 | €5,600 | €5,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €578,419 | €391,241 | -€187,179 | -32.4% |
| Deferred charges and accrued income | 490/1 | €1,765 | €1,726 | -€39 | -2.2% |
| Total equity and liabilities | 10/49 | €1,239,188 | €1,050,135 | -€189,053 | -15.3% |
| Equity | 10/15 | €748,613 | €663,370 | -€85,244 | -11.4% |
| Contributions | 10/11 | €210,710 | €210,710 | = | 0.0% |
| Capital | 10 | €210,710 | €210,710 | = | 0.0% |
| Issued capital | 100 | €210,710 | €210,710 | = | 0.0% |
| Reserves | 13 | €291,665 | €127,665 | -€164,000 | -56.2% |
| Non-distributable reserves | 130/1 | €21,071 | €21,071 | = | 0.0% |
| Legal reserve | 130 | €21,071 | €21,071 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €251,844 | €87,844 | -€164,000 | -65.1% |
| Profit (loss) carried forward | 14 | €246,239 | €324,995 | +€78,756 | +32.0% |
| Provisions and deferred taxes | 16 | €30,874 | €0 | -€30,874 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €30,874 | €0 | -€30,874 | -100.0% |
| Pensions and similar obligations | 160 | €30,874 | €0 | -€30,874 | -100.0% |
| Amounts payable | 17/49 | €459,700 | €386,765 | -€72,935 | -15.9% |
| Amounts payable after more than one year | 17 | €17,500 | €11,500 | -€6,000 | -34.3% |
| Financial debts | 170/4 | €17,500 | €11,500 | -€6,000 | -34.3% |
| Amounts payable within one year | 42/48 | €442,200 | €375,265 | -€66,935 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €203,748 | €320,246 | +€116,498 | +57.2% |
| Suppliers | 440/4 | €203,748 | €320,246 | +€116,498 | +57.2% |
| Taxes, remuneration and social security | 45 | €62,484 | €44,050 | -€18,434 | -29.5% |
| Taxes | 450/3 | €37,654 | €25,411 | -€12,243 | -32.5% |
| Remuneration and social security | 454/9 | €24,830 | €18,639 | -€6,191 | -24.9% |
| Other amounts payable | 47/48 | €169,969 | €4,970 | -€164,999 | -97.1% |
| Non-recurring operating income | 76A | €107 | €6 | -€101 | -94.6% |
| Remuneration, social security and pensions | 62 | €260,313 | €159,433 | -€100,880 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,084 | €20,953 | -€2,131 | -9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €584 | +€584 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,874 | -€30,874 | -€61,749 | |
| Other operating charges | 640/8 | €13,058 | €16,392 | +€3,334 | +25.5% |
| Non-recurring operating charges | 66A | €0 | €785 | +€784 | +301653.8% |
| Gross operating margin | 9900 | €461,711 | €258,829 | -€202,882 | -43.9% |
| Operating profit (loss) | 9901 | €134,381 | €91,557 | -€42,824 | -31.9% |
| Financial income | 75/76B | €2,777 | €5,254 | +€2,478 | +89.2% |
| Recurring financial income | 75 | €2,777 | €5,254 | +€2,478 | +89.2% |
| Financial charges | 65/66B | €4,372 | €4,514 | +€142 | +3.2% |
| Recurring financial charges | 65 | €4,372 | €4,514 | +€142 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €132,786 | €92,297 | -€40,489 | -30.5% |
| Income taxes | 67/77 | €41,054 | €13,541 | -€27,512 | -67.0% |
| Profit (loss) for the period | 9904 | €91,733 | €78,756 | -€12,976 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,733 | €78,756 | -€12,976 | -14.1% |
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.