T. MEEUS: 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.
T. MEEUS
Largest movements
- Cash +€73,477
up €73,477 (+7,706%), from €954 to €74,431
mainly Net result for the year (+€74,198) and Other debts (+€60,974)
- Tangible fixed assets -€14,334
down €14,334 (-26.7%), from €53,649 to €39,315
- Receivables within one year +€3,545
up €3,545 (+26.7%), from €13,285 to €16,831
of which Other amounts receivable: +€3,545
- Other debts +€60,974
up €60,974 (+480%), from €12,702 to €73,676
- Tax, wage and social debts +€14,442
up €14,442 (+1,187%), from €1,216 to €15,658
- Advances received -€12,000
down €12,000 (-100%), from €12,000 to €0
- Short-term financial debts +€8,414
new in 2025: €8,414
- Debts after one year -€8,367
down €8,367 (-24.7%), from €33,887 to €25,519
- Gross operating margin -€1,907
down €1,907 (-1.7%), from €111,337 to €109,429
- Depreciation +€1,665
up €1,665 (+18.6%), from €8,968 to €10,633
- Financial charges +€1,480
up €1,480 (+330%), from €449 to €1,929
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 | €67,888 | €131,634 | +€63,746 | +93.9% |
| Fixed assets | 21/28 | €53,649 | €39,315 | -€14,334 | -26.7% |
| Tangible fixed assets | 22/27 | €53,649 | €39,315 | -€14,334 | -26.7% |
| Furniture and vehicles | 24 | €53,649 | €39,315 | -€14,334 | -26.7% |
| Current assets | 29/58 | €14,239 | €92,319 | +€78,080 | +548% |
| Amounts receivable within one year | 40/41 | €13,285 | €16,831 | +€3,545 | +26.7% |
| Trade receivables | 40 | €9,075 | €9,075 | = | 0.0% |
| Other amounts receivable | 41 | €4,210 | €7,756 | +€3,545 | +84.2% |
| Cash at bank and in hand | 54/58 | €954 | €74,431 | +€73,477 | +7,706% |
| Deferred charges and accrued income | 490/1 | - | €1,057 | +€1,057 | |
| Total equity and liabilities | 10/49 | €67,888 | €131,634 | +€63,746 | +93.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,888 | €131,634 | +€63,746 | +93.9% |
| Amounts payable after more than one year | 17 | €33,887 | €25,519 | -€8,367 | -24.7% |
| Financial debts | 170/4 | €33,887 | €25,519 | -€8,367 | -24.7% |
| Amounts payable within one year | 42/48 | €34,001 | €106,115 | +€72,113 | +212% |
| Current portion of amounts payable after more than one year | 42 | €8,053 | €8,367 | +€314 | +3.9% |
| Financial debts | 43 | - | €8,414 | +€8,414 | |
| Credit institutions | 430/8 | - | €8,414 | +€8,414 | |
| Trade debts | 44 | €30 | €0 | -€30 | -100% |
| Suppliers | 440/4 | €30 | €0 | -€30 | -100% |
| Advances received on contracts in progress | 46 | €12,000 | €0 | -€12,000 | -100% |
| Taxes, remuneration and social security | 45 | €1,216 | €15,658 | +€14,442 | +1,187% |
| Taxes | 450/3 | €1,216 | €15,658 | +€14,442 | +1,187% |
| Other amounts payable | 47/48 | €12,702 | €73,676 | +€60,974 | +480% |
| Non-recurring operating income | 76A | €2,941 | €0 | -€2,941 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,968 | €10,633 | +€1,665 | +18.6% |
| Other operating charges | 640/8 | €1,572 | €735 | -€837 | -53.2% |
| Non-recurring operating charges | 66A | - | €986 | +€986 | |
| Gross operating margin | 9900 | €111,337 | €109,429 | -€1,907 | -1.7% |
| Operating profit (loss) | 9901 | €100,796 | €97,075 | -€3,721 | -3.7% |
| Financial income | 75/76B | €80 | €0 | -€80 | -99.7% |
| Recurring financial income | 75 | €80 | €0 | -€80 | -99.7% |
| Financial charges | 65/66B | €449 | €1,929 | +€1,480 | +330% |
| Recurring financial charges | 65 | €449 | €1,929 | +€1,480 | +330% |
| Profit (loss) for the period before taxes | 9903 | €100,428 | €95,147 | -€5,281 | -5.3% |
| Income taxes | 67/77 | €21,319 | €20,949 | -€371 | -1.7% |
| Profit (loss) for the period | 9904 | €79,109 | €74,198 | -€4,911 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,109 | €74,198 | -€4,911 | -6.2% |
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 16 October 2026 via checked.be.