TH. MEURER: 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.
What changed
TH. MEURER
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €2.9m-€1.5m
Equity
€25.2m
2024 · €24.3m+€974,597
Cash
€10.1m
2024 · €10.0m+€76,511
Balance sheet total
€26.3m
2024 · €26.5m-€172,011
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€1.3m
down €1.3m (-70.8%), from €1.8m to €521,187
- Profit (loss) carried forward +€983,599
up €983,599 (+4.3%), from €22.8m to €23.7m
Income statement
- Goods and materials +€770,503
up €770,503 (+2.4%), from €31.9m to €32.6m
of which Purchases: +€995,567
- Turnover -€447,646
down €447,646 (-1.1%), from €41.6m to €41.2m
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.
Result 2024
€2.9m
Turnover
-€447,646
Other operating income
-€35,373
Goods and materials
-€770,503
Services and other goods
-€11,978
Staff costs
-€33,697
Depreciation
-€125,396
Write-downs
+€41,086
Other operating charges
-€44,740
Other operating items
-€4,749
Financial income
-€150,696
Financial charges
-€8,731
Taxes
+€79,096
Result 2025
€1.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
-€714,648
Financing
-€389,002
Cash 2024
€10.0m
From operations (derived)
+€1.2m
Net result for the year
+€1.4m
Depreciation
+€822,733
Stocks and contracts
+€79,795
Receivables within one year
+€62,419
Smaller working-capital items
-€1,891
Trade debts
+€136,034
Tax, wage and social debts
-€18,510
Other debts
-€1.3m
Investment (derived)
-€714,648
Investment in fixed assets (net)
-€702,240
Current investments
-€12,408
Financing
-€389,002
Contributions, distributions and other
-€389,002
Cash 2025
€10.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,508,618 | €26,336,607 | -€172,011 | -0.6% |
| Fixed assets | 21/28 | €6,422,367 | €6,301,875 | -€120,492 | -1.9% |
| Tangible fixed assets | 22/27 | €6,358,882 | €6,236,767 | -€122,115 | -1.9% |
| Land and buildings | 22 | €4,973,012 | €4,913,551 | -€59,461 | -1.2% |
| Plant, machinery and equipment | 23 | €211,982 | €155,709 | -€56,273 | -26.5% |
| Furniture and vehicles | 24 | €1,173,888 | €1,167,507 | -€6,381 | -0.5% |
| Financial fixed assets | 28 | €63,485 | €65,107 | +€1,622 | +2.6% |
| Companies linked by participating interests | 282/3 | €14,708 | €14,708 | = | 0.0% |
| Participating interests | 282 | €14,708 | €14,708 | = | 0.0% |
| Other financial fixed assets | 284/8 | €48,777 | €50,399 | +€1,622 | +3.3% |
| Amounts receivable and cash guarantees | 285/8 | €48,777 | €50,399 | +€1,622 | +3.3% |
| Current assets | 29/58 | €20,086,251 | €20,034,732 | -€51,518 | -0.3% |
| Stocks and contracts in progress | 3 | €3,647,701 | €3,567,906 | -€79,795 | -2.2% |
| Stocks | 30/36 | €3,647,701 | €3,567,906 | -€79,795 | -2.2% |
| Goods purchased for resale | 34 | €3,647,701 | €3,567,906 | -€79,795 | -2.2% |
| Amounts receivable within one year | 40/41 | €3,472,397 | €3,409,979 | -€62,419 | -1.8% |
| Trade receivables | 40 | €3,472,397 | €3,366,229 | -€106,168 | -3.1% |
| Other amounts receivable | 41 | - | €43,750 | +€43,750 | |
| Current investments | 50/53 | €2,917,956 | €2,930,364 | +€12,408 | +0.4% |
| Other investments | 51/53 | €2,917,956 | €2,930,364 | +€12,408 | +0.4% |
| Cash at bank and in hand | 54/58 | €10,028,283 | €10,104,794 | +€76,511 | +0.8% |
| Deferred charges and accrued income | 490/1 | €19,913 | €21,689 | +€1,776 | +8.9% |
| Total equity and liabilities | 10/49 | €26,508,618 | €26,336,607 | -€172,011 | -0.6% |
| Equity | 10/15 | €24,260,433 | €25,235,030 | +€974,597 | +4.0% |
| Contributions | 10/11 | €1,013,500 | €1,013,500 | = | 0.0% |
| Capital | 10 | €1,013,500 | €1,013,500 | = | 0.0% |
| Issued capital | 100 | €1,013,500 | €1,013,500 | = | 0.0% |
| Revaluation surpluses | 12 | €71,694 | €71,694 | = | 0.0% |
| Reserves | 13 | €230,758 | €230,758 | = | 0.0% |
| Non-distributable reserves | 130/1 | €101,350 | €101,350 | = | 0.0% |
| Legal reserve | 130 | €101,350 | €101,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,817 | €65,817 | = | 0.0% |
| Distributable reserves | 133 | €63,592 | €63,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,753,399 | €23,736,998 | +€983,599 | +4.3% |
| Investment grants | 15 | €191,081 | €182,079 | -€9,002 | -4.7% |
| Amounts payable | 17/49 | €2,248,185 | €1,101,577 | -€1.1m | -51.0% |
| Amounts payable within one year | 42/48 | €2,247,696 | €1,101,204 | -€1.1m | -51.0% |
| Trade debts | 44 | €52,199 | €188,233 | +€136,034 | +261% |
| Suppliers | 440/4 | €52,199 | €188,233 | +€136,034 | +261% |
| Taxes, remuneration and social security | 45 | €410,294 | €391,784 | -€18,510 | -4.5% |
| Taxes | 450/3 | €108,352 | €76,877 | -€31,475 | -29.0% |
| Remuneration and social security | 454/9 | €301,942 | €314,907 | +€12,965 | +4.3% |
| Other amounts payable | 47/48 | €1,785,203 | €521,187 | -€1.3m | -70.8% |
| Accrued charges and deferred income | 492/3 | €489 | €373 | -€115 | -23.6% |
| Operating income | 70/76A | €41,876,863 | €41,389,095 | -€487,768 | -1.2% |
| Turnover | 70 | €41,614,041 | €41,166,395 | -€447,646 | -1.1% |
| Other operating income | 74 | €236,364 | €200,991 | -€35,373 | -15.0% |
| Non-recurring operating income | 76A | €26,458 | €21,709 | -€4,749 | -17.9% |
| Operating charges | 60/66A | €39,386,131 | €40,331,358 | +€945,227 | +2.4% |
| Goods for resale, raw materials and consumables | 60 | €31,859,092 | €32,629,595 | +€770,503 | +2.4% |
| Purchases | 600/8 | €31,554,233 | €32,549,800 | +€995,567 | +3.2% |
| Change in stocks: decrease (increase) | 609 | €304,859 | €79,795 | -€225,064 | -73.8% |
| Services and other goods | 61 | €3,144,738 | €3,156,716 | +€11,978 | +0.4% |
| Remuneration, social security and pensions | 62 | €3,450,650 | €3,484,347 | +€33,697 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €697,337 | €822,733 | +€125,396 | +18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €137,268 | €96,182 | -€41,086 | -29.9% |
| Other operating charges | 640/8 | €97,045 | €141,786 | +€44,740 | +46.1% |
| Operating profit (loss) | 9901 | €2,490,732 | €1,057,737 | -€1.4m | -57.5% |
| Financial income | 75/76B | €1,126,355 | €975,659 | -€150,696 | -13.4% |
| Recurring financial income | 75 | €1,126,355 | €975,659 | -€150,696 | -13.4% |
| Income from current assets | 751 | €299,437 | €192,943 | -€106,494 | -35.6% |
| Other financial income | 752/9 | €826,918 | €782,716 | -€44,202 | -5.3% |
| Financial charges | 65/66B | €313,933 | €322,664 | +€8,731 | +2.8% |
| Recurring financial charges | 65 | €313,933 | €322,664 | +€8,731 | +2.8% |
| Debt charges | 650 | €4,031 | €6,877 | +€2,846 | +70.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€25,314 | -€12,408 | +€12,906 | +51.0% |
| Other financial charges | 652/9 | €335,216 | €328,196 | -€7,021 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €3,303,154 | €1,710,731 | -€1.6m | -48.2% |
| Income taxes | 67/77 | €426,228 | €347,132 | -€79,096 | -18.6% |
| Taxes | 670/3 | €426,228 | €347,132 | -€79,096 | -18.6% |
| Profit (loss) for the period | 9904 | €2,876,926 | €1,363,599 | -€1.5m | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,876,926 | €1,363,599 | -€1.5m | -52.6% |
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 21 October 2026 via checked.be.