VS MECA: 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.
VS MECA
Largest movements
- Cash +€194,523
up €194,523 (+494%), from €39,344 to €233,867
mainly Receivables within one year (+€194,375) and Net result for the year (+€101,803)
- Receivables within one year -€194,375
down €194,375 (-32.0%), from €607,852 to €413,477
of which Trade receivables: -€197,062
- Tangible fixed assets +€79,942
up €79,942 (+15.7%), from €508,908 to €588,850
of which Plant, machinery and equipment: +€115,015
- Stocks and contracts -€24,362
down €24,362 (-35.3%), from €69,093 to €44,731
- Debts after one year +€64,496
up €64,496 (+63.8%), from €101,097 to €165,593
- Trade debts -€46,699
down €46,699 (-41.9%), from €111,335 to €64,636
- Reserves +€41,803
up €41,803 (+5.1%), from €822,361 to €864,164
of which Distributable reserves: +€41,803
- Short-term financial debts -€35,054
no longer reported in 2025 (was €35,054)
- Accrued charges and deferred income +€29,479
up €29,479 (+2,050%), from €1,438 to €30,917
- Gross operating margin -€65,340
down €65,340 (-16.5%), from €395,433 to €330,093
- Taxes -€24,516
down €24,516 (-41.6%), from €58,943 to €34,427
- Financial income -€23,378
down €23,378 (-90.5%), from €25,830 to €2,452
- Staff costs -€8,308
down €8,308 (-9.6%), from €86,487 to €78,179
- Financial charges -€5,119
down €5,119 (-41.5%), from €12,329 to €7,210
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 | €1,435,825 | €1,492,774 | +€56,949 | +4.0% |
| Fixed assets | 21/28 | €510,142 | €590,084 | +€79,942 | +15.7% |
| Tangible fixed assets | 22/27 | €508,908 | €588,850 | +€79,942 | +15.7% |
| Land and buildings | 22 | €351,697 | €320,206 | -€31,491 | -9.0% |
| Plant, machinery and equipment | 23 | €145,291 | €260,306 | +€115,015 | +79.2% |
| Furniture and vehicles | 24 | €11,920 | €8,338 | -€3,582 | -30.1% |
| Financial fixed assets | 28 | €1,234 | €1,234 | = | 0.0% |
| Current assets | 29/58 | €925,683 | €902,690 | -€22,993 | -2.5% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €69,093 | €44,731 | -€24,362 | -35.3% |
| Stocks | 30/36 | €69,093 | €44,731 | -€24,362 | -35.3% |
| Amounts receivable within one year | 40/41 | €607,852 | €413,477 | -€194,375 | -32.0% |
| Trade receivables | 40 | €567,356 | €370,294 | -€197,062 | -34.7% |
| Other amounts receivable | 41 | €40,496 | €43,183 | +€2,687 | +6.6% |
| Cash at bank and in hand | 54/58 | €39,344 | €233,867 | +€194,523 | +494% |
| Deferred charges and accrued income | 490/1 | €9,394 | €10,615 | +€1,221 | +13.0% |
| Total equity and liabilities | 10/49 | €1,435,825 | €1,492,774 | +€56,949 | +4.0% |
| Equity | 10/15 | €1,002,709 | €1,042,411 | +€39,702 | +4.0% |
| Contributions | 10/11 | €162,869 | €162,869 | = | 0.0% |
| Reserves | 13 | €822,361 | €864,164 | +€41,803 | +5.1% |
| Tax-exempt reserves | 132 | €29,864 | €29,864 | = | 0.0% |
| Distributable reserves | 133 | €792,497 | €834,300 | +€41,803 | +5.3% |
| Investment grants | 15 | €17,479 | €15,378 | -€2,101 | -12.0% |
| Amounts payable | 17/49 | €433,116 | €450,363 | +€17,247 | +4.0% |
| Amounts payable after more than one year | 17 | €101,097 | €165,593 | +€64,496 | +63.8% |
| Financial debts | 170/4 | €101,097 | €165,593 | +€64,496 | +63.8% |
| Amounts payable within one year | 42/48 | €330,581 | €253,853 | -€76,728 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €62,355 | €66,282 | +€3,927 | +6.3% |
| Financial debts | 43 | €35,054 | - | -€35,054 | |
| Credit institutions | 430/8 | €35,054 | - | -€35,054 | |
| Trade debts | 44 | €111,335 | €64,636 | -€46,699 | -41.9% |
| Suppliers | 440/4 | €111,335 | €64,636 | -€46,699 | -41.9% |
| Taxes, remuneration and social security | 45 | €57,285 | €58,389 | +€1,104 | +1.9% |
| Taxes | 450/3 | €49,813 | €54,356 | +€4,543 | +9.1% |
| Remuneration and social security | 454/9 | €7,472 | €4,033 | -€3,439 | -46.0% |
| Other amounts payable | 47/48 | €64,552 | €64,546 | -€6 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,438 | €30,917 | +€29,479 | +2,050% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | €86,487 | €78,179 | -€8,308 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,403 | €99,587 | +€2,184 | +2.2% |
| Other operating charges | 640/8 | €12,334 | €11,339 | -€995 | -8.1% |
| Gross operating margin | 9900 | €395,433 | €330,093 | -€65,340 | -16.5% |
| Operating profit (loss) | 9901 | €199,209 | €140,988 | -€58,221 | -29.2% |
| Financial income | 75/76B | €25,830 | €2,452 | -€23,378 | -90.5% |
| Recurring financial income | 75 | €25,830 | €2,452 | -€23,378 | -90.5% |
| Financial charges | 65/66B | €12,329 | €7,210 | -€5,119 | -41.5% |
| Recurring financial charges | 65 | €12,329 | €7,210 | -€5,119 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €212,710 | €136,230 | -€76,480 | -36.0% |
| Income taxes | 67/77 | €58,943 | €34,427 | -€24,516 | -41.6% |
| Profit (loss) for the period | 9904 | €153,767 | €101,803 | -€51,964 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €153,767 | €101,803 | -€51,964 | -33.8% |
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 31 October 2026 via checked.be.