Ruben Meskens: 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.
Ruben Meskens
Largest movements
- Cash +€37,829
up €37,829 (+26.8%), from €141,400 to €179,229
mainly Net result for the year (+€97,364) and Other debts (+€43,306)
- Debts after one year -€105,771
down €105,771 (-43.5%), from €243,413 to €137,642
- Reserves +€97,364
up €97,364 (+13.2%), from €740,285 to €837,649
- Other debts +€43,306
up €43,306 (+3,717%), from €1,165 to €44,471
- Gross operating margin +€4,157
up €4,157 (+2.7%), from €152,769 to €156,926
- Financial charges -€3,351
down €3,351 (-28.7%), from €11,669 to €8,318
- Taxes +€2,166
up €2,166 (+4.9%), from €44,272 to €46,439
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 | €1,090,339 | €1,120,939 | +€30,600 | +2.8% |
| Fixed assets | 21/28 | €944,813 | €940,710 | -€4,103 | -0.4% |
| Tangible fixed assets | 22/27 | €19,813 | €15,710 | -€4,103 | -20.7% |
| Plant, machinery and equipment | 23 | €18,243 | €14,443 | -€3,800 | -20.8% |
| Furniture and vehicles | 24 | €1,570 | €1,267 | -€303 | -19.3% |
| Financial fixed assets | 28 | €925,000 | €925,000 | = | 0.0% |
| Current assets | 29/58 | €145,526 | €180,229 | +€34,703 | +23.8% |
| Amounts receivable within one year | 40/41 | €4,126 | €1,000 | -€3,126 | -75.8% |
| Trade receivables | 40 | €881 | €1,000 | +€119 | +13.5% |
| Other amounts receivable | 41 | €3,245 | €0 | -€3,245 | -100% |
| Cash at bank and in hand | 54/58 | €141,400 | €179,229 | +€37,829 | +26.8% |
| Total equity and liabilities | 10/49 | €1,090,339 | €1,120,939 | +€30,600 | +2.8% |
| Equity | 10/15 | €752,685 | €850,049 | +€97,364 | +12.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €740,285 | €837,649 | +€97,364 | +13.2% |
| Distributable reserves | 133 | €740,285 | €837,649 | +€97,364 | +13.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €337,654 | €270,891 | -€66,764 | -19.8% |
| Amounts payable after more than one year | 17 | €243,413 | €137,642 | -€105,771 | -43.5% |
| Financial debts | 170/4 | €243,413 | €137,642 | -€105,771 | -43.5% |
| Amounts payable within one year | 42/48 | €89,242 | €129,710 | +€40,468 | +45.3% |
| Current portion of amounts payable after more than one year | 42 | €61,863 | €63,771 | +€1,908 | +3.1% |
| Trade debts | 44 | €1,883 | €1,869 | -€14 | -0.7% |
| Suppliers | 440/4 | €1,883 | €1,869 | -€14 | -0.7% |
| Taxes, remuneration and social security | 45 | €24,331 | €19,599 | -€4,732 | -19.4% |
| Taxes | 450/3 | €24,331 | €19,599 | -€4,732 | -19.4% |
| Other amounts payable | 47/48 | €1,165 | €44,471 | +€43,306 | +3,717% |
| Accrued charges and deferred income | 492/3 | €5,000 | €3,539 | -€1,461 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,919 | €4,103 | +€184 | +4.7% |
| Other operating charges | 640/8 | €249 | €702 | +€453 | +182% |
| Gross operating margin | 9900 | €152,769 | €156,926 | +€4,157 | +2.7% |
| Operating profit (loss) | 9901 | €148,600 | €152,121 | +€3,520 | +2.4% |
| Financial charges | 65/66B | €11,669 | €8,318 | -€3,351 | -28.7% |
| Recurring financial charges | 65 | €11,669 | €8,318 | -€3,351 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €136,931 | €143,803 | +€6,871 | +5.0% |
| Income taxes | 67/77 | €44,272 | €46,439 | +€2,166 | +4.9% |
| Profit (loss) for the period | 9904 | €92,659 | €97,364 | +€4,705 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,659 | €97,364 | +€4,705 | +5.1% |
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 26 October 2026 via checked.be.