Pierre MESTDAG: 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.
Pierre MESTDAG
Largest movements
- Tangible fixed assets -€41,136
down €41,136 (-22.2%), from €184,945 to €143,809
- Cash +€33,845
up €33,845 (+146%), from €23,252 to €57,097
mainly Depreciation (+€42,382) and Net result for the year (+€35,517)
- Receivables within one year -€10,082
down €10,082 (-31.2%), from €32,282 to €22,200
of which Trade receivables: -€10,232
- Deferred charges and accrued income +€6,971
up €6,971 (+1,313%), from €531 to €7,501
- Profit (loss) carried forward +€35,517
up €35,517 (+343%), from €10,360 to €45,878
- Debts after one year -€23,123
down €23,123 (-71.4%), from €32,392 to €9,269
- Current portion of long-term debt -€13,520
down €13,520 (-36.9%), from €36,643 to €23,123
- Investment grants -€7,045
down €7,045 (-60.8%), from €11,587 to €4,543
- Other debts -€5,014
down €5,014 (-4.4%), from €114,349 to €109,335
- Financial income +€10,956
up €10,956 (+1,235%), from €887 to €11,843
- Taxes +€6,721
up €6,721 (+3,457%), from €194 to €6,915
- Other operating charges +€3,154
up €3,154 (+25.8%), from €12,229 to €15,383
- Gross operating margin -€2,317
down €2,317 (-2.5%), from €93,522 to €91,205
- Financial charges -€2,110
down €2,110 (-47.3%), from €4,464 to €2,354
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 | €248,423 | €236,640 | -€11,783 | -4.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €184,995 | €143,859 | -€41,136 | -22.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €184,945 | €143,809 | -€41,136 | -22.2% |
| Land and buildings | 22 | €95,687 | €86,284 | -€9,404 | -9.8% |
| Plant, machinery and equipment | 23 | €29,430 | €17,390 | -€12,040 | -40.9% |
| Furniture and vehicles | 24 | €59,829 | €40,136 | -€19,692 | -32.9% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €63,428 | €92,781 | +€29,353 | +46.3% |
| Stocks and contracts in progress | 3 | €7,363 | €5,983 | -€1,380 | -18.7% |
| Stocks | 30/36 | €7,363 | €5,983 | -€1,380 | -18.7% |
| Amounts receivable within one year | 40/41 | €32,282 | €22,200 | -€10,082 | -31.2% |
| Trade receivables | 40 | €31,742 | €21,509 | -€10,232 | -32.2% |
| Other amounts receivable | 41 | €541 | €691 | +€150 | +27.7% |
| Cash at bank and in hand | 54/58 | €23,252 | €57,097 | +€33,845 | +146% |
| Deferred charges and accrued income | 490/1 | €531 | €7,501 | +€6,971 | +1,313% |
| Total equity and liabilities | 10/49 | €248,423 | €236,640 | -€11,783 | -4.7% |
| Equity | 10/15 | €42,399 | €70,871 | +€28,472 | +67.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,360 | €45,878 | +€35,517 | +343% |
| Investment grants | 15 | €11,587 | €4,543 | -€7,045 | -60.8% |
| Amounts payable | 17/49 | €206,024 | €165,769 | -€40,255 | -19.5% |
| Amounts payable after more than one year | 17 | €32,392 | €9,269 | -€23,123 | -71.4% |
| Financial debts | 170/4 | €32,392 | €9,269 | -€23,123 | -71.4% |
| Amounts payable within one year | 42/48 | €173,632 | €156,500 | -€17,132 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €36,643 | €23,123 | -€13,520 | -36.9% |
| Trade debts | 44 | €16,585 | €13,669 | -€2,915 | -17.6% |
| Suppliers | 440/4 | €16,585 | €13,669 | -€2,915 | -17.6% |
| Taxes, remuneration and social security | 45 | €6,056 | €10,373 | +€4,317 | +71.3% |
| Taxes | 450/3 | €6,056 | €10,373 | +€4,317 | +71.3% |
| Other amounts payable | 47/48 | €114,349 | €109,335 | -€5,014 | -4.4% |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | - | €497 | +€497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,359 | €42,382 | +€23 | +0.1% |
| Other operating charges | 640/8 | €12,229 | €15,383 | +€3,154 | +25.8% |
| Gross operating margin | 9900 | €93,522 | €91,205 | -€2,317 | -2.5% |
| Operating profit (loss) | 9901 | €38,934 | €32,943 | -€5,991 | -15.4% |
| Financial income | 75/76B | €887 | €11,843 | +€10,956 | +1,235% |
| Recurring financial income | 75 | €887 | €11,843 | +€10,956 | +1,235% |
| Financial charges | 65/66B | €4,464 | €2,354 | -€2,110 | -47.3% |
| Recurring financial charges | 65 | €4,464 | €2,354 | -€2,110 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €35,358 | €42,433 | +€7,075 | +20.0% |
| Income taxes | 67/77 | €194 | €6,915 | +€6,721 | +3,457% |
| Profit (loss) for the period | 9904 | €35,163 | €35,517 | +€354 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,163 | €35,517 | +€354 | +1.0% |
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 25 October 2026 via checked.be.