Van Meirhaeghe: 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.
Van Meirhaeghe
Largest movements
- Tangible fixed assets -€19,276
down €19,276 (-8.4%), from €229,871 to €210,595
of which Leasing and similar rights: -€11,369
- Receivables within one year +€10,852
up €10,852 (+21.8%), from €49,866 to €60,718
of which Trade receivables: +€5,623
- Cash -€10,771
down €10,771 (-5.0%), from €216,158 to €205,386
mainly Debts after one year (-€24,498) and Receivables within one year (-€10,852)
- Debts after one year -€24,498
down €24,498 (-14.5%), from €168,463 to €143,966
- Reserves +€9,926
up €9,926 (+3.7%), from €266,145 to €276,071
of which Distributable reserves: +€9,926
- Gross operating margin -€108,456
down €108,456 (-73.1%), from €148,299 to €39,843
- Taxes -€16,950
down €16,950 (-72.7%), from €23,327 to €6,377
- Depreciation +€4,729
up €4,729 (+32.5%), from €14,547 to €19,276
- Financial charges -€1,782
down €1,782 (-21.8%), from €8,164 to €6,382
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 | €498,099 | €479,184 | -€18,915 | -3.8% |
| Fixed assets | 21/28 | €231,371 | €212,095 | -€19,276 | -8.3% |
| Tangible fixed assets | 22/27 | €229,871 | €210,595 | -€19,276 | -8.4% |
| Land and buildings | 22 | €177,941 | €170,591 | -€7,351 | -4.1% |
| Furniture and vehicles | 24 | €1,532 | €976 | -€556 | -36.3% |
| Leasing and similar rights | 25 | €50,398 | €39,029 | -€11,369 | -22.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €266,728 | €267,089 | +€361 | +0.1% |
| Amounts receivable within one year | 40/41 | €49,866 | €60,718 | +€10,852 | +21.8% |
| Trade receivables | 40 | €16,214 | €21,837 | +€5,623 | +34.7% |
| Other amounts receivable | 41 | €33,652 | €38,881 | +€5,230 | +15.5% |
| Cash at bank and in hand | 54/58 | €216,158 | €205,386 | -€10,771 | -5.0% |
| Deferred charges and accrued income | 490/1 | €705 | €985 | +€280 | +39.7% |
| Total equity and liabilities | 10/49 | €498,099 | €479,184 | -€18,915 | -3.8% |
| Equity | 10/15 | €284,745 | €294,671 | +€9,926 | +3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €266,145 | €276,071 | +€9,926 | +3.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €266,145 | €276,071 | +€9,926 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €213,354 | €184,513 | -€28,841 | -13.5% |
| Amounts payable after more than one year | 17 | €168,463 | €143,966 | -€24,498 | -14.5% |
| Financial debts | 170/4 | €168,463 | €143,966 | -€24,498 | -14.5% |
| Amounts payable within one year | 42/48 | €44,891 | €40,548 | -€4,343 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €23,790 | €24,498 | +€707 | +3.0% |
| Trade debts | 44 | €2,360 | €538 | -€1,821 | -77.2% |
| Suppliers | 440/4 | €2,360 | €538 | -€1,821 | -77.2% |
| Taxes, remuneration and social security | 45 | €18,741 | €15,512 | -€3,229 | -17.2% |
| Taxes | 450/3 | €16,691 | €13,462 | -€3,229 | -19.3% |
| Remuneration and social security | 454/9 | €2,050 | €2,050 | = | 0.0% |
| Non-recurring operating income | 76A | €12,000 | €0 | -€12,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,547 | €19,276 | +€4,729 | +32.5% |
| Other operating charges | 640/8 | €1,658 | €1,230 | -€429 | -25.9% |
| Non-recurring operating charges | 66A | €42,744 | €0 | -€42,744 | -100% |
| Gross operating margin | 9900 | €148,299 | €39,843 | -€108,456 | -73.1% |
| Operating profit (loss) | 9901 | €89,350 | €19,337 | -€70,012 | -78.4% |
| Financial income | 75/76B | €2,042 | €3,347 | +€1,305 | +63.9% |
| Recurring financial income | 75 | €2,042 | €3,347 | +€1,305 | +63.9% |
| Financial charges | 65/66B | €8,164 | €6,382 | -€1,782 | -21.8% |
| Recurring financial charges | 65 | €8,164 | €6,382 | -€1,782 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €83,227 | €16,303 | -€66,925 | -80.4% |
| Income taxes | 67/77 | €23,327 | €6,377 | -€16,950 | -72.7% |
| Profit (loss) for the period | 9904 | €59,900 | €9,926 | -€49,974 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,900 | €9,926 | -€49,974 | -83.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.