STEPHANE MEERT: what changed
Two fiscal 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.
STEPHANE MEERT
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+165.4%), from €794,504 to €2.1m
of which Land and buildings: +€1.3m
- Cash -€953,973
down €953,973 (-83.3%), from €1.1m to €191,418
mainly Investment in fixed assets (net) (-€1.3m) and Trade debts (-€39,658)
- Other debts +€357,002
up €357,002 (+4557.1%), from €7,834 to €364,836
- Turnover -€11,701
down €11,701 (-18.9%), from €61,961 to €50,260
- Purchases and services -€8,085
down €8,085 (-18.9%), from €42,685 to €34,600
- Financial income +€7,775
up €7,775 (+20.6%), from €37,793 to €45,568
- Taxes -€6,126
down €6,126 (-53.6%), from €11,434 to €5,308
- Gross operating margin -€4,523
down €4,523 (-14.8%), from €30,659 to €26,136
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 | €3,841,678 | €4,173,886 | +€332,208 | +8.6% |
| Fixed assets | 21/28 | €2,222,786 | €3,536,983 | +€1.3m | +59.1% |
| Tangible fixed assets | 22/27 | €794,504 | €2,108,701 | +€1.3m | +165.4% |
| Land and buildings | 22 | €722,587 | €2,045,458 | +€1.3m | +183.1% |
| Plant, machinery and equipment | 23 | €26,215 | €24,070 | -€2,145 | -8.2% |
| Furniture and vehicles | 24 | €45,702 | €39,174 | -€6,528 | -14.3% |
| Financial fixed assets | 28 | €1,428,282 | €1,428,282 | -€0 | 0.0% |
| Current assets | 29/58 | €1,618,892 | €636,903 | -€981,989 | -60.7% |
| Amounts receivable after more than one year | 29 | €258,630 | €258,630 | -€0 | 0.0% |
| Other amounts receivable | 291 | €258,630 | €258,630 | -€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €16,189 | €9,235 | -€6,954 | -43.0% |
| Other amounts receivable | 41 | €16,189 | €9,235 | -€6,954 | -43.0% |
| Current investments | 50/53 | €198,682 | €177,620 | -€21,062 | -10.6% |
| Cash at bank and in hand | 54/58 | €1,145,391 | €191,418 | -€953,973 | -83.3% |
| Total equity and liabilities | 10/49 | €3,841,678 | €4,173,886 | +€332,208 | +8.6% |
| Equity | 10/15 | €3,057,653 | €3,074,410 | +€16,757 | +0.5% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €2,261,314 | €2,257,656 | -€3,658 | -0.2% |
| Tax-exempt reserves | 132 | €225,832 | €222,174 | -€3,658 | -1.6% |
| Distributable reserves | 133 | €2,035,482 | €2,035,482 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €626,339 | €646,754 | +€20,415 | +3.3% |
| Provisions and deferred taxes | 16 | €74,619 | €73,406 | -€1,213 | -1.6% |
| Deferred taxes | 168 | €74,619 | €73,406 | -€1,213 | -1.6% |
| Amounts payable | 17/49 | €709,406 | €1,026,071 | +€316,665 | +44.6% |
| Amounts payable after more than one year | 17 | €650,067 | €650,067 | +€0 | 0.0% |
| Financial debts | 170/4 | €650,067 | €650,067 | +€0 | 0.0% |
| Amounts payable within one year | 42/48 | €59,339 | €376,003 | +€316,664 | +533.7% |
| Current portion of amounts payable after more than one year | 42 | €9,218 | €9,218 | +€0 | 0.0% |
| Trade debts | 44 | €41,607 | €1,949 | -€39,658 | -95.3% |
| Suppliers | 440/4 | €41,607 | €1,949 | -€39,658 | -95.3% |
| Taxes, remuneration and social security | 45 | €680 | - | -€680 | |
| Taxes | 450/3 | €680 | - | -€680 | |
| Other amounts payable | 47/48 | €7,834 | €364,836 | +€357,002 | +4557.1% |
| Turnover | 70 | €61,961 | €50,260 | -€11,701 | -18.9% |
| Non-recurring operating income | 76A | €11,382 | €10,476 | -€906 | -8.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €42,685 | €34,600 | -€8,085 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,303 | €23,303 | +€0 | 0.0% |
| Other operating charges | 640/8 | €6,576 | €6,682 | +€106 | +1.6% |
| Gross operating margin | 9900 | €30,659 | €26,136 | -€4,523 | -14.8% |
| Operating profit (loss) | 9901 | €780 | -€3,849 | -€4,629 | |
| Financial income | 75/76B | €37,793 | €45,568 | +€7,775 | +20.6% |
| Recurring financial income | 75 | €37,793 | €45,568 | +€7,775 | +20.6% |
| Financial charges | 65/66B | €21,422 | €20,868 | -€554 | -2.6% |
| Recurring financial charges | 65 | €21,422 | €20,868 | -€554 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €17,151 | €20,851 | +€3,700 | +21.6% |
| Transfer from deferred taxes | 780 | €1,214 | €1,214 | -€0 | 0.0% |
| Income taxes | 67/77 | €11,434 | €5,308 | -€6,126 | -53.6% |
| Profit (loss) for the period | 9904 | €6,931 | €16,757 | +€9,826 | +141.8% |
| Transfer from tax-exempt reserves | 789 | €3,659 | €3,659 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,590 | €20,415 | +€9,825 | +92.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.