Soens - Meuleman: 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.
Soens - Meuleman
Largest movements
- Receivables within one year -€15,751
down €15,751 (-45.2%), from €34,836 to €19,084
of which Other amounts receivable: -€12,569
- Tangible fixed assets -€15,199
down €15,199 (-1.4%), from €1.1m to €1.1m
of which Land and buildings: -€10,998
- Cash +€13,012
up €13,012 (+1,250%), from €1,041 to €14,052
mainly Depreciation (+€80,212) and Other debts (+€75,110)
- Debts after one year -€135,254
down €135,254 (-22.4%), from €603,569 to €468,315
of which Other amounts payable: -€87,330
- Other debts +€75,110
up €75,110 (+52.8%), from €142,357 to €217,467
- Reserves +€70,918
up €70,918 (+58.2%), from €121,822 to €192,741
of which Distributable reserves: +€70,918
- Short-term financial debts +€30,523
up €30,523 (+61.0%), from €50,000 to €80,523
- Trade debts -€24,874
down €24,874 (-43.9%), from €56,708 to €31,834
- Gross operating margin +€36,809
up €36,809 (+10.7%), from €344,470 to €381,278
- Taxes +€8,619
up €8,619 (+31.2%), from €27,596 to €36,215
- Staff costs +€6,786
up €6,786 (+4.7%), from €144,043 to €150,829
- Depreciation +€5,609
up €5,609 (+7.5%), from €74,603 to €80,212
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 | €1,166,106 | €1,161,992 | -€4,113 | -0.4% |
| Fixed assets | 21/28 | €1,085,988 | €1,070,789 | -€15,199 | -1.4% |
| Tangible fixed assets | 22/27 | €1,085,988 | €1,070,789 | -€15,199 | -1.4% |
| Land and buildings | 22 | €937,744 | €926,746 | -€10,998 | -1.2% |
| Plant, machinery and equipment | 23 | €52,488 | €41,737 | -€10,751 | -20.5% |
| Furniture and vehicles | 24 | €57,947 | €74,603 | +€16,656 | +28.7% |
| Leasing and similar rights | 25 | €37,808 | €27,703 | -€10,105 | -26.7% |
| Current assets | 29/58 | €80,118 | €91,203 | +€11,085 | +13.8% |
| Stocks and contracts in progress | 3 | €39,357 | €47,021 | +€7,664 | +19.5% |
| Stocks | 30/36 | €39,357 | €47,021 | +€7,664 | +19.5% |
| Amounts receivable within one year | 40/41 | €34,836 | €19,084 | -€15,751 | -45.2% |
| Trade receivables | 40 | €13,392 | €10,210 | -€3,182 | -23.8% |
| Other amounts receivable | 41 | €21,443 | €8,874 | -€12,569 | -58.6% |
| Cash at bank and in hand | 54/58 | €1,041 | €14,052 | +€13,012 | +1,250% |
| Deferred charges and accrued income | 490/1 | €4,884 | €11,045 | +€6,161 | +126% |
| Total equity and liabilities | 10/49 | €1,166,106 | €1,161,992 | -€4,113 | -0.4% |
| Equity | 10/15 | €203,360 | €274,278 | +€70,918 | +34.9% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €121,822 | €192,741 | +€70,918 | +58.2% |
| Tax-exempt reserves | 132 | €59 | €59 | = | 0.0% |
| Distributable reserves | 133 | €121,764 | €192,682 | +€70,918 | +58.2% |
| Profit (loss) carried forward | 14 | €26,537 | €26,537 | = | 0.0% |
| Amounts payable | 17/49 | €962,746 | €887,714 | -€75,032 | -7.8% |
| Amounts payable after more than one year | 17 | €603,569 | €468,315 | -€135,254 | -22.4% |
| Financial debts | 170/4 | €182,049 | €134,125 | -€47,924 | -26.3% |
| Other amounts payable | 178/9 | €421,520 | €334,190 | -€87,330 | -20.7% |
| Amounts payable within one year | 42/48 | €359,040 | €419,249 | +€60,209 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €83,019 | €58,955 | -€24,065 | -29.0% |
| Financial debts | 43 | €50,000 | €80,523 | +€30,523 | +61.0% |
| Credit institutions | 430/8 | €50,000 | €80,523 | +€30,523 | +61.0% |
| Trade debts | 44 | €56,708 | €31,834 | -€24,874 | -43.9% |
| Suppliers | 440/4 | €56,708 | €31,834 | -€24,874 | -43.9% |
| Taxes, remuneration and social security | 45 | €26,956 | €30,471 | +€3,515 | +13.0% |
| Taxes | 450/3 | €6,336 | €9,302 | +€2,966 | +46.8% |
| Remuneration and social security | 454/9 | €20,620 | €21,169 | +€549 | +2.7% |
| Other amounts payable | 47/48 | €142,357 | €217,467 | +€75,110 | +52.8% |
| Accrued charges and deferred income | 492/3 | €137 | €150 | +€13 | +9.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €144,043 | €150,829 | +€6,786 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,603 | €80,212 | +€5,609 | +7.5% |
| Other operating charges | 640/8 | €4,429 | €5,144 | +€715 | +16.1% |
| Non-recurring operating charges | 66A | €0 | €9,080 | +€9,080 | |
| Gross operating margin | 9900 | €344,470 | €381,278 | +€36,809 | +10.7% |
| Operating profit (loss) | 9901 | €121,395 | €136,014 | +€14,619 | +12.0% |
| Financial income | 75/76B | €130 | €153 | +€23 | +17.6% |
| Recurring financial income | 75 | €130 | €153 | +€23 | +17.6% |
| Financial charges | 65/66B | €26,071 | €29,034 | +€2,963 | +11.4% |
| Recurring financial charges | 65 | €26,071 | €29,034 | +€2,963 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €95,454 | €107,133 | +€11,679 | +12.2% |
| Income taxes | 67/77 | €27,596 | €36,215 | +€8,619 | +31.2% |
| Profit (loss) for the period | 9904 | €67,858 | €70,918 | +€3,060 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,858 | €70,918 | +€3,060 | +4.5% |
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.