Patrick Meutermans: 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.
Patrick Meutermans
Largest movements
- Cash +€88,067
up €88,067 (+15.1%), from €584,453 to €672,520
mainly Net result for the year (+€165,730) and Trade debts (+€3,841)
- Reserves +€89,523
up €89,523 (+9.1%), from €982,152 to €1.1m
- Gross operating margin -€20,493
down €20,493 (-7.8%), from €264,105 to €243,612
- Taxes -€5,474
down €5,474 (-6.8%), from €81,060 to €75,586
- Financial income -€4,347
down €4,347 (-61.6%), from €7,059 to €2,711
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 | €1,030,234 | €1,117,253 | +€87,018 | +8.4% |
| Fixed assets | 21/28 | €7,230 | €7,560 | +€329 | +4.6% |
| Tangible fixed assets | 22/27 | €7,230 | €7,560 | +€329 | +4.6% |
| Plant, machinery and equipment | 23 | - | €1,485 | +€1,485 | |
| Furniture and vehicles | 24 | €7,230 | €6,075 | -€1,156 | -16.0% |
| Current assets | 29/58 | €1,023,004 | €1,109,693 | +€86,689 | +8.5% |
| Amounts receivable within one year | 40/41 | €68,348 | €66,200 | -€2,148 | -3.1% |
| Trade receivables | 40 | €58,909 | €59,572 | +€663 | +1.1% |
| Other amounts receivable | 41 | €9,439 | €6,628 | -€2,811 | -29.8% |
| Current investments | 50/53 | €368,283 | €368,283 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €584,453 | €672,520 | +€88,067 | +15.1% |
| Deferred charges and accrued income | 490/1 | €1,921 | €2,690 | +€770 | +40.1% |
| Total equity and liabilities | 10/49 | €1,030,234 | €1,117,253 | +€87,018 | +8.4% |
| Equity | 10/15 | €994,752 | €1,084,275 | +€89,523 | +9.0% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €982,152 | €1,071,675 | +€89,523 | +9.1% |
| Distributable reserves | 133 | €982,152 | €1,071,675 | +€89,523 | +9.1% |
| Amounts payable | 17/49 | €35,483 | €32,978 | -€2,504 | -7.1% |
| Amounts payable within one year | 42/48 | €34,563 | €32,978 | -€1,585 | -4.6% |
| Trade debts | 44 | €2,632 | €6,473 | +€3,841 | +145.9% |
| Suppliers | 440/4 | €2,632 | €6,473 | +€3,841 | +145.9% |
| Taxes, remuneration and social security | 45 | €21,244 | €18,823 | -€2,421 | -11.4% |
| Taxes | 450/3 | €20,594 | €18,823 | -€1,771 | -8.6% |
| Remuneration and social security | 454/9 | €650 | - | -€650 | |
| Other amounts payable | 47/48 | €10,686 | €7,682 | -€3,004 | -28.1% |
| Accrued charges and deferred income | 492/3 | €919 | - | -€919 | |
| Non-recurring operating income | 76A | - | €7,999 | +€7,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,290 | €1,240 | -€50 | -3.9% |
| Other operating charges | 640/8 | €1,190 | €1,870 | +€680 | +57.1% |
| Gross operating margin | 9900 | €264,105 | €243,612 | -€20,493 | -7.8% |
| Operating profit (loss) | 9901 | €261,626 | €240,502 | -€21,123 | -8.1% |
| Financial income | 75/76B | €7,059 | €2,711 | -€4,347 | -61.6% |
| Recurring financial income | 75 | €7,059 | €2,711 | -€4,347 | -61.6% |
| Financial charges | 65/66B | €4,181 | €1,897 | -€2,284 | -54.6% |
| Recurring financial charges | 65 | €4,181 | €1,897 | -€2,284 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €264,503 | €241,316 | -€23,187 | -8.8% |
| Income taxes | 67/77 | €81,060 | €75,586 | -€5,474 | -6.8% |
| Profit (loss) for the period | 9904 | €183,443 | €165,730 | -€17,713 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €183,443 | €165,730 | -€17,713 | -9.7% |
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 3 October 2026 via checked.be.