Peter Meulemeester: 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.
Peter Meulemeester
Largest movements
- Tangible fixed assets -€95,429
down €95,429 (-12.0%), from €798,043 to €702,614
- Stocks and contracts -€45,200
down €45,200 (-24.3%), from €185,700 to €140,500
of which Contracts in progress: -€31,500
- Receivables within one year +€38,577
up €38,577 (+37.6%), from €102,647 to €141,224
of which Trade receivables: +€35,529
- Cash +€21,350
up €21,350 (+145.1%), from €14,718 to €36,068
mainly Depreciation (+€108,241) and Stocks and contracts (+€45,200)
- Debts after one year -€128,353
down €128,353 (-32.2%), from €398,666 to €270,313
- Tax, wage and social debts +€31,812
up €31,812 (+67.9%), from €46,859 to €78,671
of which Taxes: +€41,953
- Reserves +€22,245
up €22,245 (+13.6%), from €163,059 to €185,304
of which Non-distributable reserves: +€12,456
- Current portion of long-term debt -€18,813
down €18,813 (-13.6%), from €138,433 to €119,619
- Trade debts +€14,813
up €14,813 (+19.2%), from €77,187 to €92,000
- Staff costs -€37,691
down €37,691 (-12.5%), from €301,038 to €263,346
- Gross operating margin -€20,642
down €20,642 (-4.5%), from €460,129 to €439,487
- Other operating charges +€7,979
up €7,979 (+84.3%), from €9,469 to €17,447
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 | €1,115,083 | €1,036,177 | -€78,906 | -7.1% |
| Fixed assets | 21/28 | €798,043 | €702,614 | -€95,429 | -12.0% |
| Tangible fixed assets | 22/27 | €798,043 | €702,614 | -€95,429 | -12.0% |
| Land and buildings | 22 | €427,564 | €386,940 | -€40,624 | -9.5% |
| Plant, machinery and equipment | 23 | €326,458 | €286,970 | -€39,487 | -12.1% |
| Furniture and vehicles | 24 | €10,451 | €7,234 | -€3,217 | -30.8% |
| Leasing and similar rights | 25 | €33,571 | €21,469 | -€12,102 | -36.0% |
| Current assets | 29/58 | €317,039 | €333,563 | +€16,523 | +5.2% |
| Stocks and contracts in progress | 3 | €185,700 | €140,500 | -€45,200 | -24.3% |
| Stocks | 30/36 | €149,200 | €135,500 | -€13,700 | -9.2% |
| Contracts in progress | 37 | €36,500 | €5,000 | -€31,500 | -86.3% |
| Amounts receivable within one year | 40/41 | €102,647 | €141,224 | +€38,577 | +37.6% |
| Trade receivables | 40 | €101,758 | €137,286 | +€35,529 | +34.9% |
| Other amounts receivable | 41 | €889 | €3,937 | +€3,048 | +342.9% |
| Cash at bank and in hand | 54/58 | €14,718 | €36,068 | +€21,350 | +145.1% |
| Deferred charges and accrued income | 490/1 | €13,974 | €15,770 | +€1,796 | +12.9% |
| Total equity and liabilities | 10/49 | €1,115,083 | €1,036,177 | -€78,906 | -7.1% |
| Equity | 10/15 | €281,258 | €291,047 | +€9,789 | +3.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €99,649 | €87,193 | -€12,456 | -12.5% |
| Reserves | 13 | €163,059 | €185,304 | +€22,245 | +13.6% |
| Non-distributable reserves | 130/1 | €87,193 | €99,649 | +€12,456 | +14.3% |
| Other | 1319 | €87,193 | €99,649 | +€12,456 | +14.3% |
| Tax-exempt reserves | 132 | €15,146 | €15,146 | = | 0.0% |
| Distributable reserves | 133 | €60,720 | €70,509 | +€9,789 | +16.1% |
| Provisions and deferred taxes | 16 | €36,590 | €36,590 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €36,590 | €36,590 | = | 0.0% |
| Pensions and similar obligations | 160 | €36,590 | €36,590 | = | 0.0% |
| Amounts payable | 17/49 | €797,235 | €708,540 | -€88,694 | -11.1% |
| Amounts payable after more than one year | 17 | €398,666 | €270,313 | -€128,353 | -32.2% |
| Financial debts | 170/4 | €398,666 | €270,313 | -€128,353 | -32.2% |
| Amounts payable within one year | 42/48 | €397,711 | €438,228 | +€40,517 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €138,433 | €119,619 | -€18,813 | -13.6% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €77,187 | €92,000 | +€14,813 | +19.2% |
| Suppliers | 440/4 | €77,187 | €92,000 | +€14,813 | +19.2% |
| Taxes, remuneration and social security | 45 | €46,859 | €78,671 | +€31,812 | +67.9% |
| Taxes | 450/3 | €11,043 | €52,996 | +€41,953 | +379.9% |
| Remuneration and social security | 454/9 | €35,815 | €25,674 | -€10,141 | -28.3% |
| Other amounts payable | 47/48 | €35,233 | €47,938 | +€12,705 | +36.1% |
| Accrued charges and deferred income | 492/3 | €858 | - | -€858 | |
| Remuneration, social security and pensions | 62 | €301,038 | €263,346 | -€37,691 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,761 | €108,241 | +€3,480 | +3.3% |
| Other operating charges | 640/8 | €9,469 | €17,447 | +€7,979 | +84.3% |
| Gross operating margin | 9900 | €460,129 | €439,487 | -€20,642 | -4.5% |
| Operating profit (loss) | 9901 | €44,862 | €50,453 | +€5,591 | +12.5% |
| Financial income | 75/76B | €0 | €16 | +€16 | +14772.7% |
| Recurring financial income | 75 | €0 | €16 | +€16 | +14772.7% |
| Financial charges | 65/66B | €30,959 | €31,791 | +€832 | +2.7% |
| Recurring financial charges | 65 | €30,959 | €31,791 | +€832 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €13,904 | €18,678 | +€4,775 | +34.3% |
| Income taxes | 67/77 | €7,542 | €8,890 | +€1,347 | +17.9% |
| Profit (loss) for the period | 9904 | €6,361 | €9,789 | +€3,427 | +53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,361 | €9,789 | +€3,427 | +53.9% |
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 11 October 2026 via checked.be.