Paul MEUNIER: 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.
Paul MEUNIER
Largest movements
- Current investments +€10,000
up €10,000 (+3.8%), from €260,000 to €270,000
- Cash -€5,184
down €5,184 (-38.0%), from €13,624 to €8,440
mainly Contributions, distributions and other (-€16,456) and Current investments (-€10,000)
- Reserves +€21,082
up €21,082 (+9.6%), from €218,845 to €239,928
- Profit (loss) carried forward -€16,456
down €16,456 (-100%), from €16,456 to €0
- Gross operating margin -€3,658
down €3,658 (-12.0%), from €30,485 to €26,827
- Financial income -€1,743
down €1,743 (-21.7%), from €8,034 to €6,291
- Depreciation +€859
up €859 (+36,569%), from €2 to €862
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 | €284,716 | €288,225 | +€3,509 | +1.2% |
| Fixed assets | 21/28 | €2,583 | €1,721 | -€862 | -33.4% |
| Tangible fixed assets | 22/27 | €2,583 | €1,721 | -€862 | -33.4% |
| Furniture and vehicles | 24 | €2,583 | €1,721 | -€862 | -33.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €282,133 | €286,504 | +€4,370 | +1.5% |
| Amounts receivable within one year | 40/41 | €8,510 | €8,064 | -€446 | -5.2% |
| Trade receivables | 40 | €5,851 | €6,106 | +€255 | +4.4% |
| Other amounts receivable | 41 | €2,658 | €1,957 | -€701 | -26.4% |
| Current investments | 50/53 | €260,000 | €270,000 | +€10,000 | +3.8% |
| Cash at bank and in hand | 54/58 | €13,624 | €8,440 | -€5,184 | -38.0% |
| Total equity and liabilities | 10/49 | €284,716 | €288,225 | +€3,509 | +1.2% |
| Equity | 10/15 | €279,538 | €284,164 | +€4,626 | +1.7% |
| Contributions | 10/11 | €44,237 | €44,237 | = | 0.0% |
| Reserves | 13 | €218,845 | €239,928 | +€21,082 | +9.6% |
| Distributable reserves | 133 | €218,845 | €239,928 | +€21,082 | +9.6% |
| Profit (loss) carried forward | 14 | €16,456 | €0 | -€16,456 | -100% |
| Amounts payable | 17/49 | €5,178 | €4,060 | -€1,117 | -21.6% |
| Amounts payable within one year | 42/48 | €5,178 | €4,060 | -€1,117 | -21.6% |
| Trade debts | 44 | €3,966 | €3,874 | -€92 | -2.3% |
| Suppliers | 440/4 | €3,966 | €3,874 | -€92 | -2.3% |
| Taxes, remuneration and social security | 45 | €912 | €187 | -€725 | -79.5% |
| Taxes | 450/3 | €912 | €187 | -€725 | -79.5% |
| Other amounts payable | 47/48 | €300 | €0 | -€300 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2 | €862 | +€859 | +36,569% |
| Other operating charges | 640/8 | €384 | €389 | +€5 | +1.3% |
| Non-recurring operating charges | 66A | €4,937 | €0 | -€4,937 | -100% |
| Gross operating margin | 9900 | €30,485 | €26,827 | -€3,658 | -12.0% |
| Operating profit (loss) | 9901 | €25,162 | €25,575 | +€414 | +1.6% |
| Financial income | 75/76B | €8,034 | €6,291 | -€1,743 | -21.7% |
| Recurring financial income | 75 | €8,034 | €6,291 | -€1,743 | -21.7% |
| Financial charges | 65/66B | €187 | €170 | -€17 | -8.8% |
| Recurring financial charges | 65 | €187 | €170 | -€17 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €33,009 | €31,696 | -€1,312 | -4.0% |
| Income taxes | 67/77 | €10,918 | €10,614 | -€304 | -2.8% |
| Profit (loss) for the period | 9904 | €22,090 | €21,082 | -€1,008 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,090 | €21,082 | -€1,008 | -4.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.